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DSA Financial Corporation Reports Earnings for the First Quarter Ended September 30, 2015 and Declares a Quarterly Dividend

LAWRENCEBURG, Ind., Oct. 08, 2015 (GLOBE NEWSWIRE) -- DSA Financial Corporation (OTCBB:DSFN) announced its financial results for the first quarter of fiscal year 2015. For the quarter ended September 30, 2015, the Company recorded net earnings of $190,000 or $0.12 per share. For the quarter ended September 30, 2014, the Company recorded net earnings of $244,000 or $0.15 per share, a decrease of $54,000 or 22.1%.

The quarter-to-quarter decrease in earnings was attributed primarily to a decrease of $29,000 or 3.2%, in net interest income, a $33,000 or 4.9%, increase in general, administrative and other expense and a $20,000 decrease in reversal of provisions for loan losses, partially offset by a $25,000 decrease in income taxes. General, administrative and other expense included a $12,000 write-down of a property acquired through foreclosure.

DSA Financial reported total assets of $117.5 million at September 30, 2015, total liabilities of $99.4 million, including deposits of $90.7 million and total stockholders’ equity of $18.1 million.

In addition, 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 6, 2015 to stockholders of record as of October 26, 2015.

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
(unaudited, dollars in thousands except per share data)
September 30, June 30,
ASSETS 2015 2015
Cash and cash equivalents $ 6,013 $ 6,173
Investment and mortgage-backed securities 16,190 16,032
Loans receivable 86,456 86,385
Other assets 8,802 8,986
Total assets $ 117,461 $ 117,576
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits $ 90,683 $ 89,171
Advances from the FHLB 6,000 8,000
Other liabilities 2,683 2,245
Total liabilities 99,366 99,416
Stockholders' Equity 18,095 18,160
Total liabilities and stockholders' equity $ 117,461 $ 117,576
DSA FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
Three months ended
September 30,
2015 2014
Total interest income $ 1,030 $ 1,059
Total interest expense 162 162
Net interest income 868 897
Provision for losses on loans - (20)
Net interest income after provision for
losses on loans 868 917
Other income 119 116
General, administrative and other expense 704 671
Earnings before income taxes 283 362
Income taxes 93 118
NET EARNINGS $ 190 $ 244
EARNINGS PER SHARE $ 0.12 $ 0.15



For more information, contact: Steven Doll, Vice President & CFO Phone Number: 812 537-0940 Email: sdoll@dearbornsavings.com

Source:DSA Financial Corporation