NASB Financial Inc. (NASB, Financial) filed Quarterly Report for the period ended 2009-03-31.
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 $176 million; its shares were traded at around $22.35 with a P/E ratio of 15.9 and P/S ratio of 1.5. The dividend yield of NASB Financial Inc. stocks is 4.1%. NASB Financial Inc. had an annual average earning growth of 6% over the past 5 years.
March 31, September 30,
2009 2008
(Unaudited)
- -
ASSETS
Cash and cash equivalents $ 9,668 21,735
Securities available for sale, at
fair value 36,925 35
Stock in Federal Home Loan Bank, at cost 26,640 26,284
Mortgage-backed securities:
Available for sale, at fair value 51,762 59,889
Held to maturity, at cost 126 135
Loans receivable:
Held for sale, at fair value at
March 31, 2009, and at lower
of amortized cost or fair value
at September 30, 2008 71,688 64,030
Held for investment, net 1,298,176 1,294,297
Allowance for loan losses (13,050) (13,807)
Accrued interest receivable 6,603 6,886
Foreclosed assets held for sale, net 9,901 6,038
Premises and equipment, net 13,970 14,599
Investment in LLCs 21,059 20,683
Mortgage servicing rights, net 416 716
Deferred income tax asset, net 6,049 6,293
Other assets 9,815 8,948
- -
$ 1,549,748 1,516,761
= =
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Customer deposit accounts $ 712,983 691,615
Brokered deposit accounts 153,967 77,764
Advances from Federal Home Loan Bank 479,059 550,091
Subordinated debentures 25,774 25,774
Escrows 7,342 9,776
Income taxes payable 3,201 4,002
Liability for unrecognized tax benefit 850 850
Accrued expenses and other liabilities 8,883 4,477
- -
Total liabilities 1,392,059 1,364,349
- -
Interest on customer and brokered
deposit accounts 6,398 8,198 13,297 16,811
Interest on advances from FHLB 4,131 6,419 9,292 12,831
Interest on subordinated debentures 223 345 536 776
- - - -
Total interest expense 10,752 14,962 23,125 30,418
- - - -
Net interest income 11,006 9,052 21,588 19,141
Provision for loan losses 1,000 700 1,250 1,400
- - - -
Net interest income after provision
for loan losses 10,006 8,352 20,338 17,741
- - - -
Other income (expense):
Loan servicing fees, net (20) (69) (232) (123)
Impairment recovery on mortgage
servicing rights 18 24 41 61
Customer service fees and charges 1,740 1,423 3,137 2,718
Provision for loss on real estate owned - (300) (250) (850)
Gain on sale of securities available
for sale - 122 - 122
Gain from sale of loans receivable
held for sale 5,502 4,103 10,245 5,705
Other 1,990 87 1,488 45
- - - -
Total other income 9,230 5,390 14,429 7,678
- - - -
General and administrative expenses:
Compensation and fringe benefits 4,266 3,872 8,127 7,612
Commission-based mortgage banking compensation 3,435 2,062 5,623 3,527
Premises and equipment 1,096 1,046 2,063 2,109
Advertising and business promotion 1,098 934 2,394 1,962
Federal deposit insurance premiums 37 24 71 47
Other 1,612 1,207 2,865 2,526
- - - -
Total general and administrative expenses 11,544 9,145 21,143 17,783
- - - -
Income before income tax expense 7,692 4,597 13,624 7,636
Income tax expense 2,961 1,791 5,245 2,961
- - - -
Net income $ 4,731 2,806 8,379 4,675
= = = =
Basic earnings per share $ 0.60 0.36 1.06 0.59
= = = =
Diluted earnings per share $ 0.60 0.35 1.06 0.59
= = = =
Balance at October 1, 2008 $ 13,807
Provisions 1,250
Charge-offs (2,011)
Recoveries 4
-
Balance at March 31, 2009 $ 13,050
=
Balance at October 1, 2008 $ 716
Additions:
Impairment recovery 41
Reductions:
Amortization (341)
-
Balance at March 31, 2009 $ 416
=
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 under Statement of Financial
Accounting Standards ("SFAS") No. 133, "Accounting for Derivative
Instruments and Hedging Activities," as amended by SFAS No. 138 and SFAS
No. 149. These statements require 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 $354,000, an increase in other liabilities of $94,000, and a
decrease in other income of $448,000 for the quarter ended March 31,
2009. The Company recorded a decrease in other assets of $309,000, an
increase in other liabilities of $120,000, and a decrease in other
income of $429,000 for the six month period ended March 31, 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 $1.4 million,
a decrease in other liabilities of $916,000, and an increase in other
income of $2.3 million during the quarter ended March 31, 2009. The
Company recorded an increase in other assets of $1.4 million, a decrease
in other liabilities of $449,000, and an increase in other income of
$1.9 million sale during the six month period ended March 31, 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 $176 million; its shares were traded at around $22.35 with a P/E ratio of 15.9 and P/S ratio of 1.5. The dividend yield of NASB Financial Inc. stocks is 4.1%. NASB Financial Inc. had an annual average earning growth of 6% over the past 5 years.
Highlight of Business Operations:
March 31, September 30,
2009 2008
(Unaudited)
- -
ASSETS
Cash and cash equivalents $ 9,668 21,735
Securities available for sale, at
fair value 36,925 35
Stock in Federal Home Loan Bank, at cost 26,640 26,284
Mortgage-backed securities:
Available for sale, at fair value 51,762 59,889
Held to maturity, at cost 126 135
Loans receivable:
Held for sale, at fair value at
March 31, 2009, and at lower
of amortized cost or fair value
at September 30, 2008 71,688 64,030
Held for investment, net 1,298,176 1,294,297
Allowance for loan losses (13,050) (13,807)
Accrued interest receivable 6,603 6,886
Foreclosed assets held for sale, net 9,901 6,038
Premises and equipment, net 13,970 14,599
Investment in LLCs 21,059 20,683
Mortgage servicing rights, net 416 716
Deferred income tax asset, net 6,049 6,293
Other assets 9,815 8,948
- -
$ 1,549,748 1,516,761
= =
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Customer deposit accounts $ 712,983 691,615
Brokered deposit accounts 153,967 77,764
Advances from Federal Home Loan Bank 479,059 550,091
Subordinated debentures 25,774 25,774
Escrows 7,342 9,776
Income taxes payable 3,201 4,002
Liability for unrecognized tax benefit 850 850
Accrued expenses and other liabilities 8,883 4,477
- -
Total liabilities 1,392,059 1,364,349
- -
Interest on customer and brokered
deposit accounts 6,398 8,198 13,297 16,811
Interest on advances from FHLB 4,131 6,419 9,292 12,831
Interest on subordinated debentures 223 345 536 776
- - - -
Total interest expense 10,752 14,962 23,125 30,418
- - - -
Net interest income 11,006 9,052 21,588 19,141
Provision for loan losses 1,000 700 1,250 1,400
- - - -
Net interest income after provision
for loan losses 10,006 8,352 20,338 17,741
- - - -
Other income (expense):
Loan servicing fees, net (20) (69) (232) (123)
Impairment recovery on mortgage
servicing rights 18 24 41 61
Customer service fees and charges 1,740 1,423 3,137 2,718
Provision for loss on real estate owned - (300) (250) (850)
Gain on sale of securities available
for sale - 122 - 122
Gain from sale of loans receivable
held for sale 5,502 4,103 10,245 5,705
Other 1,990 87 1,488 45
- - - -
Total other income 9,230 5,390 14,429 7,678
- - - -
General and administrative expenses:
Compensation and fringe benefits 4,266 3,872 8,127 7,612
Commission-based mortgage banking compensation 3,435 2,062 5,623 3,527
Premises and equipment 1,096 1,046 2,063 2,109
Advertising and business promotion 1,098 934 2,394 1,962
Federal deposit insurance premiums 37 24 71 47
Other 1,612 1,207 2,865 2,526
- - - -
Total general and administrative expenses 11,544 9,145 21,143 17,783
- - - -
Income before income tax expense 7,692 4,597 13,624 7,636
Income tax expense 2,961 1,791 5,245 2,961
- - - -
Net income $ 4,731 2,806 8,379 4,675
= = = =
Basic earnings per share $ 0.60 0.36 1.06 0.59
= = = =
Diluted earnings per share $ 0.60 0.35 1.06 0.59
= = = =
Balance at October 1, 2008 $ 13,807
Provisions 1,250
Charge-offs (2,011)
Recoveries 4
-
Balance at March 31, 2009 $ 13,050
=
Balance at October 1, 2008 $ 716
Additions:
Impairment recovery 41
Reductions:
Amortization (341)
-
Balance at March 31, 2009 $ 416
=
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 under Statement of Financial
Accounting Standards ("SFAS") No. 133, "Accounting for Derivative
Instruments and Hedging Activities," as amended by SFAS No. 138 and SFAS
No. 149. These statements require 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 $354,000, an increase in other liabilities of $94,000, and a
decrease in other income of $448,000 for the quarter ended March 31,
2009. The Company recorded a decrease in other assets of $309,000, an
increase in other liabilities of $120,000, and a decrease in other
income of $429,000 for the six month period ended March 31, 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 $1.4 million,
a decrease in other liabilities of $916,000, and an increase in other
income of $2.3 million during the quarter ended March 31, 2009. The
Company recorded an increase in other assets of $1.4 million, a decrease
in other liabilities of $449,000, and an increase in other income of
$1.9 million sale during the six month period ended March 31, 2009.
Read the The complete Report
