NASB Financial, Inc. Announces Financial Results

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Dec 13, 2019, 17:37 ET

GRANDVIEW, Mo., Dec. 13, 2019 /PRNewswire/ -- NASB Financial, Inc. (the "Company") (OTCQX: NASB) announced today net income for the quarter ended September 30, 2019, of $14,004,000 or $1.90 per share. This compares to net income of $13,328,000 or $1.80 per share for the quarter ended June 30, 2019, and $8,477,000 or $1.15 per share for the quarter ended September 30, 2018.

Net income for the year ended September 30, 2019, was $43,167,000 or $5.85 per share. This compares to net income of $29,131,000 or $3.94 per share for the year ended September 30, 2018. The increase in earnings for the current year was primarily attributable to higher asset balances, increased mortgage banking activity, and a one-time gain from the sale of real estate owned by the Company.

NASB Financial, Inc. is a unitary thrift holding company for North American Savings Bank, F.S.B. ("NASB"), a community bank headquartered in Grandview, Missouri. Since 1927, NASB has been serving the financial needs of customers by providing an array of personal banking 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. 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
				9/30/19	6/30/19	9/30/18	9/30/19	9/30/18
EARNINGS DATA:
		Net interest income	$	22,378	20,795	20,916	82,672	77,928
		Provision for loan losses		--	--	275	1,750	2,625
		Non-interest income		20,826	17,627	8,855	56,286	37,299
		Non-interest expense		24,532	20,651	18,001	79,652	69,991
		Income tax expense		4,668	4,443	3,018	14,389	13,480
		Net income	$	14,004	13,328	8,477	43,167	29,131

FINANCIAL CONDITION DATA:
	Total assets		$	2,605,225	2,451,353	2,060,361	2,605,225	2,060,361
	Total loans held for sale			420,428	289,818	123,245	420,428	123,245
	Total loans held for investment and mortgage-backed securities, net			1,911,521	1,900,404	1,717,358	1,911,521	1,717,358
	Customer and brokered deposit accounts			1,828,972	1,709,492	1,536,226	1,828,972	1,536,226
	Stockholders' equity			262,267	251,681	231,681	262,267	231,681

FINANCIAL RATIOS AND PER SHARE DATA:
	Book value per share		$	35.56	34.08	31.37	35.56	31.37
	Earnings per share			1.90	1.80	1.15	5.85	3.94
	Cash dividends paid per share			0.50	0.50	0.50	2.00	3.82

	Return on assets (annualized net income divided by total average assets)			2.22%	2.25%	1.67%	1.85%	1.41%
	Return on equity (annualized net income divided by average stockholders' equity)			21.80%	21.66%	14.79%	17.48%	12.54%

	Weighted average shares outstanding			7,381,378	7,384,851	7,384,851	7,383,976	7,384,604