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 $17.7 million.
DSA Financial Corporation is the holding company for Dearborn Savings Bank, a federally chartered savings bank headquartered in Lawrenceburg, Indiana. Dearborn Savings operates through its main office and one branch office.
|DSA FINANCIAL CORPORATION|
|CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION|
|(unaudited, dollars in thousands except per share data)|
|December 31,||June 30,|
|Cash and cash equivalents||$ 5,159||$ 5,733|
|Investment and mortgage-backed securities||13,852||12,852|
|Total assets||$ 117,261||$ 115,505|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Deposits||$ 87,878||$ 88,579|
|Advances from the FHLB||9,000||7,000|
|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,|
|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|
|General, administrative and other expense||1,443||1,490||722||760|
|Earnings before income taxes||750||901||402||461|
|NET EARNINGS||$ 500||$ 599||$ 266||$ 305|
|EARNINGS PER SHARE||$ 0.31||$ 0.38||$ 0.16||$ 0.19|
CONTACT: Edward Fischer, President and Chief Executive Officer 812 537-0940Source:DSA Financial Corporation