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DSA Financial Corporation Declares a Quarterly Dividend and Reports Earnings for the Third Quarter Ended March 31, 2016

LAWRENCEBURG, Ind., April 08, 2016 (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 10, 2016 to stockholders of record as of April 25, 2016.

DSA Financial also announced its financial results for the third fiscal quarter and the nine months ended March 31, 2016. The Company recorded net earnings of $180,000 or $0.11 per share, reflecting a decrease of $21,000 as compared to the same quarter ended March 31, 2015, when the Company reported net earnings of $201,000, or $0.12 per share.

The quarter-to-quarter decrease in earnings was attributed primarily to a $21,000, or 2.4%, decrease in net interest income and an $18,000 or 2.6%, increase in general, administrative and other expense partially offset by a $14,000 or 12.0%, increase in other income. General, administrative and other expense was higher due to legal expenses and increased compliance costs. Other income was higher due to a legal settlement of a prior fiscal year fraud loss of $14,500.

Net earnings for the nine months ended March 31, 2016 were $618,000, or $0.38 per share, a decrease of $110,000, or 15.1%, as compared to the nine month period ended March 31, 2015. The decrease in earnings was attributed to an $110,000 or 4.1%, decrease in net interest income, a $31,000 or 7.0%, decrease in other income, and an increase of $28,000 or 1.4%, in general, administrative and other expense. In addition, $17,000 less in provision for losses on loans was reversed than in the 3 month period ended March 31, 2015. However, income taxes did decrease by $76,000. Other income was lower due to gains on the sale of assets that were $80,000 less than the previous nine month period offset partially by a one-time gain of $28,700 in Bank Owned Life Insurance proceeds. General, administrative and other expense was higher due to increased building and ground maintenance ($19,300), consulting fees ($13,300), legal expenses ($30,800) and fraud losses ($13,500), offset by reduced OREO related expenses ($42,100) and reduced advertising expense ($13,200).

DSA Financial reported total assets of $114.6 million at March 31, 2016, total liabilities of $96.6 million, including deposits of $91.0 million and total stockholders’ equity of $18.1 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 and one branch office.

DSA FINANCIAL CORPORATION  
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION  
  (unaudited, dollars in thousands except per share data)  
                                 
                   March 31,     June 30,       
      ASSETS                 2016       2015        
                         
  Cash and cash equivalents           $   5,382     $   6,173        
  Investment and mortgage-backed securities           13,221         16,032        
  Loans receivable                   87,524         86,385        
  Other assets                   8,515         8,986        
                             
      Total assets               $    114,642     $    117,576        
                                   
                     
      LIABILITIES AND STOCKHOLDERS' EQUITY            
                             
  Deposits               $   91,025     $   89,171        
  Advances from the FHLB               3,000         8,000        
  Other liabilities                   2,545         2,245        
                             
      Total liabilities                   96,570         99,416        
                 
  Stockholders' Equity                   18,072         18,160        
                                       
      Total liabilities and stockholders' equity       $    114,642     $    117,576        
                                 
     
  DSA FINANCIAL CORPORATION  
  CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS  
                                 
                  Nine months ended   Three months ended  
                  March 31,   March 31,  
                                 
                    2016       2015       2016       2015    
                                 
  Total interest income           $   3,042     $   3,149     $   1,008     $   1,027    
                                 
  Total interest expense               484         481         160         158    
                                 
      Net interest income             2,558         2,668         848         869    
                                 
  Provision for losses on loans           (43 )       (60 )       -          (10 )  
                                 
      Net interest income after provision for                  
        losses on loans               2,601         2,728         848         879    
                                 
  Other income               412         443         131         117    
                                 
  General, administrative and other expense         2,094         2,066         707         689    
                                 
      Earnings before income taxes           919         1,105         272         307    
                                 
  Income taxes               301         377         92         106    
                                 
                                 
      NET EARNINGS       $    618     $    728     $    180     $    201    
                                 
      EARNINGS PER SHARE       $    0.38     $    0.44     $    0.11     $    0.12    


CONTACT: 
Steven Doll 
812 537-0940 
sdoll@dearbornsavings.com 

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