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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, 2012, of $7,741,000 or $0.98 per share. This compares to net income of $5,055,000 or $0.64 per share for the quarter ended June 30, 2012, and compares to net income of $6,885,000 or $0.87 per share for the quarter ended September 30, 2011.

Net income for the twelve months ended September 30, 2012, was $18,110,000 or $2.30 per share, compared to a net loss of $16,268,000 or $(2.07) per share for the twelve months ended September 30, 2011.

NASB Financial, Inc. is a unitary thrift holding company for North American Savings Bank, F.S.B. (“North American” or the “Bank”). As of September 30, 2012, the Bank’s tier 1 leverage ratio and total risk-based capital ratio was 14.06% and 18.22%, respectively. These ratios exceed the tier 1 leverage and total risk-based individual minimum capital ratios of 10% and 13%, respectively, that are prescribed in a consent order that the Bank signed with the Office of the Comptroller of the Currency on May 22, 2012.

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
9/30/12     6/30/12     9/30/11 9/30/12     9/30/11
EARNINGS DATA:
Net interest income $ 11,547 11,716 13,255 49,479 52,166
Provision for loan losses -- 3,000 -- 10,500 49,394
Non-interest income 18,896 15,561 10,756 53,295 24,474
Non-interest expense 17,856 16,063 12,816 62,827 53,698
Income tax expense 4,846     3,159     4,310 11,337     (10,184)
Net income $ 7,741     5,055     6,885 18,110     (16,268)
 
FINANCIAL CONDITION DATA:
Total assets $ 1,240,826 1,220,569 1,253,584 1,240,826 1,253,584

Total loans and mortgage-backed and  related securities, net

 

 

925,081

925,279

1,072,429

925,081

1,072,429

Customer and brokered deposit accounts 892,313 865,416 809,675 892,313 809,675
Stockholders' equity 171,503 161,209 150,378 171,503 150,378
 
FINANCIAL RATIOS AND PER SHARE DATA:
Book value per share $ 21.80 20.49 19.11 21.80 19.11
Earnings per share 0.98 0.64 0.87 2.30 (2.07)
Cash dividends paid per share 0.00 0.00 0.00 0.00 0.00
 

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

 

 

2.52%

1.68%

2.19%

1.45%

(1.21)%

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

 

 

18.61%

12.73%

18.67%

11.25%

(10.23)%

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




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