Attached files
NASB Financial, Inc.
NEWS RELEASE
Contact: Rhonda Nyhus
Vice President and Treasurer
NASB Financial, Inc.
12498 South 71 Highway
Grandview, MO 64030
Phone (816) 765-2200
FOR IMMEDIATE RELEASE:
NASB Financial, Inc. Announces Financial Results
Grandview, Missouri (December 7, 2010) - NASB Financial, Inc. (NASDAQ:
NASB) announced today net income for the quarter ended September 30, 2010,
of $2,235,000 or $0.28 per share. This compares to a net loss of $460,000
or $(0.06) per share for the quarter ended June 30, 2010, and compares to
net income of $6,088,000 or $0.77 per share for the quarter ended September
30, 2009.
Net income for the twelve months ended September 30, 2010, was
$6,323,000 or $0.80 per share, compared to net income of $18,709,000 or
$2.38 per share for the twelve months ended September 30, 2009.
The provision for loan losses was $30.5 million for the fiscal year
ended September 30, 2010, compared to $11.3 million for the fiscal year
ended September 30, 2009. The provision for loan losses can fluctuate based
upon management's assessment of changes in economic conditions, the level of
classified assets, and the amount of loan charge-offs and recoveries during
the period. Management believes that this provision and the corresponding
loan loss reserves are appropriate, given the current level of estimated
credit losses within the Bank's loan portfolios.
Non-interest expense for the twelve months ended September 30, 2010,
was $57.7 million, compared to $46.7 million for the twelve months ended
September 30, 2009. This increase resulted primarily from increased
activity the Company's mortgage banking division.
NASB Financial, Inc. is a unitary thrift holding company for North
American Savings Bank, F.S.B. ("North American" or the "Bank"). North
American operates six offices in greater Kansas City, Missouri and others in
Harrisonville, St. Joseph, and Excelsior Springs, Missouri. The Bank also
has loan origination offices in Lee's Summit and Springfield, Missouri as
well as Overland Park, Kansas.
(Financial Highlights Schedule Attached)
NASB Financial, Inc.
Financial Highlights
(Dollars in thousands, except per share data)
Three months ended Twelve months ended
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9/30/10 6/30/10 9/30/09 9/30/10 9/30/09
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EARNINGS DATA:
Net interest income $ 12,994 13,930 13,629 53,848 47,405
Provision for loan losses 5,000 11,500 6,000 30,500 11,250
Non-interest income 12,544 11,522 13,323 43,580 40,494
Non-interest expense 16,781 14,909 11,541 57,667 46,716
Income tax expense 1,522 (497) 3,323 2,938 11,224
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Net income $ 2,235 (460) 6,088 6,323 18,709
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FINANCIAL CONDITION DATA:
Total assets $ 1,434,196 1,415,928 1,559,562 1,434,196 1,559,562
Total loans and mortgage-backed
and related securities, net 1,268,073 1,288,968 1,378,036 1,268,073 1,378,036
Customer and brokered deposit accounts 933,453 859,461 904,625 933,453 904,625
Stockholders' equity 167,762 165,321 166,388 167,762 166,388
FINANCIAL RATIOS AND PER SHARE DATA:
Book value per share $ 21.32 21.01 21.15 21.32 21.15
Earnings per share 0.28 (0.06) 0.77 0.80 2.38
Cash dividends paid per share 0.00 0.00 0.225 0.45 0.90
Return on assets (annualized net income
divided by total average assets) 0.63% (0.13)% 1.53% 0.42% 1.22%
Return on equity (annualized net income
divided by average stockholders' equity) 5.37% (1.11)% 14.83% 3.78% 11.74%
Weighted average shares outstanding 7,867,614 7,867,614 7,867,614 7,867,614 7,867,614
