DSA Financial Corporation Declares a Quarterly Dividend and Reports Earnings for the First Quarter Ended September 30, 2017

LAWRENCEBURG, Ind., Oct. 11, 2017 (GLOBE NEWSWIRE) — DSA Financial Corporation (OTCBB:DSFN)– John P. Young, 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 $0.11 per share. The dividend is payable on November 7, 2017 to stockholders of record as of October 23, 2017.

DSA Financial also announced its financial results for the first fiscal quarter of fiscal year 2018. The Company recorded net earnings of $197,000 or $0.13 per share which reflected a decrease of $4,000 or $0.00 per share, as compared to the $203,000 or $0.13 per share for same quarter ended September 30, 2016.

Net earnings for the three months ended September 30, 2017 of $197,000 reflected a decrease of $4,000, or 2.0%, as compared to net earnings of $203,000 for the quarter ended September 30, 2016.  This decrease in earnings was primarily attributable to a $25,000 decrease in net interest income and a $74,000 increase in general, administrative and other expense partially offset by a $98,000 increase in other income. General, administrative and other expense was significantly higher due to an increase in employee compensation and benefits and professional and consulting expenses.

DSA Financial reported total assets of $116.5 million at September 30, 2017, total liabilities of $99.7 million, including deposits of $90.6 million and total stockholders’ equity of $16.9 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.

DSA FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(unaudited, dollars in thousands except per share data)
                 
             September 30,   June 30, 
  ASSETS           2017     2017
                 
Cash and cash equivalents       $   3,384   $   5,855
Investment and mortgage-backed securities           16,701       16,760
Loans receivable             87,902       87,174
Other assets             8,519       8,574
                 
  Total assets         $    116,506   $    118,363
                 
  LIABILITIES AND STOCKHOLDERS’ EQUITY    
                 
Deposits         $   90,584   $   92,478
Advances from the FHLB           6,000       5,000
Other liabilities             3,068       3,313
                 
                 
  Total liabilities             99,652       100,791
                 
Stockholders’ Equity             16,854       17,572
                 
  Total liabilities and stockholders’ equity       $    116,506   $    118,363
                 
                 
                 
DSA FINANCIAL CORPORATION  
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS  
               
        Three months ended  
         September 30,   
               
          2017     2016  
               
Total interest income     $   978   $   1,030  
               
Total interest expense         154       181  
               
  Net interest income       824       849  
               
Provision for losses on loans       –        –   
               
  Net interest income after provision for          
    losses on loans         824       849  
               
Other income         279       181  
               
General, administrative and other expense       798       724  
               
  Earnings before income taxes       305       306  
               
Income taxes         108       103  
               
               
  NET EARNINGS   $    197   $    203  
               
  EARNINGS PER SHARE   $    0.13   $    0.13  
 

CONTACT: Contact:
Derrick S. Taylor
Vice President & Chief Financial Officer
dtaylor@dearbornsavings.com