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 Financial Results

     Grandview, Missouri (February 11, 2005) - NASB Financial, Inc. (NASDAQ:
NASB) announced today net income for the quarter ended December 31, 2004, of
$6,919,000 or $0.82 per share.  This compares to net income of $6,305,000 or
$0.75 per share for the quarter ended September 30, 2004, and compares to
net income of $5,744,000 or $0.68 per share for the quarter ended December
31, 2003.
     During the quarter ended December 31, 2004, the company paid a
quarterly dividend on common stock of $0.20 per share and a special dividend
of $0.80 per share.  During the quarter ended December 31, 2003, the company
paid a quarterly dividend on common stock of $0.17 per share and a special
dividend of $0.68 per share.
     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 five 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, Springfield, St. Charles
and St. Louis, Missouri as well as Overland Park and Leawood, Kansas, and
Davenport, Iowa.
                (Financial Highlights Schedule Attached)


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NASB Financial, Inc.
Financial Highlights
(Dollars in thousands, except per share data)

                                                 Three months ended
                                        -------------------------------------
                                          12/31/04      9/30/04      12/31/03
                                        -------------------------------------
                                                         
EARNINGS DATA:
Net interest income                    $   13,232       13,461       12,882
Provision for loan losses                     167          200           --
Non-interest income                         6,504        5,638        3,569
Non-interest expense                        8,673        8,971        7,224
Income tax expense                          3,977        3,623        3,483
                                           -------      -------      -------
   Net income                          $    6,919        6,305        5,744
                                           =======      =======      =======

FINANCIAL CONDITION DATA:
Total assets                           $ 1,417,560    1,361,888    1,217,396
Total loans and mortgage-backed
  and related securities                 1,333,460    1,294,337    1,149,197
Customer and brokered deposit
  accounts                                 679,044      683,740      653,185
Stockholders' equity                       137,886      138,991      126,137


FINANCIAL RATIOS AND PER SHARE DATA:
Book value per share                   $     16.31        16.44        14.92
Earnings per share                            0.82         0.75         0.68
Cash dividends paid per share                 1.00         0.20         0.85


Return on assets (annualized net income
  divided by total average assets)           1.99%        1.86%        1.98%

Return on equity (annualized net income
  divided by average stockholder's equity)  19.99%       18.51%       18.12%


Weighted average shares outstanding      8,455,442    8,457,235    8,452,312

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