GRANDVIEW, Mo., May 10, 2018 /PRNewswire/ -- NASB
Financial, Inc. (the "Company") (OTCQX: NASB) announced today net income for the quarter ended March 31,
2018, of $6,408,000 or $0.87 per share. This compares to
net income of $6,715,000 or $0.91 per share for the quarter ended
December 31, 2017, and compares to net income of $5,007,000 or
$0.68 per share for the quarter ended March 31, 2017.
During the quarter ended March 31, 2018, the Company reduced its estimated federal income tax
rate to 24.5%, as a result of the Tax Cuts and Jobs Act, which was enacted on December 22,
2017. For periods prior to March 31, 2018, the Company's federal income tax rate was
35%. Although the resulting reduction in corporate tax rates was not effective until January 1,
2018, the Company recorded a $1.2 million impairment of its deferred tax asset during the
quarter ended December 31, 2017, upon enactment of the legislation.
Net income for the six months ended March 31, 2018, was $13,123,000 or $1.78 per share. This compares to net income of $15,469,000 or $2.09 per share for the six months ended March 31, 2017.
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)
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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Six Months Ended
|
|
|
|
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3/31/18
|
12/31/17
|
3/31/17
|
|
3/31/18
|
3/31/17
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EARNINGS DATA:
|
|
|
|
|
|
|
|
|
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Net interest income
|
|
$
|
18,345
|
19,047
|
17,496
|
|
37,392
|
35,100
|
|
Provision for loan losses
|
|
|
1,850
|
--
|
550
|
|
1,850
|
550
|
|
Non-interest income
|
|
|
8,386
|
11,662
|
9,060
|
|
20,048
|
28,736
|
|
Non-interest expense
|
|
|
17,205
|
17,802
|
17,865
|
|
35,007
|
38,393
|
|
Income tax expense (benefit)
|
|
|
1,268
|
6,192
|
3,134
|
|
7,460
|
9,424
|
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Net income (loss)
|
|
$
|
6,408
|
6,715
|
5,007
|
|
13,123
|
15,469
|
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FINANCIAL CONDITION DATA:
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|
|
|
|
|
|
|
|
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Total assets
|
|
$
|
1,910,515
|
2,011,430
|
1,916,697
|
|
1,910,515
|
1,916,697
|
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Total loans held for sale
|
|
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86,195
|
136,368
|
87,994
|
|
86,195
|
87,994
|
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Total loans held for investments and mortgage-backed securities, net
|
|
|
1,589,580
|
1,541,385
|
1,466,566
|
|
1,589,580
|
1,466,566
|
|
Customer and brokered deposit accounts
|
|
|
1,446,947
|
1,282,939
|
1,249,200
|
|
1,446,947
|
1,249,200
|
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Stockholders' equity
|
|
|
223,978
|
237,206
|
222,984
|
|
223,978
|
222,984
|
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FINANCIAL RATIOS AND PER SHARE DATA:
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|
|
|
|
|
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Book value per share
|
|
$
|
30.33
|
32.12
|
30.21
|
|
30.33
|
30.21
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Earnings per share
|
|
|
0.87
|
0.91
|
0.68
|
|
1.78
|
2.09
|
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Cash dividends paid per share
|
|
|
2.50
|
0.32
|
0.32
|
|
2.82
|
0.58
|
|
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Return on assets (annualized net income divided by total average assets)
|
|
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1.31%
|
1.32%
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1.06%
|
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1.32%
|
1.60%
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Return on equity (annualized net income divided by average stockholders' equity)
|
|
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11.12%
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11.43%
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9.03%
|
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11.49%
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14.15%
|
|
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Weighted average shares outstanding
|
|
|
7,384,411
|
7,384,301
|
7,397,964
|
|
7,384,355
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7,405,569
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SOURCE NASB Financial, Inc.