NASB Financial, Inc. Announces Financial Results

Rhea-AI Summary

NASB Financial, Inc. (OTCQX: NASB) reported a net income of $9.9 million or $1.34 per share for Q4 FY2021, down from $11.2 million or $1.51 per share sequentially and $39.2 million or $5.30 year-over-year. Full-year net income was $73.7 million or $9.96 per share, a decline from $103.5 million or $14.02 in 2020. The decrease was mainly due to lower mortgage banking profits.

Positive

• Cash dividends paid per share increased to $2.00 from $0.75 sequentially.
• Total assets increased to $2.36 billion from $2.31 billion sequentially.

Negative

• Net income declined by 11.6% from the previous quarter and by 74.8% year-over-year.
• Total loans held for sale increased significantly to $576.9 million from $459.9 million sequentially.

KANSAS CITY, Mo., Dec. 15, 2021 /PRNewswire/ -- NASB Financial, Inc. (the "Company") (OTCQX: NASB) announced today net income for the quarter ended September 30, 2021, of $9.9 million or $1.34 per share.  This compares to net income of $11.2 million or $1.51 per share for the quarter ended June 30, 2021, and $39.2 million or $5.30 per share for the quarter ended September 30, 2020. 

Net income for the year ended September 30, 2021, was $73.7 million or $9.96 per share.  This compares to net income of $103.5 million or $14.02 per share for the year ended September 30, 2020.  The decline in earnings for the current year was primarily attributable to a decrease in mortgage banking profit. 

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				Twelve Months Ended
				9/30/21	6/30/21	9/30/20		9/30/21	9/30/20
EARNINGS DATA:
	Net interest income		$	22,629	24,891	24,577		97,849	94,231
	Provision for loan losses			--	--	7,500		--	10,150
	Non-interest income			24,358	26,521	75,095		145,614	174,544
	Non-interest expense			34,884	37,654	39,160		149,048	119,332
	Income tax expense			2,196	2,604	13,818		20,709	35,788
	Net income		$	9,907	11,154	39,194		73,706	103,505
FINANCIAL CONDITION DATA:
	Total assets		$	2,359,371	2,310,047	2,552,198		2,359,371	2,552,198
	Total loans held for sale			576,927	459,896	493,212		576,927	493,212
	Total loans held for investment and mortgage-backed securities, net			1,392,783	1,345,211	1,646,143		1,392,783	1,646,143
	Customer and brokered deposit accounts			1,351,337	1,425,946	1,752,768		1,351,337	1,752,768
	Stockholders' equity			393,346	398,321	350,382		393,346	350,382
FINANCIAL RATIOS AND PER SHARE DATA:
	Book value per share		$	53.13	53.81	47.42		53.13	47.42
	Earnings per share			1.34	1.51	5.30		9.96	14.02
	Cash dividends paid per share			2.00	0.75	0.55		4.05	2.15
	Return on assets (annualized net income divided by total average assets)			1.70%	1.86%	6.09%		3.00%	4.01%
	Return on equity (annualized net income divided by average stockholders' equity)			10.01%	11.31%	47.13%		19.82%	33.79%
	Weighted average shares outstanding			7,402,738	7,402,969	7,388,493		7,402,949	7,384,118

 

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SOURCE NASB Financial, Inc.

FAQ

What were NASB's earnings for Q4 2021?

NASB Financial reported a net income of $9.9 million, or $1.34 per share for Q4 2021.

How did NASB's net income for 2021 compare to 2020?

For the year ended September 30, 2021, NASB's net income was $73.7 million, a decrease from $103.5 million in 2020.

What caused the decline in NASB's earnings?

The decline in NASB's earnings was primarily due to a decrease in mortgage banking profits.

What is NASB's stock symbol?

The stock symbol for NASB Financial is NASB.