DSA Financial Corporation Reports Earnings for the Third Quarter Ended March 31, 2009 and Declares a Quarterly Dividend

LAWRENCEBURG, Ind., April 10 /PRNewswire-FirstCall/ -- DSA Financial Corporation (OTC Bulletin Board: DSFN) announced its financial results for the third fiscal quarter. For the quarter ended March 31, 2009, the Company recorded net earnings of $212,000 or $0.13 per share. In the quarter ended March 31, 2008, the Company reported net earnings of $103,000, or $0.07 per share.

The quarter-to-quarter increase in earnings was attributed primarily to a $185,000, or 27%, increase in net interest income, and a $103,000, or 79%, increase in other operating income partially offset by a $17,000 or 28%, increase in provision for losses on loans, an $81,000 or 13%, increase in general, administrative and other expense and a $81,000 increase in income taxes.

Net earnings for the nine months ended March 31, 2009 were $589,000, or $0.37 per share, an increase of $238,000, or 68%, over the nine month period ended March 31, 2008. Net interest income increased by $552,000 or 27%, other operating income increased by $48,000 or 11% and general, administrative and other expense decreased by $46,000 or 2%, partially offset by a $60,000 or 82% increase in provision for losses on loans and a $348,000 increase in income taxes.

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 May 8, 2009 to stockholders of record as of April 24, 2009.

DSA Financial reported total assets of $128.5 million at March 31, 2009, total liabilities of $112.0 million, including deposits of $98.6 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)

                                       March 31,         June 30,
           ASSETS                          2009             2008

    Cash and cash equivalents            $5,978           $6,882
    Investment securities                12,785           10,912
    Loans receivable                    100,507           99,540
    Other assets                          9,266            9,342
           Total assets                $128,536         $126,676

           LIABILITIES AND STOCKHOLDERS'
            EQUITY
    Deposits                            $98,643          $99,405
    Advances from the FHLB               11,500            9,000
    Other liabilities                     1,811            1,854

           Total liabilities            111,954          110,259

    Stockholders' equity                 16,582           16,417

           Total liabilities and
            stockholders' equity       $128,536         $126,676



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

                                 Nine months ended         Three months ended
                                      March 31,                 March 31,

                                  2009       2008           2009       2008

    Total interest income        $5,165     $5,040         $1,698     $1,689
    Total interest expense        2,542      2,969            817        993
        Net interest income       2,623      2,071            881        696
    Provision for losses
     on loans                       133         73             77         60
        Net interest income
         after provision for
         losses on loans          2,490      1,998            804        636
    Other income                    474        426            233        130
    General, administrative
     and other expense            2,091      2,137            728        647
        Earnings before
         income taxes               873        287            309        119
    Income taxes                    284        (64)            97         16

         NET EARNINGS              $589       $351           $212       $103

    EARNINGS PER SHARE -
     basic and diluted             $.37       $.22           $.13       $.07

SOURCE DSA Financial Corporation

RELATED LINKS
http://www.dearbornsavings.com