SECURITIES AND EXCHANGE COMMISSION
                         Washington, DC  20549


                               FORM 10-Q


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

               For the period ended    June 30, 2007

                                   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
August 6, 2007, was 7,880,629.


<Page>

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


<Table>
<Caption>
                                            June 30,     September 30,
                                              2007            2006
                                           (Unaudited)
                                           ----------     -----------
<S>                                        <C>            <C>
ASSETS
Cash and cash equivalents                $    29,298         11,442
Securities available for sale                     46             50
Stock in Federal Home Loan Bank, at cost      24,621         24,043
Mortgage-backed securities:
  Available for sale, at fair value           85,819         97,259
  Held to maturity                               263            325
Loans receivable:
  Held for sale                               67,246         50,462
  Held for investment, net                 1,274,537      1,295,700
Allowance for loan losses                     (7,673)        (7,991)
Accrued interest receivable                    8,100          8,205
Foreclosed asset held for sale, net            7,631          5,231
Premises and equipment, net                   15,769         12,994
Investment in LLCs                            18,885         16,737
Mortgage servicing rights, net                 1,005          1,089
Deferred income tax asset                      2,609          2,856
Other assets                                   7,690          6,394
                                           ----------     ----------
                                         $ 1,535,846      1,524,796
                                           ==========     ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
  Customer deposit accounts              $   702,902        722,799
  Brokered deposit accounts                  146,470        128,243
  Advances from Federal Home Loan Bank       493,990        499,357
  Subordinated debentures                     25,774             --
  Escrows                                      7,032          8,910
  Income taxes payable                         1,388          2,602
  Accrued expenses and other liabilities       9,099          6,313
                                           ----------     ----------
      Total liabilities                    1,386,655      1,368,224
                                           ----------     ----------

Stockholders' equity:
  Common stock of $0.15 par value:
    20,000,000 authorized; 9,857,112
    issued at June 30, 2007, and
    September 30, 2006                         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                  16,366         16,311
  Retained earnings                          169,208        162,631
  Treasury stock, at cost; 1,924,883
    shares at June 30, 2007, and
    1,538,470 shares at September 30, 2006   (36,468)       (22,061)
  Accumulated other comprehensive
    loss                                      (1,394)        (1,788)
                                           ----------     ----------
      Total stockholders' equity             149,191        156,572
                                           ----------     ----------
                                         $ 1,535,846      1,524,796
                                           ==========     ==========
</Table>


See accompanying notes to condensed consolidated financial statements.



                                    1

<Page>

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



<Table>
<Caption>



                                                 Three months ended          Nine months ended
                                                      June 30,                   June 30,
                                               ----------------------     ----------------------
                                                  2007         2006          2007         2006
                                               ---------    ---------     ---------    ---------
<S>                                            <C>          <C>           <C>          <C>
Interest on loans                              $ 24,706       23,884        74,237       69,379
Interest on mortgage-backed securities              763        1,023         2,445        3,280
Interest and dividends on securities                452          175           994          577
Other interest income                               133           39           239          204
                                               ---------    ---------     ---------    ---------
  Total interest income                          26,054       25,121        77,915       73,440
                                               ---------    ---------     ---------    ---------

Interest on customer deposit accounts             8,534        7,995        24,664       21,621
Interest on advances from FHLB                    6,569        5,505        20,445       15,533
Interest on subordinated debentures                 443           --           974           --
Interest on securities sold under
  agreements to repurchase                           72           --           396          784
                                               ---------    ---------     ---------    ---------
  Total interest expense                         15,618       13,500        46,479       37,938
                                               ---------    ---------     ---------    ---------
    Net interest income                          10,436       11,621        31,436       35,502
Provision for loan losses                           175          250           934          408
                                               ---------    ---------     ---------    ---------
    Net interest income after provision
      for loan losses                            10,261       11,371        30,502       35,094
                                               ---------    ---------     ---------    ---------
Other income (expense):
  Loan servicing fees, net                          138           32           160          137
  Impairment recovery on mortgage
       servicing rights                             (28)           9            (2)          15
  Customer service fees and charges               1,582        1,512         4,425        4,666
  Recovery on real estate owned                    (340)         277          (445)         277
  Gain on sale of loans held for sale             4,166        3,950        11,397       11,073
  Other                                             340          842         1,229        1,616
                                               ---------    ---------     ---------    ---------
    Total other income                            5,858        6,622        16,764       17,784
                                               ---------    ---------     ---------    ---------
General and administrative expenses:
  Compensation and fringe benefits                4,122        4,402        11,818       13,202
  Commission-based mortgage banking compensation  2,075        1,827         5,570        5,310
  Premises and equipment                            953          869         2,713        2,644
  Advertising and business promotion              1,220          821         3,163        2,851
  Federal deposit insurance premiums                 25           27            79           79
  Other                                           1,566        1,625         4,196        4,864
                                               ---------    ---------     ---------    ---------
    Total general and administrative expenses     9,961        9,571        27,539       28,950
                                               ---------    ---------     ---------    ---------
    Income before income tax expense              6,158        8,422        19,727       23,928
Income tax expense                                2,372        3,244         7,598        8,826
                                               ---------    ---------     ---------    ---------
    Net income                                  $ 3,786        5,178        12,129       15,102
                                               =========    =========     =========    =========
Basic earnings per share                        $  0.47         0.61          1.48         1.79
                                               =========    =========     =========    =========
Diluted earnings per share                      $  0.47         0.61          1.47         1.78
                                               =========    =========     =========    =========

Basic weighted average shares outstanding      7,986,967    8,396,165     8,169,670    8,416,356

</Table>




See accompanying notes to condensed consolidated financial statements.


                                    2
<Page>


NASB FINANCIAL, INC. AND SUBSIDIARY
Condensed 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, 2006       $ 1,479       16,311    162,631    (22,061)   (1,788)       156,572
  Comprehensive income:
    Net income                        --           --     12,129         --        --         12,129
    Other comprehensive income (loss),
      net of tax:
       Unrealized gain on securities  --           --         --         --       394            394
         available for sale                                                                  -------
    Total comprehensive income                                                                12,523
  Cash dividends paid                 --           --     (5,552)        --        --         (5,552)
  Stock based compensation expense    --           55         --         --        --             55
  Repurchase of common stock for
    treasury                          --           --         --    (14,407)       --        (14,407)
                               ----------------------------------------------------------------------
Balance at June 30, 2007         $ 1,479       16,366    169,208    (36,468)   (1,394)       149,191
                               ======================================================================

</Table>




See accompanying notes to condensed consolidated financial statements.



                                    3
<Page>

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



<Table>
<Caption>
                                                             Nine months ended
                                                                 June 30,
                                                          ----------------------
                                                            2007         2006
                                                          ----------------------
<S>                                                       <C>          <C>
Cash flows from operating activities:
  Net income                                             $ 12,129       15,102
  Adjustments to reconcile net income to net cash
    provided by (used in)operating activities:
  Depreciation                                                863          938
  Amortization and accretion, net                          (1,340)      (1,032)
  Impairment (loss) recovery on mortgage
    servicing rights                                            2          (15)
  Gain on sale of loans receivable held for sale          (11,397)     (11,073)
  Provision for loan losses                                   934          408
  Provision for loss (recovery) on real estate owned          445         (277)
  Principal repayments of mortgage loans receivable
    held for sale                                              --           19
  Origination of loans receivable held for sale          (754,225)    (753,315)
  Sale of loans receivable held for sale                  748,838      790,634
  Stock based compensation - stock options                     55           38
Changes in:
  Net fair value of loan related commitments                  (88)         (18)
  Accrued interest receivable                                 105         (950)
  Accrued expenses and other liabilities and
    income taxes payable                                    2,082          860
                                                          ----------------------
Net cash provided by (used in) operating activities        (1,597)      41,319

Cash flows from investing activities:
  Principal repayments of mortgage-backed securities:
    Held to maturity                                           62           82
    Available for sale                                     11,670       24,373
  Principal repayments of mortgage loans receivable
    held for investment                                   321,184      325,641
  Principal repayments of other loans receivable            7,097        6,200
  Maturity of investment securities available for sale          4            4
  Loan origination - mortgage loans held for investment  (307,631)    (392,188)
  Loan origination - other loans receivable                (7,273)      (4,093)
  Purchase of FHLB stock                                     (578)      (1,672)
  Proceeds for sale of real estate owned                    5,869        5,032
  Purchases of premises and equipment, net                 (3,744)      (3,134)
  Investment in LLCs                                       (2,148)      (4,141)
  Other                                                    (1,857)         282
                                                          ----------------------
Net cash provided by (used in) investing activities        22,655      (43,614)

</Table>



                                    4
<Page>

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



<Table>
<Caption>
                                                            Nine months ended
                                                                 June 30,
                                                          ----------------------
                                                            2007         2006
                                                          ----------------------
<S>                                                       <C>          <C>
Cash flows from financing activities:
  Net (decrease) increase in customer and
     brokered deposit accounts                             (1,941)      83,985
  Proceeds from advances from FHLB                        278,650      222,000
  Repayment on advances from FHLB                        (283,848)    (192,241)
  Proceeds from subordinated debentures                    25,774           --
  Proceeds from sale of securities
     under agreements to repurchase                        30,900           --
  Repayment of securities sold under
     agreements to repurchase                             (30,900)    (122,000)
  Cash dividends paid                                      (5,552)      (7,584)
  Purchase of common stock for treasury                   (14,407)      (2,409)
  Change in escrows                                        (1,878)      (3,104)
                                                          ----------------------
Net cash used in financing activities                      (3,202)     (21,353)
                                                          ----------------------
Net increase (decrease) in cash and cash equivalents       17,856      (23,648)
Cash and cash equivalents at beginning of the period       11,442       35,334
                                                          ----------------------
Cash and cash equivalents at end of period               $ 29,298       11,686
                                                          ======================

Supplemental disclosure of cash flow information:
  Cash paid for income taxes (net of refunds)            $  8,812        7,958
  Cash paid for interest                                   44,249       38,951

Supplemental schedule of non-cash investing and financing
  activities:
    Conversion of loans receivable to real estate owned  $ 12,820        2,382
    Conversion of real estate owned to loans receivable     4,461        2,170
    Capitalization of mortgage servicing rights                 6          139





</Table>





See accompanying notes to condensed consolidated financial statements.

                                    5
<Page>

(1) BASIS OF PRESENTATION

     The accompanying unaudited condensed 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 nine months ended June 30, 2007,
are not necessarily indicative of the results that may be expected for
the fiscal year ending September 30, 2007.  The condensed consolidated
balance sheet of the Company as of September 30, 2006, 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
condensed consolidated financial statements as of June 30, 2007, have
remained unchanged from September 30, 2006.  These policies relate to
the allowance for loan losses and the valuation of 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, 2006.

     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        Nine months ended
                                             ----------------------    ----------------------
                                               6/30/07    6/30/06        6/30/07    6/30/06
                                             ----------------------    ----------------------
<S>                                           <C>        <C>            <C>        <C>
Net income (in thousands)                     $  3,786      5,178         12,129     15,102

Average common shares outstanding            7,986,967  8,396,165      8,169,670  8,416,356
Average common share stock options
  outstanding                                   63,293     46,292         58,086     43,568
                                             ----------------------    ----------------------
Average diluted common shares                8,050,260  8,442,457      8,227,756  8,459,924

Earnings per share:
   Basic                                      $   0.47       0.61           1.48       1.79
   Diluted                                        0.47       0.61           1.47       1.78




</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.


                                  6
<Page>

(3) 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.

                                        June 30, 2007
                            -------------------------------------------
                                         Gross     Gross     Estimated
                            Amortized unrealized unrealized    fair
                              cost       gains     losses      value
                            -------------------------------------------


Pass-through certificates
  guaranteed by GNMA
    - fixed rate            $     204        6        --         210
Pass-through certificates
  guaranteed by FNMA
    - adjustable rate          12,028       --       310      11,718
FHLMC participation
  certificates
    - fixed rate                1,025       --        72         953
    - adjustable rate          74,828       --     1,890      72,938
                            -------------------------------------------
     Total                  $  88,085        6     2,272      85,819
                            ===========================================



(4) 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.

                                        June 30, 2007
                            -------------------------------------------
                                         Gross     Gross     Estimated
                            Amortized unrealized unrealized    fair
                              cost       gains     losses      value
                            -------------------------------------------
FHLMC participation
  certificates:
    Balloon maturity and
      adjustable rate      $     96         2         --           98
FNMA pass-through
  certificates:
    Fixed rate                   80         1         --           81
    Balloon maturity and
      adjustable rate            71        --         --           71
Pass-through certificates
  guaranteed by GNMA
      - fixed rate               16         1         --           17
                            -------------------------------------------
      Total                $    263         4         --          267
                            ===========================================


                                  7

<Page>


(5) LOANS RECEIVABLE

     Loans receivable are as follows:

                                                        June 30,
                                                          2007
                                                 ---------------------
                                                 (Dollars in thousands)
LOANS HELD FOR INVESTMENT:
  Mortgage loans:
    Permanent loans on:
      Residential properties                          $  346,448
      Business properties                                485,642
      Partially guaranteed by VA or
        insured by FHA                                     1,609
    Construction and development                         493,366
                                                       ----------
       Total mortgage loans                            1,327,065
  Commercial loans                                        65,048
  Installment loans to individuals                        17,404
                                                       ----------
    Total loans held for investment                    1,409,517
  Less:
    Undisbursed loan funds                              (129,785)
    Unearned discounts and fees and costs
      on loans, net                                       (5,195)
                                                       ----------
     Net loans held for investment                    $1,274,537
                                                       ==========


                                                        June 30,
                                                          2007
                                                 ---------------------
                                                 (Dollars in thousands)
LOANS HELD FOR SALE:
  Mortgage loans:
    Permanent loans on:
      Residential properties                           $ 101,761
    Less:
      Undisbursed loan funds                             (34,515)
                                                       ----------
        Net loans held for sale                        $  67,246
                                                       ==========

     Included in the loans receivable balances at June 30, 2007, are
participating interests in mortgage loans and wholly owned mortgage
loans serviced by other institutions in the approximate amount of
$85,000.  Loans and participations serviced for others amounted to
approximately $88.1 million at June 30, 2007.

     The following table presents the activity in the allowance for
losses on loans for the period ended June 30, 2007.  Allowance for
losses on mortgage loans includes specific valuation allowances and
valuation allowances associated with homogenous pools of loans.  Dollar
amounts are expressed in thousands.


     Balance at October 1, 2006               $  7,991
     Provisions                                    934
     Charge-offs                                (1,252)
     Recoveries                                     --
                                                --------
     Balance at June 30, 2007                $  7,673
                                                ========

                                  8
<Page>

(6) FORECLOSED ASSETS HELD FOR SALE

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

                                                        June 30,
                                                          2007
                                                 ---------------------
                                                 (Dollars in thousands)
Real estate acquired through (or deed
   in lieu of) foreclosure                             $  8,081
Less:  allowance for losses                                (450)
                                                       ----------
   Total                                               $  7,631
                                                       ==========

     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.


(7) MORTGAGE SERVICING RIGHTS

     The following provides information about the Bank's mortgage
servicing rights for the period ended June 30, 2007.  Dollar amounts are
expressed in thousands.

     Balance at October 1, 2006               $  1,089
     Additions:
        Originated mortgage servicing rights         6
     Reductions:
        Amortization                               (88)
        Impairment loss                             (2)
                                                --------
     Balance at June 30, 2007                 $  1,005
                                                ========


(8) SUBORDINATED DEBENTURES

     On December 13, 2006, NASB Financial, Inc. (the "Company"), through
its wholly owned statutory trust, NASB Preferred Trust I (the "Trust"),
issued $25 million of pooled Trust Preferred Securities.  The Trust used
the proceeds from the offering to purchase a like amount of NASB
Financial Inc.'s subordinated debentures.  The debentures, which have a
variable rate of 1.65% over the 3-month LIBOR and a 30-year term, are
the sole assets of the Trust.  In exchange for the capital contributions
made to the Trust by NASB Financial, Inc. upon formation, NASB
Financial. Inc. owns all the common securities of the Trust.

     In accordance with Financial Accounting Standards Board
Interpretation No. 46R, Consolidation of Variable Interest Entities (FIN
46R), the Trust qualifies as a special purpose entity that is not
required to be consolidated in the financial statements of the Company.
The $25.0 million Trust Preferred Securities issued by the Trust will
remain on the records of the Trust.  The Trust Preferred Securities are
included in Tier I capital for regulatory capital purposes.

     The Trust Preferred Securities have a variable interest rate of
1.65% over the 3-month LIBOR, and are mandatorily redeemable upon the
30-year term of the dentures, or upon earlier redemption as provided in
the Indenture.  The debentures are callable, in whole or in part, after
five years of the issuance date.  The Company did not incur a placement
or annual trustee fee related to the issuance.  The securities are
subordinate to all other debt of the Company and interest may be
deferred up to five years.

                                  9
<Page>


(9) 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
June 30, 2007               Banking   Banking    Banking    Eliminations  Consolidated
---------------------------------------------------------------------------------------
<S>                         <C>      <C>        <C>             <C>           <C>
Net interest income        $ 10,862       --        --          (426)       10,436
Provision for loan losses       175       --        --            --           175
Other income                  1,025    1,863     3,543          (573)        5,858
General and administrative
  expenses                    4,354    2,037     3,627           (57)        9,961
Income tax expense (benefit)  2,833      (67)      (32)         (362)        2,372
                            -----------------------------------------------------------
    Net income             $  4,525     (107)      (52)         (580)        3,786
                            ===========================================================
</Table>



<Table>
<Caption>

                                      Local     National
Three months ended                   Mortgage   Mortgage     Other and
June 30, 2006               Banking  Banking    Banking    Eliminations  Consolidated
---------------------------------------------------------------------------------------
<S>                         <C>      <C>        <C>             <C>           <C>
Net interest income        $ 11,602       --        --            19        11,621
Provision for loan losses       250       --        --            --           250
Other income                  1,916    2,714     2,324          (332)        6,622
General and administrative
  expenses                    4,174    2,775     2,747          (125)        9,571
Income tax expense (benefit)  3,601      (27)     (176)         (154)        3,244
                            -----------------------------------------------------------
    Net income             $  5,493      (34)     (247)          (34)        5,178
                            ===========================================================
</Table>



<Table>
<Caption>


                                      Local      National
Nine months ended                    Mortgage    Mortgage     Other and
June 30, 2007               Banking  Banking     Banking    Eliminations  Consolidated
---------------------------------------------------------------------------------------
<S>                         <C>      <C>          <C>            <C>           <C>
Net interest income        $ 32,356       --         --         (920)       31,436
Provision for loan losses       934       --         --           --           934
Other income                  3,260    4,987      9,971       (1,454)       16,764
General and administrative
  expenses                   12,282    5,476      9,925         (144)       27,539
Income tax expense (benefit)  8,624     (188)        18         (856)        7,598
                            -----------------------------------------------------------
    Net income             $ 13,776     (301)        28       (1,374)       12,129
                            ===========================================================

</Table>

                                  10
<Page>



<Table>
<Caption>

                                       Local    National
Nine months ended                     Mortgage  Mortgage   Other and
June 30, 2006                Banking  Banking   Banking   Eliminations  Consolidated
------------------------------------------------------------------------------------
<S>                         <C>      <C>          <C>            <C>           <C>
Net interest income        $ 35,449       --         --           53        35,502
Provision for loan losses       408       --         --           --           408
Other income                  4,519    7,610      6,901       (1,246)       17,784
General and administrative
  expenses                   12,340    8,033      8,898         (321)       28,950
Income tax expense (benefit) 10,126     (157)      (743)        (400)        8,826
                            -----------------------------------------------------------
    Net income             $ 17,094     (266)    (1,254)        (472)       15,102
                            ===========================================================


</Table>






Item 2.  Management's Discussion and Analysis of Financial Condition and
Results of Operations.


GENERAL

     The principal business of the Company is to provide banking
services through the Bank.  Specifically, the Bank obtains savings and
checking deposits from the public, then uses those funds to originate
and purchase real estate loans and other loans. The Bank also purchases
mortgage-backed securities ("MBS") and other investment securities from
time to time as conditions warrant.  In addition to customer deposits,
the Bank obtains funds from the sale of loans held-for-sale, the sale of
securities available-for-sale, repayments of existing mortgage assets,
advances from the Federal Home Loan Bank ("FHLB"), and the purchase of
brokered deposit accounts.  The Bank's primary sources of income are
interest on loans, MBS, and investment securities plus customer service
fees and income from mortgage banking activities.  Expenses consist
primarily of interest payments on customer deposits and other borrowings
and general and administrative costs.

     The Bank is regulated by the Office of Thrift Supervision ("OTS")
and the Federal Deposit Insurance Corporation ("FDIC"), and is subject
to periodic examination by both entities.  The Bank is also subject to
the regulations of the Board of Governors of the Federal Reserve System
("FRB"), which establishes rules regarding reserves that must be
maintained against customer deposits.

FINANCIAL CONDITION

ASSETS
     The Company's total assets as of June 30, 2007, were $1,535.8
million, an increase of $11.1 million from September 30, 2006, the prior
fiscal year end.

     As the Bank originates mortgage loans each month, management
evaluates the existing market conditions to determine which loans will
be held in the Bank's portfolio and which loans will be sold in the
secondary market.  Loans sold in the secondary market can be sold with
servicing released or converted into MBS and sold with the loan
servicing retained by the Bank.  At the time of each loan commitment, a
decision is made to either hold the loan for investment, hold it for
sale with servicing retained, or hold it for sale with servicing
released.  Management monitors market conditions to decide whether loans
should be held in portfolio or sold and if sold, which method of sale is
appropriate.  During the nine months ended June 30, 2007, the Bank
originated $754.2 million in mortgage loans held for sale, $307.6
million in mortgage loans held for investment, and $7.3 million in other
loans.  This total of $1,069.1 million in loans originated compares to
$1,149.6 million in loans originated and purchased during the nine
months ended June 30, 2006.

     Loans held for sale as of June 30, 2007, were $67.2 million, and
consisted entirely of mortgage loans held for sale with servicing
released.  All loans held for sale are carried at the lower of cost or
fair value.

     The Bank classifies problem assets as "substandard," "doubtful" or
"loss."  Substandard assets have one or more defined weaknesses, and it
is possible that the Bank will sustain some loss unless the deficiencies
are corrected.  Doubtful assets have the same defects as substandard
assets plus other weaknesses that make collection or full liquidation
improbable.  Assets classified as loss are considered uncollectible and
of such little value that a specific loss allowance is warranted.

                                  11

<Page>


     The following table summarizes the Bank's classified assets as
reported to the OTS, plus any classified assets of the holding company.
Dollar amounts are expressed in thousands.


                               6/30/07      9/30/06     6/30/06
                            -------------------------------------
Asset Classification:
   Substandard               $ 11,301       12,361        8,665
   Doubtful                        --           --           --
   Loss                           427          434          435
                            -------------------------------------
                               11,728       12,795        9,100
Allowance for losses           (8,123)      (8,266)      (7,839)
                            -------------------------------------
                             $  3,605        4,529        1,261
                            =====================================


     The following table summarizes non-performing assets, troubled debt
restructurings, and real estate acquired through foreclosure or in-
substance foreclosure.  Dollar amounts are expressed in thousands.

                             6/30/07      9/30/06        6/30/06
                           ----------------------------------------
Total Assets              $ 1,535,846    1,524,796      1,550,347
                           ========================================

Non-accrual loans         $     2,036        6,396          2,931
Troubled debt
  restructurings                   70        3,477          3,477
Net real estate and
  other assets acquired
  through foreclosure           7,631        5,231          4,331
                           ----------------------------------------
     Total                $     9,737       15,104         10,739
                           ========================================
Percent of total assets         0.63%        0.99%          0.69%
                           ========================================

     Management records a provision for loan losses in amounts
sufficient to cover current net charge-offs and an estimate of probable
losses based on an analysis of risks that management believes to be
inherent in the loan portfolio.  The Allowance for Loan and Lease Losses
("ALLL") recognizes the inherent risks associated with lending
activities, but, unlike specific allowances, have not been allocated to
particular problem assets but to a homogenous pool of loans.  Management
believes that the specific loss allowances and ALLL are adequate.  While
management uses available information to determine these allowances,
future allowances may be necessary because of changes in economic
conditions.  Also, regulatory agencies (OTS and FDIC) review the Bank's
allowance for losses as part of their examinations, and they may require
the Bank to recognize additional loss provisions based on the
information available at the time of their examinations.


LIABILITIES AND EQUITY
     Customer and brokered deposit accounts decreased $1.7 million
during the nine months ended June 30, 2007.  The weighted average rate
on customer and brokered deposits as of June 30, 2007, was 4.22%, an
increase from 3.71% as of June 30, 2006.

     Advances from the FHLB were $494.0 million as of June 30, 2007, a
decrease of $5.4 million from September 30, 2006.  During the nine-month
period, the Bank borrowed $278.7 million of new advances and repaid
$283.8 million.  Management regularly uses FHLB advances as an alternate
funding source to provide operating liquidity and to fund the
origination and purchase of mortgage loans.

     Subordinated debentures were $25.8 million as of June 30, 2007.
Such debentures resulted from the issuance of pooled Trust Preferred
Securities through the Company's wholly owned statutory trust, NASB
Preferred Trust I.  The Trust used the proceeds from the offering to
purchase a like amount of the Company's subordinated debentures.  The
debentures, which have a variable rate of 1.65% over the 3-month LIBOR
and a 30-year term, are the sole assets of the Trust.

     Escrows were $7.0 million as of June 30, 2007, a decrease of $1.9
million from September 30, 2006.  This decrease is due to amounts paid
for borrowers' taxes during the fourth calendar quarter of 2006.


                                  12
<Page>


     Total stockholders' equity as of June 30, 2007, was $149.2 million
(9.7% of total assets).  This compares to $156.6 million (10.3% of total
assets) at September 30, 2006.  On a per share basis, stockholders'
equity was $18.81 on June 30, 2007, compared to $18.82 on September 30,
2006.

     The Company paid cash dividends on its common stock of $0.225 per
share on November 24, 2006, February 23, 2007, and May 25, 2007.
Subsequent to the quarter ended June 30, 2007, the Company announced a
cash dividend of $0.225 per share to be paid on August 24, 2007, to
stockholders of record as of August 3, 2007.

     Total stockholders' equity as of June 30, 2007, includes an
unrealized loss of $1.4 million, net of deferred income taxes, on
available for sale securities.  This amount is reflected in the line
item "Accumulated other comprehensive loss."


RATIOS
     The following table illustrates the Company's return on assets
(annualized net income divided by average total assets); return on
equity (annualized net income divided by average total equity); equity-
to-assets ratio (ending total equity divided by ending total assets);
and dividend payout ratio (dividends paid divided by net income).


                              Nine months ended
                           ------------------------
                             6/30/07       6/30/06
                           ------------------------
Return on assets              1.06%         1.30%
Return on equity             10.58%        13.32%
Equity-to-assets ratio        9.71%         9.89%
Dividend payout ratio        45.78%        50.22%


RESULTS OF OPERATIONS - Comparison of three and nine months ended June
30, 2007 and 2006.

     For the three months ended June 30, 2007, the Company had net
income of $3,786,000 or $0.47 per share.  This compares to net income of
$5,178,000 or $0.61 per share for the quarter ended June 30, 2006.

     For the nine months ended June 30, 2007, the Company had net income
of $12,129,000 or $1.48 per share.  This compares to net income of
$15,102,000 or $1.79 per share for the nine months ended June 30, 2006.


NET INTEREST MARGIN
       The Company's net interest margin is comprised of the difference
("spread") between interest income on loans, MBS and investments and the
interest cost of customer and brokered deposits and other borrowings.
Management monitors net interest spreads and, although constrained by
certain market, economic, and competition factors, it establishes loan
rates and customer deposit rates that maximize net interest margin.

     The following table presents the total dollar amounts of interest
income and expense on the indicated amounts of average interest-earning
assets or interest-costing liabilities for the nine months ended June
30, 2007 and 2006.  Average yields reflect reductions due to non-accrual
loans.  Once a loan becomes 90 days delinquent, any interest that has
accrued up to that time is reserved and no further interest income is
recognized unless the loan is paid current.  Average balances and
weighted average yields for the periods include all accrual and non-
accrual loans.  The table also presents the interest-earning assets and
yields for each respective period.  Dollar amounts are expressed in
thousands.


                                  13
<Page>




                                   Nine months ended 6/30/07   As of
                                  --------------------------- 6/30/07
                                   Average            Yield/   Yield/
                                   Balance  Interest   Rate     Rate
                                  -------------------------------------
Interest-earning assets
  Loans                         $1,342,913    74,237   7.37%    7.25%
  Mortgage-backed securities        92,042     2,445   3.54%    4.24%
  Securities                        25,539       994   5.19%    4.25%
  Bank deposits                      6,955       239   4.58%    4.74%
                                 --------------------------------------
    Total earning assets         1,467,449    77,915   7.08%    7.01%
                                            ---------------------------
Non-earning assets                  63,379
                                 ----------
      Total                     $1,530,828
                                 ==========
Interest-costing liabilities
  Customer checking and savings
    deposit accounts             $ 169,806     1,503   1.18%    1.03%
  Customer and brokered
    certificates of deposit        644,628    23,161   4.79%    5.08%
  FHLB Advances                    521,642    20,445   5.23%    5.14%
  Subordinated debentures           18,500       974   7.01%    7.01%
  Repurchase agreements              9,810       396   5.37%      --%
                                 --------------------------------------
    Total costing liabilities    1,364,386    46,479   4.54%    4.61%
                                            ---------------------------
Non-costing liabilities             11,922
Stockholders' equity               154,520
                                 ----------
      Total                     $1,530,828
                                 ==========
Net earning balance             $  103,063
                                 ==========
Earning yield less costing rate                        2.54%    2.40%
                                                      ================
Average interest-earning assets,
  net interest, and net yield
  spread on average interest-
  earning assets                $1,467,449    31,436   2.86%
                                 ============================




                                   Nine months ended 6/30/06   As of
                                  --------------------------- 6/30/06
                                   Average            Yield/   Yield/
                                   Balance  Interest   Rate     Rate
                                  -------------------------------------
Interest-earning assets
  Loans                         $1,336,420    69,379   6.92%    7.12%
  Mortgage-backed securities       115,997     3,280   3.77%    4.33%
  Securities                        23,262       577   3.31%    3.78%
  Bank deposits                      8,641       204   3.15%    4.57%
                                 --------------------------------------
    Total earning assets         1,484,320    73,440   6.60%    6.86%
                                            ---------------------------
Non-earning assets                  57,612
                                 ----------
      Total                     $1,541,932
                                 ==========
Interest-costing liabilities
  Customer checking and savings
    deposit accounts             $ 186,324     1,480   1.06%    1.04%
  Customer and brokered
    certificates of deposit        683,409    20,141   3.93%    4.42%
  FHLB Advances                    478,079    15,533   4.33%    4.87%
  Repurchase agreements             31,500       784   3.32%      --%
                                 --------------------------------------
    Total costing liabilities    1,379,312    37,938   3.67%    4.12%
                                            ---------------------------
Non-costing liabilities             11,718
Stockholders' equity               150,902
                                 ----------
      Total                     $1,541,932
                                 ==========
Net earning balance             $  105,008
                                 ==========
Earning yield less costing rate                        2.93%    2.74%
                                                      ================
Average interest-earning assets,
  net interest, and net yield
  spread on average interest-
  earning assets                $1,484,320    35,502   3.19%
                                 ============================


     The following table provides information regarding changes in
interest income and interest expense.  For each category of interest-
earning asset and interest-costing liability, information is provided on
changes attributable to  (1)  changes in rates (change in rate
multiplied by the old volume), and  (2)  changes in  volume (change in
volume multiplied by the old rate), and  (3) changes in rate and volume
(change in rate multiplied by the change in volume).  Average balances,
yields and rates used in the preparation of this analysis come from the
preceding table.  Dollar amounts are expressed in thousands.






<Table>
<Caption>
                                         Nine months ended June 30, 2007, compared to
                                              nine months ended June 30, 2006
                                        -----------------------------------------------
                                                                     Yield/
                                           Yield         Volume      Volume      Total
                                        -----------------------------------------------
  <S>                                    <C>           <C>         <C>         <C>
Components of interest income:
  Loans                                $   4,510          337          11       4,858
  Mortgage-backed securities                (200)        (677)         42        (835)
  Securities                                 328           57          32         417
  Bank deposits                               93          (40)        (18)         35
                                        -----------------------------------------------
Net change in interest income              4,731         (323)         67       4,475
                                        -----------------------------------------------

Components of interest expense:
  Customer and brokered
    deposit accounts                       4,762       (1,373)       (346)      3,043
  FHLB Advances                            3,227        1,415         270       4,912
  Subordinated debentures                     --           --         974         974
  Repurchase agreements                      484         (540)       (332)       (388)
                                        -----------------------------------------------
Net change in interest expense             8,473         (498)        566       8,541
                                        -----------------------------------------------
  Decrease in net interest
    margin                             $  (3,742)         175        (499)     (4,066)
                                        ===============================================

</Table>



                                  14
<Page>


     Net interest margin before loan loss provision for the three months
ended June 30, 2007, decreased $1.2 million from the same period in the
prior year.  Specifically, interest income increased $933,000 due
primarily to an increase in the average rate earned on such assets.  The
increase in interest income was offset by a $2.1 million increase in
interest expense, which resulted from an increase in the average rate
paid on such liabilities.

     Net interest margin before loan loss provision for the nine months
ended June 30, 2007, decreased $4.1 million from the same period in the
prior year.  Specifically, interest income increased $4.5 million, which
was offset by a $8.5 million increase in interest expense for the
period.  Interest on loans increased $4.9 million as the result of a
$6.5 million increase in the average balance of loans receivable and 45
basis point increase in the average rate earned on such loans.  Interest
on securities increased $417,000 as the result of a $2.3 million
increase in the average balance of investment securities and 188 basis
point increase in the average rate earned on securities.  These
increases in interest income were partially offset by an $835,000
decrease in interest on mortgage-backed securities due to a $24.0
million decrease in the average balance of mortgage-backed securities
and an 23 basis point decrease in the average rate earned on such
assets.  Interest expense on customer and brokered deposits increased
$3.0 million due to a 51 basis point increase in the average rate paid
on such deposits.  Interest expense on FHLB advances increased $4.9
million as the result of a $43.6 million increase in the average balance
of FHLB advances and a 90 basis point increase in the average rate paid
on such liabilities.  Interest on subordinated debentures increased
$974,000 due to a $18.5 million increase in the average balance of such
liabilities, which were issued in December 2006.  These increases in
interest expense were partially offset by a $388,000 decrease in
interest expense on securities sold under agreements to repurchase due
to a $21.7 million decrease in the average balance of securities sold
under agreements to repurchase.


PROVISION FOR LOAN LOSSES
     The Company recorded a provision for loan losses of $175,000 during
the quarter ended June 30, 2007, due primarily to increases in consumer
loans classified as loss.  The Company recorded a provision for loan
losses of $633,000 during the quarter ended March 31, 2007, due
primarily to increases in construction and development loans classified
as substandard, which were taken into the foreclosed assets held for
sale portfolio prior to the end of the quarter.  The Company recorded a
provision for loan losses of $126,000 during the quarter ended December
31, 2006, due primarily to increases in the residential and commercial
real estate loan portfolios.  Management performs an ongoing analysis of
individual loans and of homogenous pools of loans to assess for any
impairment.  On a consolidated basis, loan loss reserve was 69.3% of
total classified assets at June 30, 2007, 64.6% at September 30, 2006,
and 86.1% at June 30, 2006.

     Management believes that the provisions for loan losses is
adequate.  The provision can fluctuate based on changes in economic
conditions, changes in the level of classified assets, changes in the
amount of loan charge-offs and recoveries, or changes in other
information available to management.  Also, regulatory agencies review
the Company's allowances for losses as a part of their examination
process and they may require changes in loss provision amounts based on
information available at the time of their examination.


OTHER INCOME
     Other income for the three months ended June 30, 2007, decreased
$764,000 from the same period in the prior year.  Provision for loss on
real estate owned increased $617,000 due to an increase in foreclosed
assets held for sale during the period.  Other income decreased $502,000
due to a decrease in income received on foreclosed assets held for sale,
a decrease in income received from the Company's investment in LLCs, and
the effect of recording the net fair value of certain loan-related
commitments in accordance with FASB Statement No. 133, "Accounting for
Derivative Instruments and Hedging Activities."  These decreases were
offset by a $216,000 increase in gain on sale of loans held for sale
resulting from an increase in mortgage banking volume for the quarter.
Additionally, loan servicing fees increased $106,000 due to a decrease
in capitalized servicing amortization, which resulted from a decrease in
actual prepayments and estimated future repayments of the underlying
mortgage loans during the quarter.

     Other income for the nine months ended June 30, 2007, decreased
$1.0 million from the same period in the prior year.  Provision for loss
on real estate owned increased $722,000 due to an increase in foreclosed
assets held for sale during the period.  Customer service fees and
charges decreased $241,000 due primarily to a decrease in overdraft and
return item charges.   Other income decreased $387,000 due to decreases
in income received on foreclosed assets held for sale and income
received from the Company's investment in LLCs.  These decreases were
offset by a $324,000 increase in gain on sale of loans resulting from an
increase in mortgage banking volume for the period.


                                  15
<Page>


GENERAL AND ADMINISTRATIVE EXPENSES
     Total general and administrative expenses for the three months
ended June 30, 2007, increased $390,000 from the same period in the
prior year.  Specifically, compensation and fringe benefits decreased
$280,000 due primarily to a decrease in employee benefit related costs
and the closing of a residential loan origination office located in St.
Louis, Missouri during the third quarter of fiscal 2006.  This decrease
was offset by a $248,000 increase in commission-based mortgage banking
compensations due primarily to an increase in mortgage-banking volume
during the quarter.  Additionally, advertising and business promotion
expense increased $399,000 due to increased costs related to the
national mortgage banking operation and strategic direct marketing costs
related to the retail banking operation.

     Total general and administrative expenses for the nine months ended
June 30, 2007, decreased $1.4 million from the same period in the prior
year.  Specifically, compensation and fringe benefits decreased $1.4
million due primarily to a decrease in employee benefit related costs
and the closing of a residential loan origination office located in St.
Louis, Missouri during the third quarter of fiscal 2006.  Other expense
decreased $668,000 due primarily to a decrease in credit, appraisal,
underwriting, legal and other costs related to the local and national
mortgage banking operations and the construction and commercial real
estate lending operations of the Bank.  These decreases were offset by a
$260,000 increase in commission-based mortgage banking compensations due
primarily to an increase in mortgage-banking volume during the period.
Additionally, advertising and business promotion expense increased
$312,000 due to increased costs related to the national mortgage banking
operation and strategic direct marketing costs related to the retail
banking operation.


REGULATION

     The Bank is a member of the FHLB System and its customers' deposits
are insured by the Deposit Insurance Fund ("DIF") of the FDIC.  The Bank
is subject to regulation by the OTS as its chartering authority.  Since
passage of the Financial Institutions Reform, Recovery, and Enforcement
Act of 1989 ("FIRREA" or the "Act"), the FDIC also has regulatory
control over the Bank.  The transactions of DIF-insured institutions are
limited by statute and regulations that may require prior supervisory
approval in certain instances.  Institutions also must file reports with
regulatory agencies regarding their activities and their financial
condition.  The OTS and FDIC make periodic examinations of the Bank to
test compliance with the various regulatory requirements.  The OTS can
require an institution to re-value its assets based on appraisals and to
establish specific valuation allowances.  This supervision and
regulation is intended primarily for the protection of depositors.
Also, savings institutions are subject to certain reserve requirements
under Federal Reserve Board regulations.


INSURANCE OF ACCOUNTS
     The DIF insures the Bank's customer deposit accounts to a maximum
of $100,000 for each insured owner, with the exception of self-directed
retirement accounts, which are insured to a maximum of $250,000.
Deposit insurance premiums are determined using a Risk-Related Premium
Schedule ("RRPS"), a matrix which places each insured institution into
one of three capital groups and one of three supervisory groups.
Currently, deposit insurance premiums range from 0 to 27 basis points of
the institution's total deposit accounts, depending on the institution's
risk classification.  The Bank is currently considered "well
capitalized," which is the most favorable capital group and supervisory
subgroup.  DIF-insured institutions are also assessed a premium to
service the interest on Financing Corporation ("FICO") debt.


REGULATORY CAPITAL REQUIREMENTS
     At June 30, 2007, the Bank exceeds all capital requirements
prescribed by the OTS.  To calculate these requirements, a thrift must
deduct any investments in and loans to subsidiaries that are engaged in
activities not permissible for a national bank.  As of June 30, 2007,
the Bank did not have any investments in or loans to subsidiaries
engaged in activities not permissible for national banks.

                                  16
<Page>


     The following tables summarize the relationship between the Bank's
capital and regulatory requirements.  Dollar amounts are expressed in
thousands.


At June 30, 2007                                      Amount
----------------------------------------------------------------
GAAP capital (Bank only)                            $ 149,032
Adjustment for regulatory capital:
  Intangible assets                                    (2,896)
  Disallowed portion of servicing assets
    and deferred tax assets                            (2,609)
  Reverse the effect of SFAS No. 115                    1,394
                                                     ---------
    Tangible capital                                  144,921
  Qualifying intangible assets                             --
                                                     ---------
    Tier 1 capital (core capital)                     144,921
  Qualifying general valuation allowance                7,246
                                                     ---------
       Risk-based capital                           $ 152,167
                                                     =========



<Table>
<Caption>
                                                                 As of June 30, 2007
                                            -------------------------------------------------------------------
                                                                 Minimum required for    Minimum required to be
                                                   Actual           Capital Adequacy       "Well Capitalized"
                                            -------------------  ----------------------  -----------------------
                                             Amount     Ratio        Amount     Ratio       Amount     Ratio
                                            -------------------  ----------------------  -----------------------
<S>                                        <C>        <C>          <C>         <C>        <C>        <C>
Total capital to risk-weighted assets     $ 152,167     12.2%        99,991      >=8%      124,989     >=10%
Core capital to adjusted tangible assets    144,921      9.6%        60,471      >=4%       75,589      >=5%
Tangible capital to tangible assets         144,921      9.6%        22,677     >=1.5%          --        --
Tier 1 capital to risk-weighted assets      144,921     11.6%            --        --       74,993      >=6%

</Table>




LOANS TO ONE BORROWER
     Institutions are prohibited from lending to any one borrower in
excess of 15% of the Bank's unimpaired capital plus unimpaired surplus,
or 25% of unimpaired capital plus unimpaired surplus if the loan is
secured by certain readily marketable collateral.  Renewals that exceed
the loans-to-one-borrower limit are permitted if the original borrower
remains liable and no additional funds are disbursed.  The Bank has
received regulatory approval from the OTS under 12 CFR 560.93 to
increase it's loans-to-one-borrower limit to $30 million for loans
secured by certain residential housing units.  Such loans must not, in
the aggregate, exceed 150% of the Bank's unimpaired capital and surplus.


LIQUIDITY AND CAPITAL RESOURCES

     Liquidity measures the ability to meet deposit withdrawals and
lending commitments.  The Bank generates liquidity primarily from the
sale and repayment of loans, retention or newly acquired retail
deposits, and advances from FHLB of Des Moines' credit facility.
Management continues to use FHLB advances as a primary source of short-
term funding.  At June 30, 2007, there was $116.1 million available to
the Bank in the form of additional FHLB advances.  The Bank has
established relationships with various brokers, and, as a secondary
source of liquidity, the Bank purchases brokered deposit accounts.  At
June 30, 2007, the Bank has $146.5 million in brokered deposits, and it
could purchase up to $240.4 million in additional brokered deposits and
remain "well capitalized" as defined by the OTS.

     Fluctuations in the level of interest rates typically impact
prepayments on mortgage loans and MBS.  During periods of falling
interest rates, these prepayments increase and a greater demand exists
for new loans.  The Bank's customer deposits are partially impacted by
area competition.  Management believes that the Bank will retain most of
its maturing time deposits in the foreseeable future.  However, any
material funding needs that may arise in the future can be reasonably
satisfied through the use of additional FHLB advances and/or brokered
deposits.   Management is not aware of any other current market or
economic conditions that could materially impact the Bank's future
ability to meet obligations as they come due.

                                  17

<Page>


Item 3. Quantitative and Qualitative Disclosures About Market Risk

     For a complete discussion of the Company's asset and liability
management policies, as well as the potential impact of interest rate
changes upon the market value of the Company's portfolio, see the
"Asset/Liability Management" section of the Company's Annual Report for
the year ended September 30, 2006.

     Management recognizes that there are certain market risk factors
present in the structure of the Bank's financial assets and liabilities.
Since the Bank does not have material amounts of derivative securities,
equity securities, or foreign currency positions, interest rate risk
("IRR") is the primary market risk that is inherent in the Bank's
portfolio.  On a quarterly basis, the Bank monitors the estimate of
changes that would potentially occur to its net portfolio value ("NPV")
of assets, liabilities, and off-balance sheet items assuming a sudden
change in market interest rates.  Management presents a NPV analysis to
the Board of Directors each quarter and NPV policy limits are reviewed
and approved.  There have been no material changes in the market risk
information provided in the Annual Report for the year ended September
30, 2006.


Item 4.  Controls and Procedures

    Under the supervision and with the participation of our management,
including our principal executive officer and principal financial
officer, we conducted an evaluation of our disclosure controls and
procedures, as such term is defined in Rules 13a-15(e) and 15d-15(e)
under the Securities and Exchange Act of 1934.  Based on this
evaluation, our principal executive officer and our principal financial
officer concluded that our disclosure controls and procedures were
effective at the end of the period covered by this quarterly report.
There were no changes in the Company's internal control over financial
reporting during the period covered by this quarterly report on Form 10-
Q that have materially affected or are reasonable likely to materially
affect our internal control over financial reporting.


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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 Chief Financial Officer pursuant to
                    Rules 13a-15(e) and 15d-15(e)

     Exhibit 32.1 - Certification of Chief Executive Officer pursuant to
                    18 U.S.C. 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
                    18 U.S.C. 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)


August 9, 2007                             By: /s/David H. Hancock
                                               David H. Hancock
                                               Chairman and
                                               Chief Executive Officer



August 9, 2007                             By: /s/Rhonda Nyhus
                                               Rhonda Nyhus
                                               Vice President and
                                                 Treasurer



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