GRANDVIEW, Mo., Feb. 4, 2015 /PRNewswire/ -- NASB Financial,
Inc. (OTCQX: NASB) announced today net income for the quarter ended
December 31, 2014, of $4,260,000 or $0.57
per share. This compares to net income of $3,913,000 or $0.50
per share for the quarter ended September
30, 2014, and compares to net income of $1,999,000 or $0.25
per share for the quarter ended December
31, 2013.
Included in non-interest income for the three months ended
December 31, 2013, were reductions of
$1.7 million for non-cash accounting
adjustments to record residential loans held for sale at fair value
and to record the fair value of outstanding loan commitments in
accordance with Generally Accepted Accounting Principles
("GAAP"). Specifically, GAAP requires the Bank to recognize
the changes in fair value of commitments to fund loans to
borrowers. This created a substantial adverse non-cash fair
value adjustment in the December 2013
quarter because market interest rates increased after commitments
were made to borrowers. Management funded these commitments
to borrowers and then received sales proceeds from investors at
already committed prices subsequent to the December 2013 quarter.
NASB Financial, Inc. is a unitary thrift holding company for
North American Savings Bank, F.S.B. ("North American" or the
"Bank"). As of December 31,
2014, the Bank's tier 1 leverage ratio and total risk-based
capital ratio were 15.8% and 23.8%, respectively.
North American operates six offices in greater Kansas City, Missouri and others in
Harrisonville, St. Joseph, and Excelsior Springs, Missouri. The Bank, a
nationwide residential mortgage lander, also has loan origination
offices in Kansas City,
Missouri.
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NASB Financial,
Inc.
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Financial
Highlights
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(Dollars in
thousands, except per share data)
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Three Months
Ended
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12/31/14
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9/30/14
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12/31/13
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EARNINGS
DATA:
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Net interest
income
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$
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11,242
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11,010
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10,889
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Provision for loan
losses
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--
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--
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--
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Non-interest
income
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10,566
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10,959
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7,301
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Non-interest
expense
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15,254
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15,949
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15,120
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Income tax
expense
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2,294
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2,107
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1,071
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Net income
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$
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4,260
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3,913
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1,999
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FINANCIAL
CONDITION DATA:
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Total
assets
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$
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1,300,256
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1,168,083
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1,181,290
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Total loans and
mortgage-backed and related
securities
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1,046,855
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921,447
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824,598
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Customer and brokered
deposit accounts
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787,853
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773,762
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735,691
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Stockholders'
equity
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201,068
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199,892
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191,989
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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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27.03
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26.64
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24.40
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Earnings (loss) per
share
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0.57
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0.50
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0.25
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Cash dividends paid
per share
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--
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--
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--
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Return on assets
(annualized net income divided by
total average assets)
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1.38%
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1.32%
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0.69%
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Return on equity
(annualized net income divided by
average stockholders' equity)
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8.50%
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7.72%
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4.13%
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Weighted average
shares outstanding
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7,444,157
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7,794,699
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7,867,614
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visit:http://www.prnewswire.com/news-releases/nasb-financial-inc-announces-financial-results-300030993.html
SOURCE NASB Financial, Inc.