NASB Financial, Inc.
NEWS RELEASE
Contact: Rhonda Nyhus
Vice President
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 (February 9, 2011) - NASB Financial, Inc. (NASDAQ:
NASB) announced today net income for the quarter ended December 31, 2010, of
$2,012,000 or $0.26 per share. This compares to net income of $2,235,000 or
$0.28 per share for the quarter ended September 30, 2010, and compares to
net income of $1,329,000 or $0.17 per share for the quarter ended December
31, 2009.
Non-interest expense for the three months ended December 31, 2010,
was $16.5 million, compared to $13.7 million for the three months ended
December 31, 2009. This increase resulted primarily from increased activity
the Company's mortgage banking division. Non-interest income for the three
months ended December 31, 2010, was $10.7 million, compared to $10.2 million
for the three months ended December 31, 2009. For the quarter ended
December 31, 2010, non-interest income was reduced $3.3 million for non-cash
accounting adjustments to record loans held for sale at fair value and to
record the fair value of outstanding loan commitments in accordance with
Generally Accepted Accounting Principles.
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
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12/31/10 9/30/10 12/31/09
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EARNINGS DATA:
Net interest income $ 13,040 12,994 13,805
Provision for loan losses 3,950 5,000 9,000
Non-interest income 10,716 12,544 10,200
Non-interest expense 16,535 16,781 13,657
Income tax expense 1,259 1,522 19
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Net income $ 2,012 2,235 1,329
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FINANCIAL CONDITION DATA:
Total assets $ 1,337,176 1,434,196 1,527,170
Total loans and mortgage-backed
and related securities 1,186,874 1,268,073 1,381,240
Customer and brokered deposit
accounts 898,646 933,453 872,357
Stockholders' equity 169,809 167,762 164,852
FINANCIAL RATIOS AND PER SHARE DATA:
Book value per share $ 21.58 21.32 20.95
Earnings per share 0.26 0.28 0.17
Cash dividends paid per share -- -- 0.225
Return on assets (annualized net income
divided by total average assets) 0.58% 0.63% 0.34%
Return on equity (annualized net income
divided by average stockholders' equity) 4.77% 5.37% 3.21%
Weighted average shares outstanding 7,867,614 7,867,614 7,867,614
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