NASB Financial, Inc. Announces Financial Results

Mittwoch, 10.05.2017 23:25 von PR Newswire

PR Newswire

GRANDVIEW, Mo., May 10, 2017 /PRNewswire/ -- NASB Financial, Inc. (the "Company") (OTCQX: NASB) announced today net income for the quarter ended March 31, 2017, of $5,007,000 or $0.68 per share.  This compares to net income of $10,462,000 or $1.41 per share for the quarter ended December 31, 2016, and compares to net income of $3,969,000 or $0.54 per share for the quarter ended March 31, 2016.

The decline in earnings for the current quarter, as compared to the quarter ended December 31, 2016, were primarily attributable to lower non-interest income resulting from a decrease in the volume of mortgage loans sold during the quarter.  This decline in earnings was partially offset by a related decrease in non-interest expense during the current quarter, as mortgage origination costs declined in line with reduced loan origination volumes in the Company's mortgage banking division.  The improved earnings, as compared to the quarter ended March 31, 2016, were primarily attributable to increased interest income due to growth in loans held for investment. 

Net income for the six months ended March 31, 2017, was $15,469,000 or $2.09 per share.  This compares to net income of $9,738,000 or $1.31 per share for the six months ended March 31, 2016.

The improved earnings for the six months ended March 31, 2017, as compared to the six months ended March 31, 2016, were primarily attributable to higher non-interest income resulting from a higher volume of mortgage loans sold during the first quarter of the six-month period.  In addition, interest income increased due to growth in the average balance of loans held for investment.  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. 

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.  NASB is designated as a Top 100 Mortgage Lender by Inside Mortgage Finance.  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




3/31/17

12/31/16

3/31/16


  3/31/17

  3/31/16

EARNINGS DATA:









Net interest income

$

17,496

17,604

14,573


35,100

28,444


Provision for loan losses


550

--

300


550

850


Non-interest income


9,060

19,676

9,194


28,736

21,364


Non-interest expense


17,865

20,528

17,171


38,393

33,602


Income tax expense (benefit)


3,134

6,290

2,327


9,424

5,618


     Net income (loss)

$

5,007

10,462

3,969


15,469

9,738










FINANCIAL CONDITION DATA:









Total assets

$

1,916,697

1,879,558

1,680,090


1,916,697

1,680,090


Total loans and mortgage-backed and related securities


1,554,560

1,529,462

1,342,841


1,554,560

1,342,841


Customer and brokered deposit accounts


1,249,200

1,245,128

1,097,936


1,249,200

1,097,936


Stockholders' equity


222,984

220,777

202,767


222,984

202,767










FINANCIAL RATIOS AND PER SHARE DATA:



Book value per share

$

30.21

29.78

27.35


30.21

27.35


Earnings (loss) per share


0.68

1.41

0.54


2.09

1.31


Cash dividends paid per share


0.32

0.26

0.26


0.58

0.46











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


1.06%

2.19%

0.97%


1.60%

1.21%


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


9.03%

19.23%

7.87%


14.15%

9.73%











Weighted average shares outstanding


7,397,964

7,413,009

7,413,009


7,405,569

7,413,009

 

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SOURCE NASB Financial, Inc.

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