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DSA Financial Corporation Declares a Quarterly Dividend and Reports Earnings for the First Quarter Ended September 30, 2016

LAWRENCEBURG, Ind., Oct. 06, 2016 (GLOBE NEWSWIRE) -- DSA Financial Corporation (OTCBB:DSFN) 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 8, 2016 to stockholders of record as of October 24, 2016.

DSA Financial also announced its financial results for the first quarter of fiscal year 2017. For the quarter ended September 30, 2016, the Company recorded net earnings of $203,000 or $0.13 per share. For the quarter ended September 30, 2015, the Company recorded net earnings of $190,000 or $0.12 per share, an increase of $13,000 or 6.8%.

The quarter-to-quarter increase in earnings was attributed primarily to an increase of $62,000 or 52.1%, in other income, partially offset by a $20,000 or 2.8%, increase in general, administrative and other expense, a $19,000 increase in total interest expense and a $10,000 increase in income taxes. Other income for the three month period ended September 30, 2016 included gains on sale of loans that were $45,000 greater than the three month period ended September 30, 2015.

DSA Financial reported total assets of $125.3 million at September 30, 2016, total liabilities of $107.3 million, including deposits of $96.6 million and total stockholders’ equity of $18.0 million.

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 2016 2016
Cash and cash equivalents $2,602 $5,583
Investment and mortgage-backed securities 22,421 20,573
Loans receivable 91,752 90,634
Other assets 8,482 8,502
Total assets $ 125,257 $ 125,292
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits $96,566 $96,736
Advances from the FHLB 8,000 8,000
Other liabilities 2,716 2,474
Total liabilities 107,282 107,210
Stockholders' Equity 17,975 18,082
Total liabilities and stockholders' equity $ 125,257 $ 125,292
DSA FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
Three months ended
September 30,
2016 2015
Total interest income $1,030 $1,030
Total interest expense 181 162
Net interest income 849 868
Provision for losses on loans - -
Net interest income after provision for
losses on loans 849 868
Other income 181 119
General, administrative and other expense 724 704
Earnings before income taxes 306 283
Income taxes 103 93
NET EARNINGS $ 203 $ 190
EARNINGS PER SHARE $ 0.13 $ 0.12


CONTACT: Steven Doll 812 537-0940 sdoll@dearbornsavings.com

Source:DSA Financial Corporation