NASB Financial : Quarterly Financial Report - December 2021

NASB Financial, Inc. and Subsidiary

Consolidated Balance Sheets

		December 31,		September 30,
		2021	2021
		(Unaudited)
ASSETS		(Dollars in thousands)
Cash and cash equivalents	$	194,250	115,584
Interest bearing deposits		--	250
Securities available for sale, at fair value		128,151	140,455
Stock in Federal Home Loan Bank, at cost		18,177	24,052
Mortgage-backed securities available for sale, at fair value		2,439	2,590
Loans receivable:
Held for sale, at fair value		360,836	576,927
Held for investment, net		1,405,499	1,416,397
Allowance for loan losses		(26,562)	(26,204)
Accrued interest receivable		6,670	7,059
Foreclosed assets held for sale, net		14,066	7,828
Premises and equipment, net		9,349	10,013
Investment in LLCs		--	10,500
Mortgage servicing rights, net		17,013	13,716
Deferred income tax asset, net		1,251	2,951
Income taxes receivable		--	498
Delinquent GNMA-backed loans available for repurchase		16,443	21,551
Goodwill and other intangibles		10,772	10,757
Other assets		28,454		24,447
	$	2,186,808	2,359,371
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Customer deposit accounts	$	1,348,531	1,351,337
Advances from Federal Home Loan Bank		375,000	522,000
Subordinated debentures		25,774	25,774
Secured borrowings		16,443	21,551
Escrows		7,677	16,622
Income taxes payable		1,350	--
Accrued expenses and other liabilities		17,090	28,741
Total liabilities		1,791,865	1,966,025
Stockholders' equity:
Common stock of $0.15 par value: 20,000,000 authorized; 9,868,281 shares issued
at December 31, 2021, and at September 30, 2021		1,480	1,480
Additional paid-in capital		16,059	16,451
Retained earnings		427,914	424,850
Treasury stock, at cost; 2,457,286 shares at December 31, 2021, and
2,464,847 shares at September 30, 2021		(49,580)	(50,037)
Accumulated other comprehensive income (loss)		(930)		602
Total stockholders' equity		394,943		393,346
	$	2,186,808	2,359,371

NASB Financial, Inc. and Subsidiary

Consolidated Statements of Operations (Unaudited)

		Three months ended December 31,
		2021	2020
		(Dollars in thousands, except share data)
Interest on loans receivable	$	24,521	29,601
Interest on mortgage-backed securities		21	26
Interest and dividends on securities		851	1,147
Other interest income		45		23
Total interest income		25,438		30,797
Interest on customer and brokered deposit accounts		1,198	3,214
Interest on advances from Federal Home Loan Bank		1,772	1,753
Interest on subordinated debentures		114	127
Other interest expense		6		5
Total interest expense		3,090		5,099
Net interest income		22,348	25,698
Provision for loan losses		--		--
Net interest income after provision for loan losses		22,348	25,698
Other income (expense):
Loan servicing fees, net		1,127	1,081
Customer service fees and charges		1,258	2,092
Provision for loss on real estate owned		--	(165)
Income (expense) on real estate owned, net		(24)	(133)
Gain on disposal of securities available for sale		290	--
Mortgage banking income		19,637	43,387
Other income		51		427
Total other income		22,339	46,689
General and administrative expenses:
Compensation and fringe benefits		13,549	12,693
Commission-based mortgage banking compensation		8,986	16,831
Premises and equipment		2,694	1,789
Advertising and business promotion		4,286	2,328
Federal deposit insurance premiums		134	147
Other		3,696		3,450
Total general and administrative expenses		33,345		37,238
Income before income tax expense		11,342	35,149
Income tax expense		2,720		8,471
Net income	$	8,622	26,678
Basic earnings per share	$	1.16	3.61
Basic weighted average shares outstanding		7,408,720	7,400,089