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NASB Financial, Inc. Announces Financial Results

Dienstag, 07.08.2018 18:17 von PR Newswire

PR Newswire

GRANDVIEW, Mo., Aug. 7, 2018 /PRNewswire/ -- NASB Financial, Inc. (the "Company") (OTCQX: NASB) announced today net income for the quarter ended June 30, 2018, of $7,531,000 or $1.02 per share.  This compares to net income of $6,408,000 or $0.87 per share for the quarter ended March 31, 2018, and compares to net income of $6,707,000 or $0.91 per share for the quarter ended June 30, 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 nine months ended June 30, 2018, was $20,654,000 or $2.80 per share.  This compares to net income of $22,176,000 or $3.00 per share for the nine months ended June 30, 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 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.

NASB Financial, Inc.

Financial Highlights

(Dollars in thousands, except per share data)















Three Months Ended


Nine Months Ended





    6/30/18

    3/31/18

   6/30/17


   6/30/18

   6/30/17

EARNINGS DATA:










Net interest income


$

19,620

18,345

19,888


57,012

54,988


Provision for loan losses



500

1,850

400


2,350

950


Non-interest income



8,396

8,386

10,177


28,444

38,913


Non-interest expense



16,983

17,205

18,759


51,990

57,152


Income tax expense



3,002

1,268

4,199


10,462

13,623


     Net income


$

7,531

6,408

6,707


20,654

22,176











FINANCIAL CONDITION DATA:










Total assets


$

1,996,012

1,910,515

2,074,089


1,996,012

2,074,089


Total loans held for sale


123,748

86,195

174,098


123,748

174,098


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


1,650,993

1,589,580

1,530,059


1,650,993

1,530,059


Customer and brokered deposit accounts


1,481,446

1,446,947

1,324,141


1,481,446

1,324,141


Stockholders' equity


226,752

223,978

226,807


226,752

226,807










FINANCIAL RATIOS AND PER SHARE DATA:









Book value per share


$

30.71

30.33

30.72


30.71

30.72


Earnings per share


1.02

0.87

0.91


2.80

3.00


Cash dividends paid per share


0.50

2.50

0.32


3.32

0.90











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


1.54%

1.31%

1.34%


1.36%

1.47%


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


13.37%

11.12%

11.93%


11.98%

13.40%











Weighted average shares outstanding


7,384,851

7,384,411

7,383,569


7,384,521

7,398,236


 

 

Cision View original content:http://www.prnewswire.com/news-releases/nasb-financial-inc-announces-financial-results-300693623.html

SOURCE NASB Financial, Inc.