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NASB Financial, Inc. Announces Financial Results

NASB Financial, Inc. (NASDAQ: NASB) announced today net income for the quarter ended December 31, 2010, of $2,012,000 or $0.26 per share. This compares to net income of $2,235,000 or $0.28 per share for the quarter ended September 30, 2010, and compares to net income of $1,329,000 or $0.17 per share for the quarter ended December 31, 2009.

Non-interest expense for the three months ended December 31, 2010, was $16.5 million, compared to $13.7 million for the three months ended December 31, 2009. This increase resulted primarily from increased activity the Company’s mortgage banking division. Non-interest income for the three months ended December 31, 2010, was $10.7 million, compared to $10.2 million for the three months ended December 31, 2009. For the quarter ended December 31, 2010, non-interest income was reduced $3.3 million for non-cash accounting adjustments to record loans held for sale at fair value and to record the fair value of outstanding loan commitments in accordance with Generally Accepted Accounting Principles.

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
12/31/10     9/30/10     12/31/09
Net interest income $ 13,040 12,994 13,805
Provision for loan losses 3,950 5,000 9,000
Non-interest income 10,716 12,544 10,200
Non-interest expense 16,535 16,781 13,657
Income tax expense 1,259     1,522     19
Net income $ 2,012     2,235     1,329
  Total assets $ 1,337,176 1,434,196 1,527,170

Total loans and mortgage-backed and

  related securities




Customer and brokered deposit




Stockholders' equity 169,809 167,762 164,852
Book value per share $ 21.58 21.32 20.95
Earnings per share 0.26 0.28 0.17
Cash dividends paid per share -- -- 0.225

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

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