August 7, 2024

NASB Financial, Inc. Announces Financial Results

KANSAS CITY, Mo., Aug. 7, 2024 /PRNewswire/ — NASB Financial, Inc. (the “Company”) (OTCQX: NASB) announced today net income for the quarter ended June 30, 2024, of $6.8 million or $0.92 per share.  This compares to net income of $7.7 million or $1.04 per share for the quarter ended March 31, 2024, and compares to net income of $8.4 million or $1.14 per share for the quarter ended June 30, 2023.

Net income for the nine months ended June 30, 2024, was $22.1 million or $2.99 per share.  This compares to net income of $15.0 million or $2.03 per share for the nine months ended June 30, 2023.  Earnings for the nine months ended June 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.

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

Nine Months Ended

6/30/24

3/31/24

6/30/23

  6/30/24

  6/30/23

EARNINGS DATA:

Net interest income

$

19,802

19,356

20,482

58,035

64,067

Provision for credit losses

(9)

14

—

(1,463)

—

Non-interest income

1,174

2,931

3,633

5,230

5,933

Non-interest expense

12,399

12,535

12,684

36,950

41,789

Income tax expense

1,803

2,045

2,812

5,665

6,940

Net loss from discontinued

   operations, net of tax

—

—

(202)

—

(6,261)

     Net income

$

6,783

7,693

8,417

22,113

15,010

FINANCIAL CONDITION DATA:

Total assets

$

2,787,478

2,862,808

2,734,499

2,787,478

2,734,499

Total loans held for investments and

     mortgage-backed securities, net

2,160,856

2,166,975

2,132,139

2,160,856

2,132,139

Customer and brokered deposit    

     accounts

1,699,859

1,776,611

1,740,341

1,699,859

1,740,341

Stockholders’ equity

407,079

402,393

387,491

407,079

387,491

FINANCIAL RATIOS AND PER SHARE DATA:

Book value per share

$

55.06

54.43

52.31

55.06

52.31

Earnings per share

0.92

1.04

1.14

2.99

2.03

Cash dividends paid per share

0.25

0.25

0.25

0.75

1.35

Return on assets (annualized net income

     divided by total average assets)

0.96 %

1.10 %

1.23 %

1.05 %

0.74 %

Return on equity (annualized net income

     divided by average stockholders’ equity)

6.70 %

7.68 %

8.75 %

7.43 %

5.22 %

Weighted average shares outstanding

7,392,789

7,395,810

7,407,337

7,393,756

7,410,994

 

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SOURCE NASB Financial, Inc.

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