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DSA Financial Corporation Declares a Quarterly Dividend and Reports Earnings for the Second Quarter Ended December 31, 2016

LAWRENCEBURG, Ind., Jan. 06, 2017 (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 February 8, 2017 to stockholders of record as of January 24, 2017.

DSA Financial also announced its financial results for the second fiscal quarter and the six months ended December 31, 2016. The Company recorded net earnings of $204,000 or $0.13 per share which reflected a decrease of $45,000 or $0.02 per share, as compared to the $249,000 or $0.15 per share for same quarter ended December 31, 2015. In addition, the Company recorded net income of $407,000 or $0.25 per share for the six month period ended December 31, 2016, which reflected a decrease of $31,000, or $0.02 per share, as compared to the six month period ended December 31, 2015.

Net earnings for the three months ended December 31, 2016 of $204,000 reflected a decrease of $45,000, or 18.1%, as compared to net earnings of $249,000 for the quarter ended December 31, 2015. This decrease in earnings was primarily attributable to a $6,000 decrease in net interest income and a $43,000 increase in provision for loan losses partially offset by a $21,000 increase in other income and a $22,000 increase in general, administrative and other expense. Provision for loan losses was significantly higher due to receipt of a recovery in 2015 of a prior-year charge-off on one loan.

Net earnings for the six months ended December 31, 2016 were $407,000, a decrease of $31,000, or 7.1%, as compared to the six month period ended December 31, 2015. The decrease in earnings was primarily attributed to an $11,000 decrease in net interest income and a $43,000 increase in provision for loan losses offset by an $81,000 increase in other income and a $42,000 increase in general, administrative and other expense. Other income for the six month period ended December 31, 2016 included gains on sale of loans that were $32,000 greater than for the six month period ended December 31, 2015.

DSA Financial reported total assets of $126.8 million at December 31, 2016, total liabilities of $109.0 million, including deposits of $96.2 million and total stockholders’ equity of $17.9 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 2016 2016
Cash and cash equivalents $ 3,691 $ 5,583
Investment and mortgage-backed securities 24,310 20,573
Loans receivable 90,274 90,634
Other assets 8,554 8,502
Total assets $ 126,829 $ 125,292
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits $ 96,208 $ 96,736
Advances from the FHLB 10,000 8,000
Other liabilities 2,744 2,474
Total liabilities 108,952 107,210
Stockholders' Equity 17,877 18,082
Total liabilities and stockholders' equity $ 126,829 $ 125,292
DSA FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
Six months ended Three months ended
December 31, December 31,
2016 2015 2016 2015
Total interest income $ 2,063 $ 2,034 $ 1,031 $ 1,005
Total interest expense 364 324 183 163
Net interest income 1,699 1,710 848 842
Provision for losses on loans - (43) - (43)
Net interest income after provision for
losses on loans 1,699 1,753 848 885
Other income 362 281 182 161
General, administrative and other expense 1,429 1,387 704 682
Earnings before income taxes 632 647 326 364
Income taxes 225 209 122 115
NET EARNINGS $ 407 $ 438 $ 204 $ 249
EARNINGS PER SHARE $ 0.25 $ 0.27 $ 0.13 $ 0.15

Contact: Derrick S. Taylor Vice President & Chief Financial Officer dtaylor@dearbornsavings.com

Source:DSA Financial Corporation