GRANDVIEW, Mo., Dec. 18, 2014 /PRNewswire/ -- NASB Financial,
Inc. (OTCQX: NASB) announced today net income for the quarter ended
September 30, 2014, of $3,913,000 or $0.50
per share. This compares to net income of $4,588,000 or $0.58
per share for the quarter ended June 30,
2014, and compares to net income of $6,517,000 or $0.83
per share for the quarter ended September
30, 2013.
Net income for the twelve months ended September 30, 2014, was $16,681,000 or $2.13 per share, compared to net income of
$27,627,000 or $3.51 per share for the twelve months ended
September 30, 2013.
During the twelve months ended September
30, 2014, the Bank recorded a negative provision for loan
losses of $5.0 million to reduce the
Bank's Allowance for Loan and Lease Losses ("ALLL") consistent with
the Bank's ALLL methodology. The negative provision was based
primarily on notable improvement in the Bank's 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 would have been $13.4 million, or $1.71 per share, for the twelve months ended
September 30, 2014.
During the twelve months ended September
30, 2013, the Bank recorded negative provisions for loan
losses of $9.6 million, which were
necessary to reduce the Bank's ALLL to a level consistent with the
Bank's ALLL methodology. During fiscal 2013, various
quantitative factors used in the ALLL methodology showed notable
improvement, including a decrease in criticized assets, decreases
in the Bank's level of non-performing assets, and declines in the
Bank's commercial real estate, construction and land development
portfolios which have historically experienced higher loss
rates. Qualitative factors also improved, including renewed
strength of the Kansas City area
housing market, where the Bank's construction and land development
loans are concentrated. Excluding the after tax impact of the
negative loan loss provisions, net income would have been
$21.7 million, or $2.76 per share, for the twelve months ended
September 30, 2013.
NASB Financial, Inc. is a unitary thrift holding company for
North American Savings Bank, F.S.B. ("North American" or the
"Bank"). As of September 30,
2014, the Bank's Tier 1 leverage ratio and total risk-based
capital ratio were 17.4% and 22.9%, respectively.
North American operates six offices in greater Kansas City, Missouri and others in
Harrisonville, St. Joseph, and Excelsior Springs, Missouri. The Bank, a
nationwide residential mortgage lender, also has loan origination
offices in greater Kansas City,
Missouri.
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NASB Financial,
Inc.
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Financial
Highlights
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(Dollars in
thousands, except per share data)
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Three Months
Ended
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Twelve Months
Ended
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9/30/14
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6/30/14
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9/30/13
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9/30/14
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9/30/13
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EARNINGS
DATA:
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Net interest
income
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$
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11,010
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11,110
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10,348
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43,698
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42,693
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Provision for loan
losses
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--
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--
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--
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(5,000)
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(9,600)
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Non-interest
income
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10,959
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10,879
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16,276
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37,904
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62,735
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Non-interest
expense
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15,949
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14,930
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16,028
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60,944
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70,107
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Income tax
expense
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2,107
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2,471
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4,079
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8,977
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17,294
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Net income
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$
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3,913
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4,588
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6,517
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16,681
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27,627
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FINANCIAL
CONDITION DATA:
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Total
assets
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$
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1,168,083
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1,206,935
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1,144,155
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1,168,083
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1,144,155
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Total loans and
mortgage-backed and
related securities,
net
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921,447
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849,805
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807,916
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921,447
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807,916
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Customer and brokered
deposit accounts
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773,762
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744,406
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748,193
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773,762
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748,193
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Stockholders'
equity
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199,892
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205,526
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195,517
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199,892
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195,517
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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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26.64
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26.12
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24.85
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26.64
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24.85
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Earnings per
share
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0.50
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0.58
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0.83
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2.13
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3.51
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Cash dividends paid
per share
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0.10
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0.10
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--
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0.80
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--
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Return on assets
(annualized net income divided by
total average assets)
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1.32%
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1.53%
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2.28%
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1.44%
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2.32%
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Return on equity
(annualized net income divided by
average stockholders' equity)
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7.72%
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9.04%
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13.50%
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8.44%
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15.05%
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Weighted average
shares outstanding
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7,794,699
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7,867,614
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7,867,614
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7,849,235
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7,867,614
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To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/nasb-financial-inc-announces-financial-results-300012191.html
SOURCE NASB Financial, Inc.