PR Newswire
GRANDVIEW, Mo., Feb. 7, 2018
GRANDVIEW, Mo., Feb. 7, 2018 /PRNewswire/ -- NASB
Financial, Inc. (the "Company") (OTCQX: NASB) announced today net income for the quarter ended December
31, 2017, of $6.7 million or $0.91 per share. This
compares to net income of $7.2 million or $0.98 per share for the
quarter ended September 30, 2017, and compares to net income of $10.5
million or $1.41 per share for the quarter ended December 31,
2016.
During the current quarter, the Company recorded additional income tax expense of $1.2 million
to recognize an impairment of its deferred tax asset due to reduced corporate tax rates in the Tax Cuts and Jobs Act, which was
enacted on December 22, 2017. In addition, the Company implemented a change in its valuation
technique for measuring the market value of commitments to originate loans and forward loan sales commitments, which resulting in
an increase in non-interest income of $1.5 million. The new valuation model estimates market
value based upon prices for similar loans by utilizing pricing data available from investors with whom the Company is currently
doing business, whereas the previous valuation model utilized a discounted cashflow approach based upon current market interest
rates and committed rates.
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 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)
|
NASB Financial, Inc.
|
|
Financial Highlights
|
|
(Dollars in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
12/31/17
|
9/30/17
|
12/31/16
|
|
EARNINGS DATA:
|
|
|
|
|
|
|
Net interest income
|
|
$
|
19,047
|
19,126
|
17,604
|
|
Provision for loan losses
|
|
|
--
|
--
|
--
|
|
Non-interest income
|
|
|
11,662
|
11,883
|
19,676
|
|
Non-interest expense
|
|
|
17,802
|
19,268
|
20,528
|
|
Income tax expense
|
|
|
6,192
|
4,520
|
6,290
|
|
Net income
|
|
$
|
6,715
|
7,221
|
10,462
|
|
|
|
|
|
|
|
|
FINANCIAL CONDITION DATA:
|
|
|
|
|
|
Total assets
|
|
$
|
2,011,430
|
2,062,302
|
1,879,558
|
|
Total loans held for sale
|
136,368
|
171,992
|
208,679
|
|
Total loans held for investment and
mortgage-backed securities, net
|
1,541,385
|
1,544,688
|
1,320,783
|
|
Customer and brokered deposit accounts
|
|
1,282,939
|
1,296,112
|
1,245,128
|
|
Stockholders' equity
|
|
|
237,206
|
232,969
|
220,777
|
|
|
|
|
|
|
|
|
FINANCIAL RATIOS AND PER SHARE DATA:
|
|
|
Book value per share
|
$
|
32.12
|
31.55
|
29.78
|
|
Earnings (loss) per share
|
|
0.91
|
0.98
|
1.41
|
|
Cash dividends paid per share
|
|
0.32
|
0.32
|
0.26
|
|
|
|
|
|
|
|
|
Return on assets (annualized net income divided by total average
assets)
|
1.32%
|
|
1.40%
|
|
2.19%
|
|
Return on equity (annualized net income divided by average stockholders' equity)
|
11.43%
|
12.56%
|
|
|
19.23%
|
|
|
Weighted average shares outstanding
|
7,384,301
|
7,384,262
|
|
7,413,009
|
View original content:http://www.prnewswire.com/news-releases/nasb-financial-inc-announces-financial-results-300595289.html
SOURCE NASB Financial, Inc.