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NASB Financial, Inc. Announces Financial Results

Donnerstag, 10.05.2018 22:20 von PR Newswire

PR Newswire

GRANDVIEW, Mo., May 10, 2018 /PRNewswire/ -- NASB Financial, Inc. (the "Company") (OTCQX: NASB) announced today net income for the quarter ended March 31, 2018, of $6,408,000 or $0.87 per share.  This compares to net income of $6,715,000 or $0.91 per share for the quarter ended December 31, 2017, and compares to net income of $5,007,000 or $0.68 per share for the quarter ended March 31, 2017.

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, 2018, was $13,123,000 or $1.78 per share.  This compares to net income of $15,469,000 or $2.09 per share for the six months ended March 31, 2017. 

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





3/31/18

12/31/17

3/31/17


  3/31/18

  3/31/17

EARNINGS DATA:










Net interest income


$

18,345

19,047

17,496


37,392

35,100


Provision for loan losses



1,850

--

550


1,850

550


Non-interest income



8,386

11,662

9,060


20,048

28,736


Non-interest expense



17,205

17,802

17,865


35,007

38,393


Income tax expense (benefit)



1,268

6,192

3,134


7,460

9,424


     Net income (loss)


$

6,408

6,715

5,007


13,123

15,469


FINANCIAL CONDITION DATA:










Total assets


$

1,910,515

2,011,430

1,916,697


1,910,515

1,916,697


Total loans held for sale



86,195

136,368

87,994


86,195

87,994


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



1,589,580

1,541,385

1,466,566


1,589,580

1,466,566


Customer and brokered deposit accounts



1,446,947

1,282,939

1,249,200


1,446,947

1,249,200


Stockholders' equity



223,978

237,206

222,984


223,978

222,984


FINANCIAL RATIOS AND PER SHARE DATA:







Book value per share


$

30.33

32.12

30.21


30.33

30.21


Earnings per share



0.87

0.91

0.68


1.78

2.09


Cash dividends paid per share



2.50

0.32

0.32


2.82

0.58



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



1.31%

1.32%

1.06%


1.32%

1.60%


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



11.12%

11.43%

9.03%


11.49%

14.15%



Weighted average shares outstanding



7,384,411

7,384,301

7,397,964


7,384,355

7,405,569


 

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SOURCE NASB Financial, Inc.