LAWRENCEBURG, Ind., Jan. 9, 2015 (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 6, 2015 to stockholders of record as of January 23, 2015.
DSA Financial also announced its financial results for the second fiscal quarter and the six months ended December 31, 2014. The Company recorded net earnings of $283,000 or $0.17 per share which reflected an increase of $17,000 or $0.01 per share, as compared to the $266,000 or $0.16 per share for same quarter ended December 31, 2013. In addition, the Company recorded net income of $527,000 or $0.32 per share for the six month period ended December 31, 2014, which reflected an increase of $27,000, or 5.4%, as compared to the six month period ended December 31, 2013.
Net earnings for the three months ended December 31, 2014 of $283,000 reflected an increase of $17,000 or 6.4%, as compared to net earnings of $266,000 for the quarter ended December 31, 2013. This increase in earnings was primarily attributable to a $73,000 net increase in gains on sales of loans and investments and a $16,000 decrease in general, administrative and other expense. This increased income was mostly offset by a $30,000 decrease in reversal of provisions for loan losses, a $21,000 decrease in net interest income and a $17,000 increase in income taxes.
Net earnings for the six months ended December 31, 2014 were $527,000 or $0.32 per share, an increase of $27,000, or 5.4%, as compared to the six month period ended December 31, 2013. The increase in earnings was primarily attributed to a net increase in gains on sales of loans and investments of $76,000 and a $66,000 decrease in general, administrative and other expense. This increased income was mostly offset by a $30,000 decrease in reversal of provisions for loan losses, a $53,000 decrease in net interest income and a $21,000 increase in income taxes.
DSA Financial reported total assets of $119.7 million at December 31, 2014, total liabilities of $101.4 million, including deposits of $90.0 million and total stockholders' equity of $18.3 million.
DSA Financial Corporation is the holding company for Dearborn Savings Bank, a federally chartered savings bank headquartered in Lawrenceburg, Indiana. Dearborn Savings operates through its main office and one branch office.
|DSA FINANCIAL CORPORATION|
|CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION|
|(unaudited, dollars in thousands except per share data)|
|December 31,||June 30,|
|Cash and cash equivalents||$ 9,108||$ 9,233|
|Investment and mortgage-backed securities||14,316||16,703|
|Total assets||$ 119,697||$ 122,188|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Deposits||$ 90,037||$ 92,347|
|Advances from the FHLB||9,000||9,000|
|Total liabilities and stockholders' equity||$ 119,697||$ 122,188|
|DSA FINANCIAL CORPORATION|
|CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS|
|Six months ended||Three months ended|
|December 31,||December 31,|
|Total interest income||$ 2,122||$ 2,204||$ 1,063||$ 1,100|
|Total interest expense||323||352||161||177|
|Net interest income||1,799||1,852||902||923|
|Provision for losses on loans||(50)||(80)||(30)||(60)|
|Net interest income after provision for losses on loans||1,849||1,932||932||983|
|General, administrative and other expense||1,377||1,443||706||722|
|Earnings before income taxes||798||750||436||402|
|NET EARNINGS||$ 527||$ 500||$ 283||$ 266|
|EARNINGS PER SHARE||$ 0.32||$ 0.31||$ 0.17||$ 0.16|
CONTACT: Steven R Doll Vice President and CFO 812 537-0940Source:DSA Financial Corporation