NASB Financial, Inc. Announces Financial Results

Aug 05, 2015, 16:39 ET from NASB Financial, Inc.

GRANDVIEW, Mo., Aug. 5, 2015 /PRNewswire/ -- NASB Financial, Inc. (NASDAQ: NASB) announced today net income for the quarter ended June 30, 2015, of $9,152,000 or $1.23 per share.  This compares to net income of $4,032,000 or $0.54 per share for the quarter ended March 31, 2015, and compares to net income of $4,588,000 or $0.58 per share for the quarter ended June 30, 2014.

There were multiple factors that influenced the improvement in results for the quarter ended June 30, 2015, over prior periods.  Specifically, a negative provision for loan losses of $4.0 million was necessary to reduce the Bank's Allowance for Loan and Lease Losses ("ALLL") consistent with the Bank's ALLL methodology.  This negative provision was based primarily on notable improvement in the Bank's credit quality, recoveries recognized on the repayment of impaired loans, and improvements in the real estate markets in which the Bank operates.  Excluding the after tax impact of the negative loan loss provisions, net income for the quarter ended June 30, 2015, would have been $6,552,000 or $0.88 per share.  Also impacting the improved results was the continued growth in earning assets that contributed to increasing interest income, along with increasing volumes of loan sales that directly impacted the increases in non-interest income.  These increases in income were partially offset by increases in variable non-interest expenses that were directly attributable to the growth in loan origination volumes.

Net income for the nine months ended June 30, 2015, was $17,444,000 or $2.35 per share, which included a negative provision for loan losses of $4.0 million.  This compares to net income of $12,768,000 or $1.62 per share for the nine months ended June 30, 2014, which included a negative provision for loan losses of $5.0 million.

Excluding the after tax impact of the negative loan loss provision, net income would have been $14,844,000 or $2.00 per share for the nine months ended June 30, 2015, as compared to $9,518,000 or $1.21 per share for the nine months ended June 30, 2014. 

NASB Financial, Inc. is a unitary thrift holding company for North American Savings Bank, F.S.B. ("NASB"), a regional bank headquartered in Grandview, Missouri.  Since 1927, NASB has been serving the financial needs of customers by providing an array of personal banking, investment and lending products in the Kansas City metro area.  Nationwide, NASB offers competitive residential and commercial mortgages with the safety and security of a Federal institution.  NASB is designated as a Top 100 Mortgage Lender by Inside Mortgage Finance.  For more information, visit nasb.com.

(Financial Highlights Schedule Attached)

NASB Financial, Inc.

Financial Highlights

(Dollars in thousands, except per share data)

Three Months Ended

Nine Months Ended

6/30/15

3/31/15

6/30/14

  6/30/15

  6/30/14

EARNINGS DATA:

Net interest income

$

12,566

11,852

11,110

35,660

32,688

Provision for loan losses

(4,000)

--

--

(4,000)

(5,000)

Non-interest income

15,069

11,137

10,879

36,772

26,945

Non-interest expense

17,556

16,786

14,930

49,596

44,995

Income tax expense

4,927

2,171

2,471

9,392

6,870

     Net income

$

9,152

4,032

4,588

17,444

12,768

FINANCIAL CONDITION DATA:

Total assets

$

1,439,548

1,356,299

1,206,935

1,439,548

1,206,935

Total loans and mortgage-backed and related securities

1,134,271

1,100,321

849,805

1,134,271

849,805

Customer and brokered deposit accounts

913,188

839,179

744,406

913,188

744,406

Stockholders' equity

194,993

189,003

205,526

194,993

205,526

FINANCIAL RATIOS AND PER SHARE DATA:

Book value per share

$

26.30

25.41

26.12

26.30

26.12

Earnings per share

1.23

0.54

0.58

2.35

1.62

Cash dividends paid per share

0.20

2.30

0.10

2.60

0.70

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

2.62%

1.21%

1.53%

1.78%

1.45%

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

19.07%

8.27%

9.04%

11.78%

8.49%

Weighted average shares outstanding

7,415,604

7,439,332

7,867,614

7,433,049

7,867,614

 

SOURCE NASB Financial, Inc.