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DSA Financial Corporation Reports Earnings for the First Quarter Ended September 30, 2011 and Declares a Quarterly Dividend

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LAWRENCEBURG, Ind., Oct. 14, 2011 /PRNewswire/ -- DSA Financial Corporation (OTCBB: DSFN) announced its financial results for the first quarter of fiscal year 2012. For the quarter ended September 30, 2011, the Company recorded net earnings of $277,000 or $0.17 per share. For the quarter ended September 30, 2010, the Company recorded net earnings of $201,000 or $0.13 per share, an increase of $76,000 or 37.8%.

The quarter-to-quarter increase in earnings was attributed primarily to a decrease of $163,000 or 19.1%, in general, administrative and other expense partially offset by a $44,000 or 4.1%, decrease in net interest income, and a $38,000 or 42.7%, increase in income taxes. The decrease in general, administrative and other expense reflected no writedowns of foreclosed real estate whose value had diminished over time. During the quarter ended September 30, 2010, there were $86,000 in writedowns of foreclosed real estate. In addition, expenses relating to the maintaining of real estate owned were $15,000 lower in the quarter ended September 30, 2011 versus the quarter ended September 30, 2010.

DSA Financial reported total assets of $116.2 million at September 30, 2011, total liabilities of $99.3 million, including deposits of $92.2 million and total stockholders' equity of $16.9 million.

In addition, Edward L. Fischer, President and Chief Executive Officer of DSA Financial, announced today that the Company's board of directors has declared a dividend on its common stock of $0.105 per share. The dividend is payable on November 11, 2011 to stockholders of record as of October 28, 2011.

DSA Financial Corporation is the holding company for Dearborn Savings Bank, a federally chartered savings institution headquartered in Lawrenceburg, Indiana. Dearborn Savings Bank operates through its main office and one branch office located in Lawrenceburg, Indiana.

DSA Financial Corporation

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(In thousands)

(Unaudited)







September 30,

June 30,

ASSETS

2011

2011





Cash and cash equivalents


$   7,748

$   4,866

Investment securities


11,600

14,520

Loans receivable


86,227

89,813

Other assets


10,597

10,652





Total assets

$116,172

$119,851





LIABILITIES AND STOCKHOLDERS' EQUITY







Deposits


$ 92,218

$ 95,165

Advances from the FHLB


5,000

4,000

Other liabilities


2,094

3,877





Total liabilities

99,312

103,042





Stockholders' equity, net


16,860

16,809





Total liabilities and stockholders' equity

$116,172

$119,851



DSA Financial Corporation

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(In thousands, except per share data)

(Unaudited)





Three months ended


September 30,


2011

2010




Total interest income

$1,305

$1,467

Total interest expense

285

403

Net interest income

1,020

1,064




Provision for losses on loans

125

115




Net interest income after provision for
losses on loans

895

949




Other income

199

194




General, administrative and other expense

690

853




Earnings before income taxes

404

290




Income taxes

127

89




NET EARNINGS

$   277

$   201




EARNINGS PER SHARE – basic and diluted

$.17

$.13



SOURCE DSA Financial Corporation



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