With the Fed having announced its taper, we may finally be looking forward to a return to normal conditions in the financial markets. Despite the upheaval this will cause, some businesses are well positioned to adapt in such an environment. I have been considering NASB Inc. (NASDAQ:NASB), the holding company for the North American Savings Bank, which operates primarily in the Kansas City area of Missouri. The bank weathered the subprime crisis and aftermath by reducing its leverage ratio well below its historical level, and although it was not immune to substantial writeoffs, concentrated in 2010 and 2011, the bank's conservatism was such that in fiscal year 2013 it actually recorded a negative provision for loan losses. Now...
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