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DSA Financial Corporation Declares a Quarterly Dividend and Reports Earnings for the Second Quarter Ended December 31, 2017

LAWRENCEBURG, Ind., Jan. 10, 2018 (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 12, 2018 to stockholders of record as of January 26, 2018.

DSA Financial also announced its financial results for the second fiscal quarter and the six months ended December 31, 2017. The Company recorded net earnings of $229,000 or $0.16 per share which reflected an increase of $15,000 or $0.03 per share, as compared to the $204,000 or $0.13 per share for same quarter ended December 31, 2016. In addition, the Company recorded net income of $426,000 or $0.30 per share for the six month period ended December 31, 2017, which reflected an increase of $19,000, or $0.05 per share, as compared to the six month period ended December 31, 2016.

Net earnings for the three months ended December 31, 2017 of $229,000 reflected an increase of $15,000, or 7.4%, as compared to net earnings of $204,000 for the quarter ended December 31, 2016. This increase in earnings was primarily attributable to a $103,000 increase in other income partially offset by a $35,000 decrease in net interest income and a $35,000 increase in general, administrative and other expense. Other income was significantly higher due to an increase in gain on sale of loans to the secondary market and in gain on sale of investments.

Net earnings for the six months ended December 31, 2017 were $426,000, an increase of $19,000, or 4.7%, as compared to the six month period ended December 31, 2016. The increase in earnings was primarily attributed to a $206,000 increase in other income offset by a $61,000 decrease in net interest income and a $108,000 increase in general, administrative and other expense. Other income was significantly higher due to an increase in gain on sale of loans to the secondary market, in gain on sale of investments, and in gain on sale of other assets.

DSA Financial reported total assets of $113.3 million at December 31, 2017, total liabilities of $97.3 million, including deposits of $87.0 million and total stockholders’ equity of $16.1 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)
December 31 September 30
ASSETS 2017 2017
Cash and cash equivalents$ 2,553 $ 3,384
Investment and mortgage-backed securities 15,390 16,701
Loans receivable 86,875 87,902
Other assets 8,529 8,519
Total assets$ 113,347 $ 116,506
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits$ 86,997 $ 90,584
Advances from the FHLB 7,500 6,000
Other liabilities 2,769 3,068
Total liabilities 97,266 99,652
Stockholders' Equity 16,081 16,854
Total liabilities and stockholders' equity$ 113,347 $ 116,506


DSA FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
Six months ended Three months ended
December 31 December 31
2017 2016 2017 2016
Total interest income $ 1,953 $ 2,063 $ 974 $ 1,031
Total interest expense 315 364 161 183
Net interest income 1,638 1,699 813 848
Provision for losses on loans - - - -
Net interest income after provision for
losses on loans 1,638 1,699 813 848
Other income 563 362 285 182
General, administrative and other expense 1,537 1,429 739 704
Earnings before income taxes 664 632 359 326
Income taxes 238 225 130 122
NET EARNINGS $ 426 $ 407 $ 229 $ 204
EARNINGS PER SHARE $ 0.30 $ 0.25 $ 0.16 $ 0.13

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

Source:DSA Financial Corporation