NASB Financial Inc. (NASB, Financial) filed Quarterly Report for the period ended 2010-03-31.
Nasb Financial Inc. has a market cap of $126.05 million; its shares were traded at around $16.02 with a P/E ratio of 7.15 and P/S ratio of 0.97. The dividend yield of Nasb Financial Inc. stocks is 5.62%.
deposit accounts 4,186 6,398 8,879 13,297
Interest on advances from FHLB 3,084 4,131 6,423 9,292
Interest on subordinated debentures 119 223 247 536
- - - -
Total interest expense 7,389 10,752 15,549 23,125
- - - -
Net interest income 13,119 11,006 26,924 21,588
Provision for loan losses 5,000 1,000 14,000 1,250
- - - -
Net interest income after provision
for loan losses 8,119 10,006 12,924 20,338
- - - -
Other income (expense):
Loan servicing fees, net 53 (20) 79 (232)
Impairment recovery (loss) on mortgage
servicing rights (1) 18 4 41
Customer service fees and charges 1,573 1,740 3,431 3,137
Provision for loss on real estate owned (208) - (208) (250)
Gain on sale of securities available
for sale 1,564 - 4,652 -
Gain from sale of loans receivable
held for sale 7,117 5,502 14,084 10,245
Impairment loss on investments in LLCs - - (2,000) -
Other (784) 1,990 (528) 1,488
- - - -
Total other income 9,314 9,230 19,514 14,429
- - - -
General and administrative expenses:
Compensation and fringe benefits 4,477 4,266 8,978 8,127
Commission-based mortgage banking compensation 3,235 3,435 7,351 5,623
Premises and equipment 1,057 1,096 2,047 2,063
Advertising and business promotion 1,507 1,098 2,876 2,394
Federal deposit insurance premiums 434 37 1,672 71
Other 1,610 1,612 3,053 2,865
- - - -
Total general and administrative expenses 12,320 11,544 25,977 21,143
- - - -
Income before income tax expense 5,113 7,692 6,461 13,624
Income tax expense 1,894 2,961 1,913 5,245
- - - -
Net income $ 3,219 4,731 4,548 8,379
= = = =
Basic earnings per share $ 0.41 0.60 0.58 1.06
= = = =
Diluted earnings per share $ 0.41 0.60 0.58 1.06
= = = =
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 - - 4,548 - - 4,548
Other comprehensive income,
net of tax:
Unrealized gain on securities - - - - (1,449) (1,449)
available for sale -
Total comprehensive income 3,099
Cash dividends paid ($0.45
per share) - - (3,540) - - (3,540)
Stock based compensation expense - 39 - - - 39
-
Balance at March 31, 2010 $ 1,479 16,564 185,899 (38,418) 462 165,986
=
Unrealized gain on available for sale securities,
net of income taxes of $884 $ 1,412
Reclassification adjustment for gain included in
net income, net of income taxes of $1,791 (2,861)
-
Change in unrealized gain (loss) on available for sale
securities, net of income tax of $(907) $ (1,449)
=
Less than 12 months 12 months or longer
- -
Estimated Gross Estimated Gross
fair unrealized fair unrealized
value losses value losses
-
Collateralized mortgage
obligations $ 23,782 154 $ - -
-
Total $ 23,782 154 $ - -
=
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 $70,000, an increase in
other liabilities of $249,000, and a decrease in other income of
$179,000 for the quarter ended March 31, 2010. The Company recorded a
decrease in other assets of $938,000, an increase in other liabilities
of $936,000, and a decrease in other income of $1.9 million for the six
month period ended March 31, 2010.
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 a decrease in other assets of $292,000, an increase in other
liabilities of $60,000, and a decrease in other income of $352,000
during the quarter ended March 31, 2010. The Company recorded an
increase in other assets of $1.2 million, a decrease in other
liabilities of $499,000, and an increase in other income of $1.6 million
during the six month period ended March 31, 2010.
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Nasb Financial Inc. has a market cap of $126.05 million; its shares were traded at around $16.02 with a P/E ratio of 7.15 and P/S ratio of 0.97. The dividend yield of Nasb Financial Inc. stocks is 5.62%.
Highlight of Business Operations:
Interest on customer and brokereddeposit accounts 4,186 6,398 8,879 13,297
Interest on advances from FHLB 3,084 4,131 6,423 9,292
Interest on subordinated debentures 119 223 247 536
- - - -
Total interest expense 7,389 10,752 15,549 23,125
- - - -
Net interest income 13,119 11,006 26,924 21,588
Provision for loan losses 5,000 1,000 14,000 1,250
- - - -
Net interest income after provision
for loan losses 8,119 10,006 12,924 20,338
- - - -
Other income (expense):
Loan servicing fees, net 53 (20) 79 (232)
Impairment recovery (loss) on mortgage
servicing rights (1) 18 4 41
Customer service fees and charges 1,573 1,740 3,431 3,137
Provision for loss on real estate owned (208) - (208) (250)
Gain on sale of securities available
for sale 1,564 - 4,652 -
Gain from sale of loans receivable
held for sale 7,117 5,502 14,084 10,245
Impairment loss on investments in LLCs - - (2,000) -
Other (784) 1,990 (528) 1,488
- - - -
Total other income 9,314 9,230 19,514 14,429
- - - -
General and administrative expenses:
Compensation and fringe benefits 4,477 4,266 8,978 8,127
Commission-based mortgage banking compensation 3,235 3,435 7,351 5,623
Premises and equipment 1,057 1,096 2,047 2,063
Advertising and business promotion 1,507 1,098 2,876 2,394
Federal deposit insurance premiums 434 37 1,672 71
Other 1,610 1,612 3,053 2,865
- - - -
Total general and administrative expenses 12,320 11,544 25,977 21,143
- - - -
Income before income tax expense 5,113 7,692 6,461 13,624
Income tax expense 1,894 2,961 1,913 5,245
- - - -
Net income $ 3,219 4,731 4,548 8,379
= = = =
Basic earnings per share $ 0.41 0.60 0.58 1.06
= = = =
Diluted earnings per share $ 0.41 0.60 0.58 1.06
= = = =
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 - - 4,548 - - 4,548
Other comprehensive income,
net of tax:
Unrealized gain on securities - - - - (1,449) (1,449)
available for sale -
Total comprehensive income 3,099
Cash dividends paid ($0.45
per share) - - (3,540) - - (3,540)
Stock based compensation expense - 39 - - - 39
-
Balance at March 31, 2010 $ 1,479 16,564 185,899 (38,418) 462 165,986
=
Unrealized gain on available for sale securities,
net of income taxes of $884 $ 1,412
Reclassification adjustment for gain included in
net income, net of income taxes of $1,791 (2,861)
-
Change in unrealized gain (loss) on available for sale
securities, net of income tax of $(907) $ (1,449)
=
Less than 12 months 12 months or longer
- -
Estimated Gross Estimated Gross
fair unrealized fair unrealized
value losses value losses
-
Collateralized mortgage
obligations $ 23,782 154 $ - -
-
Total $ 23,782 154 $ - -
=
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 $70,000, an increase in
other liabilities of $249,000, and a decrease in other income of
$179,000 for the quarter ended March 31, 2010. The Company recorded a
decrease in other assets of $938,000, an increase in other liabilities
of $936,000, and a decrease in other income of $1.9 million for the six
month period ended March 31, 2010.
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 a decrease in other assets of $292,000, an increase in other
liabilities of $60,000, and a decrease in other income of $352,000
during the quarter ended March 31, 2010. The Company recorded an
increase in other assets of $1.2 million, a decrease in other
liabilities of $499,000, and an increase in other income of $1.6 million
during the six month period ended March 31, 2010.
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