NASB Financial, Inc. Announces Financial Results

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)

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SOURCE NASB Financial, Inc.