NASB Financial, Inc. Announces Financial Results

Rhea-AI Summary

NASB Financial, Inc. reported net income of $7.7 million or $1.04 per share for the quarter ended March 31, 2024. This is a slight increase from the previous quarter and a significant improvement from the same period last year. The company's earnings for the six months ended March 31, 2024, were $15.3 million or $2.07 per share, showing a strong performance. NASB Financial, Inc. is the holding company for North American Savings Bank, F.S.B., offering personal banking and lending products. The company has competitive residential and commercial mortgage offerings nationwide.

Positive

• Net income for NASB Financial, Inc. increased to $7.7 million in Q1 2024 compared to $7.6 million in Q4 2023 and $1.9 million in Q1 2023.

• Earnings for the six months ended March 31, 2024, were $15.3 million, a significant improvement from $6.6 million in the same period last year.

• NASB Financial, Inc. has been serving customers since 1927, providing personal banking and lending products in the Kansas City metro area.

• The company offers competitive residential and commercial mortgages nationwide with the security of a Federal institution.

Negative

• Non-interest expense increased to $12.5 million in Q1 2024 compared to $12.0 million in Q4 2023, potentially impacting overall profitability.

• Income tax expense rose to $2.0 million in Q1 2024 from $1.8 million in Q4 2023, adding to the company's financial burden.

• The company reported a loss from discontinued operations in previous periods, which may have affected overall financial performance.

KANSAS CITY, Mo., May 8, 2024 /PRNewswire/ -- NASB Financial, Inc. (the "Company") (OTCQX: NASB) announced today net income for the quarter ended March 31, 2024, of $7.7 million or $1.04 per share.  This compares to net income of $7.6 million or $1.03 per share for the quarter ended December 31, 2023, and compares to net income of $1.9 million or $0.26 per share for the quarter ended March 31, 2023.  Earnings for the quarter ended March 31, 2023, included pre-tax charges of $4.6 million, or $0.47 per share, related to the Company's exit of its consumer direct lending business.

Net income for the six months ended March 31, 2024, was $15.3 million or $2.07 per share.  This compares to net income of $6.6 million or $0.89 per share for the six months ended March 31, 2023. 

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											Six Months Ended
										3/31/24			12/31/23	3/31/23							3/31/24			3/31/23
EARNINGS DATA:
		Net interest income					$			19,356			18,877	21,508							38,233			43,585
		Provision for credit losses								14			(1,468)	--							(1,454)			--
		Non-interest income								2,931			1,125	1,156							4,056			2,300
		Non-interest expense								12,535			12,016	15,233							24,551			29,105
		Income tax expense								2,045			1,817	1,828							3,862			4,128
		Income (loss) from discontinued operations, net of tax								--			--	(3,702)							--			(6,059)
		Net income					$			7,693			7,637	1,901							15,330			6,593
FINANCIAL CONDITION DATA:
	Total assets						$			2,862,808			2,752,294	2,761,904							2,862,808			2,761,904
	Total loans held for investments and mortgage-backed securities, net									2,166,975			2,163,559	2,144,966							2,166,975			2,144,966
	Customer and brokered deposit accounts								1,776,611				1,699,188	1,729,421							1,776,611			1,729,421
	Stockholders' equity								402,393				398,966	382,170							402,393			382,170
FINANCIAL RATIOS AND PER SHARE DATA:
	Book value per share						$			54.43			53.93	51.59							54.43			51.59
	Earnings per share								1.04				1.03	0.26							2.07			0.89
	Cash dividends paid per share								0.25				0.25	0.25							0.50			1.10
	Return on assets (annualized net income divided by total average assets)								1.10 %				1.10 %	0.29 %							1.08 %			0.49 %
	Return on equity (annualized net income divided by average stockholders' equity)								7.68 %				7.78 %	2.00 %							7.78 %			3.47 %
	Weighted average shares outstanding								7,395,810				7,392,679	7,412,861							7,394,236			7,412,823

 

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SOURCE NASB Financial, Inc.

FAQ

What was NASB Financial, Inc.'s net income for the quarter ended March 31, 2024?

NASB Financial, Inc. reported a net income of $7.7 million for the quarter ended March 31, 2024.

What is NASB Financial, Inc.'s primary business?

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

Does NASB Financial, Inc. offer mortgage services?

Yes, NASB Financial, Inc. provides competitive residential and commercial mortgages nationwide.

When was NASB Financial, Inc. founded?

NASB Financial, Inc. has been serving customers since 1927.

What were NASB Financial, Inc.'s earnings per share for the quarter ended March 31, 2024?

NASB Financial, Inc. reported earnings per share of $1.04 for the quarter ended March 31, 2024.