Securities and Exchange Commission
                        Washington, DC  20549

                             FORM 10-K


[X]  Annual Report Pursuant to Section 13 OR 15(d) of the Securities
Exchange Act of 1934

           For the period ended    SEPTEMBER 30, 2007

                                 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)

Securities registered pursuant to Section 12(b) of the Act:  NONE

         Securities registered pursuant to Section 12(g) of the Act:
                    Common Stock, $0.15 par value


     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.
                                         [X]Yes     [ ] No

     Indicate by check mark if disclosure of delinquent filers
pursuant to Item 405 of Regulation S-K (Section 229.405 of this
chapter) is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or
any amendment to this Form 10-K.  [  ]

     Indicate by check mark whether the registrant is an accelerated
filer (as defined in Rule 12b-2 of the Act).
[X]Yes   [ ]No

     Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Act).
[ ]Yes   [X]No


     The aggregate market value of the voting stock held by non-
affiliates of the Registrant, based on the asking price of its Common
Stock on March 31, 2007, was approximately $131.2 million.


     As of December 3, 2007, there were issued and outstanding
7,867,614 shares of the Registrant's common stock.

                 DOCUMENTS INCORPORATED BY REFERENCE

1.	Part II - Annual report to Stockholders for the Fiscal Year Ended
September 30, 2007.
2.	Part III - Proxy Statement for the 2008 Annual Meeting of
   Stockholders.





                                 PART I
ITEM 1.  BUSINESS
                           General Description

     NASB Financial, Inc. (the "Company") was formed in 1998 as a
unitary thrift holding company of North American Savings Bank, F.S.B.
("North American" or the "Bank").  The Bank is a federally chartered
stock savings bank, with its headquarters in the Kansas City area.
The Bank began operating in 1927, and became a member of the Federal
Home Loan Bank of Des Moines ("FHLB") in 1940.  Its customer deposit
accounts are insured by the Deposit Insurance Fund ("DIF"), a division
of the Federal Deposit Insurance Corporation ("FDIC").  The Bank
converted to a stock form of ownership in September 1985.

     The Bank's primary market area includes the counties of Jackson,
Cass, Clay, Buchanan, Andrew, Platte, and Ray in Missouri, and Johnson
and Wyandotte counties in Kansas.  The Bank currently has nine retail
deposit offices in Missouri including one each in Grandview, Lee's
Summit, Independence, Harrisonville, Excelsior Springs, Platte City,
and St. Joseph, and two in Kansas City.  North American also operates
loan production offices in Lee's Summit and Springfield in Missouri,
and Overland Park in Kansas.  The economy of the Kansas City area is
diversified with major employers in agribusiness, greeting cards,
automobile production, transportation, telecommunications, and
government.

     The Bank's principal business is to attract deposits from the
general public and to originate real estate loans, other loans and
short-term investments.  The Bank obtains funds mainly from deposits
received from the general public, sales of loans and loan
participations, advances from the FHLB, and principal repayments on
loans and mortgage-backed securities ("MBS").  The Bank's primary
sources of income include interest on loans, interest on MBS, customer
service fees, and mortgage banking fees.  Its primary expenses are
interest payments on customer deposit accounts and borrowings and
normal operating costs.


WEIGHTED AVERAGE YIELDS AND RATES
     The following table presents the balances of interest-earning
assets and interest-costing liabilities with weighted average yields
and rates.  Average balances and weighted average yields include all
accrual and non-accrual loans.  Dollar amounts are expressed in
thousands.



                                       Fiscal 2007
                                  ----------------------
                                     Average     Yield/
                                     Balance      Rate
                                  ----------------------
Interest-earning assets:
  Loans                          $ 1,339,370     7.40%
  Mortgage-backed securities          89,972     3.51%
  Investments                         25,145     4.99%
  Bank deposits                        7,506     4.53%
                                  ----------------------
    Total earning assets           1,461,993     7.10%
Non-earning assets                    63,799   ---------
                                  -----------
      Total                      $ 1,525,792
                                  ===========

Interest-costing liabilities:
  Customer checking and savings
    deposit accounts              $  169,264     1.20%
  Customer and brokered
    certificates of deposit          650,273     4.84%
  FHLB advances                      512,341     5.23%
  Subordinated debentures             20,269     7.01%
  Repurchase agreements                7,546     5.23%
                                  ----------------------
    Total costing liabilities      1,359,693     4.57%
Non-costing liabilities               12,668   ---------
Stockholders' equity                 153,431
                                  -----------
      Total                       $1,525,792
                                  ===========
Net earning balance               $  102,300
                                  ===========
Earning yield less costing rate                  2.53%
                                               =========



                                       Fiscal 2006
                                  ----------------------
                                     Average     Yield/
                                     Balance      Rate
                                  ----------------------
Interest-earning assets:
  Loans                          $ 1,336,590     7.02%
  Mortgage-backed securities         112,201     3.71%
  Investments                         23,417     3.84%
  Bank deposits                        7,929     3.01%
                                  ----------------------
    Total earning assets           1,480,137     6.70%
Non-earning assets                    57,259   ---------
                                  -----------
      Total                      $ 1,537,396
                                  ===========

Interest-costing liabilities:
  Customer checking and savings
    deposit accounts              $  184,180     1.07%
  Customer and brokered
    certificates of deposit          683,167     4.10%
  FHLB advances                      481,422     4.53%
  Repurchase agreements               24,231     3.24%
                                  ----------------------
    Total costing liabilities      1,373,000     3.83%
Non-costing liabilities               12,468   ---------
Stockholders' equity                 151,928
                                  -----------
      Total                       $1,537,396
                                  ===========
Net earning balance               $  107,137
                                  ===========
Earning yield less costing rate                  2.87%
                                               =========



                                       Fiscal 2005
                                  ----------------------
                                     Average     Yield/
                                     Balance      Rate
                                  ----------------------
Interest-earning assets:
  Loans                          $ 1,218,854     6.34%
  Mortgage-backed securities         151,686     3.73%
  Investments                         21,406     2.63%
  Bank deposits                       10,357     2.81%
                                  ----------------------
    Total earning assets           1,402,303     5.97%
Non-earning assets                    50,065   ---------
                                  -----------
      Total                      $ 1,452,368
                                  ===========

Interest-costing liabilities:
  Customer checking and savings
    deposit accounts              $  199,411     0.78%
  Customer and brokered
    certificates of deposit          534,218     2.91%
  FHLB advances                      430,581     2.73%
  Repurchase agreements              135,569     2.70%
                                  ----------------------
    Total costing liabilities      1,299,779     2.50%
Non-costing liabilities               10,426   ---------
Stockholders' equity                 142,163
                                  -----------
      Total                       $1,452,368
                                  ===========
Net earning balance               $  102,524
                                  ===========
Earning yield less costing rate                  3.47%
                                               =========


                                    1



RATIOS
     The following table sets forth, for the periods indicated, the
Company's return on assets (net income divided by average total
assets), return on equity (net income divided by average equity), and
equity-to-assets ratio (average equity divided by average total
assets), and dividend payout ratio (total cash dividends paid divided
by net income).

                               Year ended September 30,
                        ---------------------------------------
                          2007    2006    2005    2004    2003
                        ---------------------------------------
Return on average assets  1.01%   1.35%   1.77%   2.04%   2.30%
Return on average equity 10.01%  13.60%  17.94%  18.88%  20.24%
Equity to asset ratio     9.92%  10.27%   9.57%  10.21%  11.51%
Dividend payout ratio    47.90%  45.59%  54.82%  48.74%  23.23%


     The following table sets forth the amount of cash dividends per
share paid on the Company's common stock during the months indicated.

                               Calendar year
             -----------------------------------------------
                2007     2006     2005      2004     2003
             -----------------------------------------------
February      $ 0.225    0.225     0.225     0.20     0.17
May             0.225    0.225     0.225     0.20     0.17
August          0.225    0.225     0.225     0.20     0.17
November        0.225    0.225     0.45      1.00     0.85



                            ASSET ACTIVITIES

LENDING ACTIVITIES
     The Bank, has traditionally concentrated its lending activities
on mortgage loans secured by residential and business property and, to
a lesser extent, development lending.  The residential mortgage loans
originated have predominantly long-term fixed and adjustable rates.
The Bank also has a portfolio of mortgage loans that are secured by
multifamily, construction, development, and commercial real estate
properties.  The remaining part of North American's loan portfolio
consists of non-mortgage commercial loans and installment loans.  The
following table presents the Bank's total loans receivable, held for
investment plus held for sale, for the periods indicated.  The related
discounts, premiums, deferred fees and loans-in-process accounts are
excluded.  Dollar amounts are expressed in thousands.


 




	                                                     As of September 30,
                         -------------------------------------------------------------------------
                             2007           2006           2005           2004           2003
                          Amount Pct.    Amount Pct.    Amount Pct.    Amount Pct.    Amount Pct.
                         -------------   ------------   ------------   ------------   ------------
                                                               
Mortgage loans:
 Permanent Loans on:
  Residential properties $428,520  29%   441,123  29    535,554  35    447,006  34    371,282  33
  Business properties     489,978  33    482,029  32    428,566  28    413,887  31    411,435  36
  Partially guaranteed
    by VA or insured
    by FHA                  1,541  --      1,890  --      3,314  --      6,667   1     13,759   1
  Construction and
    development           476,081  33    506,034  34    501,072  32    378,154  29    280,126  25
                        -------------  -------------  -------------  -------------   ------------
  Total mortgage loans  1,396,120  95  1,431,076  95  1,468,506  95  1,245,714  95  1,076,602  95
Commercial loans           63,801   4     60,692   4     54,182   4     40,250   3     28,298   3
Installment loans to
    individuals            17,729   1     17,279   1     21,413   1     22,489   2     27,127   2
                        -------------  -------------  -------------  -------------  -------------
                       $1,477,650 100  1,509,047 100  1,544,101 100  1,308,453 100  1,132,027 100
                        =============  =============  =============  =============  =============





                                    2



     The following table sets forth information at September 30, 2007,
regarding the dollar amount of loans maturing in the Bank's portfolio
based on their contractual terms to maturity.  Demand loans, which
have no stated schedule of repayment and no stated maturity, are
reported as due in one year or less.  Scheduled repayments are
reported in the maturity category in which the payment is due.  Dollar
amounts are expressed in thousands.

                                        2009
                                      Through    After
                              2008      2012      2012        Total
                           ------------------------------------------
Mortgage Loans:
  Permanent:
   - at fixed rate        $  6,575     6,576    277,313      290,464
   - at adjustable rates     8,139    13,373    608,063      629,575
Construction and development:
   - at fixed rates          2,958        --         --        2,958
   - at adjustable rates   356,140   116,983         --      473,123
                           -----------------------------------------
Total mortgage loans       373,812   136,932    885,376    1,396,120
Commercial loans             2,312     8,000     53,489       63,801
Installment loans to
  Individuals                2,470     3,548     11,711       17,729
                           ------------------------------------------
   Total loans receivable $378,594   148,480    950,576    1,477,650
                           ==========================================

RESIDENTIAL REAL ESTATE LOANS
     The Bank offers a range of residential loan programs.  At
September 30, 2007, 29% of total loans receivable were permanent loans
on residential properties.  Also, the Bank is authorized to originate
loans guaranteed by the Veterans Administration ("VA") and loans
insured by the Federal Housing Administration ("FHA").  Included in
residential loans as of September 30, 2007, are $1.5 million or less
than 1% of the Bank's total loans that were insured by the FHA or VA.

     The Bank's residential loans come from several sources.  The
loans that the Bank originates are generally a result of direct
solicitations of real estate brokers, builders, developers, or
potential borrowers via the internet.  North American periodically
purchases real estate loans from other savings institutions or
mortgage bankers.  Loan originations and purchases must be approved by
various levels of management and, depending on the loan amount, are
subject to review by the Board of Directors.

     At the time a potential borrower applies for a single family
residential mortgage loan, it is designated as either a portfolio
loan, which is held for investment and carried at amortized cost, or a
loan held-for-sale in the secondary market and carried at the lower of
cost or fair value.  All the loans on single family property that the
Bank holds for sale conform to secondary market underwriting criteria
established by various institutional investors.  All loans originated,
whether held for sale or held for investment, conform to internal
underwriting guidelines, which consider, among other things, a
property's value and the borrower's ability to repay the loan.

CONSTRUCTION AND DEVELOPMENT LOANS
     Construction and land development loans are made primarily to
builders/developers, who construct properties for resale.  As of
September 30, 2007, 33% of the Bank's total loans receivable were
construction and development loans.  The Bank originates both fixed
and variable rate construction loans, and most are due and payable
within one year.  In some cases, extensions are permitted if payments
are current and construction has progressed satisfactorily.

     The Bank's requirements for a construction loan are similar to
those of a mortgage on an existing residence.  In addition, the
borrower must submit accurate plans, specifications, and cost
projections of the property to be constructed.  North American's staff
performs periodic inspections of each property during construction to
ensure adequate progress is achieved before scheduled loan
disbursements are made.


                                    3




COMMERCIAL REAL ESTATE LOANS
     The Bank purchases and originates several different types of
commercial real estate loans.  As of September 30, 2007, commercial
real estate loans on business properties were $490.0 million or 33% of
the Bank's total loan portfolio.  Permanent multifamily mortgage loans
on properties of 5 to 36 dwelling units have a 50% risk-weight for
risk-based capital requirements if they have an initial loan-to-value
ratio of not more than 80% and if their annual average occupancy rate
exceeds 80%.  All other performing commercial real estate loans have
100% risk-weights.

INSTALLMENT LOANS
     As of September 30, 2007, consumer installment loans and lease
financing to individuals represented approximately 1% of loans
receivable.  These loans consist primarily of loans on savings
accounts and consumer lines of credit that are secured by a customer's
equity in their primary residence.

SALES OF MORTGAGE LOANS
     The Bank is an active seller of loans in the national secondary
mortgage market.  A portion of loans originated are sold to various
investors with the rights to service the loans (servicing released).
Another portion are originated for sale with loan servicing rights
kept by the Bank (servicing retained), or with servicing rights sold
to a third party servicer.  At the time of each loan commitment,
management decides if the loan will be held in portfolio or sold and,
if sold, which investor is appropriate.  During fiscal 2007, the Bank
sold $997.2 million in loans with servicing released.

     The Bank records loans held for sale at the lower of cost or
estimated fair value, and any adjustments made to record them at
estimated fair value are made through the income statement.  As of
September 30, 2007, the Bank had loans held for sale with a carrying
value of $47.2 million.

CLASSIFIED ASSETS, DELINQUENCIES, AND ALLOWANCE FOR LOSS
     Classified Assets.  In accordance with the asset classification
system outlined by the Office of Thrift Supervision ("OTS"), North
American's problem assets are classified as either "substandard,"
"doubtful," or "loss."

     An asset is considered substandard if it is inadequately
protected by the borrower's ability to repay, or the value of
collateral.  Substandard assets include those characterized by a
possibility that the institution will sustain some loss if the
deficiencies are not corrected.  Assets classified as doubtful have
the same weaknesses of those classified as substandard with the added
characteristic that the weaknesses present make collection or
liquidation in full, on the basis of currently existing facts,
conditions, and values, highly questionable and improbable.  Assets
classified as loss are considered uncollectible and of such little
value that their existence without establishing a specific loss
allowance is not warranted.

     When the Bank classifies a problem asset, it establishes a
specific loss allowance needed to reduce its book value to the present
value of the expected future cash flows discounted at the loan's
initial effective interest rate, or as a practical expedient, to the
loan's observable market price or the fair value of the collateral, if
the loan is dependent on collateral.  In addition, Allowances for Loan
and Lease Losses ("ALLL") are established by management.  ALLL
represent allowances that recognize inherent risks associated with
distinct and homogenous loans pools.  When the Bank classifies all or
part of problem assets as loss, it establishes a specific loss
allowance equal to 100% of the loss classification.  The OTS reviews
North American's asset classification during each examination and can
require changes to asset classifications, specific loss allowances,
ALLL, and loan loss provision.

     Each month, management reviews the problem loans in its portfolio
to determine whether changes to the asset classifications or
allowances are needed.  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.


                                    4



                                         As of September 30,
                             -----------------------------------------
                                 2007    2006    2005    2004    2003
                             -----------------------------------------
Asset Classification
  Substandard                $ 11,726  12,361  13,346  17,462  15,932
  Doubtful                         --      --      --      --      --
  Loss                            357     434     595   1,861   2,325
                             -----------------------------------------
    Total Classified           12,083  12,795  13,941  19,323  18,257
Allowance for loan/REO
  losses                       (8,301) (8,266) (7,731) (9,315) (9,348)
                             -----------------------------------------
   Net classified assets     $  3,782   4,529   6,210  10,008   8,909
                             =========================================
   Net classified to total
     classified assets             31%     35%     45%     52%     49%
                             =========================================


     When a loan becomes 90 days past due, the Bank stops accruing
interest and establishes a reserve for the interest accrued-to-date.
The following table summarizes non-performing assets, troubled debt
restructurings, and real estate acquired through foreclosure or in-
substance foreclosure.  Dollar amounts are expressed in thousands.

                                        September 30,
                       -----------------------------------------------
                          2007     2006     2005     2004     2003
                       -----------------------------------------------
Total Assets        $1,506,483 1,524,796 1,556,344 1,361,888 1,107,359
                       ===============================================

Non-accrual loans   $    3,284     6,396     5,643    15,748     6,924
Troubled debt
  restructurings            --     3,477        74     2,844     3,565
Net real estate and
  other assets acquired
  through foreclosure    6,511     5,231     7,760     4,014     4,561
                       -----------------------------------------------
     Total          $    9,795    15,104    13,477    22,606    15,050
                       ===============================================
Percent of total assets  0.65%     0.99%     0.87%     1.66%     1.36%
                       ===============================================


     Delinquencies.  The following table summarizes delinquent loan
information.


                      As of September 30, 2007
----------------------------------------------------------------------
                         Number of                       Percent of
Loans delinquent for       Loans           Amount       Total Loans
----------------------------------------------------------------------
30 to 89 days                77          $  9,002           0.6%
90 or more days              70             3,284           0.2%
                       -----------       -----------------------------
    Total                   147          $ 12,286           0.8%
                       ===========       =============================


                      As of September 30, 2006
----------------------------------------------------------------------
                         Number of                       Percent of
Loans delinquent for       Loans           Amount       Total Loans
----------------------------------------------------------------------
30 to 89 days                68          $  6,593           0.4%
90 or more days              63             6,396           0.4%
                       -----------       -----------------------------
    Total                   131          $ 12,989           0.8%
                       ===========       =============================


     The effect of non-performing loans on interest income for fiscal
year 2007 is presented below.  Dollar amounts are expressed in
thousands.

Principal amount of non-performing loans
    as of September 30, 2007                        $  3,284
                                                     ========
Gross amount of interest income that would
    have been recorded during fiscal 2007 if
    these loans had been performing                 $    261
Actual amount included in interest income for
    fiscal 2007                                           94
                                                     --------
Interest income not recognized on non-performing
    loans                                           $    167
                                                     ========


                                    5



     Allowance for loan and lease losses.  Management records a
provision for estimated loan losses in an amount sufficient to cover
current net charge-offs and probable losses based on an analysis of
risks inherent in the loan portfolio.  Management continually monitors
the performance of the loan portfolio and establishes specific loss
allowances when warranted.  Specifically, when it appears that a
property and borrower are no longer capable of full repayment,
management establishes a specific loss allowance to reduce the loan's
book value to fair value based on the anticipated results of
collections.  In addition, management establishes Allowance for Loan
and Lease Losses ("ALLL") through charges to the provision for loan
loss based on an assessment of the portfolio's credit risk, other than
specifically identified problem loans.  Management attempts to
maintain ALLL proportionate to the level of risk in the Bank's
performing loan portfolio.

     Management records an Allowance for Loan and Lease Losses
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 ALLL recognizes the
inherent risks associated with lending activities but, unlike a
specific allowance, has not been allocated to particular problem
assets but to a homogenous pool of loans.  Management analyzes the
adequacy of the allowance on a monthly basis and believes that the
Bank's specific loss allowances and ALLL are adequate.  While
management uses information currently available to determine these
allowances, they can fluctuate based on changes in economic conditions
and changes in the information available to management.  Also,
regulatory agencies review the Bank's allowances for loan loss as part
of their examination, and they may require the Bank to recognize
additional loss provisions based on the information available at the
time of their examinations.

     Management estimates the required level of ALLL using a formula
based on various subjective and objective factors.  ALLL is
established and maintained in the form of a provision on loss charged
to earnings.  Based on its analysis, management may determine that
ALLL is above appropriate levels.  If so, a negative loss provision
would be recorded to reduce the ALLL.  This could occur due to
significant asset recoveries or significant reductions in the level of
classified assets.  Each quarter management assesses the risk of the
assets in the loan portfolio using historical loss data and current
economic conditions in order to determine impairment of the various
loan portfolios and adjusts the level of ALLL.  At any given time, the
ALLL should be sufficient to absorb at least all estimated credit
losses on outstanding balances over the next twelve months.

     When considering the adequacy of ALLL, management's evaluation of
the asset portfolio has two primary components:  foreclosure
probability and loss severity.  Foreclosure probability is the
likelihood of loans not repaying in accordance with their original
terms, which would result in the foreclosure and subsequent
liquidation of the property.  Loss severity is any potential loss
resulting from the loan's foreclosure and subsequent liquidation.
Management calculates estimated foreclosure frequency and loss
severity ratios for each homogenous loan pool based upon objective
factors such as historical data and loan characteristics, plus an
estimate of certain subjective factors including future market trends
and economic conditions.  These ratios are applied to the balances of
the homogeneous loan pools to determine the adequacy of the ALLL each
month.

     In addition to analyzing homogenous pools of loans for
impairment, management reviews individual loans for impairment each
month.  A loan becomes impaired when management believes it will be
unable to collect all principal and interest due according to the
contractual terms of the loan.  If a loan is impaired, the Bank
records a specific allowance equal to the excess of the loan's
carrying value over the present value of the estimated future cash
flows discounted at the loan's effective rate based on the loan's
observable market price or the fair value of the collateral if the
loan is collateral dependent.  Loans on residential properties with
greater than four units and loans on construction/development and
commercial properties are evaluated for impairment on a loan by loan
basis.

     The provision for losses on loans was $1.6 million during the
year ended September 30, 2007, compared to $745,000 during fiscal
2006.  The allowance for loan losses was $8.1 million or 0.61% of the
total loan portfolio and approximately 245% of total nonaccrual loans
as of September 30, 2007.  This compares with an allowance for loan
losses of $8.0 million or 0.59% of the total loan portfolio and
approximately 125% of the total nonaccrual loans as of September 30,
2006.  The relatively small increase in the allowance for loan loss of
$106,000 was the result of the aforementioned provision for loan loss
resulting from management's analysis of the Bank's loan portfolios,
largely offset by net charge-offs for the year of $1.5 million.
Although the balance of the Bank's loan portfolios decreased during
fiscal 2007, management determined that the slight increase in the
allowance for loan loss was appropriate due to deteriorating
conditions in the residential housing market.  The provision for loss
on loans related primarily to the charge-off of loans secured by
residential construction properties and business properties.


                                    6



     The following table sets forth the activity in the allowance for
loan losses.  Dollar amounts are expressed in thousands.


                                          September 30,
                             -----------------------------------------
                                 2007    2006    2005    2004    2003
                             -----------------------------------------
Balance at beginning of year  $ 7,991   7,536   8,221   7,986   5,865
Total provisions                1,634     745     522     465     538
Net recoveries (charge-offs)on:
  Residential properties          (40)     (2)     53      51      87
  Business properties            (386)   (280) (1,237)   (273)    (92)
  Construction and development   (842)     (2)     --      --     320
  Commercial loans                 --      --      --      --      --
  Installment loans              (260)     (6)    (23)     (8)    (41)
                             -----------------------------------------
Total net recoveries
   (charge-offs)               (1,528)   (290) (1,207)   (230)    274
Acquired in merger                 --      --      --      --   1,309
                             -----------------------------------------
Balance at end of year        $ 8,097   7,991   7,536   8,221   7,986
                             =========================================


     The following table sets forth the allocation of the allowance
for loan losses.  Dollar amounts are expressed in thousands.








                                                   As of September 30,
                          --------------------------------------------------------------------------
                             2007           2006           2005           2004           2003
                          Amount Pct.    Amount Pct.    Amount Pct.    Amount Pct.    Amount Pct.
                         -------------   ------------   ------------   ------------   ------------
                                                               
Residential properties   $  1,013  13%       789  10        722  10        893   11      1,325  16
Business properties         4,289  53      4,574  57      4,404  58      5,280   64      4,772  60
Construction and
  development               1,704  21      1,783  22      1,406  19      1,295   16        965  12
Commercial loans              728   9        613   8        608   8        283    3        162   2
Installment loans             363   4        232   3        396   5        470    6        762  10
                        -------------  -------------  -------------  --------------  -------------
                       $    8,097 100      7,991 100      7,536 100      8,221  100      7,986 100
                        =============  =============  =============  ==============  =============





REAL ESTATE ACQUIRED THROUGH FORECLOSURE
     The Bank's staff attempts to contact borrowers who fail to make
scheduled payments, generally after a payment is more than 15 days
past due.  In most cases, delinquencies are cured promptly.  If a
delinquency exceeds 90 days, North American will implement measures to
remedy the default, such as accepting a voluntary deed for the
property in lieu of foreclosure or commencing a foreclosure action.
If a foreclosure occurs, the property is classified as real estate
owned ("REO") until the property is sold.  North American sometimes
finances the sale of foreclosed real estate ("loan to facilitate").
Loans to facilitate may involve a reduced down payment, a reduced
rate, or a longer term than the Bank's typical underwriting standards.

     If a loan has a specific loss reserve at the time it is
foreclosed, the specific reserve is netted against the loan balance in
recording the foreclosed loan as REO.  Management records a provision
for losses on REO when, subsequent to foreclosure, the estimated net
realizable value of a repossessed asset declines below its book value.
The following table sets forth activity in the allowance for loss on
REO.  Dollar amounts are expressed in thousands.

                                             September 30,
                               ---------------------------------------
                                  2007    2006    2005    2004   2003
                               ---------------------------------------
Beginning allowance for loss  $    275     195   1,093   1,019    646
Provisions                         595  (1,026)   (899)   (237) 1,984
Net recoveries (charge-offs)      (666)  1,106       1     311 (1,611)
                               ---------------------------------------
Allowance for loss at year-end $   204     275     195   1,093  1,019
                               =======================================

                                    7



SECURITIES AND MORTGAGE-BACKED SECURITIES AVAILABLE FOR SALE
     Management classifies debt securities as available for sale if
the Bank does not have the intention and ability to hold until
maturity.  Assets available for sale are carried at estimated fair
value, with all fair value adjustments recorded as accumulated other
comprehensive income or loss.

MORTGAGE-BACKED SECURITIES HELD TO MATURITY
     The Bank's MBS portfolio consists primarily of securities issued
by the FHLMC, FNMA, and GNMA.  As of September 30, 2007 the Bank had
$147,000 in fixed rate and $70,000 in balloon and adjustable rate
mortgage-backed securities ("MBS") issued by these agencies.

INVESTMENT SECURITIES
     As of September 30, 2007, the Bank held no investment security
from a single issuer for which the market value exceeded 10% of the
Bank's stockholders' equity.

SOURCE OF FUNDS
     In addition to customer deposits, the Bank obtains funds from
loan and MBS repayments, sales of loans held-for-sale and securities
available-for-sale, investment maturities, FHLB advances, and other
borrowings.  Loan repayments, as well as the availability of customer
deposits, are influenced significantly by the level of market interest
rates.  Borrowings may be used to compensate for insufficient customer
deposits or to support expanded loan and investment activities.

CUSTOMER DEPOSIT AND BROKERED DEPOSIT ACCOUNTS
     The following table sets forth the composition of various types
of customer deposit accounts.  Dollar amounts are expressed in
thousands.





                                                              September 30,
                        ----------------------------------------------------------------------------
                            2007            2006            2005            2004            2003
                        ------------    ------------    ------------    ------------    ------------
                         Amount Pct.     Amount Pct.     Amount Pct.     Amount Pct.     Amount Pct.
                        ------------    ------------    ------------    ------------    ------------
                                                                 
Type of Account and Rate:
Demand deposit accounts $ 93,451  11	  86,517  10      82,596  10      84,016  12      82,880  13
Savings accounts          70,077   8      77,469   9      97,435  12     104,277  15     109,038  17
Money market demand
   accounts               10,323   1      11,717   2      12,271   2      16,453   2      16,635   2
Certificates of deposit  548,251  64     547,096  64     515,590  64     448,954  66     446,135  68
Brokered accounts        133,434  16     128,243  15      94,802  12      30,040   5          --  --
                        -------------    ------------    ------------    ------------    -----------
                        $855,536 100     851,042 100     802,694 100     683,740 100     654,688 100
                        =============    ============    ============    ============    ===========
Weighted average
    interest rate          4.30%           3.98%           2.96%           2.04%           2.13%






     The following table presents the deposit activities at the Bank.
Dollar amounts are expressed in thousands.

                             For the years ended September 30,
                     -------------------------------------------------
                       2007      2006      2005      2004      2003
                     -------------------------------------------------
Deposit receipts  $ 1,354,709 1,477,500 1,302,290 1,199,330 1,178,584
Withdrawals         1,383,389 1,457,221 1,199,596 1,183,083 1,171,160
                     -------------------------------------------------
Deposit receipts
  and purchases in
  excess of (less
  than) withdrawals   (28,680)   20,279   102,694    16,247     7,424
Deposits sold              --        --        --        --        --
Deposits acquired in
  merger                   --        --        --        --    82,750
Interest credited      33,174    28,069    16,260    12,805    15,077
                     -------------------------------------------------
    Net increase
      (decrease)  $     4,494    48,348   118,954    29,052   105,251
                     =================================================
Balance at end
  of year         $   855,536   851,042   802,694   683,740   654,688
                     =================================================


     Customers who wish to withdraw certificates of deposit prior to
maturity are subject to a penalty for early withdrawal.


                                    8



     The following table presents contractual maturities of
certificate accounts of $100,000 or more at September 30, 2007.
Dollar amounts are expressed in thousands.


     Maturing in three months or less    $  15,183
     Maturing in three to six months        28,084
     Maturing in six to twelve months       33,536
     Maturing in over twelve months         30,778
                                           --------
                                         $ 107,581
                                           ========

FHLB ADVANCES AND OTHER BORROWINGS
     FHLB advances are an important source of borrowing for North
American.  The FHLB functions as a central reserve bank providing
credit for thrifts and other member institutions.  As a member of the
FHLB, North American is required to own stock in the FHLB of Des
Moines and can apply for advances, collateralized by the stock and
certain types of mortgages, provided that certain standards related to
credit-worthiness are met.

     The Bank has historically relied on customer deposits and loan
repayments as its primary sources of funds.  Advances are sometimes
used as a funding supplement, when management determines that it can
profitably invest the advances over their term.  During fiscal 2007,
the Bank borrowed an additional $353.7 million in advances, repaid
$393.8 million, and as of September 30, 2007, had a balance of $458.9
million (34% of total liabilities) of advances from the FHLB.

     The following table presents, for the periods indicated, certain
information as to the Bank's advances from the FHLB and other
borrowings.  Dollar amounts are expressed in thousands.

                                  As of September 30,
                  --------------------------------------------------
                      2007      2006      2005      2004      2003
                  --------------------------------------------------
FHLB advances     $ 458,933   499,357   465,907   367,341   308,088
Other borrowings         --        --   122,000   159,100        --
                  --------------------------------------------------
   Total          $ 458,933   499,357   587,907   526,441   308,088
                  ==================================================
Weighted average
   rate                5.08%     5.21%     3.67%     1.91%     1.62%
                  ==================================================


                            OTHER ACTIVITIES

SERVICE CORPORATION ACTIVITIES
     The Financial Institutions Reform, Recovery and Enforcement Act
("FIRREA") substantially limits the types of service corporation
activities permissible by the Bank.  North American's service
corporation, Nor-Am, was incorporated in 1972.  Nor-Am sells tax-
deferred annuities and mutual funds through the Bank's branch offices
and credit life and disability insurance to loan customers.

                           OTHER INFORMATION
EMPLOYEES
     As of September 30, 2007, the Bank and its subsidiaries had 328
employees.  Management considers its relations with the employees to
be excellent.

     The Bank currently maintains a comprehensive employee benefit
program including a qualified pension plan, hospitalization and major
medical insurance, paid vacations, paid sick leave, long-term
disability insurance, life insurance, and reduced loan fees for
employees who qualify.  The Bank's employees are not represented by
any collective bargaining group.


                                    9



COMPETITION
     The Bank, like other savings institutions, is operating in a
changing environment.  Non-depository financial service companies such
as securities dealers, insurance agencies, and mutual funds have
become competitors for retail savings and investments.  In addition to
offering competitive interest rates, a savings institution can attract
customer deposits by offering a variety of services and convenient
office locations and business hours.  Mortgage banking/brokerage firms
compete for the residential mortgage business.  The primary factors in
competing for loans are interest rates and rate adjustment provisions,
loan maturity, loan fees, and the quality of service to borrowers and
brokers.

                               REGULATION
GENERAL
     Federal savings institutions are members of the FHLB System and
their deposits are insured by the DIF, a division of the Federal
Deposit Insurance Corporation ("FDIC").  They are subject to extensive
regulation by the OTS as the chartering authority and now, since the
passage of the FIRREA, the FDIC.  DIF insured institutions are limited
in the transactions in which they may engage by statute and
regulation, which in certain instances may require an institution to
conform with regulatory standards or to receive prior approval from
regulators.  Institutions must also file periodic reports with these
government 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.  If it is
deemed appropriate, the FDIC can require a re-valuation of the Bank's
assets based on examinations and they can require the Bank to
establish specific allowances for loss that reflect any such re-
valuation.  This supervision and regulation is intended primarily for
the protection of depositors.  Savings institutions are also subject
to certain reserve requirements under Federal Reserve Board
regulations.

     The enforcement provisions of the Federal Deposit Insurance Act
("FDI Act") are applicable to savings institutions and savings and
loan holding companies.  While the OTS is primarily responsible for
enforcing those provisions, the FDIC also has authority to impose
enforcement action on savings institutions in certain situations.  The
jurisdiction of the FDI Act's enforcement powers cover all "insured-
related parties" including stockholders, attorneys, appraisers and
accountants who knowingly or recklessly participate in wrongful action
likely to have an adverse effect on an insured institution.
Regulators have broad flexibility to impose enforcement action on an
institution that fails to comply with its regulatory requirements,
particularly with respect to the capital requirements.  Possible
enforcement action ranges from requiring a capital plan, restricting
operations, or terminating deposit insurance.  The FDIC can recommend
to the director of the OTS (the "Director") enforcement action, and if
action is not taken by the Director, the FDIC has the authority to
compel such action under certain circumstances.

FEDERAL HOME LOAN BANKING SYSTEM
     The Bank is a member of the FHLB System, which consists of 12
regional Federal Home Loan Banks each subject to OTS supervision and
regulation.  The FHLBs provide a central credit facility for member
institutions.  The Bank, as a member of the FHLB of Des Moines, is
required to hold shares of capital stock of the FHLB in an amount
equal to at least 1% of the aggregate principal amount of its unpaid
residential mortgage loans, home purchase contracts and similar
obligations at the beginning of each year, or 1/20 of its advances
from the FHLB of Des Moines, whichever is greater.  The Bank complies
with this requirement and holds stock in the FHLB of Des Moines at
September 30, 2007, of $22.3 million.  FHLB advances must be secured
by specified types of collateral.  Also, standards of community
investment and community service must be met by members that apply for
FHLB advances.


                                   10



LIQUIDITY
     Effective July 18, 2001, the OTS adopted a rule that removed the
regulation to maintain a specific average daily balance of liquid
assets, but retained a provision that requires institutions to
maintain sufficient liquidity to ensure their safe and sound
operation.  North American maintains a level of liquid assets adequate
to meet the requirements of normal banking activities, including the
repayment of maturing debt and potential deposit withdrawals.  The
Bank's primary sources of liquidity are the sale and repayment of
loans, retention of existing or newly acquired retail deposits, and
FHLB advances.  Management continues to use FHLB advances as a primary
source of short-term funding.  FHLB advances are secured by a blanket
pledge agreement of the loan and securities portfolio, as collateral,
supported by quarterly reporting of eligible collateral to FHLB.
Available FHLB borrowings are limited based upon a percentage of the
Bank's assets and eligible collateral, as adjusted by appropriate
eligibility and maintenance levels.  Management continually monitors
the balance of eligible collateral relative to the amount of advances
outstanding.   At September 30, 2007, the Bank had available advances
at FHLB of $573.8 million, and outstanding advances of $458.9 million.
The Bank has established relationships with various brokers, and, as a
secondary source of liquidity, the Bank may purchase brokered deposit
accounts.  At September 30, 2007, the Bank has $133.4 million in
brokered deposits, and it could purchase up to an additional $299.0
million in brokered deposits and remain "well capitalized" as defined
by the OTS.

INSURANCE ON CUSTOMER DEPOSIT ACCOUNTS
     Deposit insurance reform legislation was signed into law on
February 8, 2006.  A key provision of this legislation was the merger
of the Bank Insurance Fund (BIF) and the Savings Association Insurance
Fund (SAIF) into a single fund, the Deposit Insurance Fund (DIF).  The
merger of the funds was effective March 31, 2006.  The DIF insures the
Bank's customer deposit accounts to a maximum of $100,000 for each
insured owner, with the exception of self-directed retirement
accounts, which are insured to a maximum of $250,000.  Deposit
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 subgroups.  The
capital groups are an objective measure of risk based on regulatory
capital calculations and include well capitalized, adequately
capitalized, and undercapitalized.  The supervisory subgroups (A, B,
and C) are more subjective and are determined by the FDIC based on
recent regulatory examinations.  Member institutions are eligible for
reclassification every six months.

     Annual deposit insurance premiums range from 0 to 27 basis points
of insured deposits based on where an institution fits on the RRPS.
North American is considered to be "well capitalized" and has been
placed in the most favorable capital subgroup.  In addition to deposit
insurance premiums institutions assessed a premium, which is used to
service the interest on the Financing Corporation ("FICO") debt.

     The FDIC has authority to conduct examinations of, require
reporting of, and initiate enforcement actions against a thrift.
Regardless of an institution's capital level, insurance of deposits
may be terminated by the FDIC upon a finding that the institution has
engaged in unsafe or unsound practices, is in an unsafe or unsound
condition to continue operations, or has violated any applicable law,
regulation, rule, order or condition imposed by the FDIC or the OTS.

REGULATORY CAPITAL REQUIREMENTS
     Regulations require that thrifts maintain minimum levels of
regulatory capital, which are at least as stringent as those imposed
on national banks by the Office of the Comptroller of the Currency
("OCC").

     Leverage Limit.  The leverage limit requires that a thrift
maintain "core capital" of at least 4% of its adjusted tangible
assets.   "Core capital" includes (i) common stockholders' equity,
including retained earnings; non-cumulative preferred stock and
related earnings; and minority interest in the equity accounts of
consolidated subsidiaries, minus (ii) those intangibles (including
goodwill) and investments in and loans to subsidiaries not permitted
in computing capital for national banks, plus (iii) certain purchased
mortgage servicing rights and certain qualifying supervisory goodwill.
At September 30, 2007, intangible assets of $2.9 million and deferred
tax assets totaling an additional $2.0 million were deducted from the
Bank's regulatory capital.  At September 30, 2007, the Bank's core
capital ratio was 10.0%.

     Tangible Capital Requirement.  The tangible capital requirement
mandates that a thrift maintain tangible capital of at least 1.5% of
tangible assets.  For the purposes of this requirement, adjusted total
assets are generally calculated on the same basis as for the leverage
ratio requirement.  Tangible capital is defined in the same manner as
core capital, except that all goodwill and certain other intangible
assets must be deducted.  As of September 30, 2007, North American's
regulatory tangible capital was 10.0% of tangible assets.


                                    11



     Risk-Based Capital Requirement.  OTS standards require that
institutions maintain risk-based capital equal to at least 8% of risk-
weighted assets.  Total risk-based capital includes core capital plus
supplementary capital.  In determining risk-weighted assets, all
assets including certain off-balance-sheet items are multiplied by a
risk weight factor from 0% to 100%, based on risk categories assigned
by the OTS.  The RRPS categorizes bank risk-based capital ratio over
10% as well capitalized, 8% to 10% as adequately capitalized, and
under 8% as undercapitalized.  As of September 30, 2007, the Bank's
current risk-based regulatory capital was 12.1% of risk-weighted
assets.

OTS ASSESSMENTS
     The OTS has a sliding scale assessment formula to provide funding
for its operations.  Troubled savings associations are charged a
"premium assessment" at a rate of 50% higher than non-troubled savings
associations at the same level of assets.  Non-troubled institutions
are charged "general assessments."  The changes in assessment fees
reflect the increased supervisory attention that troubled institutions
require from the OTS, which in turn increases the cost of regulation
and examinations.

EQUITY RISK INVESTMENTS
     OTS regulations limit the aggregate amount that an insured
institution may invest in real estate, service corporations, equity
securities, and nonresidential construction loans and loans with loan-
to-value ratios greater than 80%.  Under the regulations, savings
associations which meet their minimum regulatory capital requirements
and have tangible capital of less than 6% of total liabilities may
make aggregate equity risk investments equal to the greater of 3% of
assets or two and one-half times their tangible capital.  Savings
associations that meet their minimum regulatory capital requirements
and have tangible capital equal to or greater than 6% of total
liabilities may make aggregate equity risk investments of up to three
times their tangible capital.

LOANS TO ONE BORROWER
     FIRREA prohibits an institution from investing in any one real
estate project in an amount in excess of the applicable loans-to-one-
borrower limit, which is an amount equal to 15% of unimpaired capital
on an unsecured basis and an additional amount equal to 10% of
unimpaired capital and surplus if the loan is secured by certain
readily marketable collateral.  Renewals that exceed the loans-to-one-
borrower limit are permissible if the original borrower remains liable
for the debt and no additional funds are disbursed.  The Bank recently
received regulatory approval from the OTS under 12 CFR 560.93 which
increased it's loans-to-one-borrower limit to $30 million for loans
secured by certain residential housing units.  Such loans must, in the
aggregate, not exceed 150% of the Bank's unimpaired capital and
surplus.

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 September 30, 2007, the Bank did not
have any investments in or advances to subsidiaries engaged in
activities not permissible for national banks.

FEDERAL RESERVE SYSTEM
     Regulations require that institutions maintain reserves of 3%
against transaction accounts up to a specified level and an initial
reserve of 10% against that portion of total transaction accounts in
excess of such amount.  In addition, an initial reserve of 3% must be
maintained on non-personal time deposits, which include borrowings
with maturities of less than four years.  Such reserves are non-
interest bearing.  These percentages are subject to change by the
Federal Reserve Board.  As of September 30, 2007, North American met
its reserve requirements.

     Savings institutions have authority to borrow from the Federal
Reserve Bank's "discount window," but only after exhausting all FHLB
sources of borrowing.

                                    12



                               TAXATION

     The Company is subject to the general applicable corporate tax
provisions of the Internal Revenue Code ("Code") and the Bank is
subject to certain additional provisions of the Code, which apply to
savings institutions and other types of financial institutions.

BAD DEBT RESERVES
     Prior to October 1, 1996, the Bank was allowed a special bad debt
deduction for additions to tax bad debt reserves established for the
purpose of absorbing losses.  This deduction was either based on an
institution's actual loss experience (the "experience method") or,
subject to certain tests relating to the composition of assets, based
on a percentage of taxable income ("percentage method").  Under the
percentage method, qualifying institutions generally deducted 8% of
their taxable income.

     As a result of changes in the Federal tax code, the Bank's bad
debt deduction was based on actual experience beginning with the
fiscal year ended September 30, 1997, as the percentage method for
additions to the tax bad debt reserve was eliminated.  Under the new
tax rules, thrift institutions were required to recapture their
accumulated tax bad debt reserve, except for the portion that was
established prior to 1988, the "base-year".  The recapture was
completed over a six-year phase-in period that began with the fiscal
year ended September 30, 1999.  A deferred tax liability is required
to the extent the tax bad debt reserve exceeds the 1988 base year
amount.  As of September 30, 2007, North American had approximately
$3.7 million established as a tax bad debt reserve in the base-year.
Distributing the Bank's capital in the form of purchasing treasury
stock forced North American to recapture its after base-year bad debt
reserve prior to the phase-in period.  Management believes that
accelerating the recapture was more than offset by the opportunity to
buy treasury stock at lower average market prices.

MINIMUM TAX
     For taxable years beginning after December 31, 1986, the
alternative minimum tax rate is 20%.  The alternative minimum tax
generally applies to a base of regular taxable income plus certain tax
preferences and is payable to the extent such preferences exceed an
exemption amount.

STATE TAXATION
     The Bank is subject to a special financial institution state tax
based on approximately 7% of net income.  This tax is in lieu of all
other taxes on thrift institutions except taxes on real estate,
tangible personal property owned by the Bank, contributions paid to
the State unemployment insurance fund, and sales/use taxes.


                                    13



ITEM 2. PROPERTIES
     North American's main office is located at 12498 South 71
Highway, Grandview, Missouri.  In addition to its main office, the
Bank has nine branch offices, three loan origination offices, and one
customer service office.  Net book value of premises owned and
leasehold improvement (net of accumulated depreciation) at September
30, 2007, was approximately $11.4 million.

                                  Date      Owned/        Lease
Location                        Occupied    Leased      Expiration
----------------------------------------------------------------------
12498 South 71 Highway
Grandview, Missouri                 1972       Owned

646 N, 291 Highway
Lees Summit, Missouri               1992       Owned

8501 North Oak Trafficway
Kansas City, Missouri               1994       Owned

920 North Belt
St. Joseph, Missouri                1979       Owned

2002 E Mechanic
Harrisonville, Missouri             1975       Owned

11400 E 23rd  St.
Independence, Missouri              2000       Owned

7012 NW Barry Road
Kansas City, Missouri               2001       Owned

1001 N Jesse James Road
Excelsior Springs, Missouri         2002       Owned

12520 South 71 Highway
Grandview, Missouri                 2005       Owned

2707 NW Prairie View Road
Platte City, Missouri               2007       Owned

949 NE Columbus
Lee's Summit, Missouri              1993       Leased    November 2007

12900 Metcalf - Suite 140
Overland Park, Kansas               1996       Leased    December 2009

5177 Utica Ridge Road
Davenport, Iowa                     2003       Leased    March 2009

4350 S National, Suite A100
Springfield, Missouri               2005       Leased    August 2010

10950 El Monte, Suite 210           2007       Leased    May 2014
Overland Park, Kansas


                                    14



ITEM 3. LEGAL PROCEEDINGS
     The Company is involved in various legal actions that arose in
the normal course of business.  There are no legal proceedings to
which the Company or its subsidiaries is a party that would have a
material impact on its consolidated financial statements.

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
     None.

                                 PART II

ITEM 5.  MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER
MATTERS
     The information appearing on page 48 and 49 of the 2007 Annual
Report to Stockholders is incorporated herein by reference.

ITEM 6.  SELECTED FINANCIAL DATA
     The information appearing on page 4 of the 2007 Annual Report to
Stockholders is incorporated herein by reference.

ITEM 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
     The information appearing on pages 5 through 15 in the 2007
Annual Report to Stockholders is incorporated herein by reference.

ITEM 7a.  QUALITATIVE AND QUANTITATIVE DISCLOSURES ABOUT MARKET RISK
     The information appearing on pages 12 through 13 in the 2007
Annual Report to Stockholders is incorporated herein by reference.

ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
     The information appearing on pages 16 through 44 of the 2007
Annual Report to Stockholders is incorporated herein by reference.
See Item 15 below for a list of the financial statements and notes so
incorporated.

ITEM 9.  CHANGE IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING
AND FINANCE DISCLOSURE
     None.

ITEM 9a.  CONTROLS AND PROCEDURES
     Conclusion Regarding the Effectiveness of Disclosure Controls and
Procedures.  Under the supervision and with the participation of our
management, including our principal executive officer and principal
financial officer, we conducted an evaluation of our disclosure
controls and procedures, as such term is defined in Rules 13a-15(e)
and 15d-15(e) under the Securities and Exchange Act of 1934.  Based on
this evaluation, our principal executive officer and our principal
financial officer concluded that our disclosure controls and
procedures were effective at the end of the period covered by this
annual report.

     Management's Report on Internal Control Over Financial Reporting.
Our management is responsible for establishing and maintaining
adequate internal control over financial reporting, as such term is
defined in Exchange Act Rules 13a-15(f) and 15d-15(f).  Under the
supervision and with the participation of our management, including
our principal executive officer and principal financial officer, we
conducted an evaluation of the effectiveness of our internal control
over financial reporting based on the framework in Internal Control -
Integrated Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission.  Based on our evaluation
under the framework in Internal Control - Integrated Framework, our
management concluded that our internal control over financial
reporting was effective as of September 30, 2007.

	Our internal control over financial reporting as of September 30,
2007, has been audited by BKD, LLP, an independent registered public
accounting firm, as stated in their report which follows.

                                    15



Report of Independent Registered Public Accounting Firm


Audit Committee, Board of Directors and Stockholders
NASB Financial, Inc.
Grandview, Missouri


     We have audited NASB Financial, Inc.'s internal control over
financial reporting as of September 30, 2007, based on criteria
established in Internal Control - Integrated Framework issued by the
Committee of Sponsoring Organizations of the Treadway Commission
(COSO).  The Company's management is responsible for maintaining
effective internal control over financial reporting and for its
assessment of the effectiveness of internal control over financial
reporting.  Our responsibility is to express an opinion on
management's assessment and an opinion on the effectiveness of the
Company's internal control over financial reporting based on our
audit.

     We conducted our audit in accordance with the standards of the
Public Company Accounting Oversight Board (United States).  Those
standards require that we plan and perform the audit to obtain
reasonable assurance about whether effective internal control over
financial reporting was maintained in all material respects.  Our
audit included obtaining an understanding of internal control over
financial reporting, assessing the risk that a material weakness
exists, and evaluating the design and operating effectiveness of
internal control based on the assessed risk.  Our audit also included
performing such other procedures as we consider necessary in the
circumstances.  We believe that our audit provides a reasonable basis
for our opinion.

     A company's internal control over financial reporting is a
process designed to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted
accounting principles.  A company's internal control over financial
reporting includes those policies and procedures that (1) pertain to
the maintenance of records that, in reasonable detail, accurately and
fairly reflect the transactions and dispositions of the assets of the
company; (2) provide reasonable assurance that transactions are
recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that
receipts and expenditures of the company are being made only in
accordance with authorizations of management and directors of the
company; and (3) provide reasonable assurance regarding prevention or
timely detection of unauthorized acquisition, use or disposition of
the company's assets that could have a material effect on the
financial statements.

     Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements.  Also,
projections of any evaluation of effectiveness to future periods are
subject to the risk that controls may become inadequate because of
changes in conditions or that the degree of compliance with the
policies or procedures may deteriorate.

     In our opinion, NASB Financial, Inc. maintained, in all material
respects, effective internal control over financial reporting as of
September 30, 2007, based on criteria established in Internal Control
- Integrated Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission (COSO).

     We have also audited, in accordance with the standards of the
Public Company Accounting Oversight Board (United States), the
consolidated financial statements of NASB Financial, Inc. and our
report dated December 7, 2007 expressed an unqualified opinion
thereon.


/s/ BKD LLP

Kansas City, Missouri
December 7, 2007


                                    16



                               PART III

ITEM 10.  DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
     The information appearing on pages 4 through 16 of the Company's
Proxy Statement for the 2008 Annual Meeting and information appearing
on pages 46 and 47 of the 2007 Annual Report to Stockholders is
incorporated herein by reference.

ITEM 11.  EXECUTIVE COMPENSATION
     The information appearing on pages 7 through 16 of the Company's
Proxy Statement for the 2008 Annual Meeting is incorporated herein by
reference.

ITEM 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT
     The information appearing on page 14 through 15 of the Company's
Proxy Statement for the 2008 Annual Meeting is incorporated herein by
reference.

ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
     The information appearing on page 15 of the Company's Proxy
Statement for the 2008 Annual Meeting s incorporated herein by
reference.

ITEM 14.  PRINCIPAL ACCOUTING FEES AND SERVICES
     The information appearing on page 16 of the Company's Proxy
Statement for the 2008 Annual Meeting s incorporated herein by
reference.


                               PART IV

ITEM 15.  EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
(a) The following documents are filed as part of this report:

  (1) Financial Statements

     The following consolidated financial statements of NASB
Financial, Inc. and the independent auditor's report thereon which
appear in the Company's 2007 Annual report to Stockholders ("Annual
Report") have been incorporated herein by reference to Item 8.

     Consolidated Balance Sheets at September 30, 2007, and 2006
(Annual Report - Page 16).

     Consolidated Statements of Income for the years ended September
30, 2007, 2006, and 2005 (Annual Report - Page 17).

     Consolidated Statements of Cash Flows for the years ended
September 30, 2007, 2006, and 2005 (Annual Report - Pages 18 and 19).

     Consolidated Statements of Stockholders' Equity for the years
ended September 30, 2007, 2006, and 2005 (Annual Report - Page 20).

     Notes to Consolidated Financial Statements (Annual Report - Pages
21 through 44).

     Report of Independent Registered Public Accounting Firm (Annual
Report - Page 45).

 (2) Financial Statement Schedules.
      Schedules are provided in the Consolidated Financial Statements.


                                    17



(3) EXHIBITS.

Exhibit
Number
---------
2)   Agreement and Plan of Merger by and among North American Savings
     Bank, F.S.B., NASB Interim Savings Bank, F.S.B., and NASB
     Financial, Inc.  Exhibit 2 to Form 8-K, dated April 15, 1998, and
     incorporated herein by reference.

3)   Federal Stock Savings Bank Charter and Bylaws.  Exhibit 3 to Form
     10-K for fiscal year ended September 30, 1992, dated December 27,
     1992, and incorporated herein by reference.

3.1) Articles of Incorporation of NASB Financial, Inc.  Exhibit 3.1 to
     Form 8-K, dated April 15, 1998, and incorporated herein by
     reference.

3.2) Bylaws of NASB Financial, Inc. Exhibit 3.2 to Form 8-K, dated
     April 15, 1998, and incorporated herein by reference.

10.1)Employees' Stock Option Plan and specimen copy of Option
     Agreement entered into between the Company and the Plan
     participants.  (Exhibit 10.4 to Form 10-K for fiscal year ended
     September 30, 1986, dated December 26, 1986, and incorporated
     herein by reference).

10.2)Amended and Restated Retirement Income Plan for Employees of
     North American Savings Bank dated September 30, 1988, dated
     December 20, 1988, and incorporated herein by reference).

10.3)NASB Financial, Inc. Equity Incentive Compensation Plan
     dated adopted on October 28, 2003.  (Exhibit B to the Company's
     Proxy Statement for the 2004 Annual Meeting and incorporated
     herein by Reference).

*13) 2007 Annual Report to Stockholders.

22)  Subsidiaries of the Registrant at September 30, 2007, listed on
     page 1.

23)  Proxy Statement of NASB Financial, Inc. for the 2008 Annual
     Meeting of Stockholders filed with the SEC (certain portions of
     such proxy Statement are incorporated herein by reference to page
     numbers in the text of this report on Form 10-K).

*31.1)  Certification of Chief Executive Officer pursuant to Rules
        13a-15(e) and 15d-15(e).

*31.2)  Certification of Chief Financial Officer pursuant to Rules
        13a-15(e) and 15d-15(e).

*32.1)  Certification of Chief Executive Officer pursuant to 18 U.S.C.
        Section 1350, as adopted pursuant to Section 906 of the
        Sarbanes-Oxley Act of 2002.

*32.2)  Certification of Chief Financial Officer pursuant to 18 U.S.C.
        Section 1350, as adopted pursuant to Section 906 of the
        Sarbanes-Oxley Act of 2002.


* Filed Herewith


                                    18





                                 SIGNATURES

     Pursuant to the requirements of section 13 or 15 (d) 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.

                                             By:  /s/ David H. Hancock
                                                  David H. Hancock
                                                  Chairman

Date:  December 14, 2007

     Pursuant to the requirements of the Securities Exchange Act of
1934, this report has been signed below on December 14, 2007, by the
following persons on behalf of the Registrant and in the capacities
indicated.

Signature                                    Title

/s/ David H. Hancock                         Chairman and Chief
David H. Hancock                               Executive Officer

/s/ Rhonda Nyhus                             Chief Financial Officer
Rhonda Nyhus                                 (Principal Accounting
                                               Officer)

/s/ Keith B. Cox                             Director
Keith B. Cox


/s/ Paul L. Thomas                           Director
Paul L. Thomas


/s/ Frederick V. Arbanas                     Director
Frederick V. Arbanas


/s/ Barrett Brady                            Director
Barrett Brady


/s/ A. Ray Cecrle                            Director
A Ray Cecrle


/s/ Linda S. Hancock                         Director
Linda S. Hancock


/s/ Fletcher M. Lamkin                       Director
Fletcher M. Lamkin


/s/ W. Russell Welsh                         Director
W. Russell Welsh


                                    19