NASB Financial, Inc.
NEWS RELEASE
Contact: Rhonda Nyhus
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 6, 2009) - NASB Financial, Inc. (NASDAQ: NASB)
announced today net income for the quarter ended March 31, 2009, of
$4,731,000 or $0.60 per share. This compares to net income of $3,648,000 or
$0.46 per share for the quarter ended December 31, 2008, and compares to net
income of $2,806,000 or $0.36 per share for the quarter ended March 31,
2008.
Net income for the six months ended March 31, 2009, was $8,379,000 or
$1.06 per share, compared to net income of $4,675,000 or $0.59 per share for
the six months ended March 31, 2008.
The Company recorded a provision for loan losses of $1.25 million
during the six months ended March 31, 2009. This compares to a provision
for loan losses of $1.4 million during the six months ended March 31, 2008.
Management analyzes the adequacy of the allowance for loan losses on a
quarterly basis. The provision for loan losses can fluctuate based
upon management's assessment of changes in economic conditions, the level of
classified assets, and the amount of loan charge-offs and recoveries.
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 six 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 and Springfield, Missouri as
well as Overland Park, Kansas.
(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
------------------------------------- -----------------------
3/31/09 12/31/08 3/31/08 3/31/09 3/31/08
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EARNINGS DATA:
Net interest income $ 11,006 10,582 9,052 21,588 19,141
Provision for loan losses 1,000 250 700 1,250 1,400
Non-interest income 9,230 5,199 5,390 14,429 7,678
Non-interest expense 11,544 9,599 9,145 21,143 17,783
Income tax expense 2,961 2,284 1,791 5,245 2,961
------- ------- ------- ------- -------
Net income $ 4,731 3,648 2,806 8,379 4,675
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FINANCIAL CONDITION DATA:
Total assets $ 1,549,748 1,526,454 1,547,377 1,549,748 1,547,377
Total loans and mortgage-backed
and related securities 1,408,702 1,415,784 1,443,355 1,408,702 1,443,355
Customer and brokered deposit
accounts 866,950 835,232 815,882 866,950 815,882
Stockholders' equity 157,689 154,397 151,147 157,689 151,147
FINANCIAL RATIOS AND PER SHARE DATA:
Book value per share $ 20.04 19.62 19.21 20.04 19.21
Earnings per share 0.60 0.46 0.36 1.06 0.59
Cash dividends paid per share 0.225 0.225 0.225 0.45 0.45
Return on assets (annualized net income
divided by total average assets) 1.23% 0.96% 0.73% 1.09% 0.61%
Return on equity (annualized net income
divided by average stockholders' equity) 12.13% 9.51% 7.46% 10.81% 6.22%
Weighted average shares outstanding 7,867,614 7,867,614 7,867,614 7,867,614 7,867,614
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