GRANDVIEW, Mo. , Dec. 15, 2017 /PRNewswire/ -- NASB
Financial, Inc. (the "Company") (OTCQX: NASB) announced today net income for the quarter ended
September 30, 2017, of $7.2 million or $0.98 per
share. This compares to net income of $6.7 million or $0.91 per share for the quarter
ended June 30, 2017 , and $8.0 million or $1.08 per share for the
quarter ended September 30, 2016.
Net income for the year ended September 30, 2017 increased
$7.0 million, or 31.3%, to $2 9.4 million or $3.98 per share, compared to net income of $2 2.4 million
or $3.02 per share for the twelve months ended September 30,
2016.
The decline in earnings for the three months ended September 30, 2017, as
compared to the same period in the prior year, was primarily attributable to a decrease in
non-interest income resulting from a lower volume of mortgage loans sold during the current fiscal
quarter. This decline was largely offset by higher interest income due to growth in the average
portfolio of loans held for investment of $168.9 million, or 12.3%,
from the prior year, and a decrease in non-interest expense resulting
from lower loan origination volume in the Company's mortgage banking division. The improved earnings for
the year ended September 30, 2017, as compared to the year ended September
30, 2016, were primarily attributable to the increase in average portfolio loan balances of $268.3 million, or 22.3%.
NASB Financial, Inc. is a unitary thrift holding company for North American Savings Bank, F.S.B. ("NASB"), a community
bank headquartered in Grandview, Missouri. Since 1927, NASB has been serving the financial
needs of customers by providing an array of personal banking, investment and lending products in the Kansas City metro area. Nationwide, NASB offers competitive residential and commercial mortgages with
the safety and security of a Federal institution. For more information, visit nasb.com.
(Financial Highlights Schedule Attached)
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NASB Financial, Inc.
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Financial Highlights
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(Dollars in thousands, except per share data)
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Three Months Ended
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Twelve Months Ended
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9/30/17
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6/30/17
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9/30/16
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9/30/17
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9/30/16
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EARNINGS DATA:
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Net interest income
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$
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19,126
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19,888
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16,940
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74,114
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60,648
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Provision for loan losses
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--
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400
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--
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950
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1,350
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Non-interest income
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11,883
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10,177
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18,602
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50,796
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51,971
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Non-interest expense
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19,268
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18,759
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22,782
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76,420
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75,808
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Income tax expense
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4,520
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4,199
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4,732
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18,143
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13,068
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Net income
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$
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7,221
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6,707
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8,028
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29,397
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22,393
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FINANCIAL CONDITION DATA:
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Total assets
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$
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2,062,302
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2,074,089
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1,949,677
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2,062,302
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1,949,677
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Total loans held for sale
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171,992
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174,098
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250,868
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171,992
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250,868
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Total loans held for investment and mortgage-backed securities, net
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1,544,688
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1,530,059
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1,336,178
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1,544,688
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1,336,178
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Customer and brokered deposit accounts
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1,296,112
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1,324,141
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1,277,293
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1,296,112
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1,277,293
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Stockholders' equity
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232,969
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226,807
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214,383
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232,969
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214,383
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FINANCIAL RATIOS AND PER SHARE DATA:
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Book value per share
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$
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31.55
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30.72
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28.92
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31.55
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28.92
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Earnings per share
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0.98
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0.91
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1.08
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3.98
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3.02
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Cash dividends paid per share
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0.32
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0.32
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0.26
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1.22
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0.98
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Return on assets (annualized net income divided by total average assets)
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1.40%
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1.34%
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1.74%
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1.47%
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1.29%
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Return on equity (annualized net income divided by average stockholders' equity)
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12.56%
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11.93%
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15.23%
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13.14%
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10.87%
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Weighted average shares outstanding
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7,384,262
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7,383,569
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7,413,009
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7,394,714
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7,413,009
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View original content:http://www.prnewswire.com/news-releases/nasb-financial-inc-announces-financial-results-300572081.html
SOURCE NASB Financial, Inc.