NASB Financial : May 10, 2023 NASB Financial Inc. Announces Financial Results

NASB Financial, Inc.

NEWS RELEASE

Contact: Rhonda Nyhus

NASB Financial, Inc.

903 E. 104th Street, Suite 400

Kansas City, MO 64131

Phone [phone]

FOR IMMEDIATE RELEASE:

NASB Financial, Inc. Announces Financial Results

Kansas City, Missouri (May 10, 2023) - NASB Financial, Inc. (the "Company") (OTCQX: NASB) announced today net income for the quarter ended March 31, 2023, of $1.9 million or $0.26 per share. This compares to net income of $4.7 million or $0.63 per share for the quarter ended December 31, 2022, and compares to net income of $8.8 million or $1.19 per share for the quarter ended March 31, 2022. Earnings for the quarter ended March 31, 2023, included pre-tax charges of $4.6 million, or $0.47 per share, related to the Company's exit of its consumer direct lending business.

Net income for the six months ended March 31, 2023, was $6.6 million or $0.89 per share.

This compares to net income of $17.4 million or $2.35 per share for the six months ended March 31, 2022.

NASB Financial, Inc. is a unitary thrift holding company for North American Savings Bank, F.S.B. ("NASB"). Since 1927, NASB has been serving the financial needs of customers by providing an array of personal banking and lending products in the Kansas City metro

area. NASB offers competitive residential and commercial mortgages nationwide with the safety and security of a Federal institution. For more information, visit nasb.com.

(Financial Highlights Schedule Attached)

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NASB Financial, Inc.

Financial Highlights

(Dollars in thousands, except per share data)

		Three Months Ended
		3/31/23	12/31/22	3/31/22
EARNINGS DATA:
Net interest income	$	21,508	22,077	18,809
Provision for loan losses		--	--	--
Non-interest income		1,156	1,144	8,310
Non-interest expense		15,233	13,872	14,423
Income tax expense		1,828	2,300	2,913
Income (loss) from discontinued
operations, net of tax		(3,702)	(2,357)	(964)
Net income	$	1,901	4,692	8,819
FINANCIAL CONDITION DATA:
Total assets	$	2,761,904	2,520,202	2,206,699
Total loans held for investments and
mortgage-backed securities, net		2,144,966	2,132,757	1,531,834
Customer and brokered deposit
accounts		1,729,421	1,633,934	1,357,520
Stockholders' equity		382,170	378,445	391,895

FINANCIAL RATIOS AND PER SHARE DATA:

Six Months Ended

3/31/23 3/31/22

43,585	37,873
--	--
2,300	13,556
29,105	29,901
4,128	5,016
(6,059)	929
6,593	17,441

2,761,904 2,206,699

2,144,966 1,531,834

1,729,421 1,357,520

382,170 391,895

Book value per share	$
Earnings per share
Cash dividends paid per share

Return on assets (annualized net income divided by total average assets)

Return on equity (annualized net income divided by average stockholders' equity)

51.59	51.03	52.90
0.26	0.63	1.19
0.25	0.85	0.85
0.29%	0.73%	1.61%
2.00%	4.96%	8.97%

51.59 52.90

0.89 2.35

1.10 1.60

0.49% 1.53%

3.47% 8.88%

Weighted average shares outstanding	7,412,861	7,412,785	7,409,460

7,412,823 7,409,086