NASB Financial, Inc. Announces Financial Results

KANSAS CITY, Mo., May 10, 2023 /PRNewswire/ -- NASB Financial, Inc. (the "Company") (OTCQX: NASB) announced today net income for the quarter ended March 31, 2023, of $1.9 million or $0.26 per share.  This compares to net income of $4.7 million or $0.63 per share for the quarter ended December 31, 2022, and compares to net income of $8.8 million or $1.19 per share for the quarter ended March 31, 2022.  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, 2023, was $6.6 million or $0.89 per share.  This compares to net income of $17.4 million or $2.35 per share for the six months ended March 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										Six Months Ended
									3/31/23			12/31/22			3/31/22				3/31/23			3/31/22
EARNINGS DATA:
	Net interest income					$			21,508			22,077			18,809				43,585			37,873
	Provision for loan losses								--			--			--				--			--
	Non-interest income								1,156			1,144			8,310				2,300			13,556
	Non-interest expense								15,233			13,872			14,423				29,105			29,901
	Income tax expense								1,828			2,300			2,913				4,128			5,016
	Income (loss) from discontinued    operations, net of tax								(3,702)			(2,357)			(964)				(6,059)			929
	Net income					$			1,901			4,692			8,819				6,593			17,441
FINANCIAL CONDITION DATA:
	Total assets					$			2,761,904			2,520,202			2,206,699				2,761,904			2,206,699
	Total loans held for investments and     mortgage-backed securities, net								2,144,966			2,132,757			1,531,834				2,144,966			1,531,834
	Customer and brokered deposit          accounts								1,729,421			1,633,934			1,357,520				1,729,421			1,357,520
	Stockholders' equity								382,170			378,445			391,895				382,170			391,895
FINANCIAL RATIOS AND PER SHARE DATA:
	Book value per share					$			51.59			51.03			52.90				51.59			52.90
	Earnings per share								0.26			0.63			1.19				0.89			2.35
	Cash dividends paid per share								0.25			0.85			0.85				1.10			1.60
	Return on assets (annualized net income      divided by total average assets)								0.29 %			0.73 %			1.61 %				0.49 %			1.53 %
	Return on equity (annualized net income      divided by average stockholders' equity)								2.00 %			4.96 %			8.97 %				3.47 %			8.88 %
	Weighted average shares outstanding								7,412,861			7,412,785			7,409,460				7,412,823			7,409,086

 

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SOURCE NASB Financial, Inc.