Securities and Exchange Commission
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant
to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 8, 2014
NASB FINANCIAL, INC.
(Exact name of registrant as specified in its charter)
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Missouri |
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0-24033 |
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43-1805201 |
(State or other jurisdiction of
incorporation or organization) |
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(Commission
File Number) |
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(IRS Employer
Identification No.) |
12498 South 71 Highway, Grandview, Missouri 64030
(Address of principal executive offices) (Zip Code)
(816) 765-2200
(Registrants telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240. 14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240. 13e-4(c)) |
Item 2.02. Results of Operations and Financial Condition
The Registrants press release dated August 8, 2014, announcing financial results for the quarter ended June 30, 2014, is
attached hereto as exhibit 99.1, and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits
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Exhibit 99.1 Press Release dated August 8, 2014. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, hereunto duly authorized.
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NASB FINANCIAL, INC. |
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By: |
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/s/ Rhonda Nyhus |
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Rhonda Nyhus |
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Vice President and Treasurer |
Date: August 8, 2014
Exhibit 99.1
NASB Financial, Inc.
NEWS RELEASE
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Contact: |
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Rhonda Nyhus |
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NASB Financial, Inc. |
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12498 South 71 Highway |
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Grandview, MO 64030 |
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Phone (816) 765-2200 |
FOR IMMEDIATE RELEASE:
NASB Financial, Inc.
Announces Financial Results
Grandview, Missouri (August 8, 2014) - NASB Financial, Inc. (NASDAQ: NASB) announced today net income for
the quarter ended June 30, 2014, of $4,588,000 or $0.58 per share. This compares to net income of $6,181,000 or $0.79 per share for the quarter ended March 31, 2014, and compares to net income of $1,775,000 or $0.23 per share for the
quarter ended June 30, 2013.
Included in the results for the quarter ended March 31, 2014 is a negative provision for loan
losses of $5.0 million to reduce the Banks Allowance for Loan and Lease Losses (ALLL) consistent with the Banks ALLL methodology. The negative provision was based primarily on notable improvement in the Banks credit
quality and improvement in the real estate markets in which the Bank operates. Excluding the after tax impact of the negative loan loss provisions, net income for the quarter ended March 31, 2014, would have been $2,931,000 or $0.37 per share.
Net income for the nine months ended June 30, 2014, was $12,768,000 or $1.62 per share, which included a negative provision for loan
losses of $5.0 million recorded in the March 2014 quarter. This compares to net income of $21,110,000 or $2.68 per share for the nine months ended June 30, 2013, which included a negative provision for loan losses of $9.6 million.
Excluding the after tax impact of the negative loan loss provision, net income would have been $9,518,000 or $1.21 per share for the nine
months ended June 30, 2014, as compared to $15,206,000 or $1.93 per share for the nine months ended June 30, 2013.
Non-interest income was $26,945,000 for the nine month period ended June 30, 2014, compared
to $46,459,000 for the nine month period ended June 30, 2013. This decrease was primarily the result of lower residential loan origination volume in the Banks mortgage banking division.
NASB Financial, Inc. is a unitary thrift holding company for North American Savings Bank, F.S.B. (North American or the
Bank). As of June 30, 2014, the Banks Tier 1 leverage ratio and total risk-based capital ratio was 17.4% and 24.2%, respectively.
North American operates six offices in greater Kansas City, Missouri and others in Harrisonville, St. Joseph, and Excelsior Springs, Missouri.
The Bank, a nationwide residential mortgage lender, also has loan origination offices in greater Kansas City, Missouri.
(Financial
Highlights Schedule Attached)
# # # #
NASB Financial, Inc.
Financial Highlights
(Dollars in thousands, except per
share data)
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Three Months Ended |
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Nine Months Ended |
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6/30/14 |
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3/31/14 |
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6/30/13 |
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6/30/14 |
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6/30/13 |
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EARNINGS DATA: |
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Net interest income |
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$ |
11,110 |
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10,689 |
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10,273 |
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32,688 |
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32,345 |
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Provision for loan losses |
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(5,000 |
) |
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(5,000 |
) |
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(9,600 |
) |
Non-interest income |
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10,879 |
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8,765 |
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10,997 |
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26,945 |
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46,459 |
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Non-interest expense |
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14,930 |
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14,945 |
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18,384 |
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44,995 |
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54,079 |
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Income tax expense (benefit) |
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2,471 |
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3,328 |
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1,111 |
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6,870 |
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13,215 |
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Net income (loss) |
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$ |
4,588 |
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6,181 |
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1,775 |
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12,768 |
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21,110 |
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FINANCIAL CONDITION DATA: |
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Total assets |
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$ |
1,206,935 |
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1,184,745 |
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1,142,405 |
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1,206,935 |
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1,142,405 |
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Total loans and mortgage-backed and related securities |
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849,805 |
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820,600 |
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790,463 |
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849,805 |
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790,463 |
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Customer and brokered deposit accounts |
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744,406 |
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755,204 |
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801,348 |
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744,406 |
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801,348 |
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Stockholders equity |
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205,526 |
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200,374 |
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190,575 |
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205,526 |
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190,575 |
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FINANCIAL RATIOS AND PER SHARE DATA: |
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Book value per share |
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$ |
26.12 |
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25.47 |
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24.22 |
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26.12 |
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24.22 |
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Earnings (loss) per share |
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0.58 |
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0.79 |
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0.23 |
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1.62 |
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2.68 |
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Cash dividends paid per share |
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0.10 |
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0.60 |
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0.70 |
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Return on assets (annualized net income divided by total average assets) |
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1.53 |
% |
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2.09 |
% |
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0.61 |
% |
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1.45 |
% |
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2.36 |
% |
Return on equity (annualized net income divided by average stockholders equity) |
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9.04 |
% |
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12.60 |
% |
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3.73 |
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8.49 |
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15.55 |
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Weighted average shares outstanding |
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7,867,614 |
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7,867,614 |
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7,867,614 |
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7,867,614 |
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7,867,614 |
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