FORM 10-QSB

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D. C. 20549

(Mark One)

[X]           QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended                   December 31, 2004
                                ------------------------------------------------

                                       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 No.   0 -50864

                            DSA FINANCIAL CORPORATION
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)

        Delaware                                             20-1661802
-------------------------------                  -------------------------------
(State or other jurisdiction of                           (I.R.S. Employer
incorporation or organization)                          Identification Number)

                 118 Walnut Street, Lawrenceburg, Indiana 47025
--------------------------------------------------------------------------------
                     (Address of principal executive office)

Registrant's telephone number, including area code: (812) 537-0940

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Sections 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.

Yes [X]           No  [  ]

Indicate by check mark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Exchange Act).

Yes [  ]          No  [X]

As of February 7, 2005, the latest practicable date, 1,644,242 shares of the
registrant's common stock, $.01 par value, were issued and outstanding.



<PAGE>
                                      INDEX

                                                                           Page

PART I     FINANCIAL INFORMATION

           Consolidated Statements of Financial Condition                   3

           Consolidated Statements of Earnings                              4

           Consolidated Statements of Comprehensive Income                  5

           Consolidated Statements of Cash Flows                            6

           Notes to Consolidated Financial Statements                       8

           Management's Discussion and Analysis of
           Financial Condition and Results of
           Operations                                                      11

           Quantitative and Qualitative Disclosures
           About Market Risk                                               15

           Controls and Procedures                                         15

PART II  - OTHER INFORMATION                                               16

SIGNATURES                                                                 17



<PAGE>


                            DSA Financial Corporation

                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

                                   (Unaudited)
                        (In thousands, except share data)
<TABLE>
<CAPTION>

                                                                                     December 31,   June 30,
         ASSETS                                                                          2004         2004

<S>                                                                                    <C>         <C>
Cash and due from banks                                                                $  1,377    $  1,664
Interest-bearing deposits in other financial institutions                                   755       8,900
                                                                                       --------    --------
         Cash and cash equivalents                                                        2,132      10,564

Certificates of deposit in other financial institutions                                     819         199
Investment securities designated as available for sale - at market                        4,393       6,763
Mortgage-backed securities designated as available for sale - at market                   1,143       1,484
Loans receivable - net                                                                   69,951      59,088
Loans held for sale - at lower of cost or market                                            644         104
Real estate acquired through foreclosure                                                     58        --
Office premises and equipment - at depreciated cost                                       1,149       1,193
Stock in Federal Home Loan Bank - at cost                                                 1,127       1,103
Accrued interest receivable on loans                                                        314         258
Accrued interest receivable on investments                                                   29          34
Cash surrender value of life insurance                                                    1,839       1,774
Prepaid expenses and other assets                                                           578         914
Prepaid income taxes                                                                         37          24
Deferred income taxes                                                                       286         264
                                                                                       --------    --------

         Total assets                                                                  $ 84,499    $ 83,766
                                                                                       ========    ========

         LIABILITIES AND STOCKHOLDERS' EQUITY

Deposits                                                                               $ 61,154    $ 68,203
Borrowings from the Federal Home Loan Bank                                                5,000       5,000
Accounts payable on mortgage loans serviced for others                                       78          74
Accrued interest payable                                                                     10          10
Advances by borrowers for taxes and insurance                                               352         255
Other liabilities                                                                           979         965
                                                                                       --------    --------
         Total liabilities                                                               67,573      74,507

Stockholders' equity
Preferred stock - 1,000,000 shares of $.01 par value authorized; no shares issued at
  December 31, 2004; 2,000,000 shares authorized, no shares issued at June 30, 2004        --          --
Common stock - 5,000,000 shares of $.01 par value authorized; 1,644,242 shares
  issued and outstanding at December 31, 2004; 8,000,000 shares of $.10 par value
  authorized; 484,579 shares issued and outstanding at June 30, 2004                         16          49
Additional paid-in capital                                                               10,190       2,224
Retained earnings, restricted                                                             7,667       7,337
Accumulated comprehensive loss, unrealized losses on securities,
  designated as available for sale, net of related tax effects                              (43)       (126)
Shares acquired by stock benefit plans                                                     (904)       (225)
                                                                                       --------    --------
         Total stockholders' equity                                                      16,926       9,259
                                                                                       --------    --------

         Total liabilities and stockholders' equity                                    $ 84,499    $ 83,766
                                                                                       ========    ========
</TABLE>

                                       3

<PAGE>


                            DSA Financial Corporation

                       CONSOLIDATED STATEMENTS OF EARNINGS

                                   (Unaudited)
                      (In thousands, except per share data)

<TABLE>
<CAPTION>
                                                              For the three months       For the six months
                                                               ended December 31,         ended December 31,
                                                                2004      2003             2004       2003
Interest income
<S>                                                           <C>        <C>              <C>        <C>
  Loans                                                       $ 1,001    $   970          $ 1,944    $ 1,943
  Mortgage-backed securities                                       10          6               22          8
  Investment securities                                            46         50              108        114
  Interest-bearing deposits and other                              33         22               74         42
                                                              -------    -------          -------    -------
         Total interest income                                  1,090      1,048            2,148      2,107

Interest expense
  Deposits                                                        270        353              544        715
  Borrowings                                                       52         53              104        120
                                                              -------    -------          -------    -------
         Total interest expense                                   322        406              648        835
                                                              -------    -------          -------    -------

         Net interest income                                      768        642            1,500      1,272

Provision for losses on loans                                       6          6               12         12
                                                              -------    -------          -------    -------

         Net interest income after provision
           for losses on loans                                    762        636            1,488      1,260

Other income
  Gain on sale of loans                                            14         28               41        155
  Loss on sale of investment and mortgage-backed securities        --         (9)              (2)       (13)
  Gain on sale of real estate acquired through foreclosure         --          2               --          2
  Cash surrender value of life insurance                           15         19               35         41
  Other operating                                                  54         43              104         81
                                                              -------    -------          -------    -------
         Total other income                                        83         83              178        266

General, administrative and other expense
  Employee compensation and benefits                              294        269              597        529
  Occupancy and equipment                                          45         40               86         80
  Data processing                                                  33         21               65         42
  Other operating                                                 142        102              257        210
                                                              -------    -------          -------    -------
         Total general, administrative and other expense          514        432            1,005        861
                                                              -------    -------          -------    -------

         Earnings before income taxes                             331        287              661        665
Income taxes
  Current                                                         135        149              279        300
  Deferred                                                        (10)       (37)             (32)       (41)
                                                              -------    -------          -------    -------
         Total income taxes                                       125        112              247        259
                                                              -------    -------          -------    -------

         NET EARNINGS                                         $   206    $   175          $   414    $   406
                                                              =======    =======          =======    =======

         EARNINGS PER SHARE
           Basic and diluted                                  $   .13    $   .11          $   .26    $   .25
                                                              =======    =======          =======    =======
</TABLE>

                                       4

<PAGE>


                            DSA Financial Corporation

                 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

                                   (Unaudited)
                                 (In thousands)

<TABLE>
<CAPTION>
                                                                  For the three months    For the six months
                                                                    ended December 31,    ended December 31,
                                                                     2004       2003       2004       2003

<S>                                                                  <C>        <C>        <C>        <C>
Net earnings                                                         $206       $175       $414       $406

Other comprehensive income (loss), net of tax:
  Unrealized holding gains (losses) on securities during the
    period, net of taxes (benefits) of $(5), $(35), $42
    and $(35) during the respective periods                            (8)       (68)        82        (67)

  Reclassification adjustment for realized losses included in
    earnings, net of tax benefits of $3, $1 and $4 during the
     respective periods                                              --            6          1          9
                                                                    -----      -----      -----      -----

Comprehensive income                                                $ 198      $ 113      $ 497      $ 348
                                                                    =====      =====      =====      =====

Accumulated comprehensive loss                                      $ (43)     $ (66)     $ (43)     $ (66)
                                                                    =====      =====      =====      =====
</TABLE>

                                       5

<PAGE>


                            DSA Financial Corporation

                      CONSOLIDATED STATEMENTS OF CASH FLOWS

                      For the six months ended December 31,
                                   (Unaudited)
                                 (In thousands)
<TABLE>
<CAPTION>

                                                                                      2004        2003
Cash flows from operating activities:
<S>                                                                                <C>         <C>
  Net earnings for the period                                                      $    414    $    406
  Adjustments to reconcile net earnings to net
  cash provided by (used in) operating activities:
    Amortization of discounts and premiums on loans,
      investments and mortgage-backed securities - net                                   (9)         22
    Amortization of deferred loan origination fees                                      (17)        (18)
    Amortization of mortgage servicing rights                                            17          42
    Provision for losses on loans                                                        12          12
    Depreciation and amortization                                                        51          47
    Gain on sale of real estate acquired through foreclosure                             --          (2)
    Loss on sale of investment and mortgage-backed securities
      designated as available for sale                                                    2          13
    Origination of loans for sale in the secondary market                            (2,157)     (6,657)
    Proceeds from sale of loans in the secondary market                               1,645       7,781
    Gain on sale of loans                                                               (28)        (94)
    Federal Home Loan Bank stock dividends                                              (24)        (40)
    Increase (decrease) in cash due to changes in:
      Accrued interest receivable on loans                                              (56)         37
      Accrued interest receivable on investments                                          5          30
      Prepaid expenses and other assets                                                  33         (10)
      Accounts payable on mortgage loans serviced for others                              4          22
      Accrued interest payable                                                           --          (7)
      Other liabilities                                                                  15         (38)
       Income taxes
        Current                                                                         (37)        (34)
        Deferred                                                                        (32)        (41)
                                                                                   --------    --------
         Net cash provided by (used in) operating activities                           (162)      1,471

Cash flows provided by (used in) investing activities:
  Purchase of investment securities designated as available for sale                   (492)     (7,770)
  Proceeds from sale of investment securities designated as available
    for sale                                                                            498       8,986
  Proceeds from maturity and principal repayments of investment securities            2,500          --
  Purchase of mortgage-backed securities designated as available for sale                --        (999)
  Principal repayments on mortgage-backed securities                                    365       2,046
  Principal repayments on loans                                                      13,295      14,819
  Loan disbursements                                                                (23,944)    (16,850)
  Purchase of office premises and equipment                                              (7)        (41)
  Proceeds from sale of automobile                                                       --           7
  (Increase) decrease in certificates of deposit in other financial institutions       (656)        100
  Increase in cash surrender value of life insurance                                    (65)        (40)
  Proceeds from sale of real estate acquired through foreclosure                         25         181
  Capital improvements to real estate acquired through foreclosure                       (6)        (10)
                                                                                   --------    --------
         Net cash provided by (used in) investing activities                         (8,487)        429
                                                                                   --------    --------

         Net cash provided by (used in) operating and investing activities
           (balance carried forward)                                                 (8,649)      1,900
                                                                                   --------    --------
</TABLE>

                                       6

<PAGE>

                            DSA Financial Corporation

                CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)

                      For the six months ended December 31,
                                   (Unaudited)
                                 (In thousands)

<TABLE>
<CAPTION>
                                                                                   2004        2003

<S>                                                                             <C>         <C>
         Net cash provided by (used in) operating and investing activities
           (balance brought forward)                                            $ (8,649)   $  1,900

Cash flows provided by (used in) financing activities:
  Net decrease in deposit accounts                                                (7,049)       (447)
  Repayment of Federal Home Loan Bank borrowings                                    --        (2,800)
  Proceeds from Federal Home Loan Bank borrowings                                   --         1,800
  Advances by borrowers for taxes and insurance                                       97         108
  Proceeds from issuance of common stock                                           7,339        --
  Dividends on common stock                                                         (170)       (164)
                                                                                --------    --------
         Net cash provided by (used in) financing activities                         217      (1,503)
                                                                                --------    --------

Net increase (decrease) in cash and cash equivalents                              (8,432)        397

Cash and cash equivalents at beginning of period                                  10,564       3,722
                                                                                --------    --------

Cash and cash equivalents at end of period                                      $  2,132    $  4,119
                                                                                ========    ========


Supplemental disclosure of cash flow information:
  Cash paid during the period for:
    Income taxes                                                                $    322    $    349
                                                                                ========    ========

    Interest on deposits and borrowings                                         $    648    $    842
                                                                                ========    ========

Supplemental disclosure of noncash investing activities:
  Unrealized gains (losses) on securities designated as available
    for sale, net of related tax effects                                        $     82    $    (67)
                                                                                ========    ========

  Recognition of mortgage servicing rights in accordance with
    SFAS No. 140                                                                $     13    $     61
                                                                                ========    ========
</TABLE>

                                       7


<PAGE>

                            DSA Financial Corporation

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

          For the six and three months ended December 31, 2004 and 2003


    1.   Basis of Presentation

    The Board of Directors of Dearborn Mutual Holding Company (the "M.H.C.")
    adopted a Plan of Conversion (the "Plan") on December 30, 2003. Pursuant to
    the Plan, which was completed effective July 28, 2004, the M.H.C. converted
    from the mutual holding company form of organization to the fully public
    form. The M.H.C., the mutual holding company parent of Dearborn Financial
    Corporation, merged into Dearborn Savings Association F.A. ("Dearborn
    Savings" or the "Association"), and as a result the M.H.C. no longer exists.
    Pursuant to the Plan, Dearborn Financial Corporation, which owned 100% of
    Dearborn Savings, was succeeded by a new Delaware corporation named DSA
    Financial Corporation ("DSA Financial" or the "Corporation"). As part of the
    conversion, the M.H.C.'s ownership interest, as formerly evidenced by
    250,000 shares of Dearborn Financial Corporation common stock, was sold in a
    subscription and community offering and to a newly-formed Employee Stock
    Ownership Plan. Shares of existing stockholders of Dearborn Financial
    Corporation were exchanged for shares of DSA Financial, pursuant to an
    exchange ratio of 3.3926-to-one. The offering resulted in proceeds, net of
    costs related to the offering, of $7.2 million. Following the completion of
    the Plan, DSA Financial had 1,644,242 total shares issued. Following the
    completion of the conversion, effective July 28, 2004, all of the capital
    stock of Dearborn Savings is held by DSA Financial.

    The accompanying unaudited consolidated financial statements were prepared
    in accordance with instructions for Form 10-QSB and, therefore, do not
    include information or footnotes necessary for a complete presentation of
    financial position, results of operations and cash flows in conformity with
    accounting principles generally accepted in the United States of America.
    Accordingly, these financial statements should be read in conjunction with
    the financial statements and notes thereto of the Corporation for the year
    ended June 30, 2004. However, in the opinion of management, all adjustments
    (consisting of only normal recurring accruals) which are necessary for a
    fair presentation of the financial statements have been included. The
    results of operations for the three and six month periods ended December 31,
    2004, are not necessarily indicative of the results which may be expected
    for the entire fiscal year.

    2.   Principles of Consolidation

    The consolidated financial statements include the accounts of the
    Corporation and the Association. All intercompany transactions and balances
    have been eliminated.

    3.   Earnings Per Share

    Basic earnings per share is computed based upon the weighted-average common
    shares outstanding during the period, restated for the effects of the
    Corporation's reorganization and related stock offering. Weighted-average
    common shares deemed outstanding totaled 1,576,366 and 1,643,983 for the
    six- and three-month periods ended December 31, 2004 and 2003, respectively.

    The Corporation had no dilutive or potentially dilutive securities at
December 31, 2004 and 2003.

                                       8

<PAGE>


                            DSA Financial Corporation

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

          For the six and three months ended December 31, 2004 and 2003


    4.   Effects of Recent Accounting Pronouncements

    In December 2003, the Financial Accounting Standards Board (the "FASB")
    issued FASB Interpretation No. 46(R) ("FIN 46(R)"), "Consolidation of
    Variable Interest Entities." FIN 46(R) requires a variable interest entity
    to be consolidated by a company if that company is subject to a majority of
    the risk of loss from the variable interest entity's activities or entitled
    to receive a majority of the entity's residual returns, or both. FIN 46(R)
    also requires disclosures about variable interest entities that a company is
    not required to consolidate, but in which it has a significant variable
    interest. The consolidation requirements of FIN 46(R) apply immediately to
    variable interest entities created after January 31, 2003. The consolidation
    requirements of FIN 46(R) apply to existing entities in the first fiscal
    year ending after December 15, 2004. The Corporation does not have any
    variable interest entities, therefore the adoption of FIN 46(R) had no
    material effect on the Corporation's financial statements.

    In March 2004, the Emerging Issues Task Force ("EITF") issued EITF 03-01
    "The Meaning of Other-than-Temporary Impairment and its Application to
    Certain Investments." EITF 03-01 requires that unrealized losses on
    investment securities that are deemed other-than-temporary be recorded as an
    adjustment to earnings. The Statement applies both to securities designated
    as held to maturity and those designated as available for sale. EITF 03-01
    provides that unrealized losses may be viewed as other-than-temporary as a
    result not only due to deterioration of the credit quality of the issuer,
    but due to changes in the interest rate environment as well. An investor
    must be able to demonstrate the positive ability and intent to hold such
    securities until a forecasted recovery takes place or until maturity of the
    security. EITF 03-01 requires separate disclosure related to unrealized
    losses for securities that have been in an unrealized loss position for a
    period of less than twelve months and for those that have been in an
    unrealized loss position for a period greater than twelve months, for
    financial statements issued for years ending after December 15, 2003. In
    September 2004, the FASB issued a final FASB Staff Position, FSP EITF Issue
    03-01-1, which has delayed the effective date for the measurement and
    recognition guidance of EITF 03-01. The comment period related to this staff
    position ended October 29, 2004. The implementation date is unknown until
    further guidance is issued by the FASB. We are currently evaluating the
    impact of adopting EITF 03-01.

    In December 2004, the FASB issued a revision to Statement of Financial
    Accounting Standards No. 123, "Share Based Payment" (SFAS No. 123(R)), which
    establishes standards for the accounting for transactions in which an entity
    exchanges its equity instruments for goods or services, primarily on
    accounting for transactions in which an entity obtains employee services in
    share-based transactions. This Statement requires a public entity to measure
    the cost of employee services received in exchange for an award of equity
    instruments based on the grant-date fair value of the award, with limited
    exceptions. That cost will be recognized over the period during which an
    employee is required to provide services in exchange for the award - the
    requisite service period. No compensation cost is recognized for equity
    instruments for which employees do not render the requisite service.
    Employee share purchase plans will not result in recognition of compensation
    cost if certain conditions are met.

    Initially, the cost of employee services received in exchange for an award
    of liability instruments will be measured based on current fair value; the
    fair value of that award will be remeasured subsequently at each reporting
    date through the settlement date. Changes in fair value during the requisite
    service period will be recognized as compensation cost over that period. The
    grant-date fair value of employee share options and similar instruments will
    be estimated using option-pricing models, adjusted for the unique
    characteristics of those instruments (unless observable market prices for
    the same or similar instruments are available). If an equity award is
    modified after the grant date, incremental compensation cost will be
    recognized in an amount equal to the excess of the fair value of the
    modified award over the fair value of the original award immediately before
    the modification.

                                       9

<PAGE>


                            DSA Financial Corporation

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

          For the six and three months ended December 31, 2004 and 2003


    4. Effects of Recent Accounting Pronouncements (continued)

    Excess tax benefits, as defined by SFAS 123(R) will be recognized as an
    addition to additional paid-in capital. Cash retained as a result of those
    excess tax benefits will be presented in the consolidated statement of cash
    flows as financing cash inflows. The write-off of deferred tax assets
    relating to unrealized tax benefits associated with recognized compensation
    cost will be recognized as income tax expense, unless there are excess tax
    benefits from previous awards remaining in additional paid-in capital to
    which it can be offset.

    Compensation cost is required to be recognized in the first interim or
    annual period that begins after June 15, 2005, or July 1, 2005 as to the
    Corporation. The Corporation currently has no stock option plans or other
    instruments that are subject to the provisions of SFAS No. 123(R).









                                       10

<PAGE>


                            DSA Financial Corporation

           MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                            AND RESULTS OF OPERATIONS


Forward Looking Statements

This document contains certain "forward-looking statements" which may be
identified by the use of words such as "believe," "expect," "anticipate,"
"should," "planned," "estimated" and "potential." Examples of forward-looking
statements include, but are not limited to, estimates with respect to our
financial condition, results of operations and business that are subject to
various factors which could cause actual results to differ materially from these
estimates and most other statements that are not historical in nature. These
factors include, but are not limited to, general and local economic conditions,
changes in interest rates, deposit flows, demand for mortgage and other loans,
real estate values, and competition; changes in accounting principles, policies,
or guidelines; changes in legislation or regulation; and other economic,
competitive, governmental, regulatory, and technological factors affecting our
operations, pricing products and services.

Discussion of Financial Condition Changes from June 30, 2004 to December 31,
2004

Assets. Total assets increased $733,000, or 0.9%, to $84.5 million at December
31, 2004, from $83.8 million at June 30, 2004. The increase in assets was
comprised primarily of an $11.4 million increase in loans, net to $70.6 million
at December 31, 2004 from $59.2 million at June 30, 2004, partially offset by an
$8.1 million decrease in interest-bearing deposits in other financial
institutions, to $755,000 at December 31, 2004 from $8.9 million at June 30,
2004. The decrease in interest-bearing deposits resulted from our funding loan
originations with excess cash we received in connection with the mutual-to-stock
conversion of the M.H.C. and our related stock offering. The increase in loans
reflected increases in all loan categories except consumer and other loans. We
have opted to maintain recently originated fixed-rate one- to four-family
residential real estate loans in our portfolio due to our strong capital and
cash positions. In addition, we maintain construction loans and nonresidential
real estate and land loans in our portfolio because they are originated at
favorable rates of interest compared to one-to four-family residential real
estate loans.

Liabilities. Total liabilities decreased $6.9 million, or 9.3%, to $67.6 million
at December 31, 2004 from $74.5 million at June 30, 2004. The decrease in
liabilities reflects a $7.0 million decrease in deposits, to $61.2 million at
December 31, 2004 from $68.2 million at June 30, 2004. The decrease in deposits
resulted primarily from the reclassification of stock offering proceeds to
stockholders' equity, totaling $7.8 million, and net deposit inflows of
approximately $800,000. To a lesser extent, the decrease reflects customers'
authorizing direct withdrawals to purchase shares of common stock in connection
with the mutual-to-stock conversion and our related stock offering.

Stockholders' Equity. Stockholders' equity increased $7.7 million to $16.9
million at December 31, 2004, reflecting our receipt of net proceeds of
approximately $7.2 million in connection with our sale of 848,450 shares of
common stock at a price of $10.00 per share, coupled with net earnings of
$414,000 and an $83,000 decrease in the unrealized loss on securities available
for sale, partially offset by dividends paid of $170,000. The completion of the
sale of our shares was partially offset by an increase in shares acquired by
stock benefit plans to $904,000 at December 31, 2004 from $225,000 at June 30,
2004. This increase resulted from the purchase of Employee Stock Ownership Plan
(ESOP) shares that have not yet been allocated.

                                       11

<PAGE>


                            DSA Financial Corporation

           MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                      AND RESULTS OF OPERATIONS (CONTINUED)


Comparison of Operating Results for the Three-Month Periods Ended December 31,
2004 and 2003
--------------------------------------------------------------------------------

General. Net earnings increased $31,000 to $206,000 for the three months ended
December 31, 2004, from $175,000 for the three months ended December 31, 2003.
The increase resulted primarily from a $126,000 increase in net interest income,
partially offset by an $82,000 increase in general, administrative and other
expense. During the three months ended December 31, 2004 and 2003, all
significant elements of income or expense arose from our continuing operations.

Interest Income. Interest income was $1.1 million for the three months ended
December 31, 2004, an increase of $42,000, or 4.0%, over the three months ended
December 31, 2003. With the exception of interest income on interest-earning
deposits, there were no material changes in the components of interest income
between the periods.

Interest income from interest-earning deposits and other interest-earning assets
increased $11,000 to $33,000 for the three months ended December 31, 2004 from
$22,000 for the three months ended December 31, 2003. The increase was due
primarily to a $1.4 million increase in the average balance of interest-earning
deposits and other interest-earning assets, reflecting our receipt of
subscription funds to purchase shares of common stock in connection with the
mutual-to-stock conversion and our related stock offering. In addition, the
yield we earned on these assets increased 20 basis points to 2.55% for the three
months ended December 31, 2004 from 2.35% for the three months ended December
31, 2003, reflecting recent Federal Reserve rate hikes that have increased
returns on overnight funds.

Interest Expense. Interest expense decreased $84,000, or 20.7%, to $322,000 for
the three months ended December 31, 2004 from $406,000 for the three months
ended December 31, 2003. The decrease in interest expense resulted primarily
from an $83,000 decrease in interest expense on deposits.

Interest expense on deposits decreased $83,000, or 23.5%, to $270,000 for the
three months ended December 31, 2004 from $353,000 for the three months ended
December 31, 2003. The decrease was due to a decrease in the average rate paid
on deposits to 1.71% from 2.22% and a $504,000, or 0.8%, decrease in the average
balance of deposits. All deposit categories experienced a decrease in interest
rates. The average balances of money market/NOW accounts increased between
periods, while the average balance of passbooks accounts and certificates of
deposit decreased. The decrease of $3.5 million in the average balance of
certificates of deposit reflects our belief of our customers' desire to remain
liquid with the expectant view of rising certificate rates in the near future.

Net Interest Income. The foregoing changes in our interest income and our
interest expense resulted in a $126,000, or 19.6%, increase in net interest
income to $768,000 for the three months ended December 31, 2004, from $642,000
for the three months ended December 31, 2003. Our interest rate spread increased
to 3.76% from 3.20% and our net interest margin increased to 3.98% from 3.41%,
while average net interest-earning assets increased to $9.1 million for the
three months ended December 31, 2004 from $6.7 million for the three months
ended December 31, 2003.

Provision for Losses on Loans. We establish provisions for losses on loans,
which are charged to operations, at a level necessary to absorb known and
inherent losses that are both probable and reasonably estimable at the date of
the financial statements. Based on our evaluation of these factors, management
made a provision of $6,000 for each of the three months ended December 31, 2004
and 2003. We used the same methodology and generally similar assumptions in
assessing the allowance for both periods. The allowance for loan losses was
$341,000 or 0.45% of gross loans outstanding at December 31, 2004, as compared
with $336,000, or 0.53% of gross loans outstanding at June 30, 2004. The level
of the allowance is based on estimates, and ultimate losses may vary from the
estimates.

                                       12

<PAGE>


                            DSA Financial Corporation

           MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                      AND RESULTS OF OPERATIONS (CONTINUED)


Comparison of Operating Results for the Three-Month Periods Ended December 31,
2004 and 2003 (continued)
--------------------------------------------------------------------------------

Provision for Losses on Loans. (continued) Determining the amount of the
allowance for loan losses necessarily involves a high degree of judgment.
Management reviews the level of the allowance on a quarterly basis, at a
minimum, and establishes the provision for losses on loans based on the
composition of the loan portfolio, delinquency levels, loss experience, economic
conditions, and other factors related to the collectibility of the loan
portfolio. Nonperforming loans totaled $429,000, or 0.56% of total loans at
December 31, 2004, compared to $589,000, or 0.93% of total loans at June 30,
2004. The provision for the three months ended December 31, 2004 was predicated
primarily upon growth in the overall loan portfolio.

Although we believe that we use the best information available to establish the
allowance for loan losses, future additions to the allowance may be necessary
based on estimates that are susceptible to change as a result of changes in
economic conditions and other factors. In addition, the Office of Thrift
Supervision, as an integral part of its examination process, periodically
reviews our allowance for loan losses. The Office of Thrift Supervision may
require us to recognize adjustments to the allowance based on its judgment
regarding the adequacy of our allowance for loan losses at the time of its
examination.

Other Income. Other income was $83,000 for each of the three months ended
December 31, 2004 and December 31, 2003. A decrease of $14,000 in gain on sale
of loans, to $14,000 for the three months ended December 31, 2004, from $28,000
for the three months ended December 31, 2003 was offset by the effects of a
$9,000 loss on sale of investment securities recorded during the three-month
period ended December 31, 2003. We sold $677,000 of loans during the three
months ended December 31, 2004 compared to $1.8 million of such sales during the
three months ended December 31, 2003, resulting from a decrease in the
origination of loans for sale in the secondary market.

General, Administrative and Other Expense. General, administrative and other
expense increased $82,000, or 19.0%, to $514,000 for the three months ended
December 31, 2004 from $432,000 for the three months ended December 31, 2003.
The increase resulted, in part, due to a $25,000, or 9.3%, increase in employee
compensation and benefits expense to $294,000 for the three months ended
December 31, 2004 from $269,000 for the three months ended December 31, 2003.
This increase resulted primarily from higher health insurance premiums, the
hiring of an additional employee, annual salary adjustments effective with the
start of the new fiscal year and expense related to the new ESOP plan of
approximately $17,000. In addition, other operating expense increased $40,000 or
39.2% to $142,000 for the three-month period ended December 31, 2004 from
$102,000 for the three-month period ended December 31, 2003. The increase
resulted from higher ATM charges, increased advertising expenditures, and higher
costs associated with becoming a publicly traded company.

Income Taxes. The provision for income taxes was $125,000 for the three months
ended December 31, 2004 and $112,000 for the three months ended December 31,
2003, reflecting effective tax rates of 37.8% and 39.0%, respectively.


Comparison of Operating Results for the Six-Month Periods Ended December 31,
2004 and 2003
--------------------------------------------------------------------------------

General. Net earnings increased $8,000 to $414,000 for the six months ended
December 31, 2004, from $406,000 for the six months ended December 31, 2003. The
increase resulted primarily from a $228,000 increase in net interest income,
partially offset by a $144,000 increase in general, administrative, and other
expense and an $88,000 decrease in other income. During the six months ended
December 31, 2004 and 2003, all significant elements of income or expense arose
from our continuing operations.

                                       13

<PAGE>


                            DSA Financial Corporation

           MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                      AND RESULTS OF OPERATIONS (CONTINUED)


Comparison of Operating Results for the Six-Month Periods Ended December 31,
2004 and 2003 (continued)
--------------------------------------------------------------------------------

Interest Income. Interest income was $2.1 million for each of the six months
ended December 31, 2004 and December 31, 2003. With the exception of interest
income on interest-earning deposits, there were no material changes in the
components of interest income between the periods.

Interest income from interest-earning deposits and other interest-earning assets
increased $32,000 to $74,000 for the six months ended December 31, 2004 from
$42,000 for the six months ended December 31, 2003. The increase was due
primarily to a $3.6 million increase in the average balance of interest-earning
deposits and other interest-earning assets, reflecting our receipt of
subscription funds to purchase shares of common stock in connection with the
mutual-to-stock conversion and our related stock offering. The increase in
average balance was partially offset by a 45 basis point decrease in the yield
we earned on these assets, to 2.16% for the six months ended December 31, 2004
from 2.61% for the six months ended December 31, 2003.

Interest Expense. Interest expense decreased $187,000, or 22.4%, to $648,000 for
the six months ended December 31, 2004 from $835,000 for the six months ended
December 31, 2003. The decrease in interest expense resulted from a $171,000
decrease in interest expense on deposits and a $16,000 decrease in interest
expense on borrowings.

Interest expense on deposits decreased $171,000, or 23.9%, to $544,000 for the
six months ended December 31, 2004 from $715,000 for the six months ended
December 31, 2003. The decrease was due to a decrease in the average rate paid
on deposits to 1.70% from 2.25%, which was partially offset by a $254,000, or
0.4%, increase in the average balance of deposits. All deposit categories
experienced a decrease in interest rates. The average balances of passbook
accounts and money market/NOW accounts increased between periods, while the
average balance of certificates of deposit decreased. We believe this reflects
our customers' desire to remain liquid with the expectant view of rising
certificate rates in the near future.

Net Interest Income. The foregoing changes in our interest income and our
interest expense resulted in a $228,000, or 17.9%, increase in net interest
income to $1.5 million for the six months ended December 31, 2004, from $1.3
million for the six months ended December 31, 2003. Our interest rate spread
increased to 3.66% from 3.16% and our net interest margin increased to 3.87%
from 3.36%, while average net interest-earning assets increased to $8.6 million
for the six months ended December 31, 2004 from $6.4 million for the six months
ended December 31, 2003.

Provision for Losses on Loans. Management made a provision for losses on loans
of $12,000 for each of the six months ended December 31, 2004 and 2003. We used
the same methodology and generally similar assumptions in assessing the
allowance for both periods. The allowance for loan losses was $341,000 or 0.45%
of gross loans outstanding at December 31, 2004, as compared with $336,000, or
0.53% of gross loans outstanding at June 30, 2004. The level of the allowance is
based on estimates, and ultimate losses may vary from the estimates.

Nonperforming loans totaled $429,000, or 0.56% of total loans at December 31,
2004, compared to $589,000, or 0.93% of total loans at June 30, 2004. The
provision for the six months ended December 31, 2004 was predicated primarily
upon growth in the overall loan portfolio.

Other Income. Other income decreased $88,000 to $178,000 for the six months
ended December 31, 2004 from $266,000 for the six months ended December 31,
2003. The decrease in other income was due to a $114,000 decrease in gain on
sale of loans, to $41,000 for the six months ended December 31, 2004, from
$155,000 for the six months ended December 31, 2003. We sold $1.6 million of
loans during the six months ended December 31, 2004 compared to $7.7 million of
such sales during the six months ended December 31, 2003, resulting from a
significant decrease in the origination of loans for sale in the secondary
market.

                                       14

<PAGE>


                            DSA Financial Corporation

           MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                      AND RESULTS OF OPERATIONS (CONTINUED)


Comparison of Operating Results for the Six-Month Periods Ended December 31,
2004 and 2003 (continued)
--------------------------------------------------------------------------------

General, Administrative and Other Expense. General, administrative and other
expense increased $144,000, or 16.7%, to $1.0 million for the six months ended
December 31, 2004 from $861,000 for the six months ended December 31, 2003. The
increase resulted, in part, due to a $68,000, or 12.9%, increase in employee
compensation and benefits expense to $597,000 for the six months ended December
31, 2004 from $529,000 for the six months ended December 31, 2003. This increase
resulted primarily from higher health insurance premiums, the hiring of an
additional employee, annual salary adjustments effective with the start of the
new fiscal year and expense related to the new ESOP plan of $28,000. In
addition, other operating expense increased $47,000 or 22.4%, to $257,000 for
the six months ended December 31, 2004 from $210,000 for the six months ended
December 31, 2003. The increase resulted from higher ATM charges, increased
advertising expenditures, and higher costs associated with becoming a publicly
traded company.

Income Taxes. The provision for income taxes was $247,000 for the six months
ended December 31, 2004 and $259,000 for the six months ended December 31, 2003,
reflecting effective tax rates of 37.4% and 38.9%, respectively.


ITEM 3            QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There has been no material change in the Corporation's market risk since the
Form 10-KSB filed with the Securities and Exchange Commission for the fiscal
year ended June 30, 2004.


ITEM 4   CONTROLS AND PROCEDURES

The Corporation's Chief Executive Officer and Chief Financial Officer evaluated
the disclosure controls and procedures (as defined under Rules 13a-15(e) and
15d-15(e) of the Securities Exchange Act of 1934, as amended) as of the end of
the period covered by this quarterly report. Based upon that evaluation, the
Chief Executive Officer and Chief Financial Officer have concluded that the
Corporation's disclosure controls and procedures are effective.

There were no significant changes in the Corporation's internal controls or in
other factors that could materially affect, or could reasonably be likely to
materially affect, these controls subsequent to the date of their evaluation by
the Corporation's Chief Executive Officer and Chief Financial Officer, including
any corrective actions with regard to material deficiencies and weaknesses.










                                       15

<PAGE>


                            DSA Financial Corporation

                                     PART II


ITEM 1.  Legal Proceedings
         -----------------

                  Not applicable

ITEM 2.  Unregistered Sales of Equity Securities and Use of Proceeds
         -----------------------------------------------------------

                  Not applicable

ITEM 3.  Defaults Upon Senior Securities
         -------------------------------

                  Not applicable

ITEM 4.  Submission of Matters to a Vote of Security Holders
         ---------------------------------------------------

                  On November 10, 2004, the Corporation held its Annual Meeting
                  of Shareholders. Two matters were submitted to the
                  shareholders for a vote. The shareholders elected two
                  directors to terms expiring in 2007 by the following votes:

                                            For                   Withheld
                                            ---                   --------
                  Robert P. Sonntag         1,311,622             71,985
                  David P. Lorey            1,312,722             70,885

                  The following directors terms continued through the Annual
                  Meeting of Shareholders: Ronald J. Denney, Richard Meador III
                  and Dr. Dennis Richter.

                  The shareholders also ratified the selection of Grant Thornton
                  LLP as the Company's auditors for the 2005 fiscal year by the
                  following vote:

                           For: 1,300,002      Against: 83,605      Abstain: -0-

ITEM 5.  Other Information
         -----------------
                  None.


ITEM 6.  Exhibits
         --------

         EX-31.1      Certification of Chief Executive Officer pursuant to
                      Rule 13(a) or 15(d)

         EX-31.2      Certification of Chief Financial Officer pursuant to
                      Rule 13(a) or 15(d)

         EX-32.1      Section 1350 Certification of the Chief Executive Officer

         EX-32.2      Section 1350 Certification of the Chief Financial Officer



<PAGE>


                            DSA Financial Corporation

                                   SIGNATURES


Pursuant to the requirements 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.





Date:  February 10, 2005               By: /s/ Edward L. Fischer
      -----------------------              -------------------------------------
                                           Edward L. Fischer
                                           President and Chief Executive Officer



Date:  February 10, 2005               By: /s/ Steven R. Doll
      -------------------                  -------------------------------------
                                           Steven R. Doll
                                           Chief Financial Officer