SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q/A
(Amendment No. 1)
[X] Quarterly Report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the period ended December 31, 2005
or
[ ] Transition Report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the transition period from to
Commission File Number 0-24033
NASB Financial, Inc.
(Exact name of registrant as specified in its charter)
Missouri 43-1805201
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
12498 South 71 Highway, Grandview, Missouri 64030
(Address of principal executive offices) (Zip Code)
(816) 765-2200
(Registrant's telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since
last report)
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period
that the Registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.
Yes X No
Indicate by check mark whether the Registrant is a large accelerated
filer, an accelerated filer, or a non-accelerated filer. See definition
of "accelerated filer and large accelerated filer" in Rule 12b-2 of the
Exchange Act.
Large accelerated filer Accelerated filer X Non-accelerated filer
Indicate by check mark whether the Registrant is a shell company (as
defined in Rule 12b-2 of the Exchange Act).
Yes No X
The number of shares of Common Stock of the Registrant outstanding as of
February 6, 2006, was 8,417,442.
EXPLANATORY NOTE REGARDING THIS FORM 10-Q/A
This Amendment No. 1 to the Quarterly Report on Form 10-Q/A amends
our Quarterly Report on Form 10-Q for the quarter ended December 31,
2005, initially filed with the Securities and Exchange Commission
("SEC") on February 9, 2006 (the "Original Filing"). We are filing this
Amendment No. 1 to restate our consolidated financial statements for the
quarters ended December 31, 2005 and 2004, to appropriately reflect
certain information in conformity with Statement of Financial Accounting
Standards No. 95, "Statement of Cash Flows" ("SFAS 95"). The Company
has historically classified principal repayments on its loans held for
sale in the investing section of the statement of cash flows. The SEC
has taken exception with this treatment, and informed the Company that
principal repayments on loans held for sale should be classified in the
operating section of the statement of cash flows in accordance with
guidance under SFAS 95. Additionally, as a result of researching this
classification issue, management discovered an error in its calculation
of originations and principal repayments of loans held for sale reported
in the consolidated statements of cash flows.
This Amendment No. 1 amends and restates the Company's
consolidated financial statements for the quarters ended December 31,
2005 and 2004, including the notes thereto. The Company's Consolidated
Statement of Cash Flows have been restated in order to reclassify items
related to the origination, sale and principal repayment of loans held
for sale. Refer to Note 11, "Restatement," in this Amendment No. 1 for
further information on the restatement impact for the quarters ended
December 31, 2005 and 2004.
This Amendment No. 1 also amends Part I, Item 4 "Controls and
Procedures," related to the restatement of the Company's consolidated
financial statements noted above.
Pursuant to the rules of the Securities and Exchange Commission,
Item 6, "Exhibits," of Part II of the original Form 10-Q has been
amended to contain updated certifications from our Chief Executive
Officer and Chief Financial Officer, as required by Sections 302 and 906
of the Sarbanes-Oxley Act of 2002.
This Amendment No. 1 only amends and restates the Items described
above to reflect the effects of the restatement, and we have not
modified or updated other disclosures presented in our Original Filing.
Other Items of the Original Filing are not included in this Amendment
No. 1. Accordingly, this Amendment No. 1 does not reflect events
occurring after the filing of the Original Filing and does not modify or
update those disclosures affected by subsequent events, except as
specifically referenced herein. Information not affected by this
Amendment No. 1 is unchanged and reflects the disclosures made at the
time of the Original Filing on February 9, 2006.
1
NASB FINANCIAL, INC. AND SUBSIDIARY
Consolidated Balance Sheets
(In thousands)
December 31, September 30,
2005 2005
(Unaudited)
---------- -----------
ASSETS
Cash and cash equivalents $ 38,437 35,334
Securities available for sale 237 237
Stock in Federal Home Loan Bank, at cost 23,411 22,390
Mortgage-backed securities:
Available for sale, at fair value 119,802 129,302
Held to maturity (fair value of $410
and $447 at December 31, 2005, and
September 30, 2005, respectively) 396 431
Loans receivable:
Held for sale 47,250 94,130
Held for investment, net 1,278,548 1,234,050
Allowance for loan losses (7,312) (7,536)
Accrued interest receivable 7,427 6,997
Foreclosed asset held for sale, net 8,410 7,760
Premises and equipment, net 11,058 10,558
Investment in LLC 14,559 12,206
Mortgage servicing rights, net 901 911
Deferred income tax asset 2,642 2,671
Other assets 7,120 6,903
---------- ----------
$ 1,552,886 1,556,344
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Customer deposit accounts $ 721,374 707,892
Brokered deposit accounts 126,731 94,802
Advances from Federal Home Loan Bank 488,771 465,907
Securities sold under agreements to
repurchase 52,500 122,000
Escrows 3,594 9,423
Income taxes payable 3,430 796
Accrued expenses and other liabilities 6,908 6,637
---------- ----------
Total liabilities 1,403,308 1,407,457
---------- ----------
Stockholders' equity:
Common stock of $0.15 par value:
20,000,000 authorized; 9,857,112
issued at December 31, 2005, and
September 30, 2005 1,479 1,479
Serial preferred stock of $1.00 par
value: 7,500,000 shares authorized;
none issued or outstanding -- --
Additional paid-in capital 16,256 16,256
Retained earnings 152,744 151,331
Treasury stock, at cost; 1,439,670
shares and 1,419,670 shares at
December 31, 2005, and
September 30, 2005, respectively (18,721) (17,952)
Accumulated other comprehensive
loss (2,180) (2,227)
---------- ----------
Total stockholders' equity 149,578 148,887
---------- ----------
$ 1,552,886 1,556,344
========== ==========
See accompanying notes to consolidated financial statements.
2
NASB FINANCIAL, INC. AND SUBSIDIARY
Consolidated Statements of Income (Unaudited)
(In thousands, except share data)
Three months ended
December 31,
----------------------
2005 2004
--------- ---------
Interest on loans $ 22,434 17,683
Interest on mortgage-backed securities 1,160 1,575
Interest and dividends on securities 277 134
Other interest income 121 46
--------- ---------
Total interest income 23,992 19,438
--------- ---------
Interest on customer and brokered
deposit accounts 6,367 3,330
Interest on advances from FHLB 4,759 2,145
Interest on securities sold under
agreements to repurchase 606 731
--------- ---------
Total interest expense 11,732 6,206
--------- ---------
Net interest income 12,260 13,232
Provision for loan losses 65 167
--------- ---------
Net interest income after provision
for loan losses 12,195 13,065
--------- ---------
Other income (expense):
Loan servicing fees, net 30 12
Impairment recovery on mortgage
servicing rights 1 19
Customer service fees and charges 1,676 1,621
Recovery on real estate owned -- 681
Gain on sale of loans held for sale 3,852 3,654
Other 282 517
--------- ---------
Total other income 5,841 6,504
--------- ---------
General and administrative expenses:
Compensation and fringe benefits 4,492 4,193
Commission-based mortgage banking
compensation 1,871 1,529
Premises and equipment 874 793
Advertising and business promotion 1,108 845
Federal deposit insurance premiums 26 26
Other 1,526 1,287
--------- ---------
Total general and administrative expenses 9,897 8,673
--------- ---------
Income before income tax expense 8,139 10,896
Income tax expense 2,930 3,977
--------- ---------
Net income $ 5,209 6,919
========= =========
Basic earnings per share $ 0.62 0.82
========= =========
Diluted earnings per share $ 0.61 0.82
========= =========
Basic weighted average shares outstanding 8,434,562 8,455,442
See accompanying notes to consolidated financial statements.
3
NASB FINANCIAL, INC. AND SUBSIDIARY
Consolidated Statements of Stockholders' Equity (Unaudited)
(In thousands, except share data)
Accumulated
Additional other Total
Common paid-in Retained Treasury comprehensive stockholders
stock capital earnings stock income (loss) equity
-----------------------------------------------------------------------
(Dollars in thousands)
Balance at October 1, 2005 $ 1,479 16,256 151,331 (17,952) (2,227) 148,887
Comprehensive income:
Net income -- -- 5,209 -- -- 5,209
Other comprehensive income (loss),
net of tax:
Unrealized loss on securities -- -- -- -- 47 47
available for sale -------
Total comprehensive income -- -- -- -- -- 5,256
Cash dividends paid -- -- (3,796) -- -- (3,796)
Purchase of common stock for
treasury -- -- -- (769) -- (769)
----------------------------------------------------------------------
Balance at December 31, 2005 $ 1,479 16,256 152,744 (18,721) (2,180) 149,578
======================================================================
See accompanying notes to consolidated financial statements.
4
NASB FINANCIAL, INC. AND SUBSIDIARY
Consolidated Statements of Cash Flows (Unaudited)
(In thousands, except share data)
Three months ended
December 31,
----------------------
2005 2004
(Restated) (Restated)
----------------------
Cash flows from operating activities:
Net income $ 5,209 6,919
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Depreciation 306 271
Amortization and accretion, net (541) (554)
Impairment recovery on mortgage servicing rights (1) (19)
Gain on sale of loans receivable held for sale (3,852) (3,654)
Provision for loan losses 65 167
Recovery on real estate owned -- (681)
Principal repayments of mortgage loans receivable
held for sale 7 2,572
Origination of loans held for sale (317,333) (278,796)
Sale of loans receivable held for sale 365,383 260,190
Changes in:
Net fair value of loan related commitments 52 (229)
Accrued interest receivable (430) (120)
Accrued expenses and other liabilities and
income taxes payable 5,588 4,129
----------------------
Net cash provided by (used in) operating activities 54,453 (9,805)
Cash flows from investing activities:
Principal repayments of mortgage-backed securities:
Held to maturity 35 51
Available for sale 9,458 9,174
Principal repayments of mortgage loans receivable
held for investment 93,728 111,532
Principal repayments of other loans receivable 1,941 2,259
Loan origination - mortgage loans held for investment (141,023) (138,532)
Loan origination - other loans receivable (1,209) (2,921)
Purchase of mortgage loans held for investment -- (1,207)
Purchase of FHLB stock (1,021) (4,086)
Proceeds for sale of real estate owned 1,817 3,722
Purchases of premises and equipment, net of sales (805) (876)
Investment in LLC (2,354) (271)
Other (373) (861)
----------------------
Net cash used in investing activities (39,806) (22,016)
5
NASB FINANCIAL, INC. AND SUBSIDIARY
Consolidated Statements of Cash Flows (continued)
(In thousands, except share data)
Three months ended
December 31,
----------------------
2005 2004
(Restated) (Restated)
----------------------
Cash flows from financing activities:
Net increase (decrease) in customer and
brokered deposit accounts 45,428 (4,564)
Proceeds from advances from FHLB 150,000 185,000
Repayment on advances from FHLB (127,079) (117,075)
Proceeds from sale of securities under
agreements to repurchase -- 189,900
Repayment of securities sold under
agreements to repurchase (69,500) (195,900)
Cash dividends paid (3,796) (8,455)
Purchase of common stock for treasury (769) --
Change in escrows (5,828) (4,846)
----------------------
Net cash provided by (used in) financing activities (11,544) 44,060
----------------------
Net increase in cash and cash equivalents 3,103 12,239
Cash and cash equivalents at beginning of the period 35,334 18,263
----------------------
Cash and cash equivalents at end of period $ 38,437 30,502
======================
Supplemental disclosure of cash flow information:
Cash paid for income taxes (net of refunds) $ 296 --
Cash paid for interest 11,682 5,919
Supplemental schedule of non-cash investing and financing
activities:
Conversion of loans receivable to real estate owned $ 887 1,017
Capitalization of mortgage servicing rights 68 --
See accompanying notes to consolidated financial statements.
6
(1) BASIS OF PRESENTATION
The accompanying unaudited consolidated financial statements are
prepared in accordance with instructions to Form 10-Q and do not include
all of the information and footnotes required by accounting principles
generally accepted in the United States of America ("GAAP") for complete
financial statements. All adjustments are of a normal and recurring
nature and, in the opinion of management, the statements include all
adjustments considered necessary for fair presentation. These
statements should be read in conjunction with the consolidated financial
statements and notes thereto included in the Company's Annual Report on
Form 10-K to the Securities and Exchange Commission. Operating results
for the three months ended December 31, 2005, are not necessarily
indicative of the results that may be expected for the fiscal year
ending September 30, 2006. The consolidated balance sheet of the
Company as of September 30, 2005, has been derived from the audited
balance sheet of the Company as of that date.
In preparing the financial statements, management is required to
make estimates and assumptions that affect the reported amounts of
assets and liabilities as of the date of the balance sheet and revenues
and expenses for the period. Material estimates that are particularly
susceptible to significant change in the near-term relate to the
determination of the allowances for losses on loans, real estate owned,
and valuation of mortgage servicing rights. Management believes that
these allowances are adequate, however, future additions to the
allowances may be necessary based on changes in economic conditions.
The Company's critical accounting policies involving the more
significant judgements and assumptions used in the preparation of the
consolidated financial statements as of December 31, 2005, have remained
unchanged from September 30, 2005. These policies relate to provision
for loan losses and mortgage servicing rights. Disclosure of these
critical accounting policies is incorporated by reference under Item 8
"Financial Statements and Supplementary Data" in the Company's Annual
Report on Form 10-K for the Company's year ended September 30, 2005.
Certain quarterly amounts for previous periods have been
reclassified to conform to the current quarter's presentation.
(2) RECONCILIATION OF BASIC EARNINGS PER SHARE TO DILUTED EARNINGS PER
SHARE
The following table presents a reconciliation of basic earnings per
share to diluted earnings per share for the periods indicated.
Three months ended
----------------------
12/31/05 12/31/04
----------------------
Net income (in thousands) $ 5,209 6,919
Average common share outstanding 8,434,562 8,455,442
Average common share stock options
outstanding 42,303 12,148
----------------------
Average diluted common shares 8,476,865 8,467,590
Earnings per share:
Basic $ 0.62 0.82
Diluted 0.61 0.82
The dilutive securities included for each period presented above
consist entirely of stock options granted to employees as incentive
stock options under Section 442A of the Internal Revenue Code as
amended.
7
(3) SECURITIES AVAILABLE FOR SALE
The following table presents a summary of securities available for
sale. Dollar amounts are expressed in thousands.
December 31, 2005
-------------------------------------------
Gross Gross Estimated
Amortized unrealized unrealized fair
cost gains losses value
-------------------------------------------
Equity securities $ 180 -- -- 180
Municipal securities 57 -- -- 57
-------------------------------------------
Total $ 237 -- -- 237
===========================================
(4) MORTGAGE-BACKED SECURITIES AVAILABLE FOR SALE
The following table presents a summary of mortgage-backed securities
available for sale. Dollar amounts are expressed in thousands.
December 31, 2005
-------------------------------------------
Gross Gross Estimated
Amortized unrealized unrealized fair
cost gains losses value
-------------------------------------------
Pass-through certificates
guaranteed by GNMA
- fixed rate $ 327 -- 1 326
Pass-through certificates
guaranteed by FNMA
- adjustable rate 17,568 -- 519 17,049
FHLMC participation
certificates
- fixed rate 1,452 -- 89 1,363
- adjustable rate 104,000 -- 2,936 101,064
-------------------------------------------
Total $ 123,347 -- 3,545 119,802
===========================================
(5) MORTGAGE-BACKED SECURITIES HELD TO MATURITY
The following table presents a summary of mortgage-backed
securities held to maturity. Dollar amounts are expressed in thousands.
December 31, 2005
-------------------------------------------
Gross Gross Estimated
Amortized unrealized unrealized market
cost gains losses value
-------------------------------------------
FHLMC participation
certificates:
Balloon maturity and
adjustable rate $ 171 11 -- 182
FNMA pass-through
certificates:
Fixed rate 100 -- -- 100
Balloon maturity and
adjustable rate 78 -- -- 78
Pass-through certificates
guaranteed by GNMA
- fixed rate 47 3 -- 50
-------------------------------------------
Total $ 396 14 -- 410
===========================================
8
(6) LOANS RECEIVABLE
Loans receivable are as follows:
December 31,
2005
---------------------
(Dollars in thousands)
LOANS HELD FOR INVESTMENT:
Mortgage loans:
Permanent loans on:
Residential properties $ 385,573
Business properties 453,154
Partially guaranteed by VA or
insured by FHA 2,587
Construction and development 511,585
----------
Total mortgage loans 1,352,899
Commercial loans 55,819
Installment loans to individuals 20,681
----------
Total loans held for investment 1,429,399
Less:
Undisbursed loan funds (146,609)
Unearned discounts and fees and costs
on loans, net (4,242)
----------
Net loans held for investment $1,278,548
==========
December 31,
2005
---------------------
(Dollars in thousands)
LOANS HELD FOR SALE:
Mortgage loans:
Permanent loans on:
Residential properties $ 64,651
Less:
Undisbursed loan funds (17,407)
Unearned discounts and fees and costs
on loans, net 6
----------
Net loans held for sale $ 47,250
==========
Included in the loans receivable balances at December 31, 2005, are
participating interests in mortgage loans and wholly owned mortgage
loans serviced by other institutions in the approximate amount of
$142,000. Loans and participations serviced for others amounted to
approximately $104.3 million at December 31, 2005.
(7) FORECLOSED ASSETS HELD FOR SALE
Real estate owned and other repossessed property consisted of the
following:
December 31,
2005
---------------------
(Dollars in thousands)
Real estate acquired through (or deed
in lieu of) foreclosure $ 8,582
Less: allowance for losses (172)
----------
Total $ 8,410
==========
9
Foreclosed assets held for sale are initially recorded at fair
value as of the date of foreclosure minus any estimated selling costs
(the "new basis"), and are subsequently carried at the lower of the new
basis or fair value less selling costs on the current measurement date
(8) MORTGAGE SERVICING RIGHTS
The following provides information about the Bank's mortgage
servicing rights for the period ended December 31, 2005. Dollar amounts
are expressed in thousands.
Balance at October 1, 2005 $ 911
Additions:
Originated mortgage servicing rights 68
Impairment recovery 1
Reductions:
Amortization (79)
--------
Balance at December 31, 2005 $ 901
========
(9) REPURCHASE AGREEMENTS
During the three-month period ended December 31, 2005, the Bank
sold various adjustable-rate mortgage-backed securities under agreements
to repurchase. The outstanding balance of such repurchase agreements
was $52.5 million at December 31, 2005. These agreements have a
weighted average rate of 3.49% and a weighted average maturity of 36
days.
(10) SEGMENT INFORMATION
In accordance with SFAS No. 131, "Disclosures about Segments of an
Enterprise and Related Information," the Company has identified three
principal operating segments for purposes of financial reporting:
Banking, Local Mortgage Banking, and National Mortgage Banking. These
segments were determined based on the Company's internal financial
accounting and reporting processes and are consistent with the
information that is used to make operating decisions and to assess the
Company's performance by the Company's key decision makers.
The National Mortgage Banking segment originates mortgage loans via
the internet primarily for sale to investors. The Local Mortgage
Banking segment originates mortgage loans for sale to investors and for
the portfolio of the Banking segment. The Banking segment provides a
full range of banking services through the Bank's branch network,
exclusive of mortgage loan originations. A portion of the income
presented in the Mortgage Banking segment is derived from sales of loans
to the Banking segment based on a transfer pricing methodology that is
designed to approximate economic reality. The Other and Eliminations
segment includes financial information from the parent company plus
inter-segment eliminations.
The following table presents financial information from the
Company's operating segments for the periods indicated. Dollar amounts
are expressed in thousands.
Local National
Three months ended Mortgage Mortgage Other and
December 31, 2005 Banking Banking Banking Eliminations Consolidated
---------------------------------------------------------------------------------------
Net interest income $ 12,242 -- -- 18 12,260
Provision for loan losses 65 -- -- -- 65
Other income 1,267 2,558 2,578 (562) 5,841
General and administrative
expenses 3,860 2,686 3,443 (92) 9,897
Income tax expense (benefit) 3,450 (46) (311) (163) 2,930
-----------------------------------------------------------
Net income $ 6,134 (82) (554) (289) 5,209
===========================================================
10
Local National
Three months ended Mortgage Mortgage Other and
December 31, 2004 Banking Banking Banking Eliminations Consolidated
---------------------------------------------------------------------------------------
Net interest income $ 13,214 -- -- 18 13,232
Provision for loan losses 167 -- -- -- 167
Other income 2,266 3,073 2,071 (906) 6,504
General and administrative
expenses 3,650 3,020 2,250 (247) 8,673
Income tax expense (benefit) 4,257 19 (65) (234) 3,977
-----------------------------------------------------------
Net income $ 7,406 34 (114) (407) 6,919
===========================================================
(11) RESTATEMENT
In connection with the preparation of the Company's Consolidated
Statements of Cash Flows, management reconsidered the classification of
repayments on its loans held for sale in accordance guidance under
Statement of Financial Accounting Standard No. 95, "Statement of Cash
Flows" ("SFAS 95").
The Company has historically classified principal repayments on its
loans held for sale in the investing section of the statement of cash
flows. The SEC has taken exception with this treatment, and informed
the Company that principal repayments on loans held for sale should be
classified in the operating section of the statement of cash flows in
accordance with guidance under SFAS 95. Additionally, as a result of
researching this classification issue, management discovered an error in
its calculation of originations and principal repayments of loans held
for sale reported in the statement of cash flows.
The following table illustrates the restatement made to the
Consolidated Statement of Cash Flows. Dollar amounts are expressed in
thousands:
Three months ended
-----------------------
12/31/05 12/31/04
-----------------------
Net cash from operating activities,
as previously reported $ 54,510 (2,879)
Reclassification of principal repayments
of loans receivable held for sale 7 2,572
Correction of origination and principal
repayments of loans receivable
held for sale (64) (9,498)
-----------------------
Reported net cash from operating activities $ 54,453 (9,805)
=======================
Net cash from investing activities,
as previously reported $ (39,863) (28,942)
Reclassification of principal repayments
of loans receivable held for sale (7) (2,572)
Correction of origination and principal
repayments of loans receivable
held for sale 64 9,498
-----------------------
Reported net cash from investing activities $ (39,806) (22,016)
=======================
11
Item 4. Controls and Procedures
The original Form 10-Q stated that management had performed, at the
direction and with the participation of the Company's Chief Executive
Officer and Chief Financial Officer, an evaluation of the Company's
disclosure controls and procedures (as defined in Rules 13a-15(e) and
15d-15(e) under the Exchange Act) and concluded that the Company's
disclosure controls and procedures were effective as of the end of the
quarterly period covered by the original Form 10-Q. As a result of the
identification of errors relating to the preparation of the Company's
consolidated statements of cash flows for the periods ended December 31,
2005 and 2004, the Chief Executive Officer and Chief Financial Officer
reassessed their conclusion and determined that Company's disclosure
controls and procedures were not effective as of that date.
Accordingly, management has concluded that this control deficiency was a
material weakness. As a result of these findings, management has
performed an internal review of its processes in order to properly
collect and report cash flow data related to the origination, sale, and
principal repayments of loans held for sale.
There were no changes in the Company's internal control over
financial reporting that have materially affected, or are reasonably
likely to materially affect, the Company's internal control over
financial reporting during the quarterly period ended December 31, 2005.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
There were no material proceedings pending other than ordinary and
routine litigation incidental to the business of the Company.
Item 2. Changes in Securities
None.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Submission of Matters to a Vote of Security Holders
None.
Item 5. Other Information
None.
Item 6. Exhibits and Reports on Form 8-K
(a)Exhibits
Exhibit 31.1 - Certification of Chief Executive Officer pursuant to
Rules 13a-15(e) and 15d-15(e)
Exhibit 31.2 - Certification of the Chief Financial Officer
pursuant to Rules 13a-15(e) and 15d-15(e)
Exhibit 32.1 - Certification of Chief Executive Officer pursuant to
Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002
Exhibit 32.2 - Certification of Chief Financial Officer pursuant to
Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002
12
S I G N A T U R E S
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
NASB Financial, Inc.
(Registrant)
July 5, 2006 By: /s/David H. Hancock
David H. Hancock
Chairman and
Chief Executive Officer
July 5, 2006 By: /s/Rhonda Nyhus
Rhonda Nyhus
Vice President and
Treasurer
13