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    December 31, 2001

                                   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


The number of shares of Common Stock of the Registrant outstanding as of
February 11, 2002, was 8,411,975.




<Page>

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


<Table>
<Caption>
                                         December 31,     September 30,
                                              2001            2001
                                           (Unaudited)
                                           ----------     -----------
<S>                                        <C>            <C>
ASSETS
Cash and cash equivalents                  $  45,902      $  16,043
Securities available for sale                  5,069          5,014
Stock in Federal Home Loan Bank, at cost      15,173         13,676
Mortgage-backed securities:
  Available for sale                           2,105          2,406
  Held to maturity (market value of $5,935
    and $7,462 at December 31, 2001, and
    September 30, 2001, respectively)          5,620          6,864
Loans receivable:
  Held for sale                               87,236         92,864
  Held for investment, net                   801,422        803,606
Accrued interest receivable                    5,053          5,587
Real estate owned, net                         7,312          8,043
Premises and equipment, net                    6,881          6,872
Mortgage servicing rights, net                 7,487          8,008
Other assets                                   3,418          2,479
                                           ----------     ----------
                                         $   992,678      $ 971,462
                                           ==========     ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
  Customer deposit accounts                $ 591,213      $ 576,040
  Brokered deposit accounts                       --          9,997
  Advances from Federal Home Loan Bank       288,402        273,471
  Escrows                                      2,856          7,116
  Income taxes payable                         5,547          6,427
  Accrued expenses and other liabilities       5,274          2,914
                                           ----------     ----------
      Total liabilities                      893,292        875,965
                                           ----------     ----------

Commitments and contingencies

Stockholders' equity:
  Common stock of $0.15 par value:
    20,000,000 authorized; 9,784,945 issued
    at December 31, 2001, and 9,773,612 issued
    at September 30, 2001                      1,468          1,466
  Serial preferred stock of $1.00 par
    value: 7,500,000 shares authorized;
    none issued or outstanding                    --             --
  Additional paid-in capital                  15,727         15,635
  Retained earnings                           97,437         93,340
  Treasury stock, at cost; 1,289,370 shares
    at December 31, 2001 and 1,269,522 shares
    at September 30, 2001                    (15,183)       (14,854)
  Accumulated other comprehensive loss           (63)           (90)
                                           ----------     ----------
      Total stockholders' equity              99,386         95,497
                                           ----------     ----------
                                             992,678        971,462
                                           ==========     ==========
</Table>


See accompanying notes to consolidated financial statements.


                                    1

<Page>

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


<Table>
<Caption>

                                                 Three months ended
                                                    December 31,
                                               ----------------------
                                                  2001         2000
                                               ---------    ---------
<S>                                            <C>          <C>
Interest on loans                              $ 18,723       21,138
Interest on mortgage-backed securities              177          304
Interest and dividends on securities                270          359
Other interest income                               173           94
                                               ---------    ---------
  Total interest income                          19,343       21,895
                                               ---------    ---------

Interest on customer deposit accounts             6,195        8,364
Interest on advances from FHLB and
    other borrowings                              4,009        4,681
                                               ---------    ---------
  Total interest expense                         10,204       13,045
                                               ---------    ---------
    Net interest income                           9,139        8,850
Provision for loan losses                           341          150
                                               ---------    ---------
    Net interest income after provision
      for loan losses                             8,798        8,700
                                               ---------    ---------
Other income (expense):
  Loan servicing fees                               313         (473)
  Impairment loss on mortgage servicing rights     (276)        (733)
  Impairment loss on mortgage-backed securities    (170)          --
  Customer service fees and charges               1,099          675
  Provision for losses on real estate owned         (67)          --
  Gain on sale of loans held for sale             3,740        1,331
  Other                                             421          221
                                               ---------    ---------
    Total other income                            5,060        1,021
                                               ---------    ---------
General and administrative expenses:
  Compensation and fringe benefits                3,684        3,175
  Premises and equipment                            528          583
  Advertising and business promotion                124          115
  Federal deposit insurance premiums                 30           31
  Other                                           1,116          877
                                               ---------    ---------
    Total general and administrative expenses     5,482        4,781
                                               ---------    ---------
    Income before income tax expense              8,376        4,940
Income tax expense                                3,216        1,929
                                               ---------    ---------
    Net income                                  $ 5,160        3,011
                                               =========    =========
Basic earnings per share                        $  0.61         0.35
                                               =========    =========
Diluted earnings per share                      $  0.60         0.35
                                               =========    =========

Weighted average shares outstanding           8,509,525    8,540,336

</Table>



See accompanying notes to consolidated financial statements.

                                    2
<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      loss         equity
                                  -----------------------------------------------------------------------
                                                  (Dollars in thousands)
<S>                                <C>          <C>        <C>       <C>         <C>          <C>
Balance at October 1, 2001          $ 1,466       15,635     93,340    (14,854)      (90)        95,497
  Comprehensive income:
    Net income                           --           --      5,160         --        --          5,160
    Other comprehensive loss,
      net of tax
       Unrealized loss on securities     --           --         --         --        27             27
                                                                                               ---------
    Total comprehensive income           --           --         --         --        --          5,187
  Cash dividends paid                    --           --     (1,063)        --        --         (1,063)
  Stock options exercised                 2           92         --         --        --             94
  Purchase of common stock for
      Treasury                           --           --         --       (329)       --           (329)
                                  ----------------------------------------------------------------------
Balance at December 31, 2001        $ 1,468       15,727     97,437    (15,183)      (63)        99,386
                                  ======================================================================

</Table>



See accompanying notes to consolidated financial statements.



                                    3
<Page>

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


<Table>
<Caption>
                                                            Three months ended
                                                               December 31,
                                                          ----------------------
                                                             2001         2000
                                                          ----------------------
<S>                                                       <C>          <C>
Cash flows from operating activities:
  Net income                                              $ 5,160        3,011
  Adjustments to reconcile net income to net cash
    provided by operating activities:
  Depreciation                                                215          217
  Amortization and accretion                                 (449)         910
  Impairment loss on mortgage servicing rights                276          733
  Impairment loss on mortgage-backed securities               170           --
  Gain on sale of loans receivable held for sale           (3,740)      (1,331)
  Provision for loan losses                                   341          150
  Provision for losses on real estate owned                    67           --
  Origination and purchase of loans held for sale        (150,185)     (76,277)
  Sale of loans receivable held for sale                  192,075       81,320
Changes in:
  Accrued interest receivable                                 534         (541)
  Accrued expenses and other liabilities and
    income taxes payable                                    1,464        1,560
                                                          ----------------------
Net cash provided by operating activities                  45,928        9,752

Cash flows from investing activities:
  Principal repayments of mortgage-backed securities:
    Held to maturity                                          976          552
    Available for sale                                        289          569
  Principal repayments of mortgage loans held
    for investment and held for sale                      143,796       67,816
  Principal repayments of other loans receivable           10,374        5,458
  Maturity of investment securities available for sale     20,000           --
  Loan origination - mortgage loans held for investment  (171,299)     (84,862)
  Loan origination - other loans                           (5,368)      (7,711)
  Purchase of mortgage loans held for investment           (8,294)      (7,676)
  Purchase of investment securities available for sale    (20,000)          --
  Purchase of FHLB stock                                   (1,497)      (1,863)
  Proceeds for sale of real estate owned                    1,552          420
  Purchases of premises and equipment                        (223)        (175)
  Other                                                      (926)        (796)
                                                          ----------------------
Net cash used in investing activities                     (30,620)     (28,268)

</Table>


                                    4
<Page>

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


<Table>
<Caption>
                                                            Three months ended
                                                               December 31,
                                                          ----------------------
                                                             2001         2000
                                                          ----------------------
<S>                                                       <C>          <C>
Cash flows from financing activities:
  Net decrease in customer deposit accounts                 5,177       (7,417)
  Proceeds from advances from FHLB                         45,000       72,000
  Repayment on advances from FHLB                         (30,068)     (34,765)
  Cash dividends paid                                      (1,063)        (856)
  Stock options exercised                                      94           15
  Repurchase of common stock                                 (329)          --
  Net decrease in escrows                                  (4,260)      (4,349)
                                                          ----------------------
Net cash provided by financing activities                  14,551       24,628
                                                          ----------------------
Net increase in cash and cash equivalents                  29,859        6,112
Cash and cash equivalents at beginning of the period       16,043        3,647
                                                          ----------------------
Cash and cash equivalents at end of period               $ 45,902        9,759
                                                          ======================

Supplemental disclosure of cash flow information:
  Cash paid for income taxes (net of refunds)            $  4,112          460
  Cash paid for interest                                   10,446       13,143

Supplemental schedule of non-cash investing and financing
  activities:
    Conversion of loans receivable to real estate owned  $  1,057        1,299
    Conversion of real estate owned to loans receivable        57           --
    Capitalization of mortgage servicing rights                36          992


</Table>




See accompanying notes to consolidated financial statements.

                                    5
<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, 2001, are not
necessarily indicative of the results that may be expected for the
fiscal year ended September 30, 2002.

     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, future additions to the allowances may be
necessary based on changes in economic conditions.

     In September 2000, the FASB issued SFAS No. 140, "Accounting for
Transfers and Servicing of Financial Assets and Extinguishments of
Liabilities."  This Statement replaces SFAS No. 125, "Accounting for
Transfers and Servicing of Financial Assets and Extinguishment of
Liabilities" and rescinds SFAS No. 127, "Deferral of Effective Date of
Certain Provisions of FASB Statement No. 125."  It revises the
standards for accounting for securitizations and other transfers of
financial assets and extinguishments of liabilities.  Those standards
are based on consistent application of a financial-components approach
that focuses on control.  This Statement was effective for transfers and
servicing of financial assets and extinguishments of liabilities
occurring after March 31, 2001.  This Statement is effective for
recognition and reclassification of collateral and for disclosures
relating to securitization transactions and collateral for fiscal years
ending after December 15, 2000.  Implementation of this Statement did
not have a material effect on the Company's consolidated financial
statements.

     The FASB recently issued SFAS No. 141, "Business Combinations,"
No. 142, "Goodwill and Other Intangible Assets," No. 143, "Accounting
for Asset Retirement Obligations," and No.144, "Accounting for the
Impairment or Disposal of Long-Lived Assets."  These Statements are
effective on various dates throughout the Company's 2003 fiscal year.
Implementation of these Statements is not expected to have a material
effect on the Company's consolidated financial statements.

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



 (2) SECURITIES AVAILABLE FOR SALE

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

                                         December 31, 2001
                            -------------------------------------------
                                         Gross      Gross    Estimated
                            Amortized unrealized unrealized    market
                              cost       gains	 losses      value
                            -------------------------------------------
U.S. Government Obligations $ 2,490        --         (6)      2,484
Equity securities             2,738        --       (153)      2,585
                            -------------------------------------------
  Total                   $   5,228        --       (159)      5,069
                            ===========================================


                                  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.

                                        December 31, 2001
                            -------------------------------------------
                                         Gross     Gross     Estimated
                            Amortized unrealized unrealized    market
                              cost       gains	 losses      value
                            -------------------------------------------


Pass-through certificates
  guaranteed by GNMA
    - fixed rate            $  1,967        46         --      2,013
Mortgage-backed derivatives
  (including CMO residuals
   and interest-only
   securities)                    82        10         --         92
                            -------------------------------------------
     Total                  $  2,049        56         --      2,105
                            ===========================================



(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.

                                        December 31, 2001
                            -------------------------------------------
                                         Gross     Gross     Estimated
                            Amortized unrealized unrealized    market
                              cost       gains	 losses      value
                            -------------------------------------------
FHLMC participation
  certificates:
    Fixed rate	            $  1,237        51         (2)       1,286
    Balloon maturity and
      adjustable rate         1,667        43         --        1,710
FNMA pass-through
  certificates:
   Fixed rate                   143        --         --          143
   Balloon maturity and
     adjustable rate            281         3         --          284
Pass-through certificates
  guaranteed by GNMA
    Fixed rate                  322        15         --          337
Collateralized mortgage
  obligation bonds              197         1         --          198
Other asset-backed
  securities                  1,773       204         --        1,977
                            -------------------------------------------
      Total                $  5,620       317         (2)       5,935
                            ===========================================



(5) LOANS RECEIVABLE

     Loans receivable are as follows:

                                                     December 31,
                                                          2001
                                                 ---------------------
                                                 (Dollars in thousands)
LOANS HELD FOR INVESTMENT:
  Mortgage loans:
    Permanent loans on:
      Residential properties                           $ 272,878
      Business properties                                334,195
      Partially guaranteed by VA or
        insured by FHA                                    18,752
    Construction and development                         199,704
                                                       ----------
       Total mortgage loans                              825,529
  Commercial loans                                        12,980
  Installment loans to individuals                        44,153
                                                       ----------
    Total loans held for investment                      882,662
  Less:
    Undisbursed loan funds                               (68,261)
    Unearned discounts and fees and costs
      on loans, net                                       (6,903)
    Allowance for losses on loans                         (6,076)
                                                       ----------
     Net loans held for investment                     $ 801,422
                                                       ==========

                                  7

<Page>

                                                      December 31,
                                                          2001
                                                 ---------------------
                                                 (Dollars in thousands)
LOANS HELD FOR SALE:
  Mortgage loans:
    Permanent loans on:
      Residential properties                           $ 117,511
    Less:
      Undisbursed loan funds                             (30,292)
      Unearned discounts and fees and costs
        on loans, net                                         17
                                                       ----------
        Net loans held for sale                         $ 87,236
                                                       ==========

     Included in the loans receivable balances at December 31, 2001, are
participating interests in mortgage loans and wholly owned mortgage
loans serviced by other institutions in the approximate amount of $3.1
million.  Loans and participations serviced for others amounted to
approximately $509.8 million at December 31, 2001.


(6) REAL ESTATE OWNED

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

                                                      December 31,
                                                          2001
                                                 ---------------------
                                                 (Dollars in thousands)
Real estate acquired through (or deed
   in lieu of) foreclosure                              $ 8,378
Less:  allowance for losses                              (1,066)
                                                       ----------
   Total                                                $ 7,312
                                                       ==========


     Real estate owned is carried at fair value as of the date of
foreclosure minus any estimated disposal costs (the "new basis"), and is
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 December 31, 2001.  Dollar amounts
are expressed in thousands.

     Balance at October 1, 2001               $  8,008
     Additions:
        Originated mortgage servicing rights        36
     Reductions:
        Amortization                               281
        Sale of mortgage servicing rights           --
        Impairment loss                            276
                                               --------
     Balance at December 31, 2001             $  7,487
                                               ========

                                  8
<Page>


(8) 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
                                             ----------------------
                                              12/31/01   12/30/00
                                             ----------------------
<S>                                           <C>        <C>
Net income (in thousands)                     $  5,160      3,011

Basic weighted average shares outstanding    8,509,525  8,540,336
Effect of stock options                         38,486     72,091
                                             ----------------------
Dilutive potential common shares             8,548,011  8,612,427

Net income per share:
   Basic                                      $  0.61        0.35
   Diluted                                       0.60        0.35


</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.

(9) SEGMENT INFORMATION

     In accordance with SFAS No. 131, "Disclosures about Segments of an
Enterprise and Related Information," the Company has identified two
principal operating segments for purposes of financial reporting:
Banking and 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 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>

Three months ended                    Mortgage  Other and
December 31, 2001            Banking  Banking  Eliminations Consolidated
------------------------------------------------------------------------
<S>                         <C>      <C>        <C>           <C>
Net interest income         $ 9,070       --         69         9,139
Provision for loan losses       341       --         --           341
Other income                  3,557    4,542     (3,039)        5,060
General and administrative
  expenses                    3,006    3,330       (854)        5,482
Income tax expense            3,712      485       (981)        3,216
                            -------------------------------------------
    Net income              $ 5,568      727     (1,135)        5,160
                            ===========================================
</Table>


<Table>
<Caption>

Three months ended                    Mortgage  Other and
December 31, 2000            Banking  Banking  Eliminations Consolidated
------------------------------------------------------------------------
<S>                         <C>      <C>        <C>           <C>
Net interest income         $ 8,781       --         69         8,850
Provision for loan losses       150       --         --           150
Other income                     85    2,467     (1,531)        1,021
General and administrative
  expenses                    2,666    2,408       (293)        4,781
Income tax expense            2,329       22       (422)        1,929
                            -------------------------------------------
    Net income              $ 3,721       37       (747)        3,011
                            ===========================================
</Table>

                                  9
<Page>



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, and advances from the Federal Home Loan Bank
("FHLB").  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 December 31, 2001, were $992.7
million, an increase of $21.2 million from September 30, 2001, 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 three months ended December 31, 2001, the Bank
originated and purchased $150.2 million in mortgage loans held for sale,
$179.6 million in mortgage loans held for investment, and $5.4 million
in other loans.  This total of $335.1 million in loans originated
compares to $176.5 million in loans originated during the three months
ended December 31, 2000.

     Included in the $87.2 million in loans held for sale as of December
31, 2001, are $40.0 million in 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.

     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.


                              12/31/01     9/30/01     12/31/00
                            -------------------------------------
Asset Classification:
   Substandard               $ 19,592       18,780       18,927
   Doubtful                        --           --           --
   Loss                         2,112        1,851        2,958
                            -------------------------------------
                               21,704       20,631       21,885
Allowance for losses           (7,141)      (7,035)      (8,501)
                            -------------------------------------
                             $ 14,563       13,596       13,384
                            =====================================



                                  10

<Page>

     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 deposit accounts increased $15.2 million during the three
months ended December 31, 2001.  The weighted average rate on customer
deposits as of December 31, 2001, was 4.08%, a decrease from 5.58% as of
December 31, 2000.

     Advances from the FHLB were $288.4 million as of December 31, 2001,
an increase of $14.9 million from September 30, 2001.  During the three-
month period, the Bank borrowed $45 million of new advances and repaid
$30.1 million.  Management uses FHLB advances at various times as an
alternate funding source to provide operating liquidity and to fund the
origination and purchase of mortgage loans.

     Escrows were $2.9 million as of December 31, 2001, a decrease of
$4.3 million from September 30, 2001.  This decrease is due to amounts
paid for borrowers' taxes during the fourth calendar quarter of 2001.

     Total stockholders' equity as of December 31, 2001, was $99.4
million (10.01% of total assets).  This compares to $95.5 million (9.83%
of total assets) at September 30, 2001.  On a per share basis,
stockholders' equity was $11.70 on December 31, 2001, compared to $11.23
on September 30, 2001.

     The Company paid cash dividends on its common stock of $0.125 on
November 30, 2001.  Subsequent to the quarter ended December 31, 2001,
the Company announced a cash dividend of $0.15 per share to be paid on
February  22, 2002, to stockholders of record as of February 1, 2002.

     Total stockholders' equity as of December 31, 2001, includes an
unrealized loss of $63,000, 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).


                             Three months ended
                           ------------------------
                            12/31/01     12/31/00
                           ------------------------
Return on assets              2.10%         1.21%
Return on equity             21.18%        14.21%
Equity-to-assets ratio       10.01%         8.47%
Dividend payout ratio        20.60%        27.40%


RESULTS OF OPERATIONS - Comparison of three months ended December 31,
2001 and 2000.

     For the three months ended December 31, 2001, the Company had net
income of $5,160,000 or $0.61 per share.  This compares to net income of
$3,011,000 or $0.35 per share for the quarter ended December 31, 2000.

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 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.

                                  11
<Page>


     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 three months ended
December 31, 2001 and 2000.  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.


                                  Three months ended 12/31/01   As of
                                  --------------------------- 12/31/01
                                   Average            Yield/   Yield/
                                   Balance  Interest   Rate     Rate
                                  -------------------------------------
Interest-earning assets
  Loans                         $  894,663    18,723   8.37%    7.75%
  Mortgage-backed securities         8,564       177   8.27%    7.15%
  Securities                        24,764       270   4.36%    5.14%
  Bank deposits                     28,919       173   2.39%    1.43%
                                  -------------------------------------
    Total earning assets           956,910    19,343   8.09%    7.43%
                                            ---------------------------
Non-earning assets                  33,774
                                  ---------
      Total                     $  990,684
                                  =========
Interest-costing liabilities
  Customer deposits accounts     $ 590,124     6,195   4.20%    4.08%
  FHLB Advances                    289,687     4,009   5.54%    5.01%
  Other borrowings                      --        --     --%      --
                                  -------------------------------------
    Total costing liabilities      879,811    10,204   4.64%    4.39%
                                            ---------------------------
Non-costing liabilities             13,345
Stockholders' equity                97,528
                                  ---------
      Total                     $  990,684
                                  =========
Net earning balance             $   77,099
                                  =========
Earning yield less costing rate                        3.45%    3.04%
                                                      ================
Average interest-earning assets,
  net interest, and net yield
  spread on average interest-
  earning assets                $  956,910     9,139   3.82%
                                  ==========================




                                  Three months ended 12/31/00  As of
                                  --------------------------- 12/31/00
                                   Average            Yield/   Yield/
                                   Balance  Interest   Rate     Rate
                                  -------------------------------------
Interest-earning assets
  Loans                          $ 920,721    21,138   9.18%    8.78%
  Mortgage-backed securities        17,527       304   6.94%    6.25%
  Securities                        18,707       359   7.68%    7.96%
  Bank deposits                      4,622        94   8.14%    6.25%
                                  -------------------------------------
    Total earning assets           961,577    21,895   9.11%    8.71%
                                            ---------------------------
Non-earning assets                  37,281
                                  ---------
      Total                      $ 998,858
                                  =========
Interest-costing liabilities
  Customer deposits accounts     $ 619,793     8,364   5.40%    5.58%
  FHLB Advances                    278,378     4,679   6.72%    6.59%
  Other borrowings                     100         2   8.00%    7.50%
                                  -------------------------------------
    Total costing liabilities      898,271    13,045   5.81%    5.91%
                                            ---------------------------
Non-costing liabilities             15,946
Stockholders' equity                84,641
                                  ---------
      Total                      $ 998,858
                                  =========
Net earning balance              $  63,306
                                  =========
Earning yield less costing rate                        3.30%    2.80%
                                                      ================
Average interest-earning assets,
  net interest, and net yield
  spread on average interest-
  earning assets                 $ 961,577     8,850   3.68%
                                  ==========================



     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 volume (change in volume
multiplied by the old rate),  (2) changes in rates (change in rate
multiplied by the old volume), 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>
                                       Three months ended December 31, 2001, compared to
                                            three months ended December 31, 2000
                                        -----------------------------------------------
                                                                     Yield/
                                           Yield         Volume      Volume      Total
                                        -----------------------------------------------
  <S>                                    <C>           <C>         <C>         <C>
Components of interest income:
  Loans                                $  (1,864)        (599)         48      (2,415)
  Mortgage-backed securities                  58         (155)        (30)       (127)
  Securities                                (155)         116         (50)        (89)
  Other assets                               (66)         494        (349)         79
                                        -----------------------------------------------
Net change in interest income             (2,027)        (144)       (381)     (2,552)
                                        -----------------------------------------------

Components of interest expense:
  Customer deposit accounts               (1,859)        (401)         91      (2,169)
  FHLB Advances                             (822)         190         (38)       (670)
  Other borrowings                            (2)          (2)          2          (2)
                                        -----------------------------------------------
Net change in interest expense            (2,683)        (213)         55      (2,841)
                                        -----------------------------------------------
  Increase (decrease) in net
    interest margin                    $     656           69        (436)        289
                                        ===============================================

</Table>



     Net interest margin before loan loss provision for the three months
ended December 31, 2001, increased $289,000 from the same period in the
prior year.  Specifically, interest on loans decreased $2.6 million,
primarily due to a decrease in the average yield on interest earning-
assets.  This was offset by an decrease in total interest expense for
the three months ended December 31, 2001, of $2.8 million from the same
period in the prior year.  Most of this decrease in interest expense was

                                  12
<Page>

due to a decrease in the average cost of customer deposits and FHLB
advances.  The average cost of customer deposit accounts decreased 120
basis points from 5.40% to 4.20% and the average cost of FHLB advances
decreased 118 basis points from 6.72% to 5.54%.  The total yield on
interest-earning assets decreased 102 basis points to 8.09% during the
three months ended December 31, 2001, compared to 9.11% in the prior
year.  The weighted average cost of total liabilities was 4.64%,
compared to 5.81% in the prior year, an increase of 117 basis points.

     The Company's net interest margin is impacted by changes in market
interest rates, which have varied greatly over time.  Changing interest
rates affect the level of prepayments on mortgages, the demand for new
mortgage loans, and the supply and interest cost of customer deposits
and borrowings used to fund interest-earning assets.  Management
monitors the Company's net interest spreads (the difference between
yields received on assets and paid on liabilities) and, although
constrained by market conditions, economic conditions, and prudent
underwriting standards, it offers deposit rates and loan rates that
maximize net interest income.  Management does not predict interest
rates, but instead attempts to fund the Company's assets with
liabilities of a similar duration to minimize the impact of changing
interest rates on the Company's net interest margin.  Since the relative
spread between financial assets and liabilities is constantly changing,
the Company's current net interest spread may not be an indication of
future net interest income.

PROVISION FOR LOAN LOSSES
     The Company's provision for loan losses was  $341,000 during the
quarter ended December 31, 2001, compared to $150,000 for the same
period in the prior year.  Management performs an ongoing analysis of
individual loans and of homogenous pools of loans to assess for any
impairment.  An increase in delinquencies of the Bank's residential
single-family sub-prime loan portfolio during the quarter ended December
31, 2001, resulted in the increase in provision for loan losses.  On a
consolidated basis, loan loss reserve was 32.9% of total classified
assets at December 31, 2001, 34.1% at September 30, 2001, and 38.8% at
December 31, 2000.

     As stated above, management believes that the provisions for loan
losses is adequate.  The provision can fluctuate based on changes in
economic conditions or changes in the 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 December 31, 2001,
increased $4.0 million from the same period in the prior year.
Specifically, gain on sale of loans held for sale increased $2.4 million
due to the increased volume of mortgage banking.  Customer service fees
increased $424,000 from the prior year, primarily due to the
implementation of an overdraft privilege program, which increased the
level of overdraft fees collected from demand deposit customers.  This
was partially offset by a provision for loss on real estate owned of
$67,000, and an impairment loss on a particular mortgage-backed security
held for investment of $170,000, which represented its full carrying
value.

       Income from loan servicing fees are net of amortization of
mortgage servicing rights.  Such amortization is greatly affected by the
level of actual prepayments and estimated future prepayments on the
underlying mortgage loans.  Management performs an ongoing analysis of
mortgage servicing rights to determine to what extent, if any, it may be
impaired.  During the quarter ended December 31, 2001, loan servicing
fees increased $786,000 from the same period in the prior year as a
result of a decrease in amortization of mortgage servicing rights.
Impairment loss on mortgage serving rights decreased $457,000.  The
increase in loan servicing fees and the decrease in impairment loss on
mortgage servicing rights were both a result of decreases in actual and
estimated future prepayments of the underlying mortgage loans during the
quarter ended December 31, 2001.  Changes in the trend of mortgage
interest rates can occur quickly and may have a significant impact on
future mortgage prepayments and amortization of mortgage servicing
rights.

GENREAL AND ADMINISTRATIVE EXPENSES
     Total general and administrative expenses for the quarter ended
December 31, 2001, increased $701,000 (14.7%) from the same quarter in
the prior year.  Compensation expense for the quarter ended December 30,
2001, increased $0.5 million from the prior year, which is attributable
to the increase in variable costs related to increased mortgage loan
origination volumes.

                                  13
<Page>


REGULATION

     The Bank is a member of the FHLB System and its customers' deposits
are insured by the Savings Association Insurance Fund ("SAIF") 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
SAIF-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 SAIF insures the Bank's customer deposit accounts to a maximum
of $100,000 for each insured member.  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.  SAIF-insured
institutions are also assessed a premium to service the interest on
Financing Corporation ("FICO") debt.

REGULATORY CAPITAL REQUIREMENTS
     At December 31, 2001, 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 December 31,
2001, the Bank did not have any investments in or loans to subsidiaries
engaged in activities not permissible for national banks.

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


At December 31, 2001                                 Amount
----------------------------------------------------------------
GAAP capital (Bank only)                            $  88,828
Adjustment for regulatory capital:
  Intangible assets                                      (131)
  Disallowed portion of servicing assets                 (620)
  Reverse the effect of SFAS No. 115                      (31)
                                                     ---------
    Tangible capital                                   88,046
  Qualifying intangible assets                             --
                                                     ---------
    Tier 1 capital (core capital)                      88,046
  Qualifying general valuation allowance                4,526
                                                     ---------
       Risk-based capital                           $  92,572
                                                     =========


<Table>
<Caption>
                                                                As of December 31, 2001
                                            -------------------------------------------------------------------
                                                                 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      $ 92,572     12.4%        59,571      >=8%       74,464     >=10%
Core capital to adjusted tangible assets     88,046      8.9%        39,458      >=4%       49,322      >=5%
Tangible capital to tangible assets          88,046      8.9%        14,797     >=1.5%          --       --
Tier 1 capital to risk-weighted assets       88,046     11.8%            --        --       44,678      >=6%

</Table>




                                  14
<Page>

INTEREST RATE RISK COMPONENT
     The OTS has adopted a rule which requires savings institutions with
a "greater than normal" level of interest rate exposure to deduct
amounts from their total capital for the purpose of calculating the
risk-based capital requirement.  The deduction is an amount equal to
one-half of the difference between the institution's measured exposure
and the "normal" exposure level (i.e., 2% of the estimated economic
value of the institution's assets).  The rule measures interest rate
risk as the decline in Net Portfolio Value that would result from a
sharp increase or decrease in market interest rates.  The rule sets
forth a description of valuation methodologies for assets, liabilities,
and off-balance sheet items.  Subsidiaries that are deemed to be
controlled by an institution under accounting principles generally
accepted in the United States of America will be consolidated for
purposes of calculating interest rate risk.  Although the interest rate
component was originally scheduled to become effective by December 31,
1994, the OTS has notified institutions to delay implementation until
further notice.


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.  As of December
31, 2001, the Bank had no loans that exceeded the loans to one borrower
limit.

INVESTMENT IN SUBSIDIARIES
     Investments in and extensions of credit to subsidiaries not engaged
in activities permissible for national banks must generally be deducted
from capital.  As of December 31, 2001, the Bank did not have any
investments in or advances to subsidiaries engaged in activities not
permissible for national banks.


LIQUIDITY AND CAPITAL RESOURCES

     The Bank generates liquidity primarily from savings deposits and
repayments on loans, investments, and MBS.  Liquidity measures the
ability to meet deposit withdrawals and lending commitments.  For
secondary sources of liquidity, the Bank has the ability to sell assets
held for sale, can borrow from primary securities dealers on a
collateralized basis, and can use the FHLB of Des Moines' credit
facility.

     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 is not currently aware of any other market
or economic conditions that could materially impact the Bank's future
ability to meet obligations as they come due.


                                    15

<Page>




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
		None.



                                    16

<Page>

                         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)


February 13, 2002                          By: /s/David H. Hancock
                                               David H. Hancock
                                               Chairman and
                                               Chief Executive Officer



February 13, 2002                         By:  /s/Keith B. Cox
                                               Keith B. Cox
                                               Vice President and
                                                 Treasurer



                                    17

<Page>

19