NASB Financial, Inc.
NEWS RELEASE
Contact: Keith B. Cox
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 (May 12, 2003) - NASB Financial, Inc. (NASDAQ: NASB)
announced today net income for the quarter ended March 31, 2003, of
$5,879,000 or $0.70 per share. This compares to net income of $5,055,000 or
$0.60 per share for the quarter ended December 31, 2002, and compares to net
income of $4,026,000 or $0.48 per share for the quarter ended March 31, 2002.
Net income for the six months ended March 31, 2003, was $10,934,000 or
$1.30 per share, compared to net income of $9,187,000 or $1.09 per share for
the six months ended March 31, 2002.
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 five 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, Springfield, St. Charles and
St. Louis, Missouri as well as Overland Park and Leawood, Kansas. On
December 19, 2002, NASB Financial, Inc. merger with Community Bancorp, Inc.
As a result of the merger, NASB Financial, Inc. acquired assets of $109.9
million and assumed liabilities of $94.3 million.
(Financial Highlights Schedule Attached)
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NASB Financial, Inc.
Financial Highlights
(Dollars in thousands, except per share data)
Three months ended Six months ended
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3/31/03 12/31/02 3/31/02 3/31/03 3/31/02
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EARNINGS DATA:
Net interest income $ 11,818 11,751 9,625 23,569 18,765
Provision for loan losses 42 18 150 60 491
Non-interest income 4,092 2,325 2,262 6,416 7,322
Non-interest expense 6,309 5,842 5,084 12,151 10,566
Income tax expense 3,680 3,161 2,627 6,840 5,843
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Net income $ 5,879 5,055 4,026 10,934 9,187
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FINANCIAL CONDITION DATA:
Total assets $ 1,112,569 1,106,750 930,643 1,112,569 930,643
Total loans and mortgage-backed
and related securities 1,005,600 1,029 042 859,948 1,005,600 859,948
Customer deposit accounts 657,000 617,930 567,643 657,000 567,643
Stockholders' equity 117,567 113,249 100,780 117,567 100,780
FINANCIAL RATIOS AND PER SHARE DATA:
Book value per share $ 13.93 13.42 11.98 13.93 11.98
Earnings per share 0.70 0.60 0.48 1.30 1.09
Cash dividends paid per share 0.17 0.15 0.15 0.32 0.275
Return on assets (annualized net income
divided by total average assets) 2.12% 1.94% 1.67% 2.09% 1.93%
Return on equity (annualized net income
divided by average stockholder's equity) 20.38% 18.16% 16.09% 19.27% 18.72%
Weighted average shares outstanding 8,438,653 8,425,299 8,412,887 8,433,041 8,460.142
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