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DSA Financial Corporation Reports Earnings for the First Quarter Ended September 30, 2013 and Declares a Quarterly Dividend

LAWRENCEBURG, Ind., Oct. 11, 2013 (GLOBE NEWSWIRE) -- DSA Financial Corporation (OTCBB:DSFN) announced its financial results for the first quarter of fiscal year 2013. For the quarter ended September 30, 2013, the Company recorded net earnings of $235,000 or $0.15 per share. For the quarter ended September 30, 2012, the Company recorded net earnings of $293,000 or $0.19 per share, a decrease of $58,000 or 19.8%.

The quarter-to-quarter decrease in earnings was attributed primarily to a decrease of $151,000 in gain on sale of mortgage loans which was partially offset by a decrease of $49,000 in provision for losses on loans, and a $32,000 or 21.9%, decrease in income taxes.

DSA Financial reported total assets of $117.9 million at September 30, 2013, total liabilities of $100.2 million, including deposits of $88.9 million and total stockholders' equity of $17.7 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 $0.11 per share. The dividend is payable on November 8, 2013 to stockholders of record as of October 25, 2013.

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)
ASSETS September 30,
2013
June 30,
2013
Cash and cash equivalents $ 6,058 $ 5,733
Investment securities 13,173 12,852
Loans receivable 88,808 87,084
Other assets 9,882 9,836
Total assets $ 117,921 $ 115,505
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits $ 88,932 $ 88,579
Advances from the FHLB 9,000 7,000
Other liabilities 2,315 2,278
Total liabilities 100,247 97,857
Stockholders' equity, net 17,674 17,648
Total liabilities and stockholders' equity $ 117,921 $ 115,505
DSA Financial Corporation
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except per share data)
(Unaudited)
Three months ended
September 30,
2013 2012
Total interest income $ 1,105 $ 1,148
Total interest expense 175 203
Net interest income 930 945
Provision for losses on loans (20) 29
Net interest income after provision for losses on loans 950 916
Other income 120 253
General, administrative and other expense 721 730
Earnings before income taxes 349 439
Income taxes 114 146
NET EARNINGS $ 235 $ 293
EARNINGS PER SHARE – basic and diluted $ .15 $ .19

CONTACT: DSA Financial Corporation 812 537-0940Source:DSA Financial Corporation