#United States #financial results #Kansas City #NASB Financial #North American Savings Bank

NASB Financial, Inc. Reports Q3 2024 Financial Results

Date: December 13, 2024
Location: Kansas City, Missouri

NASB Financial, Inc., trading on OTCQX as NASB, has revealed its financial results for the third quarter ended September 30, 2024. The company reported a net income of $6.1 million, translating to $0.84 per share. This figure reflects a slight decrease compared to the second quarter of 2024, where the net income was $6.8 million, or $0.92 per share, as well as a minor decline from $6.6 million, or $0.90 per share, for the same quarter last year.

For the fiscal year ending September 30, 2024, NASB Financial achieved a net income of $28.3 million or $3.83 per share, marking a beautiful increase from $21.6 million or $2.92 per share in the preceding year. The previous year’s earnings included pre-tax expenses totaling $4.6 million ($0.47 per share) due to the company’s exit from its consumer direct lending operations.

Founded in 1927, NASB Financial operates as a unitary thrift holding company for North American Savings Bank, F.S.B. (NASB). Over nearly a century, it has been dedicated to catering to the financial needs of its customers, offering a diverse range of personal banking and lending solutions in the Kansas City metro area. The institution also provides competitive residential and commercial mortgages nationwide, underpinned by the reliability associated with being a federally-backed financial entity.

Key Financial Highlights

• - Earnings Data:

- Net Interest Income: Increased from $19.403 million to $19.904 million from Q3 2023 to Q3 2024, although it was slightly down from $19.802 million in Q2 2024.
- Provision for Credit Losses: Reflects a small reversal from the prior year, having been assessed at $71, contrasting with no recorded losses in the previous quarter.
- Non-Interest Income: This fell to $873,000 from $2.230 million in Q3 2023, indicative of changing financial landscapes.
- Net Income: Totaled $6.144 million for Q3 2024, down from $6.783 million in Q2 2024 but showing continuity from $6.637 million a year earlier.

• - Financial Condition Data:

- Total Assets: Now stands at $2.860 billion, a rise from $2.814 billion compared to a year prior.
- Total Loans and Securities: Reached $2.170 billion, maintaining a consistent trend.
- Deposits: Reported at $1.729 billion, indicating stable customer engagement.
- Stockholders’ Equity: Increased to $413.204 million, compared to $386.106 million in the previous year, pointing to robust financial health.

Efficiency and Returns

In terms of efficiency metrics, NASB Financial's return on assets (ROA) was 0.87% for the quarter, down from 0.96% during the preceding quarter but showing an uptick when analyzed over the last year. Return on equity (ROE) measured at 5.99% mirrors this trend, decreasing slightly from 6.70% in Q2 2024 while still improving year-on-year. Furthermore, book values per share have also shown encouraging growth, rising to $57.18, up from $52.28 in the prior year's corresponding quarter.

Future Outlook

As NASB continues to solidify its position in the financial industry, its strategy focuses on providing safe, reliable banking services while maintaining a competitive edge in terms of product offerings. The management team remains committed to serving customers' needs with integrity and professionalism. For detailed insights into their operations, stakeholders are encouraged to visit their website at nasb.com.

In conclusion, NASB Financial, Inc.'s latest financial report reflects a commendable performance, showcasing resilience and strategic planning amidst evolving market conditions, and positioning the company well for future success.