×

DSA Financial Corporation Reports Earnings for the Fourth Quarter and the Fiscal Year Ended June 30, 2014 and Declares a Quarterly Dividend

LAWRENCEBURG, Ind., July 11, 2014 (GLOBE NEWSWIRE) -- DSA Financial Corporation (OTCBB:DSFN) announced its consolidated financial results for the fourth quarter and the fiscal year ended June 30, 2014. For the quarter ended June 30, 2014, the Company recorded net earnings of $248,000 or $0.15 per share as compared to $207,000, or $0.13 per share for the quarter ended June 30, 2013.

The quarter-to-quarter increase in earnings of $41,000, or 19.8%, was attributable primarily to an increase in other income of $59,000 and a $40,000 decrease in provision for losses on loans, partially offset by a decrease in net interest income of $41,000 and an increase in $21,000 in income tax expense. The increase in other income was primarily due to an increase in the value of servicing rights on loans sold to others.

Net earnings for the fiscal year ended June 30, 2014 were $959,000, or $0.59 per share, a decrease of $73,000, or 7.1%, as compared to net earnings of $1,032,000, or $0.65 per share for the fiscal year ended June 30, 2013. The year-to-year decrease in earnings was attributable to a $185,000 or 23.2%, decrease in other income, a decrease in net interest income of $108,000 or 2.8% and a $37,000 or 1.3%, increase in general, administrative and other expense, partially offset by a decrease of $219,000 in provision for losses on loans, and a $38,000, or 7.3%, decrease in income tax expense. The decrease in other income during fiscal year 2014 was primarily due to net gains on the sale of investments and loans that were significantly less than fiscal year 2013. The provision for losses on loans was reduced to reflect a loan portfolio with few collection and valuation issues.

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 8, 2014 to stockholders of record as of July 25, 2014.

DSA Financial reported total assets of $122.2 million at June 30, 2014, total liabilities of $104.0 million, including deposits of $92.3 million and total stockholders' equity of $18.1 million. At June 30, 2013, DSA Financial reflected total assets of $115.5 million, total liabilities of $97.9 million, including deposits of $88.6 million and total stockholders' equity of $17.6 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.

DSA FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
June 30, 2014 and 2013
(unaudited, dollars in thousands except per share data)
ASSETS 2014 2013
Cash and cash equivalents $ 9,233 $ 5,733
Investment and mortgage-backed securities 16,703 12,852
Loans receivable 86,663 87,084
Other assets 9,589 9,836
Total assets $ 122,188 $ 115,505
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits $ 92,347 $ 88,579
Advances from the FHLB 9,000 7,000
Other liabilities 2,693 2,278
Total liabilities 104,040 97,857
Stockholders' Equity 18,148 17,648
Total liabilities and stockholders' equity $ 122,188 $ 115,505
DSA FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
Fiscal year ended
June 30,
Three months ended
June 30,
2014 2013 2014 2013
Total interest income $ 4,369 $ 4,524 $ 1,072 $ 1,122
Total interest expense 679 726 164 173
Net interest income 3,690 3,798 908 949
Provision for losses on loans (100) 119 (20) 20
Net interest income after provision for losses on loans 3,790 3,679 928 929
Other income 612 797 178 119
General, administrative and other expense 2,959 2,922 725 730
Earnings before income taxes 1,443 1,554 381 318
Income taxes 484 522 133 111
NET EARNINGS $ 959 $ 1,032 $ 248 $ 207
EARNINGS PER SHARE $ 0.59 $ 0.65 $ 0.15 $ 0.13

CONTACT: Edward Fischer, President and Chief Executive Officer 812 537-0940Source:DSA Financial Corporation