2014

DSA Financial Corporation Reports Earnings for the Third Quarter Ended March 31, 2010 and Declares a Quarterly Dividend

LAWRENCEBURG, Ind., April 9 /PRNewswire-FirstCall/ -- DSA Financial Corporation (OTC Bulletin Board: DSFN) announced its financial results for the third fiscal quarter ended March 31, 2010. The Company recorded net earnings of $218,000 or $0.14 per share reflecting an increase of $6,000 or 2.8%, as compared to the same quarter ended March 31, 2009, when the Company reported net earnings of $212,000, or $0.13 per share.

The quarter-to-quarter increase in earnings was attributed primarily to an increase of $122,000 or 13.8%, in net interest income, offset by a $73,000 or 94.8%, increase in provision for losses on loans and a $43,000 or 18.5%, decrease in other income.

Net earnings for the nine months ended March 31, 2010 were $538,000, or $0.34 per share, a decrease of $51,000, or 8.6%, as compared to the nine month period ended March 31, 2009. The decrease in earnings was attributed primarily to an increase of $408,000 or 306.8%, in provision for losses on loans and a $135,000 or 6.5%, increase in general, administrative and other expense, partially offset by a $323,000 or 12.3%, increase in net interest income, a $121,000 or 25.5% increase in other income and a $48,000 or 16.9%, decrease in income taxes. General, administrative and other expense was higher primarily due to increased FDIC insurance premiums and expenses related to property acquired through foreclosure including legal fees.

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 7, 2010 to stockholders of record as of April 23, 2010.

DSA Financial reported total assets of $121.3 million at March 31, 2010, total liabilities of $104.6 million, including deposits of $96.2 million and total stockholders' equity of $16.7 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

2010

2009




Cash and cash equivalents

$4,204

$8,290

Investment securities

10,602

11,489

Loans receivable

94,390

98,562

Other assets

12,099

10,074




Total assets

$121,295

$128,415




LIABILITIES AND STOCKHOLDERS' EQUITY






Deposits

$96,193

$99,464

Advances from the FHLB

6,500

10,500

Other liabilities

1,936

1,754




Total liabilities

104,629

111,718




Stockholders' equity

16,666

16,697




Total liabilities and stockholders' equity

$121,295

$128,415



DSA FINANCIAL CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(In thousands, except share data)

(Unaudited)


Nine months ended March 31,

Three months ended March 31,








2010

2009

2010

2009











Total interest income

$4,585

$5,165

$1,494

$1,698

Total interest expense

1,639

2,542

491

817

Net interest income

2,946

2,623

1,003

881

Provision for losses on loans

541

133

150

77

Net interest income after provision for losses on loans

2,405

2,490

853

804

Other income

595

474

190

233

General, administrative and other expense

2,226

2,091

720

728

Earnings before income taxes

774

873

323

309

Income taxes

236

284

105

97






NET EARNINGS

$538

$589

$218

$212






EARNINGS PER SHARE - basic and diluted

$.34

$.37

$.14

$.13



SOURCE DSA Financial Corporation



RELATED LINKS
http://www.dearbornsavings.com

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