NASB Financial, Inc. Announces Financial Results

GRANDVIEW, Mo.--(BUSINESS WIRE)--NASB Financial, Inc. (NASDAQ: NASB) announced today net income for the quarter ended December 31, 2012, of $8,317,000 or $1.06 per share. This compares to net income of $7,741,000 or $0.98 per share for the quarter ended September 30, 2012, and compares to net income of $4,939,000 or $0.63 per share for the quarter ended December 31, 2011.

Included in the results of the quarter ended December 31, 2012, is a negative provision for loan losses of $4 million, which was necessary to reduce the Bank’s ALLL to a level consistent with the Bank’s ALLL methodology. During the quarter, various quantitative factors used in the ALLL methodology showed notable improvement, including a decrease in criticized assets, a decrease in the Bank’s level of non-performing assets, and declines in the Bank’s commercial real estate, construction and land development portfolios which have generally experienced higher loss rates. Qualitative factors also improved, including renewed strength of the Kansas City area housing market, where all of the Bank’s construction and land development loans are concentrated.

NASB Financial, Inc. is a unitary thrift holding company for North American Savings Bank, F.S.B. (“North American” or the “Bank”). As of December 31, 2012, the Bank’s tier 1 leverage ratio and total risk-based capital ratio was 14.62% and 19.00%, respectively.

North American operates six offices in greater Kansas City, Missouri and others in Harrisonville, St. Joseph, and Excelsior Springs, Missouri. The Bank also has loan origination offices in Kansas City, Lee’s Summit, and Springfield, Missouri.

(Financial Highlights Schedule Attached)

NASB Financial, Inc.
Financial Highlights
(Dollars in thousands, except per share data)
			Three Months Ended
			12/31/12		9/30/12		12/31/11
EARNINGS DATA:
	Net interest income	$	11,181		11,547		14,119
	Provision for loan losses		(4,000)		--		2,500
	Non-interest income		16,497		18,896		10,549
	Non-interest expense		18,155		17,856		14,137
	Income tax expense		5,206		4,846		3,092
	Net income	$	8,317		7,741		4,939
FINANCIAL CONDITION DATA:
	Total assets	$	1,252,524		1,240,826		1,205,525
	Total loans and mortgage-backed and   related securities		883,629		925,081		1,026,190
	Customer and brokered deposit   accounts		874,824		892,313		882,551
	Stockholders' equity		179,860		171,503		155,349
FINANCIAL RATIOS AND PER SHARE DATA:
	Book value per share	$	22.86		21.80		19.75
	Earnings (loss) per share		1.06		0.98		0.63
	Cash dividends paid per share		--		--		--
	Return on assets (annualized net income   divided by total average assets)	2.67%		2.52%		1.61%
	Return on equity (annualized net income   divided by average stockholders' equity)	18.94%			18.61%		12.92%
	Weighted average shares outstanding	7,867,614			7,867,614		7,867,614