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DSA Financial Corporation Declares a Quarterly Dividend and Reports Earnings for the First Quarter Ended September 30, 2017

LAWRENCEBURG, Ind., Oct. 11, 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 November 7, 2017 to stockholders of record as of October 23, 2017.

DSA Financial also announced its financial results for the first fiscal quarter of fiscal year 2018. The Company recorded net earnings of $197,000 or $0.13 per share which reflected a decrease of $4,000 or $0.00 per share, as compared to the $203,000 or $0.13 per share for same quarter ended September 30, 2016.

Net earnings for the three months ended September 30, 2017 of $197,000 reflected a decrease of $4,000, or 2.0%, as compared to net earnings of $203,000 for the quarter ended September 30, 2016. This decrease in earnings was primarily attributable to a $25,000 decrease in net interest income and a $74,000 increase in general, administrative and other expense partially offset by a $98,000 increase in other income. General, administrative and other expense was significantly higher due to an increase in employee compensation and benefits and professional and consulting expenses.

DSA Financial reported total assets of $116.5 million at September 30, 2017, total liabilities of $99.7 million, including deposits of $90.6 million and total stockholders’ equity of $16.9 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.

DSA FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(unaudited, dollars in thousands except per share data)
September 30, June 30,
ASSETS 2017 2017
Cash and cash equivalents $ 3,384 $ 5,855
Investment and mortgage-backed securities 16,701 16,760
Loans receivable 87,902 87,174
Other assets 8,519 8,574
Total assets $ 116,506 $ 118,363
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits $ 90,584 $ 92,478
Advances from the FHLB 6,000 5,000
Other liabilities 3,068 3,313
Total liabilities 99,652 100,791
Stockholders' Equity 16,854 17,572
Total liabilities and stockholders' equity $ 116,506 $ 118,363
DSA FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
Three months ended
September 30,
2017 2016
Total interest income $ 978 $ 1,030
Total interest expense 154 181
Net interest income 824 849
Provision for losses on loans - -
Net interest income after provision for
losses on loans 824 849
Other income 279 181
General, administrative and other expense 798 724
Earnings before income taxes 305 306
Income taxes 108 103
NET EARNINGS $ 197 $ 203
EARNINGS PER SHARE $ 0.13 $ 0.13


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

Source:DSA Financial Corporation