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

June 04, 2010 | About:
10qk

10qk

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NASB Financial Inc. (NASB) filed Quarterly Report for the period ended 2009-12-31.

Nasb Financial Inc. has a market cap of $132.3 million; its shares were traded at around $16.81 with a P/E ratio of 7.1 and P/S ratio of 1. The dividend yield of Nasb Financial Inc. stocks is 5.4%.

Highlight of Business Operations:

Interest on customer and brokered

deposit accounts 4,693 6,899

Interest on advances from FHLB 3,339 5,161

Interest on subordinated debentures 128 313

- -

Total interest expense 8,160 12,373

- -

Net interest income 13,805 10,582

Provision for loan losses 9,000 250

- -

Net interest income after provision

for loan losses 4,805 10,332

- -

Other income (expense):

Loan servicing fees, net 26 (212)

Impairment recovery on mortgage

servicing rights 5 23

Customer service fees and charges 1,858 1,397

Provision for loss on real estate owned - (250)

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

Gain from loans held for sale 6,967 4,743

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

Other 256 (502)

- -

Total other income 10,200 5,199

- -

General and administrative expenses:

Compensation and fringe benefits 4,501 3,861

Commission-based mortgage banking

compensation 4,116 2,188

Premises and equipment 990 967

Advertising and business promotion 1,369 1,296

Federal deposit insurance premiums 1,238 34

Other 1,443 1,253

- -

Total general and administrative expenses 13,657 9,599

- -

Income before income tax expense 1,348 5,932

Income tax expense 19 2,284

- -

Net income $ 1,329 3,648

= =

Basic earnings per share $ 0.17 0.46

= =

Diluted earnings per share $ 0.17 0.46

= =



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 - - 1,329 - - 1,329

Other comprehensive income,

net of tax:

Unrealized gain on securities - - - - (1,115) (1,115)

available for sale -

Total comprehensive income 214

Cash dividends paid ($0.225

per share) - - (1,770) - - (1,770)

Stock based compensation expense - 20 - - - 20

-

Balance at December 31, 2009 $ 1,479 16,545 184,450 (38,418) 796 164,852

=



Unrealized gain on available for sale securities,

net of income taxes of $491 $ 784

Reclassification adjustment for gain included in

net income, net of income taxes of $1,189 (1,899)

-

Change in unrealized gain (loss) on available for sale

securities, net of income tax of $(698) $ (1,115)

=





Less Than 12 Months 12 Months or Longer

- -

Estimated Gross Estimated Gross

fair unrealized fair unrealized

value losses value losses

-

Collateralized mortgage

obligations $ 9,484 37 $ - -

-

Total $ 9,484 37 $ - -

=



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 a decrease in other assets of $1.0 million, an increase

in other liabilities of $687,000, and a decrease in other income of $1.7

million for the three month period ended December 31, 2009.



Additionally, the Company has commitments to sell loans that have

closed prior to the end of the period. Due to the mark to market

adjustment on commitments to sell loans held for sale, the Company

recorded an increase in other assets of $1.5 million, a decrease in

other liabilities of $559,000, and an increase in other income of $2.0

million during the three month period ended December 31, 2009.



Read the The complete Report

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