LAWRENCEBURG, Ind., July 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 August 9, 2016 to stockholders of record as of July 25, 2016.
DSA Financial Corporation also announced its consolidated financial results for the fourth quarter and the fiscal year ended June 30, 2016. For the quarter ended June 30, 2016, the Company recorded net earnings of $158,000 or $0.10 per share as compared to $175,000, or $0.11 per share for the quarter ended June 30, 2015.
The quarter-to-quarter decrease in earnings of $17,000, or 9.7%, was attributable primarily to no change in provision for losses on loans versus a $50,000 reduction in the three month period ended June 30, 2015 and a $14,000 or 1.6%, decrease in net interest income. However, other income showed an increase of $13,000 or 13.0% and general, administrative and other expense decreased by $21,000 or 2.8%. The increase in other income was primarily due to a greater number of mortgage loans being sold in the secondary market. General, administrative and other expense was significantly lower due to reduced expenses related to foreclosed real estate.
Net earnings for the fiscal year ended June 30, 2016 were $776,000, or $0.48 per share, a decrease of $127,000, or 14.1%, as compared to net earnings of $903,000, or $0.55 per share for the fiscal year ended June 30, 2015. The year-to-year decrease in earnings was attributable to a decrease in net interest income of $124,000 or 3.5%, an $18,000 or 3.3%, decrease in other income, and $67,000 less in provision for losses on loans was reversed than in the fiscal year ended June 30, 2015, partially offset by an $89,000 decrease in income tax expense. The decrease in other income during fiscal year 2016 was primarily due to a decrease in net gains on the sale of investments and loans that was less than fiscal year 2015.
DSA Financial reported total assets of $125.3 million at June 30, 2016, total liabilities of $107.2 million, including deposits of $96.7 million and total stockholders’ equity of $18.1 million. At June 30, 2015, DSA Financial reflected total assets of $117.6 million, total liabilities of $99.4 million, including deposits of $89.2 million and total stockholders’ equity of $18.2 million.
DSA Financial Corporation is the holding company for Dearborn Savings Bank, a federally chartered savings institution headquartered in Lawrenceburg, Indiana. Dearborn Savings Bank operates through its main office and one branch office located in Lawrenceburg, Indiana.
|DSA FINANCIAL CORPORATION|
|CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION|
|June 30, 2016 and 2015|
|(unaudited, dollars in thousands except per share data)|
|Cash and cash equivalents||$||5,584||$||6,173|
|Investment and mortgage-backed securities||20,573||16,032|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Advances from the FHLB||8,000||8,000|
|Total liabilities and stockholders' equity||$||125,292||$||117,576|
|DSA FINANCIAL CORPORATION|
|CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS|
|Fiscal year ended||Three months ended|
|June 30,||June 30,|
|Total interest income||$||4,051||$||4,167||$||1,009||$||1,018|
|Total interest expense||648||640||164||159|
|Net interest income||3,403||3,527||845||859|
|Provision for losses on loans||(43||)||(110||)||-||(50||)|
|Net interest income after provision for|
|losses on loans||3,446||3,637||845||909|
|General, administrative and other expense||2,817||2,810||723||744|
|Earnings before income taxes||1,154||1,370||235||265|
|EARNINGS PER SHARE||$||0.48||$||0.55||$||0.10||$||0.11|
CONTACT: Steven Doll 812 537-0940 email@example.com
Source:DSA Financial Corporation