DSA Financial Corporation Reports Earnings for the Third Quarter Ended March 31, 2015 and Declares a Quarterly Dividend

LAWRENCEBURG, Ind., April 10, 2015 (GLOBE NEWSWIRE) -- DSA Financial Corporation (OTCBB:DSFN) announced its financial results for the third fiscal quarter ended March 31, 2015. The Company recorded net earnings of $201,000 or $0.12 per share, reflecting a decrease of $9,000 as compared to the same quarter ended March 31, 2014, when the Company reported net earnings of $210,000, or $0.13 per share.

The quarter-to-quarter decrease in earnings was attributed primarily to a $61,000, or 6.5%, decrease in net interest income and a $56,000 or 32.4%, decrease in other income primarily offset by a $102,000 or 12.9%, decrease in general, administrative and other expense. General, administrative and other expense was lower due to an $118,000 decrease in operating expenses in our subsidiary which disposed of two properties acquired through foreclosure in May and October, 2014. Other income was lower in 2015 due to a one time $65,000 insurance claim received in March, 2014.

Net earnings for the nine months ended March 31, 2015 were $728,000, or $0.44 per share, an increase of $17,000, or 2.4%, as compared to the nine month period ended March 31, 2014. The increase in earnings was attributed to a $168,000 or 7.5%, decrease in general, administrative and other expense offset by an $114,000 or 4.1%, decrease in net interest income and a $26,000 or 7.4%, increase in income taxes. General, administrative and other expense was lower due to property acquired through foreclosure expenses showing a decrease of $170,000 as compared to the nine month period ended March 31, 2014. Other income reflected a slight increase of $9,000 primarily as the gain on sale of investments for the nine month period ended March 31, 2015, increased by $68,000 which offset the aforementioned $65,000 insurance claim received in March, 2014.

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 May 8, 2015 to stockholders of record as of April 24, 2015.

DSA Financial reported total assets of $118.1 million at March 31, 2015, total liabilities of $99.8 million, including deposits of $89.4 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)
March 31, June 30,
ASSETS 2015 2014
Cash and cash equivalents $ 7,645 $ 9,233
Investment and mortgage-backed securities 15,340 16,703
Loans receivable 85,994 86,663
Other assets 9,132 9,589
Total assets $ 118,111 $ 122,188
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits $ 89,352 $ 92,347
Advances from the FHLB 8,000 9,000
Other liabilities 2,410 2,693
Total liabilities 99,762 104,040
Stockholders' Equity 18,349 18,148
Total liabilities and stockholders' equity $ 118,111 $ 122,188
DSA FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
Nine months ended Three months ended
March 31, March 31,
2015 2014 2015 2014
Total interest income $ 3,149 $ 3,297 $ 1,027 $ 1,093
Total interest expense 481 515 158 163
Net interest income 2,668 2,782 869 930
Provision for losses on loans (60) (80) (10) --
Net interest income after provision for losses on loans 2,728 2,862 879 930
Other income 443 434 117 173
General, administrative and other expense 2,066 2,234 689 791
Earnings before income taxes 1,105 1,062 307 312
Income taxes 377 351 106 102
NET EARNINGS $ 728 $ 711 $ 201 $ 210
EARNINGS PER SHARE $ 0.44 $ 0.44 $ 0.12 $ 0.13

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