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Description:
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NASB Financial, Inc. was formed as a unitary thrift holding company of North American Savings Bank, F.S.B. (the Bank). The Bank is a federally chartered stock savings bank. The Bank's primary market area includes the counties of Jackson, Cass, Clay, Buchanan, Andrew, Platte, and Ray in Missouri, and Johnson and Wyandotte counties in Kansas. The Bank has eight customer deposit offices. The Bank's principal business is to attract deposits from the general public and to originate real estate loans, other loans and short-term investments. The Bank obtains funds mainly from deposits received from the general public, sales of loans and loan participations, advances from the Federal Home Loan Bank (FHLB) and principal repayments on loans and mortgage-backed securities (MBS). For the six months ended 31 March 2006, NASB Financial, Inc.'s interest income increased 23% to $48.3M. Net interest income after LLP decreased 7% to $23.7M. Net income decreased 24% to $9.9M. Net interest income reflects an increase in interest on loans, offset by higher interest expenses. Net income reflects the absence of recovery on real estate owned, increased general & administartive expenses and higher advertising & business promotion costs.
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