LAWRENCEBURG, Ind., Jan. 08, 2016 (GLOBE NEWSWIRE) -- DSA Financial Corporation (OTCBB:DSFN)-- John P. Young, 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 11, 2016 to stockholders of record as of January 25, 2016.
DSA Financial also announced its financial results for the second fiscal quarter and the six months ended December 31, 2015. The Company recorded net earnings of $249,000 or $0.15 per share which reflected a decrease of $34,000 or $0.02 per share, as compared to the $283,000 or $0.17 per share for same quarter ended December 31, 2014. In addition, the Company recorded net income of $438,000 or $0.27 per share for the six month period ended December 31, 2015, which reflected a decrease of $89,000, or $0.05 per share, as compared to the six month period ended December 31, 2014.
Net earnings for the three months ended December 31, 2015 of $249,000 reflected a decrease of $34,000, or 12.0%, as compared to net earnings of $283,000 for the quarter ended December 31, 2014. This decrease in earnings was primarily attributable to a $60,000 decrease in net interest income and a $49,000 decrease in other income partially offset by a $24,000 decrease in general, administrative and other expense and a $38,000 decrease in income taxes. General, administrative and other expense was significantly lower due to reduced expenses related to foreclosed real estate.
Net earnings for the six months ended December 31, 2015 were $438,000, a decrease of $89,000, or 16.9%, as compared to the six month period ended December 31, 2014. The decrease in earnings was primarily attributed to an $89,000 decrease in net interest income and a $45,000 decrease in other income offset by a $62,000 decrease in income taxes. Other income for the six month period ended December 31, 2014 included gains on sale of investments that were $64,000 greater than for the six month period ended December 31, 2015.
DSA Financial reported total assets of $116.4 million at December 31, 2015, total liabilities of $98.2 million, including deposits of $90.9 million and total stockholders’ equity of $18.1 million.
DSA Financial Corporation is the holding company for Dearborn Savings Bank, a federally chartered savings bank headquartered in Lawrenceburg, Indiana. Dearborn Savings operates through its main office and one branch office.
|DSA FINANCIAL CORPORATION|
|CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION|
|(unaudited, dollars in thousands except per share data)|
|December 31,||June 30,|
|Cash and cash equivalents||$||14,081||$||6,173|
|Investment and mortgage-backed securities||7,465||16,032|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Advances from the FHLB||5,000||8,000|
|Total liabilities and stockholders' equity||$||116,367||$||117,576|
|DSA FINANCIAL CORPORATION|
|CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS|
|Six months ended||Three months ended|
|December 31,||December 31,|
|Total interest income||$||2,034||$||2,122||$||1,005||$||1,063|
|Total interest expense||324||323||163||161|
|Net interest income||1,710||1,799||842||902|
|Provision for losses on loans||(43||)||(50||)||(43||)||(30||)|
|Net interest income after provision for losses on loans||1,753||1,849||885||932|
|General, administrative and other expense||1,387||1,377||682||706|
|Earnings before income taxes||647||798||364||436|
|EARNINGS PER SHARE||$||0.27||$||0.32||$||0.15||$||0.17|
CONTACT: Steven Doll 812 537-0940 firstname.lastname@example.org
Source:DSA Financial Corporation