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

June 14, 2010 | About:
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10qk

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NASB Financial Inc. (NASB) 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%.

Highlight of Business Operations:

Interest on customer and brokered

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.



Read the The complete Report

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