LAWRENCEBURG, Ind., April 11, 2014 (GLOBE NEWSWIRE) -- DSA Financial Corporation (OTCBB:DSFN) announced its financial results for the third fiscal quarter ended March 31, 2014. The Company recorded net earnings of $210,000, or $0.13 per share, reflecting a decrease of $17,000 as compared to the same quarter ended March 31, 2013, when the Company reported net earnings of $227,000, or $0.14 per share.
The quarter-to-quarter decrease in earnings was attributed primarily to a $89,000, or 12.7%, increase in general, administrative and other expense, offset primarily by a $35,000, or 25.4%, increase in other income and a $40,000 decrease in provision for losses on loans. General, administrative and other expense was higher due to a $91,000 increase in operating expenses in our subsidiary which owns two properties acquired through foreclosure. Other income was higher due to a $65,000 insurance claim offset by $29,000 decrease on the gain on sale of loans.
Net earnings for the nine months ended March 31, 2014 were $711,000, or $0.44 per share, a decrease of $114,000, or 13.8%, as compared to the nine month period ended March 31, 2013. The decrease in earnings was attributed primarily to a $67,000, or 2.3%, decrease in net interest income, a $244,000, or 36.0%, decrease in other income and a $42,000, or 1.9%, increase in general, administrative and other expense partially offset by a decrease of $179,000 in provision for losses on loans and a $60,000, or 14.6%, decrease in income taxes. General, administrative and other expense was higher due to property acquired through foreclosure expenses showing an increase of $54,000 as compared to the period ended March 31, 2013. Other income was lower due to a $294,000 decrease on the gain on sale of loans and a $43,000 decrease on the gain on sale of Other Real Estate Owned. These decreases were partially offset by the aforementioned $65,000 insurance claim mentioned above.
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 May 9, 2014 to stockholders of record as of April 25, 2014.
DSA Financial reported total assets of $117.9 million at March 31, 2014, total liabilities of $100.1 million, including deposits of $88.7 million and total stockholders' equity of $17.8 million.
DSA Financial Corporation is the holding company for Dearborn Savings Bank, a federally chartered savings bank headquartered in Lawrenceburg, Indiana. Dearborn Savings operates through its main office and one branch office.
|DSA FINANCIAL CORPORATION|
|CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION|
|(unaudited, dollars in thousands except per share data)|
|ASSETS|| March 31, |
| June 30, |
|Cash and cash equivalents||$ 5,406||$ 5,733|
|Investment and mortgage-backed securities||15,633||12,852|
|Total assets||$ 117,937||$ 115,505|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Deposits||$ 88,661||$ 88,579|
|Advances from the FHLB||9,000||7,000|
|Total liabilities and stockholders' equity||$ 117,937||$ 115,505|
|DSA FINANCIAL CORPORATION|
|CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS|
| Nine months ended |
| Three months ended |
|Total interest income||$ 3,297||$ 3,402||$ 1,093||$ 1,111|
|Total interest expense||515||553||163||171|
|Net interest income||2,782||2,849||930||940|
|Provision for losses on loans||(80)||99||--||40|
|Net interest income after provision for losses on loans||2,862||2,750||930||900|
|General, administrative and other expense||2,234||2,192||791||702|
|Earnings before income taxes||1,062||1,236||312||336|
|NET EARNINGS||$ 711||$ 825||$ 210||$ 227|
|EARNINGS PER SHARE||$ 0.44||$ 0.52||$ 0.13||$ 0.14|
CONTACT: Edward Fischer, President and Chief Executive Officer 812 537-0940Source:DSA Financial Corporation