NASB Financial, Inc. Announces Financial Results

Rhea-AI Summary

NASB Financial reported net income of $8.8 million or $1.19 per share for the quarter ending March 31, 2022, a slight increase from $8.6 million or $1.16 per share in the previous quarter. However, this represents a significant decrease compared to $26.0 million or $3.51 per share for the same quarter in 2021. For the first six months of 2022, net income totaled $17.4 million or $2.35 per share, down from $52.6 million or $7.11 per share in 2021. The company continues to operate as a prominent thrift holding company in the Kansas City area.

Positive

• Net income for Q1 2022 increased to $8.8 million from $8.6 million in Q4 2021.
• Earnings per share in Q1 2022 rose to $1.19 from $1.16 in Q4 2021.

Negative

• Net income decreased significantly from $26.0 million in Q1 2021 to $8.8 million in Q1 2022.
• Net income for the first half of 2022 reduced to $17.4 million from $52.6 million in H1 2021.

KANSAS CITY, Mo., May 12, 2022 /PRNewswire/ -- NASB Financial, Inc. (the "Company") (OTCQX: NASB) announced today net income for the quarter ended March 31, 2022, of $8.8 million or $1.19 per share.  This compares to net income of $8.6 million or $1.16 per share for the quarter ended December 31, 2021, and compares to net income of $26.0 million or $3.51 per share for the quarter ended March 31, 2021.

Net income for the six months ended March 31, 2022, was $17.4 million or $2.35 per share.  This compares to net income of $52.6 million or $7.11 per share for the six months ended March 31, 2021. 

 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.  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												Six Months Ended
										3/31/22			12/31/21				3/31/21					3/31/22			3/31/21
EARNINGS DATA:
		Net interest income					$			20,942			22,348				24,631					43,290			50,329
		Provision for loan losses								--			--				--					--			--
		Non-interest income								18,153			22,339				48,046					40,492			94,735
		Non-interest expense								27,677			33,345				39,272					61,022			76,510
		Income tax expense (benefit)								2,599			2,720				7,438					5,319			15,909
		Net income (loss)					$			8,819			8,622				25,967					17,441			52,645
FINANCIAL CONDITION DATA:
	Total assets						$			2,206,699			2,186,808		2,483,553							2,206,699			2,483,553
	Total loans held for sale							166,625				360,836		681,268								166,625		681,268
	Total loans held for investments and     mortgage-backed securities, net							1,531,834				1,381,376		1,438,882								1,531,834		1,438,882
	Customer and brokered deposit          accounts								1,357,520				1,348,531		1,569,122							1,357,520			1,569,122
	Stockholders' equity								391,895				394,943		390,909							391,895			390,909
FINANCIAL RATIOS AND PER SHARE DATA:
	Book value per share						$		52.90				53.29		52.80							52.90			52.80
	Earnings per share								1.19				1.16		3.51							2.35			7.11
	Cash dividends paid per share								0.85				0.75		0.75							1.60			1.30
	Return on assets (annualized net income      divided by total average assets)							1.61%				1.52%		4.09%								1.53%		4.18%
	Return on equity (annualized net income      divided by average stockholders' equity)										8.97%	8.75%			27.15%								8.88%	28.41%
	Weighted average shares outstanding								7,409,460				7,408,720		7,406,069							7,409,086			7,403,046

 

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SOURCE NASB Financial, Inc.

FAQ

What are the Q1 2022 earnings results for NASB Financial?

NASB Financial reported a net income of $8.8 million or $1.19 per share for Q1 2022.

How does NASB Financial's Q1 2022 performance compare to previous quarters?

Q1 2022 net income increased from $8.6 million in Q4 2021 but decreased significantly from $26.0 million in Q1 2021.

What is the net income for NASB Financial for the first half of 2022?

For the first half of 2022, NASB Financial reported a net income of $17.4 million.

How does the earnings per share of NASB Financial in Q1 2022 compare to earlier periods?

Earnings per share in Q1 2022 was $1.19, up from $1.16 in Q4 2021 but down from $3.51 in Q1 2021.