NASB Financial, Inc. Announces Financial Results

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May 10, 2019 1:32 PM EDT

GRANDVIEW, Mo., May 10, 2019 /PRNewswire/ -- NASB Financial, Inc. (the "Company") (OTCQX: NASB) announced today net income for the quarter ended March 31, 2019, of $7,722,000 or $1.05 per share.  This compares to net income of $8,113,000 or $1.10 per share for the quarter ended December 31, 2018, and compares to net income of $6,408,000 or $0.87 per share for the quarter ended March 31, 2018.

During the quarter ended March 31, 2018, the Company reduced its estimated federal income tax rate to 24.5%, as a result of the Tax Cuts and Jobs Act, which was enacted on December 22, 2017.  For periods prior to March 31, 2018, the Company's federal income tax rate was 35%.  Although the resulting reduction in corporate tax rates was not effective until January 1, 2018, the Company recorded a $1.2 million impairment of its deferred tax asset during the quarter ended December 31, 2017, upon enactment of the legislation.

Net income for the six months ended March 31, 2019, was $15,835,000 or $2.14 per share.  This compares to net income of $13,123,000 or $1.78 per share for the six months ended March 31, 2018. 

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

Six Months Ended

3/31/19

12/31/18

3/31/18

  3/31/19

  3/31/18

EARNINGS DATA:

Net interest income

$

19,900

19,599

18,345

39,499

37,392

Provision for loan losses

1,000

750

1,850

1,750

1,850

Non-interest income

9,054

8,779

8,386

17,833

20,048

Non-interest expense

17,658

16,811

17,205

34,469

35,007

Income tax expense (benefit)

2,574

2,704

1,268

5,278

7,460

     Net income (loss)

$

7,722

8,113

6,408

15,835

13,123

FINANCIAL CONDITION DATA:

Total assets

$

2,288,549

2,197,987

1,910,515

2,288,549

1,910,515

Total loans held for sale

188,346

172,127

86,195

188,346

86,195

Total loans held for investments and mortgage-backed securities, net

1,887,689

1,814,341

1,589,580

1,887,689

1,589,580

Customer and brokered deposit accounts

1,770,762

1,661,259

1,446,947

1,770,762

1,446,947

Stockholders' equity

240,586

234,632

223,978

240,586

223,978

FINANCIAL RATIOS AND PER SHARE DATA:

Book value per share

$

32.58

31.77

30.33

32.58

30.33

Earnings per share

1.05

1.10

0.87

2.14

1.78

Cash dividends paid per share

0.50

0.50

2.50

1.00

2.82

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

1.38%

1.52%

1.31%

1.46%

1.32%

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

13.00%

13.92%

11.12%

13.41%

11.49%

Weighted average shares outstanding

7,384,851

7,384,851

7,384,411

7,384,851

7,384,355

 

Cision View original content:http://www.prnewswire.com/news-releases/nasb-financial-inc-announces-financial-results-300848216.html

SOURCE NASB Financial, Inc.


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