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NASB Financial, Inc. Announces Financial Results

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August 10, 2017 12:37 PM EDT

GRANDVIEW, Mo., Aug. 10, 2017 /PRNewswire/ -- NASB Financial, Inc. (the "Company") (OTCQX: NASB) announced today net income for the quarter ended June 30, 2017, of $6,707,000 or $0.91 per share.  This compares to net income of $5,007,000 or $0.68 per share for the quarter ended March 31, 2017, and compares to net income of $4,627,000 or $0.62 per share for the quarter ended June 30, 2016.

Net income for the nine months ended June 30, 2017, was $22,176,000 or $3.00 per share.  This compares to net income of $14,365,000 or $1.94 per share for the nine months ended June 30, 2016.

The improved earnings for the nine months ended June 30, 2017, as compared to the nine months ended June 30, 2016, were primarily attributable to higher interest income due to growth in the portfolio of loans held for investment of approximately 27% from the prior year, and, to a lesser degree, an increase in non-interest income resulting from a higher volume of mortgage loans sold during the first quarter of the current fiscal year.  These increases in earnings were partially offset by an increase in non-interest expense, as mortgage origination costs increased in line with higher loan origination volumes in the Company's mortgage banking division.  The improved earnings for the three months ended June 30, 2017, as compared to the same period in the prior fiscal year, were primarily attributable to loan growth.

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, 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.  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

    6/30/17

    3/31/17

   6/30/16

   6/30/17

   6/30/16

EARNINGS DATA:

Net interest income

$

19,888

17,496

15,264

54,988

43,708

Provision for loan losses

400

550

500

950

1,350

Non-interest income

10,177

9,060

12,005

38,913

33,369

Non-interest expense

18,759

17,865

19,424

57,152

53,026

Income tax expense

4,199

3,134

2,718

13,623

8,336

     Net income

$

6,707

5,007

4,627

22,176

14,365

FINANCIAL CONDITION DATA:

Total assets

$

2,074,089

1,916,697

1,743,580

2,074,089

1,743,580

Total loans and mortgage-backed and related securities

1,704,157

1,554,560

1,417,372

1,704,157

1,417,372

Customer and brokered deposit Accounts

1,324,141

1,249,200

1,122,002

1,324,141

1,122,002

Stockholders' equity

226,807

222,984

207,307

226,807

207,307

FINANCIAL RATIOS AND PER SHARE DATA:

Book value per share

$

30.72

30.21

27.96

30.72

27.96

Earnings (loss) per share

0.91

0.68

0.62

3.00

1.94

Cash dividends paid per share

0.32

0.32

0.26

0.90

0.72

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

1.34%

1.06%

1.08%

1.47%

1.17%

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

11.93%

9.03%

9.03%

13.40%

9.46%

Weighted average shares outstanding

7,383,569

7,397,964

7,413,009

7,398,236

7,413,009

 

View original content:http://www.prnewswire.com/news-releases/nasb-financial-inc-announces-financial-results-300502785.html

SOURCE NASB Financial, Inc.


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