DSA Financial Corporation Declares a Quarterly Dividend and Reports Earnings for the Second Quarter Ended December 31, 2013

LAWRENCEBURG, Ind., Jan. 13, 2014 (GLOBE NEWSWIRE) -- DSA Financial Corporation (OTCBB:DSFN) -- Edward 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 February 7, 2014 to stockholders of record as of January 24, 2014.

DSA Financial also announced its financial results for the second fiscal quarter and the six months ended December 31, 2013. The Company recorded net earnings of $266,000 or $0.16 per share which reflected a decrease of $39,000 or $0.03 per share, as compared to the $305,000 or $0.19 per share for same quarter ended December 31, 2012. In addition, the Company recorded net income of $500,000 or $0.31 per share for the six month period ended December 31, 2013, which reflected a decrease of $99,000, or 16.5% as compared to the six month period ended December 31, 2012.

Net earnings for the three months ended December 31, 2013 of $266,000 reflected a decrease of $39,000 or 12.8%, as compared to net earnings of $305,000 for the quarter ended December 31, 2012. This decrease in earnings was primarily attributable to a $165,000 net decrease in gains on sales of loans and investments which was partially offset by a $90,000 decrease in provisions for loan losses and a $38,000 decrease in general, administrative and other expense.

Net earnings for the six months ended December 31, 2013 were $500,000 or $0.31 per share, a decrease of $99,000, or 16.5%, as compared to the six month period ended December 31, 2012. The decrease in earnings was primarily attributed to a net decrease in gains on sales of loans and investments of $317,000 which was partially offset by a decrease in provision for losses on loans of $139,000, a decrease of $57,000 in net interest income and a decrease of $47,000 in general, administrative and other expense.

DSA Financial reported total assets of $117.3 million at December 31, 2013, total liabilities of $99.6 million, including deposits of $87.9 million and total stockholders' equity of $17.7 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
(unaudited, dollars in thousands except per share data)
December 31, June 30,
ASSETS 2013 2013
Cash and cash equivalents $ 5,159 $ 5,733
Investment and mortgage-backed securities 13,852 12,852
Loans receivable 88,271 87,084
Other assets 9,979 9,836
Total assets $ 117,261 $ 115,505
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits $ 87,878 $ 88,579
Advances from the FHLB 9,000 7,000
Other liabilities 2,688 2,278
Total liabilities 99,566 97,857
Stockholders' Equity 17,695 17,648
Total liabilities and stockholders' equity $ 117,261 $ 115,505
DSA FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
Six months ended Three months ended
December 31, December 31,
2013 2012 2013 2012
Total interest income $ 2,204 $ 2,291 $ 1,100 $ 1,143
Total interest expense 352 382 177 179
Net interest income 1,852 1,909 923 964
Provision for losses on loans (80) 59 (60) 30
Net interest income after provision for losses on loans 1,932 1,850 983 934
Other income 261 541 141 287
General, administrative and other expense 1,443 1,490 722 760
Earnings before income taxes 750 901 402 461
Income taxes 250 302 136 156
NET EARNINGS $ 500 $ 599 $ 266 $ 305
EARNINGS PER SHARE $ 0.31 $ 0.38 $ 0.16 $ 0.19

CONTACT: Edward Fischer, President and Chief Executive Officer 812 537-0940Source:DSA Financial Corporation