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NASB Financial, Inc. Announces Financial Results

NASB Financial, Inc. (NASDAQ: NASB) announced today net income for the quarter ended September 30, 2010, of $2,235,000 or $0.28 per share. This compares to a net loss of $460,000 or $(0.06) per share for the quarter ended June 30, 2010, and compares to net income of $6,088,000 or $0.77 per share for the quarter ended September 30, 2009.

Net income for the twelve months ended September 30, 2010, was $6,323,000 or $0.80 per share, compared to net income of $18,709,000 or $2.38 per share for the twelve months ended September 30, 2009.

The provision for loan losses was $30.5 million for the fiscal year ended September 30, 2010, compared to $11.3 million for the fiscal year ended September 30, 2009. The provision for loan losses can fluctuate based upon management's assessment of changes in economic conditions, the level of classified assets, and the amount of loan charge-offs and recoveries during the period. Management believes that this provision and the corresponding loan loss reserves are appropriate, given the current level of estimated credit losses within the Bank’s loan portfolios.

Non-interest expense for the twelve months ended September 30, 2010, was $57.7 million, compared to $46.7 million for the twelve months ended September 30, 2009. This increase resulted primarily from increased activity the Company’s mortgage banking division.

NASB Financial, Inc. is a unitary thrift holding company for North American Savings Bank, F.S.B. (“North American” or the “Bank”). North American operates six offices in greater Kansas City, Missouri and others in Harrisonville, St. Joseph, and Excelsior Springs, Missouri. The Bank also has loan origination offices in Lee’s Summit and Springfield, Missouri as well as Overland Park, Kansas.
NASB Financial, Inc.  
Financial Highlights
(Dollars in thousands, except per share data)
             
Three Months Ended Twelve Months Ended
9/30/10   6/30/10   9/30/09 9/30/10   9/30/09
EARNINGS DATA:
Net interest income $ 12,994 13,930 13,629 53,848 47,405
Provision for loan losses 5,000 11,500 6,000 30,500 11,250
Non-interest income 12,544 11,522 13,323 43,580 40,494
Non-interest expense 16,781 14,909 11,541 57,667 46,716
Income tax expense 1,522   (497)   3,323 2,938   11,224
Net income $ 2,235   (460)   6,088 6,323   18,709
 
FINANCIAL CONDITION DATA:
Total assets $ 1,434,196 1,415,928 1,559,562 1,434,196 1,559,562

Total loans and mortgage-backed and

 related securities, net

1,268,073

1,288,968

1,378,036

1,268,073

1,378,036
Customer and brokered deposit accounts 933,453 859,461 904,625 933,453 904,625
Stockholders' equity 167,762 165,321 166,388 167,762 166,388
 
FINANCIAL RATIOS AND PER SHARE DATA:
Book value per share $ 21.32 21.01 21.15 21.32 21.15
Earnings per share 0.28 (0.06) 0.77 0.80 2.38
Cash dividends paid per share 0.00 0.00 0.225 0.45 0.90
 

Return on assets (annualized net income

 divided by total average assets)

0.63%

(0.13)%

1.53%

0.42%

1.22%

Return on equity (annualized net income

 divided by average stockholders' equity)

5.37%

(1.11)%

14.83%

3.78%

11.74%
 
Weighted average shares outstanding 7,867,614 7,867,614 7,867,614 7,867,614 7,867,614

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