This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

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
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
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






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
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)






Return on equity (annualized net income

 divided by average stockholders' equity)






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

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs