NASB Financial, Inc. Announces Financial Results

NASB Financial, Inc. (NASDAQ: NASB) announced today net income for the quarter ended March 31, 2012, of $375,000 or $0.05 per share. This compares to net income of $4,939,000 or $0.63 per share for the quarter ended December 31, 2011, and compares to a net loss of $24,507,000 or $(3.11) per share for the quarter ended March 31, 2011.

Net income for the six months ended March 31, 2012, was $5,314,000 or $0.68 per share, compared to a net loss of $27,542,000 or $(3.50) per share for the six months ended March 31, 2011.

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 Six Months Ended
3/31/12   12/31/11   3/31/11 3/31/12   3/31/11
EARNINGS DATA:
Net interest income $ 12,097 14,119 12,695 26,216 25,735
Provision for loan losses 5,000 2,500 38,800 7,500 49,326
Non-interest income 8,289 10,549 (1,753 ) 18,838 7,333
Non-interest expense 14,771 14,137 11,991 28,908 28,526
Income tax expense (benefit)   240     3,092     (15,342 ) 3,332     (17,242 )
Net income (loss) $ 375     4,939     (24,507 ) 5,314     (27,542 )
 
FINANCIAL CONDITION DATA:
Total assets $ 1,192,208 1,205,525 1,266,295 1,192,208 1,266,295

Total loans and mortgage-backed and related securities
996,805 1,026,190 1,057,976 996,805 1,057,976

Customer and brokered deposit accounts
870,585 882,551 876,585 870,585 876,585
Stockholders' equity 156,528 155,349 140,298 156,528 140,298
 
FINANCIAL RATIOS AND PER SHARE DATA:
Book value per share $ 19.90 19.75 17.83 19.90 17.83
Earnings (loss) per share 0.05 0.63 (3.11 ) 0.68 (3.50 )
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)
0.13 % 1.61 % (7.55 )% 0.87 % (4.08 )%

Return on equity (annualized net income divided by average stockholders' equity)
0.96 % 12.92 % (64.27 )% 6.93 % (35.76 )%
 
Weighted average shares outstanding 7,867,614 7,867,614 7,867,614 7,867,614 7,867,614

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