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NASB Financial Inc. Reports Operating Results (10-Q)

August 09, 2010 | About:
10qk

10qk

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NASB Financial Inc. (NASB) filed Quarterly Report for the period ended 2010-06-30.

Nasb Financial Inc. has a market cap of $124.71 million; its shares were traded at around $15.85 with a P/E ratio of 10.93 and P/S ratio of 0.96. Nasb Financial Inc. had an annual average earning growth of 4.9% over the past 10 years.

Highlight of Business Operations:

Interest on customer and brokered

deposit accounts 4,342 6,246 13,221 19,543

Interest on advances from FHLB 2,468 3,920 8,891 13,212

Interest on subordinated debentures 124 173 371 709

- - - -

Total interest expense 6,934 10,339 22,483 33,464

- - - -

Net interest income 13,930 12,188 40,854 33,776

Provision for loan losses 11,500 4,000 25,500 5,250

- - - -

Net interest income after provision

for loan losses 2,430 8,188 15,354 28,526

- - - -

Other income (expense):

Loan servicing fees, net 21 112 100 (120)

Impairment recovery (loss) on mortgage

servicing rights 6 (11) 10 30

Customer service fees and charges 1,923 2,127 5,354 5,264

Provision for loss on real estate owned (1,486) - (1,694) (250)

Gain on sale of securities available

for sale 867 548 5,519 548

Gain from sale of loans receivable

held for sale 10,682 9,170 24,766 19,415

Impairment loss on investments in LLCs - - (2,000) -

Other (491) 796 (1,019) 2,284

- - - -

Total other income 11,522 12,742 31,036 27,171

- - - -

General and administrative expenses:

Compensation and fringe benefits 4,890 5,094 13,868 13,221

Commission-based mortgage banking compensation 4,494 4,695 11,845 10,318

Premises and equipment 1,081 928 3,128 2,991

Advertising and business promotion 1,316 1,079 4,192 3,473

Federal deposit insurance premiums 438 843 2,110 914

Other 2,690 1,393 5,743 4,258

- - - -

Total general and administrative expenses 14,909 14,032 40,886 35,175

- - - -

Income (loss) before income tax expense (957) 6,898 5,504 20,522

Income tax expense (benefit) (497) 2,656 1,416 7,901

- - - -

Net income (loss) $ (460) 4,242 4,088 12,621

= = = =

Basic earnings (loss) per share $ (0.06) 0.54 0.52 1.60

= = = =

Diluted earnings (loss) per share $ (0.06) 0.54 0.52 1.60

= = = =



Accumulated

Additional other Total

Common paid-in Retained Treasury comprehensive stockholders'

stock capital earnings stock income equity

-

(Dollars in thousands)



Balance at October 1, 2009 $ 1,479 16,525 184,891 (38,418) 1,911 166,388

Comprehensive income:

Net income - - 4,088 - - 4,088

Other comprehensive income,

net of tax:

Unrealized gain on securities - - - - (1,674) (1,674)

available for sale -

Total comprehensive income 2,414

Cash dividends paid ($0.45

per share) - - (3,540) - - (3,540)

Stock based compensation expense - 59 - - - 59

-

Balance at June 30, 2010 $ 1,479 16,584 185,439 (38,418) 237 165,321

=



Unrealized gain on available for sale securities,

net of income taxes of $1,077 $ 1,720

Reclassification adjustment for gain included in

net income, net of income taxes of $2,125 (3,394)

-

Change in unrealized gain (loss) on available for sale

securities, net of income tax of $(1,048) $ (1,674)

=





Gross Gross Estimated

Amortized unrealized unrealized fair

cost gains losses value

-

Due in less than one year $ 5 - - 5

Due from one to five years 19 - - 19

Due from five to ten years 3,187 175 - 3,362

Due after ten years 2,758 159 - 2,917

-

Total $ 5,969 334 - 6,303

=





Less than 12 months 12 months or longer

- -

Estimated Gross Estimated Gross

fair unrealized fair unrealized

value losses value losses

-

Collateralized mortgage

obligations $ 43,057 327 $ - -

-

Total $ 43,057 327 $ - -

=



The Company has commitments outstanding to extend credit that have

not closed prior to the end of the period. As the Company enters into

commitments to originate loans, it also enters into commitments to sell

the loans in the secondary market. Such commitments to originate loans

held for sale are considered derivative instruments in accordance with

GAAP, which requires the Company to recognize all derivative instruments

in the balance sheet and to measure those instruments at fair value.

As a result of marking to market commitments to originate loans, the

Company recorded an increase in other assets of $1.1 million, a decrease

in other liabilities of $344,000, and an increase in other income of

$1.4 million for the quarter ended June 30, 2010. The Company recorded

an increase in other assets of $118,000, an increase in other

liabilities of $592,000, and a decrease in other income of $474,000 for

the nine month period ended June 30, 2010.



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