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NASB Financial, Inc. Announces Financial Results

Mittwoch, 07.02.2018 20:45 von PR Newswire

PR Newswire

GRANDVIEW, Mo., Feb. 7, 2018 /PRNewswire/ -- NASB Financial, Inc. (the "Company") (OTCQX: NASB) announced today net income for the quarter ended December 31, 2017, of $6.7 million or $0.91 per share.  This compares to net income of $7.2 million or $0.98 per share for the quarter ended September 30, 2017, and compares to net income of $10.5 million or $1.41 per share for the quarter ended December 31, 2016. 

During the current quarter, the Company recorded additional income tax expense of $1.2 million to recognize an impairment of its deferred tax asset due to reduced corporate tax rates in the Tax Cuts and Jobs Act, which was enacted on December 22, 2017.  In addition, the Company implemented a change in its valuation technique for measuring the market value of commitments to originate loans and forward loan sales commitments, which resulting in an increase in non-interest income of $1.5 million.  The new valuation model estimates market value based upon prices for similar loans by utilizing pricing data available from investors with whom the Company is currently doing business, whereas the previous valuation model utilized a discounted cashflow approach based upon current market interest rates and committed rates.

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 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





12/31/17

9/30/17

12/31/16

EARNINGS DATA:







Net interest income


$

19,047

19,126

17,604


Provision for loan losses



--

--

--


Non-interest income



11,662

11,883

19,676


Non-interest expense



17,802

19,268

20,528


Income tax expense



6,192

4,520

6,290


     Net income


$

6,715

7,221

10,462








FINANCIAL CONDITION DATA:






Total assets


$

2,011,430

2,062,302

1,879,558


Total loans held for sale

136,368

171,992

208,679


Total loans held for investment and 

     mortgage-backed securities, net

1,541,385

1,544,688

1,320,783


Customer and brokered deposit accounts


1,282,939

1,296,112

1,245,128


Stockholders' equity



237,206

232,969

220,777








FINANCIAL RATIOS AND PER SHARE DATA:



Book value per share

$

32.12

31.55

29.78


Earnings (loss) per share


0.91

0.98

1.41


Cash dividends paid per share


0.32

0.32

0.26









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

1.32%


1.40%


2.19%


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

11.43%

 

12.56%



19.23%



Weighted average shares outstanding

7,384,301

7,384,262


7,413,009

 

Cision View original content:http://www.prnewswire.com/news-releases/nasb-financial-inc-announces-financial-results-300595289.html

SOURCE NASB Financial, Inc.