NASB Financial, Inc. Announces Financial Results

Rhea-AI Summary

NASB Financial (OTCQX: NASB) reported net income of $6.1 million ($0.84 per share) for Q4 2024, compared to $6.8 million ($0.92 per share) in Q3 2024 and $6.6 million ($0.90 per share) in Q4 2023. For the full fiscal year 2024, net income reached $28.3 million ($3.83 per share), up from $21.6 million ($2.92 per share) in FY2023.

The company's total assets stood at $2.86 billion, with net loans and mortgage-backed securities at $2.17 billion. Customer and brokered deposits were $1.73 billion, while stockholders' equity reached $413.2 million. The book value per share increased to $57.18, and the company maintained a quarterly dividend of $0.25 per share.

Positive

• Annual net income increased 31% to $28.3 million in FY2024 from $21.6 million in FY2023
• Book value per share improved to $57.18 from $52.28 year-over-year
• Total assets grew to $2.86 billion from $2.81 billion year-over-year
• Net loans and mortgage-backed securities increased to $2.17 billion from $2.13 billion year-over-year

Negative

• Quarterly net income decreased to $6.1 million from $6.8 million in previous quarter
• Non-interest income declined to $873,000 from $2.23 million year-over-year
• Net interest income for FY2024 decreased to $77.9 million from $83.5 million in FY2023
• Customer and brokered deposits decreased to $1.73 billion from $1.79 billion year-over-year

KANSAS CITY, Mo., Dec. 13, 2024 /PRNewswire/ -- NASB Financial, Inc. (the "Company") (OTCQX: NASB) announced today net income for the quarter ended September 30, 2024, of $6.1 million or $0.84 per share.  This compares to net income of $6.8 million or $0.92 per share for the quarter ended June 30, 2024, and $6.6 million or $0.90 per share for the quarter ended September 30, 2023. 

Net income for the year ended September 30, 2024, was $28.3 million or $3.83 per share.  This compares to net income of $21.6 million or $2.92 per share for the year ended September 30, 2023.  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.

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
								9/30/24	6/30/24		9/30/23			9/30/24	9/30/23
EARNINGS DATA:
		Net interest income				$		19,904	19,802		19,403			77,939	83,470
		Provision for credit losses						(71)	(9)		--			(1,534)	--
		Non-interest income						873	1,174		2,230			6,103	8,163
		Non-interest expense						13,071	12,399		12,806			50,021	54,595
		Income tax expense						1,633	1,803		2,172			7,298	9,112
		Net loss from discontinued    operations, net of tax						--	--		(18)			--	(6,279)
		Net income				$		6,144	6,783		6,637			28,257	21,647
FINANCIAL CONDITION DATA:
	Total assets					$		2,860,399	2,787,478	2,814,082				2,860,399	2,814,082
	Total loans held for investments and     mortgage-backed securities, net						2,170,905		2,160,856	2,126,420				2,170,905	2,126,420
	Customer and brokered deposit          accounts						1,729,642		1,699,859	1,794,430				1,729,642	1,794,430
	Stockholders' equity						413,204		407,079	386,106				413,204	386,106
FINANCIAL RATIOS AND PER SHARE DATA:
	Book value per share					$	57.18		55.06	52.28				57.18	52.28
	Earnings per share						0.84		0.92	0.90				3.83	2.92
	Cash dividends paid per share						0.25		0.25	0.25				1.00	1.60
	Return on assets (annualized net income      divided by total average assets)						0.87 %		0.96 %	0.96 %				1.00 %	0.79 %
	Return on equity (annualized net income      divided by average stockholders' equity)							5.99 %	6.70 %	6.86 %				7.07 %	5.66 %
	Weighted average shares outstanding						7,327,387		7,392,789	7,402,071				7,377,073	7,408,745

 

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SOURCE NASB Financial, Inc.

FAQ

What was NASB Financial's net income for Q4 2024?

NASB Financial reported net income of $6.1 million ($0.84 per share) for the quarter ended September 30, 2024.

How did NASB's full-year 2024 performance compare to 2023?

NASB's net income for FY2024 was $28.3 million ($3.83 per share), compared to $21.6 million ($2.92 per share) in FY2023, representing a significant increase.

What is NASB Financial's current book value per share?

As of September 30, 2024, NASB Financial's book value per share was $57.18, up from $52.28 in the previous year.

How much dividend did NASB pay in fiscal year 2024?

NASB paid quarterly dividends of $0.25 per share, totaling $1.00 per share for fiscal year 2024.

What was NASB's return on equity for fiscal year 2024?

NASB's return on equity for fiscal year 2024 was 7.07%, an improvement from 5.66% in fiscal year 2023.