NASB Financial, Inc. Announces Financial Results

Rhea-AI Summary

NASB Financial, Inc. reported a net income of $4.5 million or $0.61 per share for Q4 ended September 30, 2022, significantly down from $10.1 million or $1.37 per share in Q3 2022 and $9.9 million or $1.34 per share in Q4 2021. For the fiscal year, net income fell to $32.1 million or $4.33 per share compared to $73.7 million or $9.96 per share in 2021, primarily due to reduced mortgage banking profits.

Positive

• Net interest income increased to $23.964 million compared to $21.914 million in the previous quarter.
• Total assets rose to $2.644 billion, indicating growth in financial stability.

Negative

• Net income for Q4 dropped 55% compared to Q3 2022.
• Yearly net income decreased by 56% from the previous year’s results.
• Provision for loan losses reported at $750,000, a concern for future earnings.

KANSAS CITY, Mo., Dec. 16, 2022 /PRNewswire/ -- NASB Financial, Inc. (the "Company") (OTCQX: NASB) announced today net income for the quarter ended September 30, 2022, of $4.5 million or $0.61 per share.  This compares to net income of $10.1 million or $1.37 per share for the quarter ended June 30, 2022, and $9.9 million or $1.34 per share for the quarter ended September 30, 2021. 

Net income for the year ended September 30, 2022, was $32.1 million or $4.33 per share.  This compares to net income of $73.7 million or $9.96 per share for the year ended September 30, 2021.  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
										9/30/22		6/30/22		9/30/21						9/30/22	9/30/21
EARNINGS DATA:
	Net interest income					$				23,964		21,914		22,629						89,168	97,849
	Provision for loan losses									750		--		--						750	--
	Non-interest income									6,420		16,276		24,358						63,188	145,614
	Non-interest expense									23,912		25,041		34,884						109,975	149,048
	Income tax expense									1,197		3,025		2,196						9,541	20,709
	Net income					$				4,525		10,124		9,907						32,090	73,706
FINANCIAL CONDITION DATA:
	Total assets					$				2,644,364		2,478,684		2,359,371						2,644,364	2,359,371
	Total loans held for sale									129,281		220,131		576,927						129,281	576,927
	Total loans held for investment and  mortgage-backed securities, net									2,033,849		1,784,758		1,392,783						2,033,849	1,392,783
	Customer and brokered deposit accounts									1,496,041		1,354,561		1,351,337						1,496,041	1,351,337
	Stockholders' equity									378,878		389,106		393,346						378,878	393,346
FINANCIAL RATIOS AND PER SHARE DATA:
	Book value per share					$				51.15		52.53		53.13						51.15	53.13
	Earnings per share									0.61		1.37		1.34						4.33	9.96
	Cash dividends paid per share									0.85		0.85		2.00						3.30	4.05
	Return on assets (annualized net income divided by total average assets)									0.71 %		1.73 %		1.70 %						1.28 %	3.00 %
	Return on equity (annualized net income divided by average stockholders' equity)									4.71 %		10.37 %		10.01 %						8.31 %	19.82 %
	Weighted average shares outstanding									7,407,279		7,407,884		7,402,738						7,408,456	7,402,949

 

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SOURCE NASB Financial, Inc.

FAQ

What were NASB Financial's earnings per share for Q4 2022?

NASB Financial reported earnings per share of $0.61 for Q4 2022.

How did NASB Financial's net income for 2022 compare to 2021?

NASB Financial's net income for 2022 was $32.1 million, down from $73.7 million in 2021.

What contributed to the decline in NASB Financial's earnings?

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

What is the stock symbol for NASB Financial?

The stock symbol for NASB Financial is NASB.

How much was the net income for NASB Financial in Q4 2022?

The net income for NASB Financial in Q4 2022 was $4.5 million.