SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report: ~~October 28~~April 26, ~~2003~~2004

CLARKSTON FINANCIAL ~~CORPORATION~~ CORPORATION(Exact name of registrant ~~asspecified~~as specified in its charter)

Michigan (State or other jurisdiction of incorporation)	333-63685 (Commission File Number)	38-3412321 (IRS Employer Identification no.)
15 South Main Street Clarkston, Michigan (Address of principal executive office)		48326 (Zip Code)
	Registrant's telephone number, including area code: (248) 625-8585

Michigan
(State or other
jurisdiction of
incorporation)

15 South Main Street
Clarkston, Michigan
(Address of principal executive office)

333-63685
(Commission
File Number)

38-3412321
(IRS Employer
Identification no.)

48326
(Zip Code)

Registrant’s telephone number,
including area code: (248) 625-8585

Item 7. Financial Statements and Exhibits.

Exhibit

99.1 Press release dated April ~~October 28~~26, ~~2003~~2004.

Item 12. Results of Operations and Financial Condition.

On ~~October~~April 2826, ~~2003~~2004, Clarkston Financial Corporation issued a press release announcing results for the ~~third~~first fiscal quarter ended March 31, 2004. A copy of the press release is attached as Exhibit 99.1. The information in this Form 8-K and the attached Exhibit shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

The information in this Form 8-K and the attached Exhibit shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the ~~Registrant~~registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Dated: October 28, 2003	CLARKSTON FINANCIAL CORPORATION(Registrant)
	By	/s/ J. Grant Smith J. Grant Smith Chief Financial Officer

Dated: April 26, 2004

CLARKSTON FINANCIAL CORPORATION
(Registrant)

By: /s/ J. Grant Smith
      ——————————————
      J. Grant Smith
      Chief Financial Officer

3EXHIBIT INDEX

~~EXHIBIT~~99.1 ~~INDEX~~Press Release dated April 26, 2004 with respect to financial results for the first fiscal quarter ended March 31, 2004.

EXHIBIT 99.1 Press Release dated October 28, 2003 with respect to third quarter earnings.

Contacts
•	Clarkston Financial Corp. – Dawn Horner, President & CEO or Grant Smith, SVP & CFO — P:248 625-8585
•	Marcotte Financial Relations – Mike Marcotte P:248 656-3873

~~EXHIBIT~~CLARKSTON 99FINANCIAL CORP.1Q1 EARNINGS JUMP 41%17 Consecutive Quarters of ProfitabilityNew-Branch Plans Finalized For Immediate Release

~~Contacts:~~ CLARKSTON, Mich., April 26, 2004 — Clarkston Financial ~~Corp.~~Corporation —(OTCBB:CKSB) ~~Dawn~~posted a ~~Horner,~~41% ~~CEO~~jump in net income for the first quarter of 2004, orcompared ~~Grant~~with ~~Smith~~Q1 2003, ~~CFO~~marking —the corporation’s ~~P:248~~17th ~~625-8585~~consecutive ~~Marcotte~~quarter ~~Financial~~of ~~Relations~~growth –and profitability. The ~~Mike~~positive ~~Marcotte~~results –were ~~P:248~~announced ~~656-3873~~today by Edwin L. Adler, Board Chairman, and Dawn M. Horner, Bank President and CEO.

Clarkston Financial ~~Corp.~~Corporation Q3is ~~Earnings~~the ~~Rise~~holding ~~132%~~company for Clarkston State Bank, ~~9-Month~~a ~~Earnings~~full service ~~Double~~community ~~15th~~bank ~~Consecutive~~that ~~Profitable~~opened ~~Quarter~~for ~~For~~business ~~Immediate~~in ~~Release~~January 1999, and now operates four branches in Clarkston, Waterford and Independence Township, Michigan. A fifth branch is planned to open in downtown Clarkston in late 2004.

~~CLARKSTON,~~Net ~~Mich.,~~income ~~Oct.~~for ~~28,~~the ~~2003~~three ~~— Clarkston~~months ~~Financial~~ended ~~Corporation~~March ~~(OTCBB:CKSB)~~31, ~~the~~ ~~holding~~2004, ~~company~~was ~~for Clarkston State Bank~~$302,000, ~~saw~~or ~~its~~$0.28 ~~Q3-2003~~per ~~earnings rise 132%~~diluted ~~and~~share, ~~its~~compared ~~9-month-2003~~with net income ~~double,~~of ~~compared with year-earlier results~~$214,000 ~~Edwin~~or L$0. ~~Adler,~~21 ~~Board~~per ~~Chairman,~~diluted ~~and Dawn M. Horner~~share, ~~Bank~~for ~~President~~the ~~and~~first quarter ~~CEO,~~of ~~jointly announced today~~2003.

~~Third-Quarter~~Net ~~Results~~interest ~~Net~~ income ~~for the third quarter~~ rose ~~132~~nearly 36% to ~~a record~~ $~~452~~1,199,000, ~~or $0.43 per diluted share,~~ from $~~195~~883,000, ora $0year ago.19 ~~per~~The ~~diluted~~increase ~~share, for 2002‘s third quarter.~~is ~~The~~from ~~results~~loan ~~reflect~~growth ~~sizeable~~and ~~gains~~improved inmargins. ~~both~~ Non-interest ~~and noninterest~~ income. ~~Net~~was ~~interest income~~$134,000, ~~rose~~off 2758% to from $1317,~~095,~~000, ~~from~~in ~~loan~~Q1 ~~growth~~2003. ~~and~~The ~~improved~~results ~~margins.~~for ~~Noninterest~~the ~~income increased~~first ~~108%~~quarter toof ~~$281,000,~~2003 ~~from~~included ~~fees~~substantial gains from ~~recently~~the ~~introduced~~sale ~~mortgage-origination activities,~~of ~~transaction~~investment ~~fees~~securities ~~associated~~as ~~with~~the ~~increased~~Corporation ~~levels~~continued its strategy of repositioning ~~deposits~~lower-earning ~~and~~assets ~~branch operations,~~into ~~and~~higher-earning loans. There were no comparable gains onin the ~~sale~~first quarter of ~~securities~~2004.

~~Nine~~Non-~~Month~~interest ~~Results Nine-month~~expense ~~results were equally upbeat. Net income~~ rose ~~100~~26%, to ~~a record~~ $~~989~~850,000~~, or $0~~.95 ~~per~~The ~~diluted~~increase ~~share,~~is ~~from~~primarily ~~$495,386,~~attributable orto ~~$0.48~~staff ~~per diluted share, for the~~additions ~~first~~to ~~nine~~support ~~months~~business ~~of 2002~~growth. ~~Net~~The ~~interest~~Bank ~~income~~added ~~rose~~a ~~22%~~new tobranch $2manager,~~988,000,~~ ~~from~~commercial loan ~~growth~~officer and ~~improved~~credit ~~margins~~analyst ~~despite~~during ~~a Federal Reserve interest rate cut. Noninterest income jumped 181% to $1,002,000, from mortgage-origination fees, branch-transaction fees and gains on~~ the ~~sale of securities~~quarter.

AtThe ~~the~~results ~~close~~for of the ~~third~~ quarter, ~~assets~~include ~~totaled~~a loan-loss allowance of $~~131~~80,~~862,~~ 000, upcompared ~~14%~~with ~~for the year and 19%~~a ~~from~~loan-loss ~~September~~allowance ~~30,~~of ~~2002. Loans outstanding stood at~~ $84243,~~743,~~000, ~~up 55%~~ for the ~~year~~first ~~and 70%~~quarter ~~for~~of ~~the trailing 12 months~~2003. ~~Deposits~~The ~~were~~allowance ~~$120,083,000,~~stands ~~up 14~~at 1.19% ~~for~~of ~~the~~outstanding ~~year and 20% from a year ago~~loans. AtNon-performing ~~quarter’s end~~loans, ~~the~~as ~~loan-loss~~a ~~provision~~percentage ~~stood~~of attotal ~~1.26%~~loans, ~~versus~~ ~~1.22%~~decreased ain ~~year~~Q1 ~~ago.~~2004 ~~Loan~~compared ~~quality~~with ~~remains~~Q4 ~~high~~2003.

~~Mr. Adler~~more said, “Our team posted exceptional results with record growth and profitability, despite the tenuous economy, soft loan demand and agonizingly low interest rates. As important, we gained marketshare in a very tough business environment without sacrificing profit margins or compromising loan quality.”

MoreClarkston Financial Corp.

Q1-2004 5resultsPage 2

~~Clarkston~~ The balance ~~Financial~~sheet ~~Corp~~grew stronger: Assets rose 3.~~Q3/9-month~~3% to $147,281,000; loans increased 4.4% to ~~2003~~$87,719,000; ~~Results~~and ~~Page~~deposits grew by 2.7% to $130,040,000.

~~Mrs~~ Mr. ~~Horner~~Adler ~~added~~said, “WeOur ~~are~~Board ~~running~~is ~~well~~quite ~~ahead~~pleased ofwith ~~plan.~~the WeBank’s ~~opened~~growth ~~a new~~and ~~loan-production office in Clarkston for commercial~~performance, ~~consumer~~especially ~~and~~since ~~mortgage lending.~~the ~~This~~first ~~additional~~quarter ~~visibility~~of in the ~~marketplace~~year ~~provides~~is ~~much-needed~~traditionally our ~~office~~slowest ~~space~~from ~~and~~a ~~added~~commercial-lending ~~privacy for lenders and customers~~standpoint. We ~~are~~have ~~close to signing~~ a ~~lease~~great ~~for~~team ~~another branch office site~~ in ~~Clarkston~~place. ~~Plans for the new~~We ~~branch~~have ~~office~~substantial ~~include drive~~high-upquality ~~service~~lending ~~and~~volume ~~24-hour~~in ~~ATM~~the pipeline. ~~Earlier~~And ~~this month~~ we’re ~~became~~optimistic aabout ~~member~~the ofsecond ~~Federal~~quarter ~~Home Bank of Indianapolis to provide us with a low-cost source of funds to support mortgage~~ and ~~other~~second ~~lending activities~~half.”

~~“Looking~~Mrs. ~~forward,~~ Horner wenoted ~~are~~that ~~hopeful~~the ofBank anhad ~~upturn~~finalized plans for a new branch office in downtown ~~the~~Clarkston. ~~economy~~Plans ~~and~~for wethe ~~expect~~new ~~our~~3,200-square-foot ~~momentum~~branch tooffice ~~continue~~include a ~~into~~ full ~~the~~service ~~fourth~~lobby, ~~quarter~~conference rooms, 24-hour ATM, offstreet parking, and drive-thru service. The new ~~year~~branch office is scheduled to open in the fourth quarter.”

~~Clarkston~~She ~~Financial~~added, ~~Corporation~~“Our isnew ~~the~~Internet ~~holding~~banking ~~company~~service ~~for~~has ~~Clarkston~~proven ~~State~~to ~~Bank,~~be ~~which~~very ~~opened~~popular. Launched in ~~January 1999~~mid-February, ~~and~~it ~~serves~~already ~~consumer~~has ~~and~~more ~~commercial~~than ~~customers~~600 ~~with~~customer aaccounts ~~full array of financial services from four branch offices in Clarkston, Waterford, and Independence Township, Mich~~signed-up.”

Safe Harbor. This news release contains comments or information that constitute forward-looking statements (within the ~~context~~meaning of the ~~safe-harbor provisions of the~~ Private Securities Litigation Reform Act of 1995.), which ~~These forward-looking statements~~ involve significant risks and uncertainties. Actual results may differ materially from the results discussed in the forward-looking statements. Factors that may cause such a difference include: changes in interest rates and interest-rate relationships; demand for products and services; the degree of competition by traditional and non-traditional competitors; changes in banking ~~regulations~~ regulation; changes in tax laws; changes in prices, levies, and assessments; the impact of technological advances; governmental and regulatory policy changes; the outcomes of contingencies; trends in customer behavior and their ability to repay loans; changes in the national and local economy; and other factors included in the Corporation’s filings with the Securities and Exchange Commission, available ~~free online~~ via EDGAR ~~at sec~~.~~gov.~~ The Corporation assumes no responsibility to update forward-looking statements.

more (financial ~~schedules~~ schedules follow)

Clarkston 6Financial Corporation Quarterly Financial Summary First Quarter 2004 (000's Omitted)

SUMMARY OF OPERATIONS                         Three Months Ended
                                                  September 30,        Percent
                                               2003         2002       Change

    Net Interest Income                     1,094,888     859,000      27.46%
    Provision for Loan Losses                  70,000     108,000     -35.19%
    Non-Interest Income                       280,678     135,000     107.91%
    Non-Interest Expense                      748,890     584,000      28.23%
       Pre-Tax Income                         556,676     302,000      84.33%
       Net Income                             451,676     195,000     131.63%

    Net Income Per Share                        $0.43       $0.19
    Net Interest Margin (Period Avg.
     Assets)                                     3.38%       3.32%

    PERFORMANCE RATIOS                              Quarter
       Return on Average Equity                 17.18%       8.50%
       Return on Average Assets                  1.37%       0.73%

                                              Nine Months Ended
                                                 September 30,        Percent
                                               2003         2002       Change

    Net Interest Income                    $2,988,487   $2,446,000     22.18%
    Provision for Loan Losses                 496,000      153,000    224.18%
    Non-Interest Income                     1,002,662      356,000    181.65%
    Non-Interest Expense                    2,201,845    1,893,000     16.32%
      Pre-Tax Income                        1,293,304      756,000     71.07%
      Net Income                             $989,054     $495,000     99.81%

    Net Income Per Share                        $0.95        $0.48     97.92%
    Net Interest Margin (Period Avg.
     Assets)                                     3.22%        3.34%    -3.59%

    PERFORMANCE RATIOS                        Last Twelve Months
      Return on Average Equity                  13.03%        6.80%    91.62%
      Return on Average Assets                   1.06%        0.59%    79.66%


    BALANCE SHEET HIGHLIGHTS         December 31     June 30      Percent Chg.
                                        2002           2003        Prior Qtr.

    Assets                          $115,335,000   $130,694,323      13.32%
    Loans (Gross)                     54,722,000     76,335,211      39.50%
    Deposits                         104,923,000    117,483,914      11.97%
    Interest Earning Assets          112,069,000    123,705,756      10.38%
    Shareholders' Equity               9,758,000     10,523,780       7.85%
    Book Value per Share                   $9.48         $10.23       7.85%
    Total Shares Outstanding           1,028,922      1,028,922       0.00%
    ALLLP as a % Total Loans                1.27%          1.30%     -3.94%

                                    September 30  Percent Chg.   Percent Chg.
                                        2003       Prior Qtr.    Prior Yr. End

    Assets                          $131,861,832       0.89%         14.33%
    Loans (Gross)                     84,743,156      11.01%         54.86%
    Deposits                         120,082,806       2.21%         14.45%
    Interest Earning Assets          127,702,735       3.23%         13.95%
    Shareholders' Equity              10,342,333      -1.72%          5.99%
    Book Value per Share                   $9.97      -2.49%          5.16%
    Total Shares Outstanding           1,037,029       0.79%          0.79%
    ALLLP as a % Total Loans                1.26%     -3.08%         -0.79%

PERFORMANCE RATIOS	QUARTER
SUMMARY OF OPERATIONS	Three Months Ended March 31						Percent
	2004			2003			Change

Net Interest Income		1,199			883			35.8	%
Provision for Loan Losses		80			243			-67.1	%
Non-Interest Income		134			317			-57.7	%
Non-Interest Expense		850			674			26.1	%
Pre-Tax Income		402			283			42.0	%

Net Income		302			214			41.1	%

Net Income Per Share	$	0.29		$	0.21			38.1	%
Net Interest Margin
(Qtrly Avg. Assets		3.30	%		2.97	%		11.1	%

Return on Average Equity		10.46	%		8.80	%		18.9	%
Return on Average Assets		0.84	%		0.73	%		15.1	%

BALANCE SHEET HIGHLIGHTS	December 31 2003			March 31 2004			Percent Chg. Prior Qtr.

Assets	$	142,617		$	147,281			3.27	%
Loans (Gross)		84,052			87,719			4.36	%
Deposits		126,643			130,040			2.68	%
Interest Earning Assets		138,630			140,666			1.47	%
Shareholders' Equity		11,232			11,996			6.80	%
Book Value per Share	$	10.81		$	11.54			6.75	%
Total Shares Outstanding		1,039,184			1,039,264			0.01	%

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