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NASB Financial, Inc. Announces Financial Results

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May 10, 2023 4:09 PM EDT

KANSAS CITY, Mo., May 10, 2023 /PRNewswire/ -- NASB Financial, Inc. (the "Company") (OTCQX: NASB) announced today net income for the quarter ended March 31, 2023, of $1.9 million or $0.26 per share.  This compares to net income of $4.7 million or $0.63 per share for the quarter ended December 31, 2022, and compares to net income of $8.8 million or $1.19 per share for the quarter ended March 31, 2022.  Earnings for the quarter ended March 31, 2023, included pre-tax charges of $4.6 million, or $0.47 per share, related to the Company's exit of its consumer direct lending business.

Net income for the six months ended March 31, 2023, was $6.6 million or $0.89 per share.  This compares to net income of $17.4 million or $2.35 per share for the six months ended March 31, 2022. 

NASB Financial, Inc. is a unitary thrift holding company for North American Savings Bank, F.S.B. ("NASB").  Since 1927, NASB has been serving the financial needs of customers by providing an array of personal banking and lending products in the Kansas City metro area.  NASB offers competitive residential and commercial mortgages nationwide 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


Six Months Ended



3/31/23

12/31/22

3/31/22


  3/31/23

  3/31/22

EARNINGS DATA:


Net interest income

$

21,508

22,077

18,809


43,585

37,873


Provision for loan losses


--

--

--


--

--


Non-interest income


1,156

1,144

8,310


2,300

13,556


Non-interest expense


15,233

13,872

14,423


29,105

29,901


Income tax expense


1,828

2,300

2,913


4,128

5,016


Income (loss) from discontinued

   operations, net of tax


(3,702)

(2,357)

(964)


(6,059)

929


     Net income

$

1,901

4,692

8,819


6,593

17,441


FINANCIAL CONDITION DATA:


Total assets

$

2,761,904

2,520,202

2,206,699


2,761,904

2,206,699


Total loans held for investments and

    mortgage-backed securities, net

2,144,966

2,132,757

1,531,834


2,144,966

1,531,834


Customer and brokered deposit    

     accounts


1,729,421

1,633,934

1,357,520


1,729,421

1,357,520


Stockholders' equity


382,170

378,445

391,895


382,170

391,895










FINANCIAL RATIOS AND PER SHARE DATA:


Book value per share

$

51.59

51.03

52.90


51.59

52.90


Earnings per share


0.26

0.63

1.19


0.89

2.35


Cash dividends paid per share


0.25

0.85

0.85


1.10

1.60



Return on assets (annualized net income

     divided by total average assets)

0.29 %

0.73 %

1.61 %


0.49 %

1.53 %


Return on equity (annualized net income

     divided by average stockholders' equity)

2.00 %

4.96 %

8.97 %


3.47 %

8.88 %



Weighted average shares outstanding


7,412,861

7,412,785

7,409,460


7,412,823

7,409,086

 

Cision View original content:https://www.prnewswire.com/news-releases/nasb-financial-inc-announces-financial-results-301821406.html

SOURCE NASB Financial, Inc.


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