SEC FILE NUMBER
0-24033
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CUSIP NUMBER
628968
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United States
Securities and Exchange Commission
Washington, DC 20549
FORM 12b-25
NOTICE OF LATE FILING
(Check one): [ ] Form 10-K [ ] Form 20-F [ ] Form 11-K
[X] Form 10-Q [ ] Form 10-D [ ] Form N-SAR [ ] Form N-CSR
For Period Ended: December 31, 2009
[ ] Transition Report on Form 10-K
[ ] Transition Report on Form 20-F
[ ] Transition Report on Form 11-K
[ ] Transition Report on Form 10-Q
[ ] Transition Report on Form N-SAR
For the Transition Period Ended:
Read instructions (on back page) Before Preparing From. Please Type or
Print.
Nothing in this form shall be constructed to imply that the Commission
has verified any information herein.
PART I - REGISTRANT INFORMATION
NASB Financial, Inc.
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Full Name of Registrant
Not Applicable
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Former Name, if Applicable
12498 South 71 Highway
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Address of Principal Executive Office (Street and Number)
Grandview, Missouri 64030
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City, State, and Zip Code
PART II - RULES 12b-25(b) AND (c)
If the subject report could not be filed without unreasonable effort or
expense and the registrant seeks relief pursuant to Rule 12b-25(b), the
following should be completed. (Check box if appropriate)
(a) The reason described in reasonable detail in Part III of
this form could not be eliminated without unreasonable
effort or expense.
(b) The subject annual report, semi-annual report,
transition report on Form 10-K, Form 20-F, Form
11-K, Form N-SAR, or Form N-CSR, or portion thereof,
will be filed on or before the fifteenth
[ ] calendar day following the prescribed due date; or the
subject quarterly report or transition report
on Form 10-Q or subject distribution report on
Form 10-D, or portion thereof, will be filed on or
before the fifth calendar day following the prescribed
due date, and
(c) The accountant's statement or other exhibit required by
Rule 12b-25(c) has been attached if applicable.
PART III - NARRATIVE
State below in reasonable detail why Forms 10-K, 20-F, 11-K, 10-Q, 10-
D, N-SAR, N-CSR, or the transition report or portion thereof, could not
be filed within the prescribed time period.
NASB Financial, Inc. (the "Company," "we," "us, " or "our") is unable
to file timely our Form 10-Q for the quarter ended March 31, 2011,
because the Company is undertaking a directive to amend and restate our
financial results for the quarter ended December 31, 2010. On May 6,
2011, the Office of Thrift Supervision ("OTS") sent us a letter
directing that we reclassify to troubled debt restructuring ("TDR")
certain loan obligations extended by our operating subsidiary, a
federal banking institution, based on findings from a recently
completed regulatory examination by OTS. More time is needed for the
Company to complete the accounting of these reclassifications for the
periods ended December 31, 2010, and March 31, 2011, and to obtain
recertification from the Company's independent auditors for these
periods. We believe that upon reclassification of these loans to TDR
they will be impaired by an aggregate of approximately $6.6 million,
pre-tax, as of December 31, 2010.
In addition, subsequent to the filing of its Form 10-Q for the period
ended December 31, 2010, the Company became aware that certain
foreclosed real estate, which the Company acquired through foreclosure
of a participation loan, had declined in value. Therefore, the Company
plans to reflect the decrease in value of the property in the amount of
$1.6 million, pre-tax, in its amended December 31, 2010, Form 10-Q.
PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to
this notification
Rhonda Nyhus 816 765-2200
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(Name) (Area Code) (Telephone Number)
(2) Have all periodic reports required under Section 13 or 15(d)
of the Securities Exchange Act of 1934 or Section 30 of the
Investment Company Act of 1940 during the preceding 12 months
or for such shorter period that the registrant was required to
file such report(s) been filed? If answer is no, identify
report(s).
Yes [X] No [ ]
(3) Is it anticipated that any significant change in results of
operations from the corresponding period for the last fiscal
year will be reflected by the earnings statements to be
included in the subject report or portions thereof?
Yes [X] No [ ]
If so, attach an explanation of the anticipated change, both
narratively and quantitatively, and, if appropriate, state
the reasons why a reasonable estimate of the results cannot
be made.
For the three months ended March 31, 2011, we expect to report a
net loss of $582,000. This compares to net income of $3.2 million for
the three months ended March 31, 2010.
NASB Financial, Inc.
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(Name of Registrant Specified in Charter)
has caused this notification to be signed on its behalf by the
undersigned hereunto duly authorized.
NASB FINANCIAL, INC.
May 11, 2011 By: /s/ Rhonda Nyhus
Rhonda Nyhus
Vice President and
Treasurer