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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, 2012, of $8,317,000 or $1.06 per share. This compares to net income of $7,741,000 or $0.98 per share for the quarter ended September 30, 2012, and compares to net income of $4,939,000 or $0.63 per share for the quarter ended December 31, 2011.

Included in the results of the quarter ended December 31, 2012, is a negative provision for loan losses of $4 million, which was necessary to reduce the Bank’s ALLL to a level consistent with the Bank’s ALLL methodology. During the quarter, various quantitative factors used in the ALLL methodology showed notable improvement, including a decrease in criticized assets, a decrease in the Bank’s level of non-performing assets, and declines in the Bank’s commercial real estate, construction and land development portfolios which have generally experienced higher loss rates. Qualitative factors also improved, including renewed strength of the Kansas City area housing market, where all of the Bank’s construction and land development loans are concentrated.

NASB Financial, Inc. is a unitary thrift holding company for North American Savings Bank, F.S.B. (“North American” or the “Bank”). As of December 31, 2012, the Bank’s tier 1 leverage ratio and total risk-based capital ratio was 14.62% and 19.00%, respectively.

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.

(Financial Highlights Schedule Attached)

NASB Financial, Inc.

Financial Highlights
(Dollars in thousands, except per share data)
           
Three Months Ended
12/31/12     9/30/12     12/31/11
EARNINGS DATA:        
Net interest income $ 11,181 11,547 14,119
Provision for loan losses (4,000) -- 2,500
Non-interest income 16,497 18,896 10,549
Non-interest expense 18,155 17,856 14,137
Income tax expense 5,206     4,846     3,092
Net income $ 8,317     7,741     4,939
 
FINANCIAL CONDITION DATA:
Total assets $ 1,252,524 1,240,826 1,205,525

Total loans and mortgage-backed and  related securities

883,629

925,081

1,026,190

Customer and brokered deposit  accounts

874,824

892,313

882,551

Stockholders' equity 179,860 171,503 155,349
 
FINANCIAL RATIOS AND PER SHARE DATA:
Book value per share $ 22.86 21.80 19.75
Earnings (loss) per share 1.06 0.98 0.63
Cash dividends paid per share -- -- --
 

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

2.67%

2.52%

1.61%

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

18.94%

18.61%

12.92%

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




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