NASB Financial Inc. (NASB, Financial) filed Quarterly Report for the period ended 2009-06-30.
NASB Financial Inc. is a unitary thrift holding company of North American Savings Bank F.S.B. NASB Financial Inc. has a market cap of $221.8 million; its shares were traded at around $28.2 with a P/E ratio of 17.1 and P/S ratio of 1.9. The dividend yield of NASB Financial Inc. stocks is 3.2%. NASB Financial Inc. had an annual average earning growth of 6% over the past 5 years.
June 30, September 30,
2009 2008
(Unaudited)
- -
ASSETS
Cash and cash equivalents $ 12,862 21,735
Securities available for sale, at
fair value 80,004 35
Stock in Federal Home Loan Bank, at cost 26,640 26,284
Mortgage-backed securities:
Available for sale, at fair value 48,131 59,889
Held to maturity, at cost 123 135
Loans receivable:
Held for sale, at fair value at
June 30, 2009, and at lower
of amortized cost or fair value
at September 30, 2008 119,930 64,030
Held for investment, net 1,273,950 1,294,297
Allowance for loan losses (16,229) (13,807)
Accrued interest receivable 6,986 6,886
Foreclosed assets held for sale, net 12,037 6,038
Premises and equipment, net 13,651 14,599
Investment in LLCs 21,105 20,683
Mortgage servicing rights, net 445 716
Deferred income tax asset, net 4,952 6,293
Other assets 10,543 8,948
- -
$ 1,615,130 1,516,761
= =
LIABILITIES AND STOCKHOLDERS\' EQUITY
Liabilities:
Customer deposit accounts $ 693,426 691,615
Brokered deposit accounts 246,749 77,764
Advances from Federal Home Loan Bank 467,042 550,091
Subordinated debentures 25,774 25,774
Escrows 8,074 9,776
Income taxes payable 2,562 4,002
Liability for unrecognized tax benefit 850 850
Accrued expenses and other liabilities 8,716 4,477
- -
Total liabilities 1,453,193 1,364,349
- -
Interest on customer and brokered
deposit accounts 6,246 7,169 19,543 23,980
Interest on advances from FHLB 3,920 5,866 13,212 18,697
Interest on subordinated debentures 173 295 709 1,071
- - - -
Total interest expense 10,339 13,330 33,464 43,748
- - - -
Net interest income 12,188 9,858 33,776 28,999
Provision for loan losses 4,000 1,600 5,250 3,000
- - - -
Net interest income after provision
for loan losses 8,188 8,258 28,526 25,999
- - - -
Other income (expense):
Loan servicing fees, net 112 172 (120) 51
Impairment (loss) recovery on mortgage
servicing rights (11) (36) 30 23
Customer service fees and charges 2,127 1,448 5,264 4,166
Provision for loss on real estate owned - (400) (250) (1,250)
Gain on sale of securities available
for sale 548 - 548 122
Gain from sale of loans receivable
held for sale 9,170 4,251 19,415 9,956
Other 796 1,337 2,284 1,382
- - - -
Total other income 12,742 6,772 27,171 14,450
- - - -
General and administrative expenses:
Compensation and fringe benefits 5,094 4,136 13,221 11,748
Commission-based mortgage banking compensation 4,695 2,214 10,318 5,741
Premises and equipment 928 1,004 2,991 3,113
Advertising and business promotion 1,079 1,144 3,473 3,106
Federal deposit insurance premiums 843 23 914 70
Other 1,393 1,387 4,258 3,913
- - - -
Total general and administrative expenses 14,032 9,908 35,175 27,691
- - - -
Income before income tax expense 6,898 5,122 20,522 12,758
Income tax expense 2,656 1,512 7,901 4,473
- - - -
Net income $ 4,242 3,610 12,621 8,285
= = = =
Basic earnings per share $ 0.54 0.46 1.60 1.05
= = = =
Diluted earnings per share $ 0.54 0.45 1.60 1.04
= = = =
-
Less Than 12 Months 12 Months or Longer
- -
Estimated Gross Estimated Gross
fair unrealized fair unrealized
value losses value losses
-
Pass-through certificates
guaranteed by FNMA -
adjustable rate $ 6,289 16 $ - -
FHLMC participation
certificates -
adjustable rate 17,894 40 - -
-
Total $ 24,183 56 $ - -
=
June 30,
2009
-
(Dollars in thousands)
LOANS HELD FOR SALE:
Mortgage loans:
Permanent loans on:
Residential properties $ 178,007
Less:
Undisbursed loan funds (58,077)
-
Net loans held for sale $ 119,930
=
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 on a best-efforts basis. Such
commitments to originate and sell loans on a best efforts basis 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 $288,000, a decrease in other
liabilities of $17,000, and an increase in other income of $304,000 for
the quarter ended June 30, 2009. The Company recorded a decrease in
other assets of $21,000, an increase in other liabilities of $104,000,
and a decrease in other income of $125,000 for the nine month period
ended June 30, 2009.
Additionally, the Company has commitments to sell loans that have
closed prior to the end of the period on a best efforts basis. Due to
the mark to market adjustment on commitments to sell loans held for
sale, the Company recorded an increase in other assets of $484,000, an
increase in other liabilities of $93,000, and an increase in other
income of $390,000 during the quarter ended June 30, 2009. The Company
recorded an increase in other assets of $1.9 million, a decrease in
other liabilities of $356,000, and an increase in other income of $2.2
million during the nine month period ended June 30, 2009.
Read the The complete Report
NASB Financial Inc. is a unitary thrift holding company of North American Savings Bank F.S.B. NASB Financial Inc. has a market cap of $221.8 million; its shares were traded at around $28.2 with a P/E ratio of 17.1 and P/S ratio of 1.9. The dividend yield of NASB Financial Inc. stocks is 3.2%. NASB Financial Inc. had an annual average earning growth of 6% over the past 5 years.
Highlight of Business Operations:
June 30, September 30,
2009 2008
(Unaudited)
- -
ASSETS
Cash and cash equivalents $ 12,862 21,735
Securities available for sale, at
fair value 80,004 35
Stock in Federal Home Loan Bank, at cost 26,640 26,284
Mortgage-backed securities:
Available for sale, at fair value 48,131 59,889
Held to maturity, at cost 123 135
Loans receivable:
Held for sale, at fair value at
June 30, 2009, and at lower
of amortized cost or fair value
at September 30, 2008 119,930 64,030
Held for investment, net 1,273,950 1,294,297
Allowance for loan losses (16,229) (13,807)
Accrued interest receivable 6,986 6,886
Foreclosed assets held for sale, net 12,037 6,038
Premises and equipment, net 13,651 14,599
Investment in LLCs 21,105 20,683
Mortgage servicing rights, net 445 716
Deferred income tax asset, net 4,952 6,293
Other assets 10,543 8,948
- -
$ 1,615,130 1,516,761
= =
LIABILITIES AND STOCKHOLDERS\' EQUITY
Liabilities:
Customer deposit accounts $ 693,426 691,615
Brokered deposit accounts 246,749 77,764
Advances from Federal Home Loan Bank 467,042 550,091
Subordinated debentures 25,774 25,774
Escrows 8,074 9,776
Income taxes payable 2,562 4,002
Liability for unrecognized tax benefit 850 850
Accrued expenses and other liabilities 8,716 4,477
- -
Total liabilities 1,453,193 1,364,349
- -
Interest on customer and brokered
deposit accounts 6,246 7,169 19,543 23,980
Interest on advances from FHLB 3,920 5,866 13,212 18,697
Interest on subordinated debentures 173 295 709 1,071
- - - -
Total interest expense 10,339 13,330 33,464 43,748
- - - -
Net interest income 12,188 9,858 33,776 28,999
Provision for loan losses 4,000 1,600 5,250 3,000
- - - -
Net interest income after provision
for loan losses 8,188 8,258 28,526 25,999
- - - -
Other income (expense):
Loan servicing fees, net 112 172 (120) 51
Impairment (loss) recovery on mortgage
servicing rights (11) (36) 30 23
Customer service fees and charges 2,127 1,448 5,264 4,166
Provision for loss on real estate owned - (400) (250) (1,250)
Gain on sale of securities available
for sale 548 - 548 122
Gain from sale of loans receivable
held for sale 9,170 4,251 19,415 9,956
Other 796 1,337 2,284 1,382
- - - -
Total other income 12,742 6,772 27,171 14,450
- - - -
General and administrative expenses:
Compensation and fringe benefits 5,094 4,136 13,221 11,748
Commission-based mortgage banking compensation 4,695 2,214 10,318 5,741
Premises and equipment 928 1,004 2,991 3,113
Advertising and business promotion 1,079 1,144 3,473 3,106
Federal deposit insurance premiums 843 23 914 70
Other 1,393 1,387 4,258 3,913
- - - -
Total general and administrative expenses 14,032 9,908 35,175 27,691
- - - -
Income before income tax expense 6,898 5,122 20,522 12,758
Income tax expense 2,656 1,512 7,901 4,473
- - - -
Net income $ 4,242 3,610 12,621 8,285
= = = =
Basic earnings per share $ 0.54 0.46 1.60 1.05
= = = =
Diluted earnings per share $ 0.54 0.45 1.60 1.04
= = = =
-
Less Than 12 Months 12 Months or Longer
- -
Estimated Gross Estimated Gross
fair unrealized fair unrealized
value losses value losses
-
Pass-through certificates
guaranteed by FNMA -
adjustable rate $ 6,289 16 $ - -
FHLMC participation
certificates -
adjustable rate 17,894 40 - -
-
Total $ 24,183 56 $ - -
=
June 30,
2009
-
(Dollars in thousands)
LOANS HELD FOR SALE:
Mortgage loans:
Permanent loans on:
Residential properties $ 178,007
Less:
Undisbursed loan funds (58,077)
-
Net loans held for sale $ 119,930
=
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 on a best-efforts basis. Such
commitments to originate and sell loans on a best efforts basis 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 $288,000, a decrease in other
liabilities of $17,000, and an increase in other income of $304,000 for
the quarter ended June 30, 2009. The Company recorded a decrease in
other assets of $21,000, an increase in other liabilities of $104,000,
and a decrease in other income of $125,000 for the nine month period
ended June 30, 2009.
Additionally, the Company has commitments to sell loans that have
closed prior to the end of the period on a best efforts basis. Due to
the mark to market adjustment on commitments to sell loans held for
sale, the Company recorded an increase in other assets of $484,000, an
increase in other liabilities of $93,000, and an increase in other
income of $390,000 during the quarter ended June 30, 2009. The Company
recorded an increase in other assets of $1.9 million, a decrease in
other liabilities of $356,000, and an increase in other income of $2.2
million during the nine month period ended June 30, 2009.
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