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 (August 6, 2010) - NASB Financial, Inc. (NASDAQ:
NASB) announced today a net loss for the quarter ended June 30, 2010, of
$460,000 or $(0.06) per share. This compares to net income of $3,219,000 or
$0.41 per share for the quarter ended March 31, 2010, and compares to net
income of $4,242,000 or $0.54 per share for the quarter ended June 30, 2009.
The Company recorded a provision for loan losses of $11.5 million during the
quarter ended June 30, 2010. This compares to a provision for loan losses
of $5.0 million during the quarter ended March 31, 2010, and $4.0 million
during the quarter ended June 30, 2009.
Net income for the nine months ended June 30, 2010, was $4,088,000 or
$0.52 per share, compared to net income of $12,621,000 or $1.60 per share
for the nine months ended June 30, 2009. The Company recorded a provision
for loan losses of $25.5 million during the nine months ended June 30,
2010. This compares to a provision for loan losses of $5.25 million during
the nine months ended June 30, 2009. 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 during the period.
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 Nine months ended
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6/30/10 3/31/10 6/30/09 6/30/10 6/30/09
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EARNINGS DATA:
Net interest income $ 13,930 13,119 12,188 40,854 33,776
Provision for loan losses 11,500 5,000 4,000 25,500 5,250
Non-interest income 11,522 9,314 12,742 31,036 27,171
Non-interest expense 14,909 12,320 14,032 40,886 35,175
Income tax expense (benefit) (497) 1,894 2,656 1,416 7,901
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Net income (loss) $ (460) 3,219 4,242 4,088 12,621
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FINANCIAL CONDITION DATA:
Total assets $ 1,415,928 1,460,275 1,615,130 1,415,928 1,615,130
Total loans and mortgage-backed
and related securities 1,288,968 1,322,236 1,425,905 1,288,968 1,425,905
Customer and brokered deposit
accounts 859,461 869,268 940,175 859,461 940,175
Stockholders' equity 165,321 165,986 161,937 165,321 161,937
FINANCIAL RATIOS AND PER SHARE DATA:
Book value per share $ 21.01 21.10 20.58 21.01 20.58
Earnings per share (0.06) 0.41 0.54 0.52 1.60
Cash dividends paid per share 0.00 0.225 0.225 0.45 0.675
Return on assets (annualized net income
divided by total average assets) (0.13)% 0.86% 1.07% 0.37% 1.07%
Return on equity (annualized net income
divided by average stockholders' equity) (1.11)% 7.78% 10.62% 3.29% 10.71%
Weighted average shares outstanding 7,867,614 7,867,614 7,867,614 7,867,614 7,867,614
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