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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, 2011, of $6,885,000 or $0.87 per share. This compares to net income of $4,389,000 or $0.56 per share for the quarter ended June 30, 2011, and compares to net income of $2,235,000 or $0.28 per share for the quarter ended September 30, 2010.

The net loss for the twelve months ended September 30, 2011, was $16,268,000 or $(2.07) per share, compared to net income of $6,323,000 or $0.80 per share for the twelve months ended September 30, 2010.

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 Kansas City, Lee’s Summit and Springfield, Missouri.
 
NASB Financial, Inc. Financial Highlights(Dollars in thousands, except per share data)
         
Three Months Ended Twelve Months Ended
9/30/11 6/30/11 9/30/10 9/30/11 9/30/10
EARNINGS DATA:
Net interest income $ 13,255 13,176 12,994 52,166 53,848
Provision for loan losses -- 68 5,000 49,394 30,500
Non-interest income 10,756 6,385 12,544 24,474 43,580
Non-interest expense 12,816 12,356 16,781 53,698 57,667
Income tax expense   4,310     2,748     1,522   (10,184 )   2,938  
Net income $ 6,885     4,389     2,235   (16,268 )   6,323  
 
FINANCIAL CONDITION DATA:
Total assets $ 1,253,584 1,256,998 1,434,196 1,253,584 1,434,196

Total loans and mortgage-backed and related securities, net

1,072,429

1,074,187

1,268,073

1,072,429

1,268,073
Customer and brokered deposit accounts 809,675 881,987 933,453 809,675 933,453
Stockholders' equity 150,378 144,575 167,762 150,378 167,762
 
FINANCIAL RATIOS AND PER SHARE DATA:
Book value per share $ 19.11 18.38 21.32 19.11 21.32
Earnings per share 0.87 0.56 0.28 (2.07 ) 0.80
Cash dividends paid per share 0.00 0.00 0.225 0.00 0.45
 

Return on assets (annualized net income divided by total average assets)

2.19

%

1.39

%

0.63

%

(1.21

)%

0.42

%

Return on equity (annualized net income divided by average stockholders' equity)

18.67

%

12.33

%

5.37

%

(10.23

)%

3.78

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

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