NASB Financial, Inc. Announces Financial Results
GRANDVIEW, Mo., Dec. 15, 2017/PRNewswire/ -- NASB Financial, Inc. (the "Company") (OTCQX: NASB) announced today net income for the quarter ended September 30, 2017, of $7.2 million or $0.98 per share. This compares to net income of $6.7 million or $0.91 per share for the quarter ended June 30, 2017, and $8.0 million or $1.08 per share for the quarter ended September 30, 2016.
Net income for the year ended September 30, 2017 increased $7.0 million, or 31.3%, to $29.4 million or $3.98 per share, compared to net income of $22.4 million or $3.02 per share for the twelve months ended September 30, 2016.
The decline in earnings for the three months ended September 30, 2017, as compared to the same period in the prior year, was primarily attributable to a decrease in non-interest income resulting from a lower volume of mortgage loans sold during the current fiscal quarter. This decline was largely offset by higher interest income due to growth in the average portfolio of loans held for investment of $168.9 million, or 12.3%, from the prior year, and a decrease in non-interest expense resulting from lower loan origination volume in the Company's mortgage banking division. The improved earnings for the year ended September 30, 2017, as compared to the year ended September 30, 2016, were primarily attributable to the increase in average portfolio loan balances of $268.3 million, or 22.3%.
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. Financial Highlights (Dollars in thousands, except per share data) Three Months Ended Twelve Months Ended 9/30/17 6/30/17 9/30/16 9/30/17 9/30/16 EARNINGS DATA: Net interest income $ 19,126 19,888 16,940 74,114 60,648 Provision for loan losses -- 400 -- 950 1,350 Non-interest income 11,883 10,177 18,602 50,796 51,971 Non-interest expense 19,268 18,759 22,782 76,420 75,808 Income tax expense 4,520 4,199 4,732 18,143 13,068 Net income $ 7,221 6,707 8,028 29,397 22,393 FINANCIAL CONDITION DATA: Total assets $ 2,062,302 2,074,089 1,949,677 2,062,302 1,949,677 Total loans held for sale 171,992 174,098 250,868 171,992 250,868 Total loans held for investment and mortgage-backed securities, net 1,544,688 1,530,059 1,336,178 1,544,688 1,336,178 Customer and brokered deposit accounts 1,296,112 1,324,141 1,277,293 1,296,112 1,277,293 Stockholders' equity 232,969 226,807 214,383 232,969 214,383 FINANCIAL RATIOS AND PER SHARE DATA: Book value per share $ 31.55 30.72 28.92 31.55 28.92 Earnings per share 0.98 0.91 1.08 3.98 3.02 Cash dividends paid per share 0.32 0.32 0.26 1.22 0.98 Return on assets (annualized net income divided by total average assets) 1.40% 1.34% 1.74% 1.47% 1.29% Return on equity (annualized net income divided by average stockholders' equity) 12.56% 11.93% 15.23% 13.14% 10.87% Weighted average shares outstanding 7,384,262 7,383,569 7,413,009 7,394,714 7,413,009
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SOURCE NASB Financial, Inc.
