United States
Securities and Exchange Commission
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): May 6, 2011
NASB FINANCIAL, INC.
(Exact Name of Registrant as Specified in Its Charter)
MISSOURI
(State or Other Jurisdiction of Incorporation)
0-24033 43-1805201
(Commission File Number) (I. R. S, Employer 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)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 4.02. Non-Reliance on Previously Issued Financial Statements or a
Related Audit Report or Completed Interim Review
On May 6, 2011, NASB Financial, Inc. (the "Company," "we," "us, "
or "our") received a letter from the Office of Thrift Supervision
("OTS"), the regulator of our operating subsidiary, North American
Savings Bank, F.S.B. (the "Bank"), directing us to amend and restate
our financial results for the quarter ended December 31, 2010 ("First
Fiscal Quarter"). The directive to amend and restate our financials
resulted from recent OTS examination findings requiring us to
reclassify certain loan obligations extended by the Bank as troubled
debt restructuring ("TDR"). Upon discussion of these findings and the
OTS directive with our independent registered public accountants, our
Audit Committee and management concluded that the financial statements
of the Company for our First Fiscal Quarter should no longer be relied
upon because of the improper classification noted by the OTS in such
financial statements and that the financial statements for the First
Fiscal Quarter must be restated. 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.
Subsequent to the filing of our Form 10-Q for the First Fiscal
Quarter, we became aware that certain foreclosed real estate, acquired
as a result of the foreclosure of a participation loan held by us, had
declined in value. Therefore, in our restated financial statements for
the First Fiscal Quarter we intend to reflect the decrease in value of
this property in the amount of $1.6 million, pre-tax.
As a result of these restatements, the Company's previously
reported net income for the First Fiscal Quarter 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 First Fiscal Quarter to reflect
these restatements.
The following table summarizes the effects of the restatement on
the Company's consolidated statement of income (loss) for the three
months ended December 31, 2010 (dollars in thousands, except per share
data):
As
As Previously
Restated Reported
---------- ----------
Net interest income $ 13,040 13,040
Provision for loan losses 10,526 3,950
Non-interest income 9,086 10,716
Non-interest expense 16,535 16,535
Income tax expense (benefit) (1,900) 1,259
---------- ----------
Net income (loss) $ (3,035) 2,012
========== ==========
Earnings (loss) per share $ (0.39) 0.41
========== ==========
1
The Audit Committee and management have discussed with BKD, LLP,
the Company's independent registered public accountants, the matters
disclosed in this Current Report on Form 8-K.
The Company's press release dated May 11, 2011, announcing the
restatement of financial results for the quarter ended December 31,
2010, is attached hereto as exhibit 99.1 and is incorporated herein by
reference.
Item 9.01. Financial Statements and Exhibits
(c) Exhibits
Exhibit 99.1 - Press Release dated May 11, 2011.
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Company has duly caused this report 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