NASB Financial, Inc. Announces Financial Results

Rhea-AI Summary

NASB Financial, Inc. reported net income of $7.6 million for the quarter ended December 31, 2023, compared to $6.6 million for the previous quarter and $4.7 million for the same period in 2022. The company is a unitary thrift holding company for North American Savings Bank, F.S.B., offering personal banking and lending products in the Kansas City metro area. NASB provides competitive residential and commercial mortgages nationwide. The financial highlights show a decrease in net interest income and an increase in non-interest income, with a return on assets of 1.10% and return on equity of 7.78%.

Positive

• Strong net income of $7.6 million for the quarter ended December 31, 2023
• Increase in non-interest income compared to the previous quarter
• Competitive residential and commercial mortgages offered nationwide
• Positive return on assets and return on equity

Negative

• Decrease in net interest income
• Decline in cash dividends paid per share compared to the previous year

KANSAS CITY, Mo., Feb. 7, 2024 /PRNewswire/ -- NASB Financial, Inc. (the "Company") (OTCQX: NASB) announced today net income for the quarter ended December 31, 2023, of $7.6 million or $1.03 per share.  This compares to net income of $6.6 million or $0.90 per share for the quarter ended September 30, 2023, and compares to net income of $4.7 million or $0.63 per share for the quarter ended December 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
									12/31/23		9/30/23				12/31/22
EARNINGS DATA:
		Net interest income						$	18,877		19,403				22,077
		Provision for credit losses							(1,468)		--				--
		Non-interest income							1,125		2,230				1,144
		Non-interest expense							12,016		12,806				13,872
		Income tax expense							1,817		2,172				2,300
		Income (loss) from discontinued
		operations, net of tax							--		(18)				(2,357)
		Net income						$	7,637		6,637				4,692
FINANCIAL CONDITION DATA:
	Total assets							$	2,752,294		2,814,082				2,520,202
	Total loans held for investment and       mortgage-backed securities, net								2,163,559		2,126,420				2,132,757
	Customer and brokered deposit      accounts								1,699,188		1,794,430				1,633,934
	Stockholders' equity								398,966		386,106				378,445
FINANCIAL RATIOS AND PER SHARE DATA:
	Book value per share							$	53.93		52.28				51.03
	Earnings per share								1.03		0.90				0.63
	Cash dividends paid per share								0.25		0.25				0.85
	Return on assets (annualized net income      divided by total average assets)								1.10 %		0.96 %				0.73 %
	Return on equity (annualized net income     divided by average stockholders' equity)								7.78 %		6.86 %				4.96 %
	Weighted average shares outstanding								7,392,679		7,402,071				7,412,785

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SOURCE NASB Financial, Inc.

FAQ

What was the net income for NASB Financial, Inc. for the quarter ended December 31, 2023?

The net income for NASB Financial, Inc. for the quarter ended December 31, 2023, was $7.6 million.

What does NASB Financial, Inc. offer?

NASB Financial, Inc. is a unitary thrift holding company for North American Savings Bank, F.S.B., offering personal banking and lending products in the Kansas City metro area.

What are the financial highlights of NASB Financial, Inc.?

The financial highlights show a decrease in net interest income and an increase in non-interest income, with a return on assets of 1.10% and return on equity of 7.78%.

What are the positive aspects of the financial results for NASB Financial, Inc.?

The positive aspects include strong net income, an increase in non-interest income, and competitive residential and commercial mortgages offered nationwide.

What are the negative aspects of the financial results for NASB Financial, Inc.?

The negative aspects include a decrease in net interest income and a decline in cash dividends paid per share compared to the previous year.