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

February 09, 2011 | About:
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10qk

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NASB Financial Inc. (NASB) filed Quarterly Report for the period ended 2010-12-31.

Nasb Financial Inc. has a market cap of $120.9 million; its shares were traded at around $15.46 with a P/E ratio of 16 and P/S ratio of 1.

Highlight of Business Operations:

Interest on customer and brokered

deposit accounts 4,286 4,693

Interest on advances from FHLB 1,797 3,339

Interest on subordinated debentures 127 128

- -

Total interest expense 6,210 8,160

- -

Net interest income 13,040 13,805

Provision for loan losses 3,950 9,000

- -

Net interest income after provision

for loan losses 9,090 4,805

- -

Other income (expense):

Loan servicing fees, net 77 26

Impairment (loss) recovery on mortgage

servicing rights (1) 5

Customer service fees and charges 2,458 1,858

Provision for loss on real estate owned (413) -

Gain on sale of securities available for sale 280 3,088

Gain from loans receivable held for sale 7,335 6,967

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

Other 980 256

- -

Total other income 10,716 10,200

- -

General and administrative expenses:

Compensation and fringe benefits 5,115 4,501

Commission-based mortgage banking

compensation 6,172 4,116

Premises and equipment 1,036 990

Advertising and business promotion 1,267 1,369

Federal deposit insurance premiums 437 1,238

Other 2,508 1,443

- -

Total general and administrative expenses 16,535 13,657

- -

Income before income tax expense 3,271 1,348

Income tax expense 1,259 19

- -

Net income $ 2,012 1,329

= =

Basic earnings per share $ 0.26 0.17

= =

Diluted earnings per share $ 0.26 0.17

= =



Unrealized gain on available for sale securities,

net of income taxes of $122 $ 194

Reclassification adjustment for gain included in

net income, net of income taxes of $108 (172)

-

Change in unrealized gain on available for sale

securities, net of income tax of $14 $ 22

=





Less than 12 months 12 months or longer

- -

Estimated Gross Estimated Gross

fair unrealized fair unrealized

value losses value losses

-

Corporate debt securities $ 3,056 29 $ - -

Trust preferred securities 5,289 11 - -

-

Total $ 8,345 40 $ - -

=





Less than 12 months 12 months or longer

- -

Estimated Gross Estimated Gross

fair unrealized fair unrealized

value losses value losses

-

Collateralized mortgage

obligations $ 7,926 156 $ 8,193 146

-

Total $ 7,926 156 $ 8,193 146

=



Ending Balance of allowance

for loan losses related

to loans:

Individually evaluated

for impairment $ 543 11 1,577 10,405 1,205 468 14,209

=

Collectively evaluated

for impairment $ - - - - - - -

=

Acquired with deteriorated

credit quality $ 127 - - - - - 127

=



Ending Balance:

Loans individually evaluated

for impairment $ 9,034 11 3,223 65,644 7,994 721 86,627

=

Loans collectively evaluated

for impairment $ - - - - - - -

=

Loans acquired with deteriorated

credit quality $ 1,626 - - - - - 1,626

=



Read the The complete Report

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10qk
GuruFocus - Stock Picks and Market Insight of Gurus

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