LAWRENCEBURG, Ind., April 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 May 10, 2016 to stockholders of record as of April 25, 2016.
DSA Financial also announced its financial results for the third fiscal quarter and the nine months ended March 31, 2016. The Company recorded net earnings of $180,000 or $0.11 per share, reflecting a decrease of $21,000 as compared to the same quarter ended March 31, 2015, when the Company reported net earnings of $201,000, or $0.12 per share.
The quarter-to-quarter decrease in earnings was attributed primarily to a $21,000, or 2.4%, decrease in net interest income and an $18,000 or 2.6%, increase in general, administrative and other expense partially offset by a $14,000 or 12.0%, increase in other income. General, administrative and other expense was higher due to legal expenses and increased compliance costs. Other income was higher due to a legal settlement of a prior fiscal year fraud loss of $14,500.
Net earnings for the nine months ended March 31, 2016 were $618,000, or $0.38 per share, a decrease of $110,000, or 15.1%, as compared to the nine month period ended March 31, 2015. The decrease in earnings was attributed to an $110,000 or 4.1%, decrease in net interest income, a $31,000 or 7.0%, decrease in other income, and an increase of $28,000 or 1.4%, in general, administrative and other expense. In addition, $17,000 less in provision for losses on loans was reversed than in the 3 month period ended March 31, 2015. However, income taxes did decrease by $76,000. Other income was lower due to gains on the sale of assets that were $80,000 less than the previous nine month period offset partially by a one-time gain of $28,700 in Bank Owned Life Insurance proceeds. General, administrative and other expense was higher due to increased building and ground maintenance ($19,300), consulting fees ($13,300), legal expenses ($30,800) and fraud losses ($13,500), offset by reduced OREO related expenses ($42,100) and reduced advertising expense ($13,200).
DSA Financial reported total assets of $114.6 million at March 31, 2016, total liabilities of $96.6 million, including deposits of $91.0 million and total stockholders’ equity of $18.1 million.
DSA Financial Corporation is the holding company for Dearborn Savings Bank, a federally chartered savings bank headquartered in Lawrenceburg, Indiana. Dearborn Savings operates through its main office and one branch office.
|DSA FINANCIAL CORPORATION|
|CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION|
|(unaudited, dollars in thousands except per share data)|
|March 31,||June 30,|
|Cash and cash equivalents||$||5,382||$||6,173|
|Investment and mortgage-backed securities||13,221||16,032|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Advances from the FHLB||3,000||8,000|
|Total liabilities and stockholders' equity||$||114,642||$||117,576|
|DSA FINANCIAL CORPORATION|
|CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS|
|Nine months ended||Three months ended|
|March 31,||March 31,|
|Total interest income||$||3,042||$||3,149||$||1,008||$||1,027|
|Total interest expense||484||481||160||158|
|Net interest income||2,558||2,668||848||869|
|Provision for losses on loans||(43||)||(60||)||-||(10||)|
|Net interest income after provision for|
|losses on loans||2,601||2,728||848||879|
|General, administrative and other expense||2,094||2,066||707||689|
|Earnings before income taxes||919||1,105||272||307|
|EARNINGS PER SHARE||$||0.38||$||0.44||$||0.11||$||0.12|
CONTACT: Steven Doll 812 537-0940 email@example.com
Source:DSA Financial Corporation