DSA Financial Corporation Declares a Quarterly Dividend and Reports Earnings for the Second Quarter Ended December 31, 2013

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| Source: DSA Financial Corporation

LAWRENCEBURG, Ind., Jan. 13, 2014 (GLOBE NEWSWIRE) -- DSA Financial Corporation (OTCBB:DSFN) -- Edward Fischer, 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 7, 2014 to stockholders of record as of January 24, 2014.

DSA Financial also announced its financial results for the second fiscal quarter and the six months ended December 31, 2013. The Company recorded net earnings of $266,000 or $0.16 per share which reflected a decrease of $39,000 or $0.03 per share, as compared to the $305,000 or $0.19 per share for same quarter ended December 31, 2012. In addition, the Company recorded net income of $500,000 or $0.31 per share for the six month period ended December 31, 2013, which reflected a decrease of $99,000, or 16.5% as compared to the six month period ended December 31, 2012.

Net earnings for the three months ended December 31, 2013 of $266,000 reflected a decrease of $39,000 or 12.8%, as compared to net earnings of $305,000 for the quarter ended December 31, 2012. This decrease in earnings was primarily attributable to a $165,000 net decrease in gains on sales of loans and investments which was partially offset by a $90,000 decrease in provisions for loan losses and a $38,000 decrease in general, administrative and other expense.

Net earnings for the six months ended December 31, 2013 were $500,000 or $0.31 per share, a decrease of $99,000, or 16.5%, as compared to the six month period ended December 31, 2012. The decrease in earnings was primarily attributed to a net decrease in gains on sales of loans and investments of $317,000 which was partially offset by a decrease in provision for losses on loans of $139,000, a decrease of $57,000 in net interest income and a decrease of $47,000 in general, administrative and other expense.

DSA Financial reported total assets of $117.3 million at December 31, 2013, total liabilities of $99.6 million, including deposits of $87.9 million and total stockholders' equity of $17.7 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   2013 2013  
         
Cash and cash equivalents    $ 5,159  $ 5,733  
Investment and mortgage-backed securities    13,852  12,852  
Loans receivable    88,271  87,084  
Other assets    9,979  9,836  
         
Total assets    $ 117,261  $ 115,505  
         
         
LIABILITIES AND STOCKHOLDERS' EQUITY      
         
Deposits    $ 87,878  $ 88,579  
Advances from the FHLB    9,000  7,000  
Other liabilities    2,688  2,278  
         
Total liabilities    99,566  97,857  
         
Stockholders' Equity    17,695  17,648  
         
Total liabilities and stockholders' equity    $ 117,261  $ 115,505  
         
 
DSA FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
         
  Six months ended Three months ended
  December 31, December 31,
         
  2013 2012 2013 2012
         
Total interest income  $ 2,204  $ 2,291  $ 1,100  $ 1,143
         
Total interest expense  352  382  177  179
         
Net interest income  1,852  1,909  923  964
         
Provision for losses on loans  (80)  59  (60)  30
         
Net interest income after provision for losses on loans  1,932  1,850  983  934
         
Other income  261  541  141  287
         
General, administrative and other expense  1,443  1,490  722  760
         
Earnings before income taxes  750  901  402  461
         
Income taxes  250  302  136  156
         
NET EARNINGS  $ 500  $ 599  $ 266  $ 305
         
EARNINGS PER SHARE  $ 0.31  $ 0.38  $ 0.16  $ 0.19
Edward Fischer, President and Chief Executive Officer
812 537-0940