NASB Financial, Inc. Announces Financial Results

Rhea-AI Summary

NASB Financial, Inc. (NASB) announced a net income of $6.6 million or $0.90 per share for the quarter ended September 30, 2023. The company's financial highlights show a decrease in net income compared to previous quarters and years. NASB is a unitary thrift holding company for North American Savings Bank, F.S.B., providing personal banking and lending products in the Kansas City metro area since 1927.

Positive

• NASB Financial, Inc. reported a net income of $6.6 million for the quarter ended September 30, 2023.
• The company offers competitive residential and commercial mortgages nationwide.
• NASB has been serving the financial needs of customers since 1927.

Negative

• Net income decreased from $8.4 million to $6.6 million for the quarter ended June 30, 2023.
• Earnings for the year ended September 30, 2023, included pre-tax charges of $4.6 million related to the Company's exit of its consumer direct lending business.
• Return on assets and return on equity percentages decreased compared to previous years.

KANSAS CITY, Mo., Dec. 14, 2023 /PRNewswire/ -- NASB Financial, Inc. (the "Company") (OTCQX: NASB) announced today net income for the quarter ended September 30, 2023, of $6.6 million or $0.90 per share. This compares to net income of $8.4 million or $1.14 per share for the quarter ended June 30, 2023, and $4.5 million or $0.61 per share for the quarter ended September 30, 2022. 

Net income for the year ended September 30, 2023, was $21.6 million or $2.92 per share. This compares to net income of $32.1 million or $4.33 per share for the year ended September 30, 2022. Earnings for the year ended September 30, 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, which occurred during the quarter 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						Twelve Months Ended
								9/30/23	6/30/23		9/30/22			9/30/23	9/30/22
EARNINGS DATA:
		Net interest income				$		19,403	20,482		23,195			83,470	81,929
		Provision for loan losses						--	--		750			--	750
		Non-interest income						2,230	3,633		1,974			8,163	18,499
		Non-interest expense						12,806	12,684		14,882			54,595	58,723
		Income tax expense						2,172	2,812		2,136			9,112	9,375
		Income (loss) from discontinued    operations, net of tax						(18)	(202)		(2,876)			(6,279)	510
		Net income				$		6,637	8,417		4,525			21,647	32,090
FINANCIAL CONDITION DATA:
	Total assets					$		2,814,082	2,734,499	2,644,364				2,814,082	2,644,364
	Total loans held for investments and     mortgage-backed securities, net						2,126,420		2,132,139	2,033,849				2,126,420	2,033,849
	Customer and brokered deposit          accounts						1,794,430		1,740,341	1,496,041				1,794,430	1,496,041
	Stockholders' equity						386,106		387,491	378,878				386,106	378,878
FINANCIAL RATIOS AND PER SHARE DATA:
	Book value per share					$	52.28		52.31	51.15				52.28	51.15
	Earnings per share						0.90		1.14	0.61				2.92	4.33
	Cash dividends paid per share						0.25		0.25	0.85				1.60	3.30
	Return on assets (annualized net income      divided by total average assets)						0.96 %		1.23 %	0.71 %				0.79 %	1.28 %
	Return on equity (annualized net income      divided by average stockholders' equity)							6.86 %	8.75 %	4.71 %				5.66 %	8.31 %
	Weighted average shares outstanding						7,402,071		7,407,337	7,407,279				7,408,745	7,408,456

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SOURCE NASB Financial, Inc.

FAQ

What is the net income reported by NASB Financial, Inc. for the quarter ended September 30, 2023?

NASB Financial, Inc. reported a net income of $6.6 million or $0.90 per share for the quarter ended September 30, 2023.

What does NASB Financial, Inc. specialize in?

NASB Financial, Inc. is a unitary thrift holding company for North American Savings Bank, F.S.B., providing personal banking and lending products in the Kansas City metro area since 1927.

What is the financial condition of NASB Financial, Inc.?

NASB Financial, Inc. reported total assets of $2,814,082, total loans held for investments and mortgage-backed securities of $2,126,420, customer and brokered deposit accounts of $1,794,430, and stockholders' equity of $386,106.