NASB Financial, Inc. Announces Financial Results

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May 8, 2024 10:50 AM EDT

KANSAS CITY, Mo., May 8, 2024 /PRNewswire/ -- NASB Financial, Inc. (the "Company") (OTCQX: NASB) announced today net income for the quarter ended March 31, 2024, of $7.7 million or $1.04 per share.  This compares to net income of $7.6 million or $1.03 per share for the quarter ended December 31, 2023, and compares to net income of $1.9 million or $0.26 per share for the quarter ended March 31, 2023.  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, 2024, was $15.3 million or $2.07 per share.  This compares to net income of $6.6 million or $0.89 per share for the six months ended March 31, 2023. 

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





3/31/24

12/31/23

3/31/23


  3/31/24

  3/31/23

EARNINGS DATA:









Net interest income

$

19,356

18,877

21,508


38,233

43,585


Provision for credit losses


14

(1,468)

--


(1,454)

--


Non-interest income


2,931

1,125

1,156


4,056

2,300


Non-interest expense


12,535

12,016

15,233


24,551

29,105


Income tax expense


2,045

1,817

1,828


3,862

4,128


Income (loss) from discontinued operations, net of tax


--

--

(3,702)


--

(6,059)


     Net income


$

7,693

7,637

1,901


15,330

6,593











FINANCIAL CONDITION DATA:









Total assets


$

2,862,808

2,752,294

2,761,904


2,862,808

2,761,904


Total loans held for investments and mortgage-backed securities, net


2,166,975

2,163,559

2,144,966


2,166,975

2,144,966


Customer and brokered deposit accounts


1,776,611

1,699,188

1,729,421


1,776,611

1,729,421


Stockholders' equity



402,393

398,966

382,170


402,393

382,170











FINANCIAL RATIOS AND PER SHARE DATA:



Book value per share


$

54.43

53.93

51.59


54.43

51.59


Earnings per share



1.04

1.03

0.26


2.07

0.89


Cash dividends paid per share



0.25

0.25

0.25


0.50

1.10












Return on assets (annualized net income divided by total average assets)


1.10 %

1.10 %

0.29 %


1.08 %

0.49 %


Return on equity (annualized net income divided by average stockholders'

equity)


7.68 %

7.78 %

2.00 %


7.78 %

3.47 %











Weighted average shares outstanding


7,395,810

7,392,679

7,412,861


7,394,236

7,412,823

 

Cision View original content:https://www.prnewswire.com/news-releases/nasb-financial-inc-announces-financial-results-302139981.html

SOURCE NASB Financial, Inc.


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