NASB Financial, Inc. Announces Financial Results

GRANDVIEW, Mo., Dec. 21, 2016 /PRNewswire/ -- NASB Financial, Inc. (the "Company") (OTCQX: NASB) announced today net income for the quarter ended September 30, 2016, of $8,028,000 or $1.08 per share.  This compares to net income of $4,627,000 or $0.62 per share for the quarter ended June 30, 2016, and compares to net income of $4,111,000 or $0.55 per share for the quarter ended September 30, 2015. 

The improved earnings for the quarter ended September 30, 2016, were primarily attributable to increasing mortgage banking income as originations of loans held for sale increased, along with increased interest income due to growth in loans held for investment.  The increase in revenue was partially offset by increases in mortgage banking related non-interest expenses attributable to the higher loan originations.  In addition, the Company acquired Lexington B&L Financial Corp during the quarter ended September 30, 2016, which resulted in an increase in total assets of $123 million.  

Net income for the twelve months ended September 30, 2016, was $22,393,000 or $3.02 per share, compared to net income of $21,555,000 or $2.90 per share for the twelve months ended September 30, 2015.  Net income for the year ended September 30, 2015 includes a negative provision for loan and lease loss of $4.0 million.  Excluding the after tax impact of the negative loan loss provisions, net income for the year ended September 30, 2015, would have been $18,955,000 or $2.55 per share.

Net income for the year ended September 30, 2016, increased primarily due to growth in loans held for investment of $312 million, or 30%, and higher mortgage banking income as a result of increased originations of loans held for sale, which increased to $1.8 billion in 2016 as compared to $1.6 billion in 2015.       

NASB Financial, Inc. is a unitary thrift holding company for North American Savings Bank, F.S.B. ("NASB"), a community bank headquartered in Grandview, Missouri.  Since 1927, NASB has been serving the financial needs of customers by providing an array of personal banking, investment, 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.  NASB is designated as a Top 100 Mortgage Lender by Inside Mortgage Finance.  For more information, visit nasb.com.

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SOURCE NASB Financial, Inc.