NASB Financial, Inc. Announces Financial Results

Dec 17, 2015, 16:25 ET from NASB Financial, Inc.

GRANDVIEW, Mo., Dec. 17, 2015 /PRNewswire/ -- NASB Financial, Inc. (OTCQX: NASB) announced today net income for the quarter ended September 30, 2015, of $4,111,000 or $0.55 per share.  This compares to net income of $9,152,000 or $1.23 per share for the quarter ended June 30, 2015, and compares to net income of $3,913,000 or $0.50 per share for the quarter ended September 30, 2014. 

Net income for the twelve months ended September 30, 2015, was $21,555,000 or $2.90 per share, compared to net income of $16,681,000 or $2.13 per share for the twelve months ended September 30, 2014. 

During the year ended September 30, 2015, the Bank recorded 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 year ended September 30, 2015, would have been $18,955,000 or $2.55 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.

During the year ended September 30, 2014, the Bank recorded a negative provision for loan losses of $5.0 million to reduce the Bank's Allowance for Loan and Lease Losses ("ALLL") consistent with the Bank's ALLL methodology.  Excluding the after tax impact of the negative loan loss provisions, net income would have been $13.4 million, or $1.71 per share, for the year ended September 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


Twelve Months Ended





  9/30/15

 6/30/15

  9/30/14


9/30/15

9/30/14

EARNINGS DATA:










Net interest income


$

13,281

12,566

11,010


48,941

43,698


Provision for loan losses



--

(4,000)

--


(4,000)

(5,000)


Non-interest income



10,163

15,069

10,959


46,935

37,904


Non-interest expense



17,154

17,556

15,949


66,750

60,944


Income tax expense



2,179

4,927

2,107


11,571

8,977


     Net income


$

4,111

9,152

3,913


21,555

16,681











FINANCIAL CONDITION DATA:










Total assets


$

1,530,637

1,439,548

1,168,083


1,530,637

1,168,083


Total loans and mortgage-backed and related securities, net


1,207,649

1,134,271

921,447


1,207,649

921,447


Customer and brokered deposit accounts



982,259

913,188

773,762


982,259

773,762


Stockholders' equity



197,613

194,993

199,892


197,613

199,892











FINANCIAL RATIOS AND PER SHARE DATA:



Book value per share


$

26.66

26.30

26.64


26.66

26.64


Earnings per share



0.55

1.23

0.50


2.90

2.13


Cash dividends paid per share



0.20

0.20

0.10


2.80

0.80












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



1.11%

2.62%

1.32%


1.60%

1.44%


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



8.38%

19.07%

7.72%


10.85%

8.44%












Weighted average shares outstanding



7,413,009

7,429,185

7,794,699


7,431,384

7,849,235

 

SOURCE NASB Financial, Inc.