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

/EIN News/ -- LAWRENCEBURG, Ind., Jan. 11, 2019 (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 11, 2019 to stockholders of record as of January 25, 2019.

DSA Financial also announced its financial results for the second fiscal quarter and the six months ending December 31, 2018. For the second fiscal quarter, the Company recorded net earnings of $184,000 or $0.14 per share which reflected an increase of $124,000 or $0.10 per share, as compared to the $60,000 or $0.04 per share for the same quarter ended December 31, 2017. In addition, the Company recorded net income of $361,000 or $0.27 per share for the six months ending December 31, 2018, which reflected an increase of $104,000 or $0.09 per share, as compared to the six months ending December 31, 2017.

Net earnings for the fiscal quarter ending December 31, 2018 of $184,000 reflected an increase of $124,000, or 206.67%, as compared to net earnings of $60,000 for the quarter ending December 31, 2017. This increase in earnings was primarily attributable to a $41,000 increase in net interest income, and a $240,000 decrease in income taxes partially offset by a $106,000 decrease in other income and a $51,000 increase in general, administrative and other expenses.

Net earnings for the six months ending December 31, 2018 were $361,000, an increase of $104,000, or 40.47%, as compared to the six month period ending December 31, 2017. The increase in earnings was primarily attributed to a $44,000 increase in net interest income and a $290,000 decrease in income taxes offset by a $153,000 decrease in other income and a $67,000 increase in general, administrative and other expenses.

The significant reduction in income taxes for both the quarter and six months ending December 31, 2018 was due to the Tax Cuts and Jobs Act (the “Act”) passed by Congress in December, 2017 reducing the Federal Corporate tax rate to a flat 21% and the related effect to the value of the deferred tax asset. As a result of the Act, in December, 2017, the Company recorded a $214,000 one-time charge to reduce the carrying value of its deferred tax assets.

DSA Financial reported total assets of $122.9 million at December 31, 2018, total liabilities of $107.7 million, including deposits of $96.6 million and total stockholders’ equity of $15.2 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           2018     2018    
                   
Cash and cash equivalents       $ 7,410   $ 5,294    
Investment and mortgage-backed securities         9,891     10,045    
Loans receivable           97,588     96,278    
Other assets           7,976     7,949    
                   
Total assets         $ 122,865   $ 119,566    
                   
                   
LIABILITIES AND STOCKHOLDERS' EQUITY        
                   
Deposits         $ 96,580   $ 92,273    
Advances from the FHLB         8,500     9,500    
Other liabilities           2,597     2,614    
                   
Total liabilities           107,677     104,387    
                   
Stockholders' Equity           15,187     15,179    
                   
Total liabilities and stockholders' equity       $ 122,864   $ 119,566    
                   
                   
                   
DSA FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
                   
      Three months ended   Three months ended
      December 31   December 31
                   
      2018   2017   2018   2017
                   
Total interest income     $ 2,251   $ 1,953   $ 1,149   $ 974
                   
Total interest expense       569     315     295     161
                   
Net interest income     1,682     1,638     854     813
                   
Provision for losses on loans     10     -     -     -
                   
Net interest income after provision for                
losses on loans       1,672     1,638     854     813
                   
Other income       410     563     179     285
                   
General, administrative and other expense     1,603     1,536     790     739
                   
Earnings before income taxes     479     665     243     359
                   
Income taxes       118     408     59     299
                   
NET EARNINGS   $ 361   $ 257   $ 184   $ 60
                   
EARNINGS PER SHARE   $ 0.27   $ 0.18   $ 0.14   $ 0.04
 

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


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