SECURITIES AND EXCHANGE COMMISSION
                         Washington, DC  20549


                               FORM 10-Q/A
                            (Amendment No. 1)


[X] Quarterly Report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934

               For the period ended    December 31, 2005

                                   or

[  ] Transition Report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934

         For the transition period from        to


                  Commission File Number      0-24033


                          NASB Financial, Inc.
           (Exact name of registrant as specified in its charter)

         Missouri                                       43-1805201
(State or other jurisdiction of                       (IRS Employer
incorporation or organization)                       Identification No.)


           12498 South 71 Highway, Grandview, Missouri  64030
      (Address of principal executive offices)         (Zip Code)


                             (816) 765-2200
           (Registrant's telephone number, including area code)


                                    N/A
(Former name, former address and former fiscal year, if changed since
  last report)


Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period
that the Registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.

                                           Yes  X        No

Indicate by check mark whether the Registrant is a large accelerated
filer, an accelerated filer, or a non-accelerated filer.  See definition
of "accelerated filer and large accelerated filer" in Rule 12b-2 of the
Exchange Act.

Large accelerated filer    Accelerated filer  X    Non-accelerated filer

Indicate by check mark whether the Registrant is a shell company (as
defined in Rule 12b-2 of the Exchange Act).

                                           Yes           No  X

The number of shares of Common Stock of the Registrant outstanding as of
February 6, 2006, was 8,417,442.


<Page>

          EXPLANATORY NOTE REGARDING THIS FORM 10-Q/A

     This Amendment No. 1 to the Quarterly Report on Form 10-Q/A amends
our Quarterly Report on Form 10-Q for the quarter ended December 31,
2005, initially filed with the Securities and Exchange Commission
("SEC") on February 9, 2006 (the "Original Filing").  We are filing this
Amendment No. 1 to restate our consolidated financial statements for the
quarters ended December 31, 2005 and 2004, to appropriately reflect
certain information in conformity with Statement of Financial Accounting
Standards No. 95, "Statement of Cash Flows" ("SFAS 95").  The Company
has historically classified principal repayments on its loans held for
sale in the investing section of the statement of cash flows.  The SEC
has taken exception with this treatment, and informed the Company that
principal repayments on loans held for sale should be classified in the
operating section of the statement of cash flows in accordance with
guidance under SFAS 95.  Additionally, as a result of researching this
classification issue, management discovered an error in its calculation
of originations and principal repayments of loans held for sale reported
in the consolidated statements of cash flows.

     This  Amendment No. 1 amends and restates the Company's
consolidated financial statements for the quarters ended December 31,
2005 and 2004, including the notes thereto.  The Company's Consolidated
Statement of Cash Flows have been restated in order to reclassify items
related to the origination, sale and principal repayment of loans held
for sale.  Refer to Note 11, "Restatement," in this Amendment No. 1 for
further information on the restatement impact for the quarters ended
December 31, 2005 and 2004.

     This Amendment No. 1 also amends Part I, Item 4 "Controls and
Procedures," related to the restatement of the Company's consolidated
financial statements noted above.

     Pursuant to the rules of the Securities and Exchange Commission,
Item 6, "Exhibits," of Part II of the original Form 10-Q has been
amended to contain updated certifications from our Chief Executive
Officer and Chief Financial Officer, as required by Sections 302 and 906
of the Sarbanes-Oxley Act of 2002.

     This Amendment No. 1 only amends and restates the Items described
above to reflect the effects of the restatement, and we have not
modified or updated other disclosures presented in our Original Filing.
Other Items of the Original Filing are not included in this Amendment
No. 1.  Accordingly, this Amendment No. 1 does not reflect events
occurring after the filing of the Original Filing and does not modify or
update those disclosures affected by subsequent events, except as
specifically referenced herein.  Information not affected by this
Amendment No. 1 is unchanged and reflects the disclosures made at the
time of the Original Filing on February 9, 2006.


                                    1

<Page>

NASB FINANCIAL, INC. AND SUBSIDIARY
Consolidated Balance Sheets
(In thousands)


<Table>
<Caption>
                                          December 31,    September 30,
                                              2005            2005
                                           (Unaudited)
                                           ----------     -----------
<S>                                        <C>            <C>
ASSETS
Cash and cash equivalents                $    38,437         35,334
Securities available for sale                    237            237
Stock in Federal Home Loan Bank, at cost      23,411         22,390
Mortgage-backed securities:
  Available for sale, at fair value          119,802        129,302
  Held to maturity (fair value of $410
    and $447 at December 31, 2005, and
    September 30, 2005, respectively)            396            431
Loans receivable:
  Held for sale                               47,250         94,130
  Held for investment, net                 1,278,548      1,234,050
Allowance for loan losses                     (7,312)        (7,536)
Accrued interest receivable                    7,427          6,997
Foreclosed asset held for sale, net            8,410          7,760
Premises and equipment, net                   11,058         10,558
Investment in LLC                             14,559         12,206
Mortgage servicing rights, net                   901            911
Deferred income tax asset                      2,642          2,671
Other assets                                   7,120          6,903
                                           ----------     ----------
                                         $ 1,552,886      1,556,344
                                           ==========     ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
  Customer deposit accounts              $   721,374        707,892
  Brokered deposit accounts                  126,731         94,802
  Advances from Federal Home Loan Bank       488,771        465,907
  Securities sold under agreements to
    repurchase                                52,500        122,000
  Escrows                                      3,594          9,423
  Income taxes payable                         3,430            796
  Accrued expenses and other liabilities       6,908          6,637
                                           ----------     ----------
      Total liabilities                    1,403,308      1,407,457
                                           ----------     ----------

Stockholders' equity:
  Common stock of $0.15 par value:
    20,000,000 authorized; 9,857,112
    issued at December 31, 2005, and
    September 30, 2005                         1,479          1,479
  Serial preferred stock of $1.00 par
    value: 7,500,000 shares authorized;
    none issued or outstanding                    --             --
  Additional paid-in capital                  16,256         16,256
  Retained earnings                          152,744        151,331
  Treasury stock, at cost; 1,439,670
    shares and 1,419,670 shares at
    December 31, 2005, and
    September 30, 2005, respectively         (18,721)       (17,952)
  Accumulated other comprehensive
    loss                                      (2,180)        (2,227)
                                           ----------     ----------
      Total stockholders' equity             149,578        148,887
                                           ----------     ----------
                                         $ 1,552,886      1,556,344
                                           ==========     ==========
</Table>


See accompanying notes to consolidated financial statements.


                                    2

<Page>

NASB FINANCIAL, INC. AND SUBSIDIARY
Consolidated Statements of Income (Unaudited)
(In thousands, except share data)



<Table>
<Caption>


                                                Three months ended
                                                    December 31,
                                               ----------------------
                                                  2005        2004
                                               ---------    ---------
<S>                                            <C>          <C>
Interest on loans                              $ 22,434       17,683
Interest on mortgage-backed securities            1,160        1,575
Interest and dividends on securities                277          134
Other interest income                               121           46
                                               ---------    ---------
  Total interest income                          23,992       19,438
                                               ---------    ---------

Interest on customer and brokered
    deposit accounts                              6,367        3,330
Interest on advances from FHLB                    4,759        2,145
Interest on securities sold under
    agreements to repurchase                        606          731
                                               ---------    ---------
  Total interest expense                         11,732        6,206
                                               ---------    ---------
    Net interest income                          12,260       13,232
Provision for loan losses                            65          167
                                               ---------    ---------
    Net interest income after provision
      for loan losses                            12,195       13,065
                                               ---------    ---------
Other income (expense):
  Loan servicing fees, net                           30           12
  Impairment recovery on mortgage
        servicing rights                              1           19
  Customer service fees and charges               1,676        1,621
  Recovery on real estate owned                      --          681
  Gain on sale of loans held for sale             3,852        3,654
  Other                                             282          517
                                               ---------    ---------
    Total other income                            5,841        6,504
                                               ---------    ---------
General and administrative expenses:
  Compensation and fringe benefits                4,492        4,193
  Commission-based mortgage banking
      compensation                                1,871        1,529
  Premises and equipment                            874          793
  Advertising and business promotion              1,108          845
  Federal deposit insurance premiums                 26           26
  Other                                           1,526        1,287
                                               ---------    ---------
    Total general and administrative expenses     9,897        8,673
                                               ---------    ---------
    Income before income tax expense              8,139       10,896
Income tax expense                                2,930        3,977
                                               ---------    ---------
    Net income                                  $ 5,209        6,919
                                               =========    =========
Basic earnings per share                        $  0.62         0.82
                                               =========    =========
Diluted earnings per share                      $  0.61         0.82
                                               =========    =========

Basic weighted average shares outstanding     8,434,562    8,455,442

</Table>




See accompanying notes to consolidated financial statements.


                                    3
<Page>


NASB FINANCIAL, INC. AND SUBSIDIARY
Consolidated Statements of Stockholders' Equity (Unaudited)
(In thousands, except share data)


<Table>
<Caption>

                                                                            Accumulated
                                             Additional                        other         Total
                                  Common      paid-in   Retained   Treasury comprehensive stockholders
                                   stock      capital   earnings     stock  income (loss)    equity
                               -----------------------------------------------------------------------
                                               (Dollars in thousands)
<S>                             <C>          <C>        <C>       <C>         <C>          <C>
Balance at October 1, 2005       $ 1,479       16,256    151,331    (17,952)   (2,227)       148,887
  Comprehensive income:
    Net income                        --           --      5,209         --        --          5,209
    Other comprehensive income (loss),
      net of tax:
       Unrealized loss on securities  --           --         --         --        47             47
         available for sale                                                                  -------
    Total comprehensive income        --           --         --         --        --          5,256
  Cash dividends paid                 --           --     (3,796)        --        --         (3,796)
  Purchase of common stock for
    treasury                          --           --         --       (769)       --           (769)

                               ----------------------------------------------------------------------
Balance at December 31, 2005     $ 1,479       16,256    152,744    (18,721)   (2,180)       149,578
                               ======================================================================

</Table>




See accompanying notes to consolidated financial statements.



                                    4
<Page>

NASB FINANCIAL, INC. AND SUBSIDIARY
Consolidated Statements of Cash Flows (Unaudited)
(In thousands, except share data)



<Table>
<Caption>
                                                           Three months ended
                                                               December 31,
                                                          ----------------------
2005	2004
                                                          (Restated)  (Restated)
                                                          ----------------------
<S>                                                       <C>          <C>
Cash flows from operating activities:
  Net income                                             $  5,209        6,919
  Adjustments to reconcile net income to net cash
    provided by (used in) operating activities:
  Depreciation                                                306          271
  Amortization and accretion, net                            (541)        (554)
  Impairment recovery on mortgage servicing rights             (1)         (19)
  Gain on sale of loans receivable held for sale           (3,852)      (3,654)
  Provision for loan losses                                    65          167
  Recovery on real estate owned                                --         (681)
  Principal repayments of mortgage loans receivable
    held for sale                                               7        2,572
  Origination of loans held for sale                     (317,333)    (278,796)
  Sale of loans receivable held for sale                  365,383      260,190
Changes in:
  Net fair value of loan related commitments                   52         (229)
  Accrued interest receivable                                (430)        (120)
  Accrued expenses and other liabilities and
    income taxes payable                                    5,588        4,129
                                                          ----------------------
Net cash provided by (used in) operating activities        54,453       (9,805)

Cash flows from investing activities:
  Principal repayments of mortgage-backed securities:
    Held to maturity                                           35           51
    Available for sale                                      9,458        9,174
  Principal repayments of mortgage loans receivable
    held for investment                                    93,728      111,532
  Principal repayments of other loans receivable            1,941        2,259
  Loan origination - mortgage loans held for investment  (141,023)    (138,532)
  Loan origination - other loans receivable                (1,209)      (2,921)
  Purchase of mortgage loans held for investment               --       (1,207)
  Purchase of FHLB stock                                   (1,021)      (4,086)
  Proceeds for sale of real estate owned                    1,817        3,722
  Purchases of premises and equipment, net of sales          (805)        (876)
  Investment in LLC                                        (2,354)        (271)
  Other                                                      (373)        (861)
                                                          ----------------------
Net cash used in investing activities                     (39,806)     (22,016)

</Table>



                                    5
<Page>

NASB FINANCIAL, INC. AND SUBSIDIARY
Consolidated Statements of Cash Flows (continued)
(In thousands, except share data)



<Table>
<Caption>
                                                           Three months ended
                                                               December 31,
                                                          ----------------------
2005	2004
                                                          (Restated)  (Restated)
                                                          ----------------------
<S>                                                       <C>          <C>
Cash flows from financing activities:
  Net increase (decrease) in customer and
     brokered deposit accounts                             45,428       (4,564)
  Proceeds from advances from FHLB                        150,000      185,000
  Repayment on advances from FHLB                        (127,079)    (117,075)
  Proceeds from sale of securities under
     agreements to repurchase                                  --      189,900
  Repayment of securities sold under
     agreements to repurchase                             (69,500)    (195,900)
  Cash dividends paid                                      (3,796)      (8,455)
  Purchase of common stock for treasury                      (769)          --
  Change in escrows                                        (5,828)      (4,846)
                                                          ----------------------
Net cash provided by (used in) financing activities       (11,544)      44,060
                                                          ----------------------
Net increase in cash and cash equivalents                   3,103       12,239
Cash and cash equivalents at beginning of the period       35,334       18,263
                                                          ----------------------
Cash and cash equivalents at end of period               $ 38,437       30,502
                                                          ======================

Supplemental disclosure of cash flow information:
  Cash paid for income taxes (net of refunds)            $    296           --
  Cash paid for interest                                   11,682        5,919

Supplemental schedule of non-cash investing and financing
  activities:
    Conversion of loans receivable to real estate owned  $    887        1,017
    Capitalization of mortgage servicing rights                68           --





</Table>





See accompanying notes to consolidated financial statements.

                                    6
<Page>

(1) BASIS OF PRESENTATION

     The accompanying unaudited consolidated financial statements are
prepared in accordance with instructions to Form 10-Q and do not include
all of the information and footnotes required by accounting principles
generally accepted in the United States of America ("GAAP") for complete
financial statements.  All adjustments are of a normal and recurring
nature and, in the opinion of management, the statements include all
adjustments considered necessary for fair presentation.  These
statements should be read in conjunction with the consolidated financial
statements and notes thereto included in the Company's Annual Report on
Form 10-K to the Securities and Exchange Commission.  Operating results
for the three months ended December 31, 2005, are not necessarily
indicative of the results that may be expected for the fiscal year
ending September 30, 2006.  The consolidated balance sheet of the
Company as of September 30, 2005, has been derived from the audited
balance sheet of the Company as of that date.

     In preparing the financial statements, management is required to
make estimates and assumptions that affect the reported amounts of
assets and liabilities as of the date of the balance sheet and revenues
and expenses for the period.  Material estimates that are particularly
susceptible to significant change in the near-term relate to the
determination of the allowances for losses on loans, real estate owned,
and valuation of mortgage servicing rights.  Management believes that
these allowances are adequate, however, future additions to the
allowances may be necessary based on changes in economic conditions.

     The Company's critical accounting policies involving the more
significant judgements and assumptions used in the preparation of the
consolidated financial statements as of December 31, 2005, have remained
unchanged from September 30, 2005.  These policies relate to provision
for loan losses and mortgage servicing rights.  Disclosure of these
critical accounting policies is incorporated by reference under Item 8
"Financial Statements and Supplementary Data" in the Company's Annual
Report on Form 10-K for the Company's year ended September 30, 2005.

     Certain quarterly amounts for previous periods have been
reclassified to conform to the current quarter's presentation.


(2) RECONCILIATION OF BASIC EARNINGS PER SHARE TO DILUTED EARNINGS PER
     SHARE

     The following table presents a reconciliation of basic earnings per
share to diluted earnings per share for the periods indicated.

<Table>
<Caption>




                                               Three months ended
                                             ----------------------
                                              12/31/05    12/31/04
                                             ----------------------
<S>                                           <C>        <C>
Net income (in thousands)                    $   5,209       6,919

Average common share outstanding             8,434,562   8,455,442
Average common share stock options
   outstanding                                  42,303      12,148
                                             ----------------------
Average diluted common shares                8,476,865   8,467,590

Earnings per share:
   Basic                                     $    0.62        0.82
   Diluted                                        0.61        0.82



</Table>

     The dilutive securities included for each period presented above
consist entirely of stock options granted to employees as incentive
stock options under Section 442A of the Internal Revenue Code as
amended.


                                  7
<Page>


(3) SECURITIES AVAILABLE FOR SALE

     The following table presents a summary of securities available for
sale.  Dollar amounts are expressed in thousands.

                                       December 31, 2005
                            -------------------------------------------
                                         Gross      Gross    Estimated
                            Amortized unrealized unrealized    fair
                              cost       gains     losses      value
                            -------------------------------------------
Equity securities          $    180        --         --         180
Municipal securities             57        --         --          57
                            -------------------------------------------
  Total                    $    237        --         --         237
                            ===========================================


(4) MORTGAGE-BACKED SECURITIES AVAILABLE FOR SALE

The following table presents a summary of mortgage-backed securities
available for sale.  Dollar amounts are expressed in thousands.

                                       December 31, 2005
                            -------------------------------------------
                                         Gross     Gross     Estimated
                            Amortized unrealized unrealized    fair
                              cost       gains     losses      value
                            -------------------------------------------


Pass-through certificates
  guaranteed by GNMA
    - fixed rate            $     327       --         1         326
Pass-through certificates
  guaranteed by FNMA
    - adjustable rate          17,568       --       519      17,049
FHLMC participation
  certificates
    - fixed rate                1,452       --        89       1,363
    - adjustable rate         104,000       --     2,936     101,064
                            -------------------------------------------
     Total                  $ 123,347       --     3,545     119,802
                            ===========================================



(5) MORTGAGE-BACKED SECURITIES HELD TO MATURITY

     The following table presents a summary of mortgage-backed
securities held to maturity.  Dollar amounts are expressed in thousands.

                                       December 31, 2005
                            -------------------------------------------
                                         Gross     Gross     Estimated
                            Amortized unrealized unrealized    market
                              cost       gains     losses      value
                            -------------------------------------------
FHLMC participation
  certificates:
    Balloon maturity and
      adjustable rate      $    171        11         --          182
FNMA pass-through
  certificates:
    Fixed rate                  100        --         --          100
    Balloon maturity and
      adjustable rate            78        --         --           78
Pass-through certificates
  guaranteed by GNMA
      - fixed rate               47         3         --           50
                            -------------------------------------------
      Total                $    396        14         --          410
                            ===========================================


                                  8

<Page>


(6) LOANS RECEIVABLE

     Loans receivable are as follows:

                                                      December 31,
                                                          2005
                                                 ---------------------
                                                 (Dollars in thousands)
LOANS HELD FOR INVESTMENT:
  Mortgage loans:
    Permanent loans on:
      Residential properties                          $  385,573
      Business properties                                453,154
      Partially guaranteed by VA or
        insured by FHA                                     2,587
    Construction and development                         511,585
                                                       ----------
       Total mortgage loans                            1,352,899
  Commercial loans                                        55,819
  Installment loans to individuals                        20,681
                                                       ----------
    Total loans held for investment                    1,429,399
  Less:
    Undisbursed loan funds                              (146,609)
    Unearned discounts and fees and costs
      on loans, net                                       (4,242)
                                                       ----------
     Net loans held for investment                    $1,278,548
                                                       ==========


                                                      December 31,
                                                          2005
                                                 ---------------------
                                                 (Dollars in thousands)
LOANS HELD FOR SALE:
  Mortgage loans:
    Permanent loans on:
      Residential properties                           $  64,651
    Less:
      Undisbursed loan funds                             (17,407)
      Unearned discounts and fees and costs
        on loans, net                                          6
                                                       ----------
        Net loans held for sale                        $  47,250
                                                       ==========

     Included in the loans receivable balances at December 31, 2005, are
participating interests in mortgage loans and wholly owned mortgage
loans serviced by other institutions in the approximate amount of
$142,000.  Loans and participations serviced for others amounted to
approximately $104.3 million at December 31, 2005.


(7) FORECLOSED ASSETS HELD FOR SALE

     Real estate owned and other repossessed property consisted of the
following:

                                                      December 31,
                                                          2005
                                                 ---------------------
                                                 (Dollars in thousands)
Real estate acquired through (or deed
   in lieu of) foreclosure                              $ 8,582
Less:  allowance for losses                                (172)
                                                       ----------
   Total                                                $ 8,410
                                                       ==========

                                  9
<Page>


     Foreclosed assets held for sale are initially recorded at fair
value as of the date of foreclosure minus any estimated selling costs
(the "new basis"), and are subsequently carried at the lower of the new
basis or fair value less selling costs on the current measurement date


(8) MORTGAGE SERVICING RIGHTS

     The following provides information about the Bank's mortgage
servicing rights for the period ended December 31, 2005.  Dollar amounts
are expressed in thousands.

     Balance at October 1, 2005               $    911
     Additions:
        Originated mortgage servicing rights        68
        Impairment recovery                          1
     Reductions:
        Amortization                               (79)
                                                --------
     Balance at December 31, 2005            $     901
                                                ========

(9) REPURCHASE AGREEMENTS

     During the three-month period ended December 31, 2005, the Bank
sold various adjustable-rate mortgage-backed securities under agreements
to repurchase.  The outstanding balance of such repurchase agreements
was $52.5 million at December 31, 2005.  These agreements have a
weighted average rate of 3.49% and a weighted average maturity of 36
days.


(10) SEGMENT INFORMATION

     In accordance with SFAS No. 131, "Disclosures about Segments of an
Enterprise and Related Information," the Company has identified three
principal operating segments for purposes of financial reporting:
Banking, Local Mortgage Banking, and National Mortgage Banking.  These
segments were determined based on the Company's internal financial
accounting and reporting processes and are consistent with the
information that is used to make operating decisions and to assess the
Company's performance by the Company's key decision makers.

     The National Mortgage Banking segment originates mortgage loans via
the internet primarily for sale to investors.  The Local Mortgage
Banking segment originates mortgage loans for sale to investors and for
the portfolio of the Banking segment.  The Banking segment provides a
full range of banking services through the Bank's branch network,
exclusive of mortgage loan originations.  A portion of the income
presented in the Mortgage Banking segment is derived from sales of loans
to the Banking segment based on a transfer pricing methodology that is
designed to approximate economic reality.  The Other and Eliminations
segment includes financial information from the parent company plus
inter-segment eliminations.

     The following table presents financial information from the
Company's operating segments for the periods indicated.  Dollar amounts
are expressed in thousands.



<Table>
<Caption>

                                       Local     National
Three months ended                    Mortgage   Mortgage     Other and
December 31, 2005           Banking   Banking    Banking    Eliminations  Consolidated
---------------------------------------------------------------------------------------
<S>                         <C>      <C>        <C>             <C>           <C>
Net interest income        $ 12,242       --        --            18        12,260
Provision for loan losses        65       --        --            --            65
Other income                  1,267    2,558     2,578          (562)        5,841
General and administrative
  expenses                    3,860    2,686     3,443           (92)        9,897
Income tax expense (benefit)  3,450      (46)     (311)         (163)        2,930
                            -----------------------------------------------------------
    Net income             $  6,134      (82)     (554)         (289)        5,209
                            ===========================================================
</Table>

                                  10
<Page>


<Table>
<Caption>


                                       Local     National
Three months ended                    Mortgage   Mortgage     Other and
December 31, 2004            Banking  Banking    Banking    Eliminations  Consolidated
---------------------------------------------------------------------------------------
<S>                         <C>      <C>        <C>             <C>           <C>
Net interest income        $ 13,214       --        --            18        13,232
Provision for loan losses       167       --        --            --           167
Other income                  2,266    3,073     2,071          (906)        6,504
General and administrative
  expenses                    3,650    3,020     2,250          (247)        8,673
Income tax expense (benefit)  4,257       19       (65)         (234)        3,977
                            -----------------------------------------------------------
    Net income             $  7,406       34      (114)         (407)        6,919
                            ===========================================================

</Table>







(11) RESTATEMENT

     In connection with the preparation of the Company's Consolidated
Statements of Cash Flows, management reconsidered the classification of
repayments on its loans held for sale in accordance guidance under
Statement of Financial Accounting Standard No. 95, "Statement of Cash
Flows" ("SFAS 95").

     The Company has historically classified principal repayments on its
loans held for sale in the investing section of the statement of cash
flows.  The SEC has taken exception with this treatment, and informed
the Company that principal repayments on loans held for sale should be
classified in the operating section of the statement of cash flows in
accordance with guidance under SFAS 95.  Additionally, as a result of
researching this classification issue, management discovered an error in
its calculation of originations and principal repayments of loans held
for sale reported in the statement of cash flows.

     The following table illustrates the restatement made to the
Consolidated Statement of Cash Flows.  Dollar amounts are expressed in
thousands:


                                                  Three months ended
                                                -----------------------
                                                 12/31/05     12/31/04
                                                -----------------------

Net cash from operating activities,
  as previously reported                       $  54,510       (2,879)
Reclassification of principal repayments
  of loans receivable held for sale                    7        2,572
Correction of origination and principal
  repayments of loans receivable
    held for sale                                    (64)      (9,498)
                                                -----------------------
Reported net cash from operating activities    $  54,453       (9,805)
                                                =======================

Net cash from investing activities,
  as previously reported                       $ (39,863)     (28,942)
Reclassification of principal repayments
  of loans receivable held for sale                   (7)      (2,572)
Correction of origination and principal
  repayments of loans receivable
    held for sale                                     64        9,498
                                                -----------------------
Reported net cash from investing activities    $ (39,806)     (22,016)
                                                =======================


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Item 4.  Controls and Procedures

     The original Form 10-Q stated that management had performed, at the
direction and with the participation of the Company's Chief Executive
Officer and Chief Financial Officer, an evaluation of the Company's
disclosure controls and procedures (as defined in Rules 13a-15(e) and
15d-15(e) under the Exchange Act) and concluded that the Company's
disclosure controls and procedures were effective as of the end of the
quarterly period covered by the original Form 10-Q.  As a result of the
identification of errors relating to the preparation of the Company's
consolidated statements of cash flows for the periods ended December 31,
2005 and 2004, the Chief Executive Officer and Chief Financial Officer
reassessed their conclusion and determined that Company's disclosure
controls and procedures were not effective as of that date.
Accordingly, management has concluded that this control deficiency was a
material weakness.  As a result of these findings, management has
performed an internal review of its processes in order to properly
collect and report cash flow data related to the origination, sale, and
principal repayments of loans held for sale.

     There were no changes in the Company's internal control over
financial reporting that have materially affected, or are reasonably
likely to materially affect, the Company's internal control over
financial reporting during the quarterly period ended December 31, 2005.




PART II - OTHER INFORMATION


Item 1.  Legal Proceedings
     There were no material proceedings pending other than ordinary and
routine litigation incidental to the business of the Company.


Item 2.	Changes in Securities
		None.


Item 3.	Defaults Upon Senior Securities
		None.


Item 4.	Submission of Matters to a Vote of Security Holders
          None.

Item 5. 	Other Information
		None.


Item 6. 	Exhibits and Reports on Form 8-K

(a)Exhibits

     Exhibit 31.1 - Certification of Chief Executive Officer pursuant to
Rules 13a-15(e) and 15d-15(e)

     Exhibit 31.2 - Certification of the Chief Financial Officer
pursuant to Rules 13a-15(e) and 15d-15(e)

     Exhibit 32.1 - Certification of Chief Executive Officer pursuant to
Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002

     Exhibit 32.2 - Certification of Chief Financial Officer pursuant to
Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002


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                         S I G N A T U R E S


     Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.



                                              NASB Financial, Inc.
                                                  (Registrant)


July 5, 2006                               By: /s/David H. Hancock
                                               David H. Hancock
                                               Chairman and
                                               Chief Executive Officer



July 5, 2006                               By: /s/Rhonda Nyhus
                                               Rhonda Nyhus
                                               Vice President and
                                                 Treasurer



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