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DSA Financial Corporation Declares a Quarterly Dividend and Reports Earnings for the Third Quarter Ended March 31, 2018

LAWRENCEBURG, Ind., April 12, 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 May 14, 2018 to stockholders of record as of April 27, 2018.

DSA Financial also announced its financial results for the third fiscal quarter and the nine months ended March 31, 2018. The Company recorded net earnings of $294,000 or $0.21 per share which reflected an increase of $136,000 or $0.11 per share, as compared to the $158,000 or $0.10 per share for same quarter ended March 31, 2017. In addition, the Company recorded net income of $553,000 or $0.40 per share for the nine month period ended March 31, 2018, which reflected a decrease of $11,000, but an increase of $0.04 per share due to fewer outstanding shares, as compared to the nine month period ended March 31, 2017.

Net earnings for the three months ended March 31, 2018 of $294,000 reflected an increase of $136,000, or 86.1%, as compared to net earnings of $158,000 for the quarter ended March 31, 2017. This increase in earnings was primarily attributable to a $34,000 increase in other income and a $153,000 decrease in general, administrative and other expense partially offset by a $39,000 decrease in net interest income. General, administrative and other expense was significantly lower due to a one-time decrease in deferred compensation and retirement expense.

Net earnings for the nine months ended March 31, 2018 were $553,000, a decrease of $11,000, or 2.0%, as compared to the nine month period ended March 31, 2017. The decrease in earnings was primarily attributed to a $234,000 increase in other income and a $47,000 decrease in general, administrative and other expense partially offset by a $97,000 decrease in net interest income and a $195,000 increase in income taxes. 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 other assets. Income taxes were significantly higher due to a one-time charge in the second quarter to reduce the carrying value of its deferred tax assets due to the Tax Cuts and Jobs Act.

DSA Financial reported total assets of $110.8 million at March 31, 2018, total liabilities of $95.4 million, including deposits of $86.5 million and total stockholders’ equity of $15.3 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)
March 31 December 31
ASSETS 2018 2017
Cash and cash equivalents $ 2,503 $ 2,553
Investment and mortgage-backed securities 12,805 15,390
Loans receivable 87,194 86,875
Other assets 8,269 8,309
Total assets $ 110,771 $ 113,127
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits $ 86,451 $ 86,997
Advances from the FHLB 6,000 7,500
Other liabilities 2,973 2,718
Total liabilities 95,424 97,215
Stockholders' Equity 15,347 15,912
Total liabilities and stockholders' equity $ 110,771 $ 113,127
DSA FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
Nine months ended Three months ended
March 31 March 31
2018 2017 2018 2017
Total interest income $ 2,945 $ 3,084 $ 991 $ 1,023
Total interest expense 492 534 177 170
Net interest income 2,453 2,550 814 853
Provision for losses on loans - - - -
Net interest income after provision for
losses on loans 2,453 2,550 814 853
Other income 740 506 176 142
General, administrative and other expense 2,134 2,181 598 751
Earnings before income taxes 1,059 875 392 244
Income taxes 506 311 98 86
NET EARNINGS $ 553 $ 564 $ 294 $ 158
EARNINGS PER SHARE $ 0.40 $ 0.36 $ 0.21 $ 0.10


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

Source:DSA Financial Corporation