NASB Financial, Inc. Announces Financial Results

PR Newswire

GRANDVIEW, Mo., Aug. 7, 2018

GRANDVIEW, Mo., Aug. 7, 2018 /PRNewswire/ -- NASB Financial, Inc. (the "Company") NASB announced today net income for the quarter ended June 30, 2018, of $7,531,000 or $1.02 per share. This compares to net income of $6,408,000 or $0.87 per share for the quarter ended March 31, 2018, and compares to net income of $6,707,000 or $0.91 per share for the quarter ended June 30, 2017.

During the quarter ended March 31, 2018, the Company reduced its estimated federal income tax rate to 24.5%, as a result of the Tax Cuts and Jobs Act, which was enacted on December 22, 2017. For periods prior to March 31, 2018, the Company's federal income tax rate was 35%. Although the resulting reduction in corporate tax rates was not effective until January 1, 2018, the Company recorded a $1.2 million impairment of its deferred tax asset during the quarter ended December 31, 2017, upon enactment of the legislation.

Net income for the nine months ended June 30, 2018, was $20,654,000 or $2.80 per share. This compares to net income of $22,176,000 or $3.00 per share for the nine months ended June 30, 2017.

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 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.

NASB Financial, Inc.
Financial Highlights
(Dollars in thousands, except per share data)

			Three Months Ended			Nine Months Ended
			6/30/18	3/31/18	6/30/17	6/30/18	6/30/17
EARNINGS DATA:
	Net interest income	$	19,620	18,345	19,888	57,012	54,988
	Provision for loan losses		500	1,850	400	2,350	950
	Non-interest income		8,396	8,386	10,177	28,444	38,913
	Non-interest expense		16,983	17,205	18,759	51,990	57,152
	Income tax expense		3,002	1,268	4,199	10,462	13,623
	Net income	$	7,531	6,408	6,707	20,654	22,176

FINANCIAL CONDITION DATA:
	Total assets	$	1,996,012	1,910,515	2,074,089	1,996,012	2,074,089
	Total loans held for sale		123,748	86,195	174,098	123,748	174,098
	Total loans held for investment and mortgage-backed securities, net		1,650,993	1,589,580	1,530,059	1,650,993	1,530,059
	Customer and brokered deposit accounts		1,481,446	1,446,947	1,324,141	1,481,446	1,324,141
	Stockholders' equity		226,752	223,978	226,807	226,752	226,807

FINANCIAL RATIOS AND PER SHARE DATA:
	Book value per share	$	30.71	30.33	30.72	30.71	30.72
	Earnings per share		1.02	0.87	0.91	2.80	3.00
	Cash dividends paid per share		0.50	2.50	0.32	3.32	0.90

	Return on assets (annualized net income divided by total average assets)		1.54%	1.31%	1.34%	1.36%	1.47%
	Return on equity (annualized net income divided by average stockholders' equity)		13.37%	11.12%	11.93%	11.98%	13.40%

	Weighted average shares outstanding		7,384,851	7,384,411	7,383,569	7,384,521	7,398,236

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SOURCE NASB Financial, Inc.

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