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                           NASB Financial, Inc.

                             NEWS RELEASE

Contact:  Rhonda Nyhus
          Vice President
          NASB Financial, Inc.
          12498 South 71 Highway
          Grandview, MO  64030
          Phone (816) 765-2200


FOR IMMEDIATE RELEASE:
NASB Financial, Inc. Announces Restatement of Financial Results

Grandview, Missouri (May 11, 2011) - On May 6, 2011, NASB Financial,
Inc. (the "Company") received a letter from the Office of Thrift Supervision
("OTS"), which regulates the Company's operating subsidiary, North American
Savings Bank, F.S.B. (the "Bank").  The letter directed the Bank to amend
and restate its financial results for the quarter ended December 31, 2010,
requiring the Bank to reclassify certain residential development loans
receivable, as troubled debt restructuring ("TDR").  As a result of
reclassifying these loans, the Company will recognize an aggregate pre-tax
impairment of approximately $6.6 million, as of December 31, 2010.  After
discussing the OTS directive with the Company's independent registered
public accountants, the Audit Committee and management concluded that the
previously issued financial statements for the quarter ended December 31,
2010, should no longer be relied upon because the change in classification
and related impairment precipitates a material restatement of the quarterly
December 31, 2010, financial statements.  These loans are paying as agreed
and have not been restructured in the traditional sense by offering any
concessions that discount the original terms; however, the original maturity
dates have been extended.

In addition to the reclassification of loans to TDR, subsequent to the
filing of our Form 10-Q for December 31, 2010, the Bank became aware that
certain foreclosed real estate had declined in value during the December
2010 quarter.  Therefore, in the restated financial statements for the
quarter ended December 31, 2010, the Bank will also reflect a pre-tax
decrease in value of this property in the amount of $1.6 million.

As a result of these restatements, the Company's previously reported
net income for the quarter ended December 31, 2010, of  $2.0 million, or
$0.26 per share, will decrease to a net loss of $3.0 million, or $(0.39) per
share.  The Company intends to amend, as soon as practicable, the Form 10-Q
for the quarter ended December 31, 2010.

Because of the time needed to amend and restate the Company's financial
statements for the quarter ended December 31, 2010, the Company has delayed
its issuance of financial statements for the quarter ended March 31, 2011.
Those results will be issued at the earliest practicable date.

	NASB Financial, Inc. is a unitary thrift holding company for North
American Savings Bank, F.S.B. ("North American" or the "Bank").  North
American operates six offices in greater Kansas City, Missouri and others in
Harrisonville, St. Joseph, and Excelsior Springs, Missouri.  The Bank also
has loan origination offices in Lee's Summit and Springfield, Missouri as
well as Overland Park, Kansas.