DSA Financial Corporation Reports Earnings for the Second Quarter Ended December 31, 2008 and Declares a Quarterly Dividend

LAWRENCEBURG, Ind., Jan. 15 /PRNewswire-FirstCall/ -- DSA Financial Corporation (OTC Bulletin Board: DSFN.OB) announced its financial results for the second fiscal quarter ended December 31, 2008. The Company recorded net earnings of $193,000 or $0.12 per share reflecting an increase of $64,000 or 49.6%, as compared to the same quarter ended December 31, 2007, when the Company reported net earnings of $129,000, or $0.08 per share.

The quarter-to-quarter increase in earnings was attributed primarily to a $224,000, or 33%, increase in net interest income, and a $154,000, or 18%, decrease in general, administrative and other expense, partially offset by a $54,000 or 32%, decrease in other operating income and a $235,000, or 167% increase in income taxes. The quarter ended December 31, 2007 included the paying of prior years Ohio Franchise Taxes of $146,000 with related tax preparation fees of $24,000 included in general, administrative and other expense, offset by prior years Indiana Income Tax refunds of $183,000.

Net earnings for the six months ended December 31, 2008 were $377,000, or $0.24 per share, an increase of $128,000, or 51%, over the six month period ended December 31, 2007. Net interest income increased by $367,000 or 27%, general, administrative and other expense decreased by $127,000 or 8%, partially offset by a $55,000 or 18%, decrease in other operating income and a $267,000 or 334%, increase in income taxes. The comments mentioned above related to prior years Ohio Franchise Tax and related fees and prior years Indiana Income Tax refunds had the same impact on the six month period ended December 31, 2007.

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 February 13, 2009 to stockholders of record as of January 30, 2009.

DSA Financial reported total assets of $127.1 million at December 31, 2008, total liabilities of $110.5 million, including deposits of $96.2 million and total stockholders' equity of $16.6 million.

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



                          DSA FINANCIAL CORPORATION
           CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                                (In thousands)
                                 (Unaudited)

                                               December 31,   June 30,
          ASSETS                                      2008       2008
    Cash and cash equivalents                       $4,462     $6,882
    Investment securities                           12,948     10,912
    Loans receivable                               100,396     99,540
    Other assets                                     9,291      9,342
          Total assets                            $127,097   $126,676

          LIABILITIES AND STOCKHOLDERS' EQUITY
    Deposits                                       $96,218    $99,405
    Advances from the FHLB                          12,500      9,000
    Other liabilities                                1,808      1,854

          Total liabilities                        110,526    110,259

    Stockholders' equity                            16,571     16,417

          Total liabilities and stockholders'
           equity                                 $127,097   $126,676



                          DSA FINANCIAL CORPORATION
                CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
                      (In thousands, except share data)
                                 (Unaudited)

                                  Six months ended         Three months ended
                                     December 31,              December 31,
                                    2008      2007            2008    2007

    Total interest income         $3,466    $3,350          $1,718  $1,661
    Total interest expense         1,725     1,976             819     986
      Net interest income          1,741     1,374             899     675
    Provision for losses on
     loans                            56        12              30       5
      Net interest income
       after provision for
       losses on loans             1,685     1,362             869     670
    Other income                     241       296             117     171
    General, administrative
     and other expense             1,362     1,489             699     853
      Earnings before
       income taxes                  564       169             287     (12)
    Income taxes                     187       (80)             94    (141)

      NET EARNINGS                  $377      $249            $193    $129

        EARNINGS PER SHARE -
         basic and diluted          $.24      $.16            $.12    $.08

SOURCE DSA Financial Corporation



RELATED LINKS
http://www.dearbornsavings.com

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