LAWRENCEBURG, Ind., July 10, 2015 (GLOBE NEWSWIRE) -- DSA Financial Corporation (OTCBB:DSFN) announced its consolidated financial results for the fourth quarter and the fiscal year ended June 30, 2015. For the quarter ended June 30, 2015, the Company recorded net earnings of $175,000 or $0.11 per share as compared to $248,000, or $0.15 per share for the quarter ended June 30, 2014.
The quarter-to-quarter decrease in earnings of $73,000, or 29.4%, was attributable primarily to a decrease in other income of $78,000 and a decrease in net interest income of $49,000 partially offset by a $30,000 decrease in provision for losses on loans and a decrease of $43,000 in income tax expense. The decrease in other income was primarily due to a decrease in the value of servicing rights on loans sold to others. The value of servicing rights recorded in the quarter ended June 30, 2014 were significantly higher due to an evaluation performed by a third party that showed a marked increase at that point in time. Servicing rights evaluated during the quarter ended June 30, 2015 remained essentially the same as the year before.
Net earnings for the fiscal year ended June 30, 2015 were $903,000, or $0.55 per share, a decrease of $56,000, or 5.8%, as compared to net earnings of $959,000, or $0.59 per share for the fiscal year ended June 30, 2014. The year-to-year decrease in earnings was attributable to a decrease in net interest income of $163,000 or 4.4%, and a $69,000 or 11.3%, decrease in other income, partially offset by a $149,000 or 5.0%, decrease in general, administrative and other expense. The decrease in other income during fiscal year 2015 was primarily due to the decrease in servicing rights mentioned above partially offset by net gains on the sale of investments and loans that were greater than fiscal year 2014. General, administrative and other expense was significantly lower due to reduced expenses related to foreclosed real estate.
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 7, 2015 to stockholders of record as of July 24, 2015.
DSA Financial reported total assets of $117.6 million at June 30, 2015, total liabilities of $99.4 million, including deposits of $89.2 million and total stockholders’ equity of $18.2 million. At June 30, 2014, DSA Financial reflected total assets of $122.2 million, total liabilities of $104.0 million, including deposits of $92.3 million and total stockholders’ equity of $18.1 million.
DSA Financial Corporation is the holding company for Dearborn Savings Bank, a federally chartered savings institution headquartered in Lawrenceburg, Indiana. Dearborn Savings Bank operates through its main office and one branch office located in Lawrenceburg, Indiana.
|DSA FINANCIAL CORPORATION|
|CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION|
|June 30, 2015 and 2014|
|(unaudited, dollars in thousands except per share data)|
|Cash and cash equivalents||$||6,173||$||9,233|
|Investment and mortgage-backed securities||16,032||16,703|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Advances from the FHLB||8,000||9,000|
|Total liabilities and stockholders' equity||$||117,576||$||122,188|
|DSA FINANCIAL CORPORATION|
|CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS|
|Fiscal year ended||Three months ended|
|June 30,||June 30,|
|Total interest income||$||4,167||$||4,369||$||1,018||$||1,072|
|Total interest expense||640||679||159||164|
|Net interest income||3,527||3,690||859||908|
|Provision for losses on loans||(110||)||(100||)||(50||)||(20||)|
|Net interest income after provision for losses on loans||3,637||3,790||909||928|
|General, administrative and other expense||2,810||2,959||744||725|
|Earnings before income taxes||1,370||1,443||265||381|
|EARNINGS PER SHARE||$||0.55||$||0.59||$||0.11||$||0.15|
Contact: Steven R Doll Vice President and CFO 812 537-0940
Source:DSA Financial Corporation