NASB Financial, Inc.
NEWS RELEASE
Contact: Rhonda Nyhus
Vice President and Treasurer
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 (December 4, 2009) - NASB Financial, Inc. (NASDAQ:
NASB) announced today net income for the quarter ended September 30, 2009,
of $6,088,000 or $0.77 per share. This compares to net income of $4,242,000
or $0.54 per share for the quarter ended June 30, 2009, and compares to net
income of $1,011,000 or $0.13 per share for the quarter ended September 30,
2008.
Net income for the twelve months ended September 30, 2009, was
$18,709,000 or $2.38 per share, compared to net income of $9,296,000 or
$1.18 per share for the twelve months ended September 30, 2008.
The total provision for losses was $12.0 million for the fiscal year
ended September 30, 2009 ($11.3 million in loan loss provision and $727,000
in provision for loss on real estate owned), compared to a total of $8.2
million for the fiscal year ended September 30, 2008 ($6.2 million in loan
loss provision and $2.0 million in provision for loss on real estate owned).
Management believes that this provision and the corresponding loan loss
reserves are appropriate, given the current level of estimated credit losses
within the Bank's loan portfolios.
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 Twelve months ended
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9/30/09 6/30/09 9/30/08 9/30/09 9/30/08
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EARNINGS DATA:
Net interest income $ 13,629 12,188 10,016 47,405 39,015
Provision for loan losses 6,000 4,000 3,200 11,250 6,200
Non-interest income 13,323 12,742 3,957 40,494 18,407
Non-interest expense 11,541 14,032 9,128 46,716 36,819
Income tax expense 3,323 2,656 634 11,224 5,107
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Net income $ 6,088 4,242 1,011 18,709 9,296
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FINANCIAL CONDITION DATA:
Total assets $ 1,559,562 1,615,130 1,516,761 1,559,562 1,516,761
Total loans and mortgage-backed
and related securities, net 1,378,036 1,425,905 1,404,544 1,378,036 1,404,544
Customer and brokered deposit accounts 904,625 940,175 769,379 904,625 769,379
Stockholders' equity 166,388 161,937 152,412 166,388 152,412
FINANCIAL RATIOS AND PER SHARE DATA:
Book value per share $ 21.15 20.58 19.37 21.15 19.37
Earnings per share 0.77 0.54 0.13 2.38 1.18
Cash dividends paid per share 0.225 0.225 0.225 0.90 0.90
Return on assets (annualized net income
divided by total average assets) 1.53% 1.07% 0.26% 1.22% 0.61%
Return on equity (annualized net income
divided by average stockholders' equity) 14.83% 10.62% 2.65% 11.74% 6.16%
Weighted average shares outstanding 7,867,614 7,867,614 7,867,614 7,867,614 7,867,614
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