NASB Financial, Inc. Announces Financial Results

Rhea-AI Summary

NASB Financial reported a net income of $11.2 million or $1.51 per share for the quarter ended June 30, 2021, down from $26.0 million or $3.51 per share in the previous quarter and $40.5 million or $5.48 per share a year earlier. The decline in earnings is primarily due to reduced mortgage banking profits. For the nine-month period, net income was $63.8 million, slightly lower than $64.3 million for the same period last year.

Positive

• Total assets decreased to $2,310,047 from $2,483,553 in the previous quarter.
• Total loans held for sale stood at $459,896, showing a lower reliance on external funding.

Negative

• Net income fell significantly by 57% compared to the previous quarter.
• Mortgage banking profit decreased, leading to lower earnings overall.
• Non-interest income dropped from $48 million in Q1 to $26 million in Q2.

KANSAS CITY, Mo., Aug. 11, 2021 /PRNewswire/ -- NASB Financial, Inc. (the "Company") (OTCQX: NASB) announced today net income for the quarter ended June 30, 2021, of $11.2 million or $1.51 per share.  This compares to net income of $26.0 million or $3.51 per share for the quarter ended March 31, 2021, and compares to net income of $40.5 million or $5.48 per share for the quarter ended June 30, 2020.  The decline in earnings for the current quarter was primarily attributable to a decrease in mortgage banking profit.

Net income for the nine months ended June 30, 2021, was $63.8 million or $8.62 per share.  This compares to net income of $64.3 million or $8.71 per share for the nine months ended June 30, 2020. 

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												Nine Months Ended
										6/30/21				3/31/21				6/30/20					6/30/21			6/30/20
EARNINGS DATA:
		Net interest income					$			24,891				24,631				23,923					75,220			69,654
		Provision for loan losses								--				--				1,900					--			2,650
		Non-interest income								26,521				48,046				66,584					121,256			99,449
		Non-interest expense								37,654				39,272				34,223					114,164			80,172
		Income tax expense (benefit)								2,604				7,438				13,868					18,513			21,970
		Net income (loss)					$			11,154				25,967				40,516					63,799			64,311
FINANCIAL CONDITION DATA:
	Total assets						$			2,310,047				2,483,553						2,600,212			2,310,047			2,600,212
	Total loans held for sale										459,896			681,268	486,077								459,896		486,077
	Total loans held for investments and    mortgage-backed securities, net							1,345,211				1,438,882			1,742,954								1,354,211		1,742,954
	Customer and brokered deposit   accounts								1,425,946					1,569,122		1,824,617							1,425,946			1,824,617
	Stockholders' equity								398,321					390,909		314,883							398,321			314,883
FINANCIAL RATIOS AND PER SHARE DATA:
	Book value per share						$		53.81					52.80		42.62							53.81			42.62
	Earnings per share								1.51					3.51		5.48							8.62			8.71
	Cash dividends paid per share								0.75					0.75		0.55							2.05			1.60
	Return on assets (annualized net income      divided by total average assets)							1.86%				4.09%			6.20%								3.50%		3.29%
	Return on equity (annualized net income      divided by average stockholders' equity)										11.31%	27.15%				55.15%								22.72%	29.71%
	Weighted average shares outstanding								7,402,969					7,406,069		7,389,089							7,403,021			7,382,644

 

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SOURCE NASB Financial, Inc.

FAQ

What were NASB Financial's earnings for Q2 2021?

NASB Financial reported earnings of $11.2 million, or $1.51 per share, for the quarter ending June 30, 2021.

How does NASB Financial's Q2 2021 earnings compare to Q1 2021?

In Q1 2021, NASB Financial had earnings of $26.0 million, or $3.51 per share.

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

The decline in earnings was primarily due to a decrease in mortgage banking profit.

What was NASB Financial's net income for the nine months ending June 30, 2021?

The net income for the nine months ended June 30, 2021, was $63.8 million.