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DSA Financial Corporation Declares a Quarterly Dividend and Reports Earnings for the Second Quarter Ended December 31, 2014

LAWRENCEBURG, Ind., Jan. 9, 2015 (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 6, 2015 to stockholders of record as of January 23, 2015.

DSA Financial also announced its financial results for the second fiscal quarter and the six months ended December 31, 2014. The Company recorded net earnings of $283,000 or $0.17 per share which reflected an increase of $17,000 or $0.01 per share, as compared to the $266,000 or $0.16 per share for same quarter ended December 31, 2013. In addition, the Company recorded net income of $527,000 or $0.32 per share for the six month period ended December 31, 2014, which reflected an increase of $27,000, or 5.4%, as compared to the six month period ended December 31, 2013.

Net earnings for the three months ended December 31, 2014 of $283,000 reflected an increase of $17,000 or 6.4%, as compared to net earnings of $266,000 for the quarter ended December 31, 2013. This increase in earnings was primarily attributable to a $73,000 net increase in gains on sales of loans and investments and a $16,000 decrease in general, administrative and other expense. This increased income was mostly offset by a $30,000 decrease in reversal of provisions for loan losses, a $21,000 decrease in net interest income and a $17,000 increase in income taxes.

Net earnings for the six months ended December 31, 2014 were $527,000 or $0.32 per share, an increase of $27,000, or 5.4%, as compared to the six month period ended December 31, 2013. The increase in earnings was primarily attributed to a net increase in gains on sales of loans and investments of $76,000 and a $66,000 decrease in general, administrative and other expense. This increased income was mostly offset by a $30,000 decrease in reversal of provisions for loan losses, a $53,000 decrease in net interest income and a $21,000 increase in income taxes.

DSA Financial reported total assets of $119.7 million at December 31, 2014, total liabilities of $101.4 million, including deposits of $90.0 million and total stockholders' equity of $18.3 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 2014 2014
Cash and cash equivalents $ 9,108 $ 9,233
Investment and mortgage-backed securities 14,316 16,703
Loans receivable 87,096 86,663
Other assets 9,177 9,589
Total assets $ 119,697 $ 122,188
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits $ 90,037 $ 92,347
Advances from the FHLB 9,000 9,000
Other liabilities 2,400 2,693
Total liabilities 101,437 104,040
Stockholders' Equity 18,260 18,148
Total liabilities and stockholders' equity $ 119,697 $ 122,188
DSA FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
Six months ended Three months ended
December 31, December 31,
2014 2013 2014 2013
Total interest income $ 2,122 $ 2,204 $ 1,063 $ 1,100
Total interest expense 323 352 161 177
Net interest income 1,799 1,852 902 923
Provision for losses on loans (50) (80) (30) (60)
Net interest income after provision for losses on loans 1,849 1,932 932 983
Other income 326 261 210 141
General, administrative and other expense 1,377 1,443 706 722
Earnings before income taxes 798 750 436 402
Income taxes 271 250 153 136
NET EARNINGS $ 527 $ 500 $ 283 $ 266
EARNINGS PER SHARE $ 0.32 $ 0.31 $ 0.17 $ 0.16

CONTACT: Steven R Doll Vice President and CFO 812 537-0940Source:DSA Financial Corporation