DSA Financial Corporation Reports Earnings For The Fourth Quarter And The Fiscal Year Ended June 30, 2013 And Declares A Quarterly Dividend

LAWRENCEBURG, Ind., July 12, 2013 /PRNewswire/ -- DSA Financial Corporation (OTCBB: DSFN) announced its consolidated financial results for the fourth quarter and the fiscal year ended June 30, 2013. For the quarter ended June 30, 2013, the Company recorded net earnings of $207,000 or $0.13 per share as compared to $237,000, or $0.15 per share for the quarter ended June 30, 2012.

The quarter-to-quarter decrease in earnings of $30,000, or 12.7% was attributable primarily to a decrease in other income of $81,000 and a decrease in net interest income of $38,000, offset by a $62,000 decrease in general, administrative and other expense and a $30,000 decrease in provision for losses on loans. The decrease in other income was primarily due to net gains on the sale of investments and loans that were $100,000 lower during the quarter ended June 30, 2013 versus the quarter ended June 30, 2012. However, these decreases in income were partially offset by a $95,000 decrease in expenses related to foreclosed real estate.

Net earnings for the fiscal year ended June 30, 2013 were $1,032,000, or $0.65 per share, an increase of $71,000, or 7.4%, as compared to net earnings of $961,000, or $0.61 per share for the fiscal year ended June 30, 2012. The year-to-year increase in earnings was attributable primarily to a $55,000 or 7.4%, increase in other income and a decrease of $381,000 or 76.2%, in provision for losses on loans offset by a $91,000 or 3.2%, increase in general, administrative and other expense, a decrease in net interest income of $201,000 or 5.0%, and a $73,000, or 16.3%, increase in income tax expense. The increase in other income during fiscal year 2013 was primarily due to net gains on the sale of investments and loans that were $35,000 greater than fiscal year 2012 and decreased provisions for losses on loans of $381,000. These increases were offset by general, administrative and other expense which was higher in fiscal year 2013 primarily due to increased expenses in compensation, advertising, OREO related items and professional services.

In addition, Edward L. 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 August 9, 2013 to stockholders of record as of July 26, 2013.

DSA Financial reported total assets of $115.5 million at June 30, 2013, total liabilities of $97.9 million, including deposits of $88.6 million and total stockholders' equity of $17.6 million. At June 30, 2012, DSA Financial reflected total assets of $116.7 million, total liabilities of $99.5 million, including deposits of $91.6 million and total stockholders' equity of $17.2 million.

DSA Financial Corporation is the holding company for Dearborn Savings Bank, a federally chartered savings institution headquartered in Lawrenceburg, Indiana. Dearborn Savings Bank operates through its main office and one branch office located in Lawrenceburg, Indiana.

SOURCE DSA Financial Corporation