NASB Financial, Inc. Announces Financial Results

Rhea-AI Summary

NASB Financial, Inc. (OTCQX: NASB) reported net income of $6.8 million or $0.92 per share for the quarter ended June 30, 2024. This represents a decrease from $7.7 million ($1.04 per share) in the previous quarter and $8.4 million ($1.14 per share) in the same quarter last year. For the nine months ended June 30, 2024, net income was $22.1 million or $2.99 per share, up from $15.0 million ($2.03 per share) in the same period last year. The company's total assets stood at $2.79 billion, with total loans and mortgage-backed securities at $2.16 billion. Customer and brokered deposits were $1.70 billion, while stockholders' equity reached $407.1 million. The book value per share increased to $55.06, and the company maintained a quarterly dividend of $0.25 per share.

Positive

• Net income for the nine months ended June 30, 2024, increased to $22.1 million from $15.0 million in the same period last year
• Book value per share improved to $55.06 from $52.31 year-over-year
• Total assets grew to $2.79 billion from $2.73 billion year-over-year
• Maintained consistent quarterly dividend of $0.25 per share

Negative

• Quarterly net income decreased to $6.8 million from $8.4 million year-over-year
• Earnings per share for the quarter declined to $0.92 from $1.14 year-over-year
• Non-interest income for the quarter decreased to $1.17 million from $3.63 million year-over-year
• Customer and brokered deposits decreased to $1.70 billion from $1.74 billion year-over-year

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.

FAQ

What was NASB Financial's net income for Q2 2024?

NASB Financial reported net income of $6.8 million or $0.92 per share for the quarter ended June 30, 2024.

How did NASB's Q2 2024 earnings compare to the previous year?

NASB's Q2 2024 earnings of $6.8 million ($0.92 per share) decreased compared to $8.4 million ($1.14 per share) in Q2 2023.

What was NASB Financial's net income for the first nine months of fiscal 2024?

NASB Financial's net income for the nine months ended June 30, 2024, was $22.1 million or $2.99 per share.

How much did NASB Financial pay in dividends for Q2 2024?

NASB Financial paid a quarterly dividend of $0.25 per share in Q2 2024.

What was NASB Financial's book value per share as of June 30, 2024?

NASB Financial's book value per share was $55.06 as of June 30, 2024.