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Thursday, 05/14/2015 3:37:11 AM

Thursday, May 14, 2015 3:37:11 AM

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Waukegan, Illinois, May 5, 2015 – Northern States Financial Corporation (OTCQB-NSFC) (the "Company"), holding company for NorStates Bank (the "Bank"), an FDIC insured financial institution, today reported first quarter 2015 net income of $180,000 as compares with a loss of $677,000 for the same quarter of 2014. Per share book value at March 31, 2015 was $0.38.

The financial results of the Bank showed first quarter earnings of $269,000. The Bank made a provision of $100,000 to the allowance for loan and lease losses during the first quarter of 2015. Management believed as of March 31, 2015, the allowance for loan and lease losses was adequate at 2.8% of total loans.

Total assets for the Company were $432 million at March 31, 2015, an increase of 2.3% from year-end 2014. Loan volume was steady during the first quarter, despite some welcome payoffs. The Bank's first quarter net interest margin was 3.12% with the cost of funds of 0.12%. The Bank's leverage capital ratio was 9.95%.

With regard to asset quality, the Company's non-performing assets ("NPAs"), consisting of nonaccrual loans, ninety days or more past due loans still accruing, loans considered troubled debt restructurings and other real estate owned, were reduced by $4.4 million from December 31, 2014 to March 31, 2015.

"The Bank continues to make significant progress with the disposition of and upgrades to its NPAs," stated Scott Yelvington, President and Chief Executive Officer. "We are also continuing our efforts to reduce expenses and increase income."
About Northern States Financial Corporation

Northern States Financial Corporation is the holding company for NorStates Bank, a full-service commercial bank with eight branches in Lake County, Illinois. NorStates Bank is the successor to financial institutions dating to 1919. NorStates Bank serves the populations of northeastern Illinois and southeastern Wisconsin.

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