LAWRENCEBURG, Ind., April 10, 2015 (GLOBE NEWSWIRE) -- DSA Financial Corporation (OTCBB:DSFN) announced its financial results for the third fiscal quarter ended March 31, 2015. The Company recorded net earnings of $201,000 or $0.12 per share, reflecting a decrease of $9,000 as compared to the same quarter ended March 31, 2014, when the Company reported net earnings of $210,000, or $0.13 per share.
The quarter-to-quarter decrease in earnings was attributed primarily to a $61,000, or 6.5%, decrease in net interest income and a $56,000 or 32.4%, decrease in other income primarily offset by a $102,000 or 12.9%, decrease in general, administrative and other expense. General, administrative and other expense was lower due to an $118,000 decrease in operating expenses in our subsidiary which disposed of two properties acquired through foreclosure in May and October, 2014. Other income was lower in 2015 due to a one time $65,000 insurance claim received in March, 2014.
Net earnings for the nine months ended March 31, 2015 were $728,000, or $0.44 per share, an increase of $17,000, or 2.4%, as compared to the nine month period ended March 31, 2014. The increase in earnings was attributed to a $168,000 or 7.5%, decrease in general, administrative and other expense offset by an $114,000 or 4.1%, decrease in net interest income and a $26,000 or 7.4%, increase in income taxes. General, administrative and other expense was lower due to property acquired through foreclosure expenses showing a decrease of $170,000 as compared to the nine month period ended March 31, 2014. Other income reflected a slight increase of $9,000 primarily as the gain on sale of investments for the nine month period ended March 31, 2015, increased by $68,000 which offset the aforementioned $65,000 insurance claim received in March, 2014.
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 8, 2015 to stockholders of record as of April 24, 2015.
DSA Financial reported total assets of $118.1 million at March 31, 2015, total liabilities of $99.8 million, including deposits of $89.4 million and total stockholders' equity of $18.3 million.
DSA Financial Corporation is the holding company for Dearborn Savings Bank, a federally chartered savings bank headquartered in Lawrenceburg, Indiana. Dearborn Savings operates through its main office and one branch office.
|DSA FINANCIAL CORPORATION|
|CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION|
|(unaudited, dollars in thousands except per share data)|
|March 31,||June 30,|
|Cash and cash equivalents||$ 7,645||$ 9,233|
|Investment and mortgage-backed securities||15,340||16,703|
|Total assets||$ 118,111||$ 122,188|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Deposits||$ 89,352||$ 92,347|
|Advances from the FHLB||8,000||9,000|
|Total liabilities and stockholders' equity||$ 118,111||$ 122,188|
|DSA FINANCIAL CORPORATION|
|CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS|
|Nine months ended||Three months ended|
|March 31,||March 31,|
|Total interest income||$ 3,149||$ 3,297||$ 1,027||$ 1,093|
|Total interest expense||481||515||158||163|
|Net interest income||2,668||2,782||869||930|
|Provision for losses on loans||(60)||(80)||(10)||--|
|Net interest income after provision for losses on loans||2,728||2,862||879||930|
|General, administrative and other expense||2,066||2,234||689||791|
|Earnings before income taxes||1,105||1,062||307||312|
|NET EARNINGS||$ 728||$ 711||$ 201||$ 210|
|EARNINGS PER SHARE||$ 0.44||$ 0.44||$ 0.12||$ 0.13|
CONTACT: Steven R Doll Vice President and CFO 812 537-0940Source:DSA Financial Corporation