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       March 31, 2005
                                ------------------------------------------------

                                       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 May 12, 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

                                       2

<PAGE>

                            DSA Financial Corporation

                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

                                   (Unaudited)
                        (In thousands, except share data)
<TABLE>
<CAPTION>
                                                                                          March 31,   June 30,
         ASSETS                                                                             2005        2004
         ------                                                                             ----        ----

<S>                                                                                      <C>         <C>
Cash and due from banks                                                                  $    842    $  1,664
Interest-bearing deposits in other financial institutions                                   2,590       8,900
                                                                                         --------    --------
         Cash and cash equivalents                                                          3,432      10,564

Certificates of deposit in other financial institutions                                       824         199
Investment securities designated as available for sale - at market                          4,331       6,763
Mortgage-backed securities designated as available for sale - at market                       981       1,484
Loans receivable - net                                                                     71,655      59,088
Loans held for sale - at lower of cost or market                                             --           104
Office premises and equipment - at depreciated cost                                         1,654       1,193
Stock in Federal Home Loan Bank - at cost                                                   1,138       1,103
Accrued interest receivable on loans                                                          333         258
Accrued interest receivable on investments                                                     43          34
Cash surrender value of life insurance                                                      1,856       1,774
Prepaid expenses and other assets                                                             534         914
Prepaid income taxes                                                                          112          24
Deferred income taxes                                                                         256         264
                                                                                         --------    --------

         Total assets                                                                    $ 87,149    $ 83,766
                                                                                         ========    ========

         LIABILITIES AND STOCKHOLDERS' EQUITY

Deposits                                                                                 $ 63,659    $ 68,203
Borrowings from the Federal Home Loan Bank                                                  5,000       5,000
Accounts payable on mortgage loans serviced for others                                         61          74
Accrued interest payable                                                                       11          10
Advances by borrowers for taxes and insurance                                                 397         255
Other liabilities                                                                           1,014         965
                                                                                         --------    --------
         Total liabilities                                                                 70,142      74,507

Stockholders' equity
  Preferred stock - 1,000,000 shares of $.01 par value authorized; no shares issued at
    March 31, 2005; 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 March 31, 2005; 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                                                             7,728       7,337
  Accumulated comprehensive loss, unrealized losses on securities,
    designated as available for sale, net of related tax effects                              (79)       (126)
  Shares acquired by stock benefit plans                                                     (848)       (225)
                                                                                         --------    --------
         Total stockholders' equity                                                        17,007       9,259
                                                                                         --------    --------

         Total liabilities and stockholders' equity                                      $ 87,149    $ 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 nine months
                                                                         ended March 31,          ended March 31,
                                                                      2005       2004             2005       2004
                                                                      ----       ----             ----       ----
Interest income
<S>                                                                  <C>       <C>              <C>        <C>
  Loans                                                              $ 1,081   $   942          $ 3,025    $ 2,885
  Mortgage-backed securities                                               9        14               32         22
  Investment securities                                                   38        48              145        162
  Interest-bearing deposits and other                                     29        26              103         68
                                                                     -------   -------          -------    -------
         Total interest income                                         1,157     1,030            3,305      3,137

Interest expense
  Deposits                                                               299       315              842      1,030
  Borrowings                                                              54        51              159        171
                                                                     -------   -------          -------    -------
         Total interest expense                                          353       366            1,001      1,201
                                                                     -------   -------          -------    -------

         Net interest income                                             804       664            2,304      1,936

Provision for losses on loans                                             18         6               30         18
                                                                     -------   -------          -------    -------

         Net interest income after provision
           for losses on loans                                           786       658            2,274      1,918

Other income
  Gain on sale of loans                                                   15        51               56        206
  Gain (loss) on sale of investment and mortgage-backed securities      --           4               (2)        (9)
  Gain on sale of real estate acquired through foreclosure                13         4               13          6
  Cash surrender value of life insurance                                  18        20               53         61
  Other operating                                                         52        43              156        124
                                                                     -------   -------          -------    -------
         Total other income                                               98       122              276        388

General, administrative and other expense
  Employee compensation and benefits                                     304       280              902        809
  Occupancy and equipment                                                 46        44              131        124
  Data processing                                                         33        22               98         64
  Other operating                                                        132        98              389        308
                                                                     -------   -------          -------    -------
         Total general, administrative and other expense                 515       444            1,520      1,305
                                                                     -------   -------          -------    -------

         Earnings before income taxes                                    369       336            1,030      1,001
Income taxes
  Current                                                                 82       127              361        427
  Deferred                                                                57       (13)              25        (54)
                                                                     -------   -------          -------    -------
         Total income taxes                                              139       114              386        373
                                                                     -------   -------          -------    -------

         NET EARNINGS                                                $   230   $   222          $   644    $   628
                                                                     =======   =======          =======    =======

         EARNINGS PER SHARE
           Basic and diluted                                         $   .15   $   .13          $   .41    $   .38
                                                                     =======   =======          =======    =======
</TABLE>

                                       4
<PAGE>


                            DSA Financial Corporation

                 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

                                   (Unaudited)
                                 (In thousands)

<TABLE>
<CAPTION>
                                                                   For the three months    For the nine months
                                                                      ended March 31,         ended March 31,
                                                                      2005       2004         2005       2004
                                                                      ----       ----         ----       ----

<S>                                                                  <C>        <C>          <C>        <C>
Net earnings                                                         $ 230      $ 222        $ 644      $ 628

Other comprehensive income (loss), net of tax:
  Unrealized holding gains (losses) on securities during the
    period, net of taxes (benefits) of $(19), $19, $24
    and $9 during the respective periods                               (36)        37           46         18

  Reclassification adjustment for realized (gains) losses included
    in earnings, net of taxes (benefits) of $ -, $1, $(1) and
    $(3) during the respective periods                                --           (3)           1          6
                                                                     -----      -----        -----      -----

Comprehensive income                                                 $ 194      $ 256        $ 691      $ 652
                                                                     =====      =====        =====      =====

Accumulated comprehensive income (loss)                              $ (79)     $  16        $ (79)     $  16
                                                                     =====      =====        =====      =====
</TABLE>

                                       5
<PAGE>

                            DSA Financial Corporation

                      CONSOLIDATED STATEMENTS OF CASH FLOWS

                       For the nine months ended March 31,
                                   (Unaudited)
                                 (In thousands)
<TABLE>
<CAPTION>
                                                                                       2005        2004
                                                                                       ----        ----
Cash flows from operating activities:
<S>                                                                                <C>         <C>
  Net earnings for the period                                                      $    644    $    628
  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                                  (16)         24
    Amortization of deferred loan origination fees                                      (25)        (25)
    Amortization of mortgage servicing rights                                            23          47
    Provision for losses on loans                                                        30          18
    Depreciation and amortization                                                        75          71
    Amortization expense of stock benefit plan                                           56          57
    Gain on sale of real estate acquired through foreclosure                            (13)         (6)
    Loss on sale of investment and mortgage-backed securities
      designated as available for sale                                                    2           9
    Origination of loans for sale in the secondary market                            (2,159)    (10,169)
    Proceeds from sale of loans in the secondary market                               2,301      12,361
    Gain on sale of loans                                                               (38)       (108)
    Federal Home Loan Bank stock dividends                                              (35)        (53)
    Increase (decrease) in cash due to changes in:
      Accrued interest receivable on loans                                              (75)         27
      Accrued interest receivable on investments                                         (9)         (1)
      Prepaid expenses and other assets                                                  42        (222)
      Accounts payable on mortgage loans serviced for others                            (13)        (28)
      Accrued interest payable                                                            1          (6)
      Other liabilities                                                                  49          49
       Income taxes
        Current                                                                        (112)       (146)
        Deferred                                                                         25         (54)
                                                                                   --------    --------
         Net cash provided by operating activities                                      753       2,473

Cash flows provided by (used in) investing activities:
  Purchase of investment securities designated as available for sale                   (492)     (8,772)
  Proceeds from sale of investment securities designated as available
    for sale                                                                            498      11,970
  Proceeds from maturity and principal repayments of investment securities            2,510          --
  Purchase of mortgage-backed securities designated as available for sale                --        (999)
  Principal repayments on mortgage-backed securities                                    518       2,329
  Principal repayments on loans                                                      18,640      19,267
  Loan disbursements                                                                (31,003)    (19,620)
  Purchase of office premises and equipment                                            (536)        (81)
  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                                    (53)        (61)
  Proceeds from sale of real estate acquired through foreclosure                         96         247
  Capital improvements to real estate acquired through foreclosure                       (6)        (10)
                                                                                   --------    --------
         Net cash provided by (used in) investing activities                        (10,484)      4,377
                                                                                   --------    --------

         Net cash provided by (used in) operating and investing activities
           (balance carried forward)                                                 (9,731)      6,850
                                                                                   --------    --------
</TABLE>

                                       6
<PAGE>
                           DSA Financial Corporation

                CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)

                       For the nine months ended March 31,
                                   (Unaudited)
                                 (In thousands)

<TABLE>
<CAPTION>
                                                                                   2005        2004
                                                                                   ----        ----

<S>                                                                             <C>         <C>
         Net cash provided by (used in) operating and investing activities
           (balance brought forward)                                            $ (9,731)   $  6,850

Cash flows provided by (used in) financing activities:
  Net decrease in deposit accounts                                                (4,544)     (1,465)
  Repayment of Federal Home Loan Bank borrowings                                  (2,000)     (2,800)
  Proceeds from Federal Home Loan Bank borrowings                                  2,000       1,800
  Advances by borrowers for taxes and insurance                                      142         124
  Proceeds from issuance of common stock                                           7,341        --
  Dividends paid on common stock                                                    (340)       (247)
                                                                                --------    --------
         Net cash provided by (used in) financing activities                       2,599      (2,588)
                                                                                --------    --------

Net increase (decrease) in cash and cash equivalents                              (7,132)      4,262

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

Cash and cash equivalents at end of period                                      $  3,432    $  7,984
                                                                                ========    ========


Supplemental disclosure of cash flow information: Cash paid during the period
  for:
    Income taxes                                                                $    479    $    572
                                                                                ========    ========

    Interest on deposits and borrowings                                         $  1,000    $  1,209
                                                                                ========    ========

Supplemental disclosure of noncash investing activities:
  Unrealized gains on securities designated as available
    for sale, net of related tax effects                                        $     46    $     18
                                                                                ========    ========

  Recognition of mortgage servicing rights in accordance with
    SFAS No. 140                                                                $     18    $     98
                                                                                ========    ========
</TABLE>

                                       7
<PAGE>

                            DSA Financial Corporation

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

           For the three and nine months ended March 31, 2005 and 2004


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 nine-month periods ended March
         31, 2005,  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 for
         each of the  three-  and  nine-month  periods  ended  March  31,  2005.
         Weighted-average common shares deemed outstanding totaled 1,643,983 for
         each of the three- and nine-month periods ended March 31, 2004.

         The Corporation had no dilutive or potentially  dilutive  securities at
         March 31, 2005 and 2004.

                                       8

<PAGE>


                            DSA Financial Corporation

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

           For the three and nine months ended March 31, 2005 and 2004


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 three and nine months ended March 31, 2005 and 2004


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  annual
         period that begins after  December 15, 2005,  or July 1, 2006 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 March 31, 2005
------------------------------------------------------------------------------

Assets.  Total assets increased $3.4 million, or 4.0%, to $87.1 million at March
31, 2005,  from June 30,  2004.  The  increase in assets  resulted  from a $12.5
million  increase  in loans,  net to $71.7  million at March 31, 2005 from $59.2
million  at June 30,  2004,  partially  offset  by a $6.3  million  decrease  in
interest-bearing  deposits in other financial  institutions,  to $2.6 million at
March 31, 2005 from $8.9 million at June 30, 2004 and a $2.4 million decrease in
investment  securities,  to $4.3  million at March 31, 2005 from $6.8 million at
June 30,  2004.  The  decrease in  investment  securities  and  interest-bearing
deposits  resulted  from  our  funding  loan  originations  with  proceeds  from
maturities  and 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  retain  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 and assist us in managing interest rate risk.

Liabilities. Total liabilities decreased $4.4 million, or 5.9%, to $70.1 million
at March  31,  2005  from  $74.5  million  at June 30,  2004.  The  decrease  in
liabilities  reflects a $4.5 million  decrease in deposits,  to $63.7 million at
March 31, 2005 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,  partially  offset by net deposit
inflows of approximately $3.3 million. 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 $17.0
million  at  March  31,  2005,   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
$644,000 and a $47,000 decrease in unrealized losses on securities available for
sale, partially offset by dividends paid of $340,000. The completion of the sale
of our shares was  partially  offset by an increase in shares  acquired by stock
benefit plans to $848,000 at March 31, 2005 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 March 31, 2005
and 2004
--------------------------------------------------------------------------------

General.  Net earnings  increased  $8,000 to $230,000 for the three months ended
March 31, 2005,  from  $222,000  for the three months ended March 31, 2004.  The
increase  resulted  primarily from a $140,000  increase in net interest  income,
offset by a decrease in gain on sale of loans of $36,000 and a $71,000  increase
in general,  administrative  and other  expense.  During the three  months ended
March 31, 2005 and 2004,  all  significant  elements of income or expense  arose
from our continuing operations.

Interest  Income.  Interest  income was $1.2  million for the three months ended
March 31, 2005, an increase of $127,000,  or 12.3%,  over the three months ended
March 31, 2004.  With the exception of interest  income on loans,  there were no
material changes in the components of interest income between the periods.

Interest income on loans increased  $139,000,  or 14.8%, to $1.1 million for the
three months ended March 31, 2005 from $942,000 for the three months ended March
31,  2004.  The increase was due  primarily to a $10.3  million  increase in the
average balance of loans,  partially  offset by a decrease of 12 basis points in
the average  yield,  to 6.08% for the three months  ended March 31,  2005,  from
6.20% for the three months ended March 31, 2004.

Interest Expense.  Interest expense decreased $13,000,  or 3.6%, to $353,000 for
the three months  ended March 31, 2005 from  $366,000 for the three months ended
March 31,  2004.  The decrease in interest  expense  resulted  primarily  from a
$16,000 decrease in interest expense on deposits.

Interest  expense on deposits  decreased  $16,000,  or 5.1%, to $299,000 for the
three months ended March 31, 2005 from $315,000 for the three months ended March
31,  2004.  The  decrease  was due to a  decrease  in the  average  rate paid on
deposits to 1.82% for the three  months  ended March 31, 2005 from 2.00% for the
same period in 2004,  partially  offset by an increase in the average balance of
deposits  outstanding of $2.5 million,  or 4.0%. All deposit  categories  except
passbook accounts  experienced a decrease in interest rates. The average balance
of money  market/NOW  accounts  increased  between  periods,  while the  average
balance of passbook accounts and certificates of deposit decreased.

Net  Interest  Income.  The  foregoing  changes in our  interest  income and our
interest  expense  resulted in a $140,000,  or 21.1%,  increase in net  interest
income to $804,000 for the three months ended March 31, 2005,  from $664,000 for
the three  months ended March 31, 2004.  Our interest  rate spread  increased to
3.76% in the 2005  quarter  from 3.40% in the 2004  quarter and our net interest
margin  increased  to 4.00%  during the 2005  quarter from 3.58% during the 2004
quarter, while average net interest-earning assets increased to $9.6 million for
the three  months  ended March 31, 2005 from $6.1  million for the three  months
ended March 31, 2004.

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  provisions of $18,000 and $6,000 for the three months ended March 31, 2005
and 2004,  respectively.  We used the same  methodology  and  generally  similar
assumptions in assessing the allowance for both periods.  The allowance for loan
losses was $349,000,  or 0.46%, of gross loans outstanding at March 31, 2005, 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 March 31, 2005
and 2004 (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  $174,000,  or 0.23% of total loans at
March 31, 2005, compared to $589,000,  or 0.93% of total loans at June 30, 2004.
The provision for the three months ended March 31, 2005 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 decreased $24,000, or 19.7%, to $98,000 for the three
months  ended March 31, 2005 from  $122,000 for the three months ended March 31,
2004.  A decrease of $36,000 in gain on sale of loans,  to $15,000 for the three
months ended March 31,  2005,  from $51,000 for the three months ended March 31,
2004 was  partially  offset by a $9,000  increase in gain on sale of real estate
acquired through foreclosure for the three-month period ended March 31, 2005. We
sold  $646,000 of loans during the three months ended March 31, 2005 compared to
$4.6  million  of such sales  during  the three  months  ended  March 31,  2004,
resulting  from  our  retaining  one- to  four-family  residential  loans in our
portfolio, as discussed above.

General,  Administrative  and Other Expense.  General,  administrative and other
expense  increased  $71,000,  or 16.0%,  to $515,000  for the three months ended
March 31, 2005 from  $444,000 for the three  months  ended March 31,  2004.  The
increase  resulted,  in part,  due to a $24,000,  or 8.6%,  increase in employee
compensation  and benefits  expense to $304,000 for the three months ended March
31, 2005 from $280,000 for the three months ended March 31, 2004.  This increase
resulted primarily from an increase in health insurance premiums,  annual salary
adjustments  effective with the start of the new fiscal year and expense related
to the new ESOP plan of  approximately  $18,000.  In addition,  other  operating
expense  increased  $34,000,  or 34.7%, to $132,000 for the  three-month  period
ended March 31, 2005 from  $98,000 for the  three-month  period  ended March 31,
2004.  The  increase  resulted  from  an  increase  in  ATM  charges,  increased
advertising  expenditures,  and costs associated with becoming a publicly traded
company.

Income Taxes. The provision for income taxes increased by $25,000,  or 21.9%, to
$139,000 for the three months ended March 31, 2005, compared to $114,000 for the
three months ended March 31, 2004, due primarily to a $33,000, or 9.8%, increase
in pre-tax income and effective tax rates of 37.7% and 33.9%, respectively.


Comparison of Operating Results for the Nine-Month  Periods Ended March 31, 2005
and 2004
--------------------------------------------------------------------------------

General.  Net earnings  increased  $16,000 to $644,000 for the nine months ended
March 31, 2005,  from  $628,000  for the nine months  ended March 31, 2004.  The
increase  resulted  primarily from a $368,000  increase in net interest  income,
offset by a $215,000 increase in general, administrative and other expense and a
$112,000  decrease in other income.  During the nine months ended March 31, 2005
and  2004,  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 Nine-Month  Periods Ended March 31, 2005
and 2004 (continued)
--------------------------------------------------------------------------------

Interest  Income.  Interest  income was $3.3  million for the nine months  ended
March 31,  2005,  an increase of $168,000,  or 5.4%,  over the nine months ended
March 31,  2004.  The  increase in interest  income  resulted  primarily  from a
$140,000 increase in interest income on loans and a $35,000 increase in interest
income on interest-earning deposits and other interest-earning assets.

Interest  income on loans increased  $140,000,  or 4.9%, to $3.0 million for the
nine months  ended March 31,  2005 from $2.9  million for the nine months  ended
March 31, 2004.  The increase was due to a $4.1 million  increase in the average
balance of loans, which was partially offset by a 10 basis point decrease in the
average yield, to 6.14% for the nine months ended March 31, 2005, from 6.24% for
the nine months ended March 31, 2004.

Interest income on interest-earning  deposits and other interest-earning  assets
increased  $35,000,  or 51.5%,  to $103,000  for the nine months ended March 31,
2005 from $68,000 for the nine months ended March 31, 2004. The increase was due
to a $1.9 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.  There was an increase of seven basis
points  in the yield we earned  on these  assets,  to 2.37% for the nine  months
ended March 31, 2005, from 2.30% for the nine months ended March 31, 2004.

Interest Expense. Interest expense decreased $200,000, or 16.7%, to $1.0 million
for the nine months  ended March 31, 2005 from $1.2  million for the nine months
ended March 31, 2004. The decrease in interest  expense resulted from a $188,000
decrease in  interest  expense on  deposits  and a $12,000  decrease in interest
expense on borrowings.

Interest expense on deposits decreased  $188,000,  or 18.3%, to $842,000 for the
nine months  ended March 31,  2005 from $1.0  million for the nine months  ended
March 31,  2004.  The decrease was due to a decrease in the average rate paid on
deposits to 1.74% for the nine month period ended March 31, 2005, from 2.16% for
the same period in 2004, which was partially offset by a $1.0 million,  or 1.6%,
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.

Net  Interest  Income.  The  foregoing  changes in our  interest  income and our
interest  expense  resulted in a $368,000,  or 19.0%,  increase in net  interest
income to $2.3  million for the nine  months  ended  March 31,  2005,  from $1.9
million  for the nine months  ended March 31,  2004.  Our  interest  rate spread
increased  to 3.70% for the fiscal  2005  period  from 3.23% for the fiscal 2004
period and our net interest margin increased to 3.92% from 3.43%, for those same
respective periods, while average net interest-earning  assets increased to $8.9
million for the nine months  ended March 31, 2005 from $6.3 million for the nine
months ended March 31, 2004.

Provision for Losses on Loans.  Management  made a provision for losses on loans
of $30,000  and  $18,000  for the nine  months  ended  March 31,  2005 and 2004,
respectively.  We used the same methodology and generally similar assumptions in
assessing  the  allowance  for both  periods.  The allowance for loan losses was
$349,000,  or 0.46%,  of gross loans  outstanding at March 31, 2005, 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 $174,000, or 0.23% of total loans at March 31, 2005,
compared to $589,000,  or 0.93% of total loans at June 30, 2004.  The  provision
for the nine months ended March 31, 2005 was predicated primarily upon growth in
the overall loan portfolio.

                                       14


<PAGE>


                            DSA Financial Corporation

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


Comparison of Operating Results for the Nine-Month  Periods Ended March 31, 2005
and 2004 (continued)
--------------------------------------------------------------------------------

Other Income.  Other income  decreased  $112,000,  or 28.9%, to $276,000 for the
nine months ended March 31, 2005,  from $388,000 for the nine months ended March
31, 2004. The decrease in other income was due to a $150,000 decrease in gain on
sale of loans,  to  $56,000  for the nine  months  ended  March 31,  2005,  from
$206,000 for the nine months ended March 31, 2004. We sold $2.3 million of loans
during the nine months  ended March 31, 2005  compared to $12.3  million of such
sales during the nine months ended March 31, 2004,  resulting from our retaining
one- to four-family residential loans in our portfolio, as discussed above.

General,  Administrative  and Other Expense.  General,  administrative and other
expense increased $215,000,  or 16.5%, to $1.5 million for the nine months ended
March 31, 2005 from $1.3 million for the nine months  ended March 31, 2004.  The
increase  resulted,  in part,  from a $93,000,  or 11.5%,  increase  in employee
compensation and benefits  expense,  to $902,000 for the nine months ended March
31, 2005 from  $809,000 for the nine months ended March 31, 2004.  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  $46,000.  In
addition,  other operating expense increased $81,000,  or 26.3%, to $389,000 for
the nine months  ended March 31, 2005,  from  $308,000 for the nine months ended
March 31,  2004.  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 $386,000 for the nine months
ended March 31, 2005 and  $373,000  for the nine  months  ended March 31,  2004,
reflecting effective tax rates of 37.5% and 37.3%, respectively.


ITEM 3   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 changes in the  Corporation's  internal  controls  over  financial
reporting that have materially affected, or were reasonably likely to materially
affect,  these  controls  subsequent  to the  date of  their  evaluation  by the
Corporation's Chief Executive Officer and Chief Financial Officer.

                                       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
         ---------------------------------------------------

         None.


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:   May 12, 2005                  By:  /s/ Edward L. Fischer
       ---------------                     -------------------------------------
                                           Edward L. Fischer
                                           President and Chief Executive Officer



Date:   May 12, 2005                  By:  /s/ Steven R. Doll
       ---------------                     -------------------------------------
                                           Steven R. Doll
                                           Chief Financial Officer

                                       17