LAWRENCEBURG, Ind., Jan. 06, 2017 (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 8, 2017 to stockholders of record as of January 24, 2017.
DSA Financial also announced its financial results for the second fiscal quarter and the six months ended December 31, 2016. The Company recorded net earnings of $204,000 or $0.13 per share which reflected a decrease of $45,000 or $0.02 per share, as compared to the $249,000 or $0.15 per share for same quarter ended December 31, 2015. In addition, the Company recorded net income of $407,000 or $0.25 per share for the six month period ended December 31, 2016, which reflected a decrease of $31,000, or $0.02 per share, as compared to the six month period ended December 31, 2015.
Net earnings for the three months ended December 31, 2016 of $204,000 reflected a decrease of $45,000, or 18.1%, as compared to net earnings of $249,000 for the quarter ended December 31, 2015. This decrease in earnings was primarily attributable to a $6,000 decrease in net interest income and a $43,000 increase in provision for loan losses partially offset by a $21,000 increase in other income and a $22,000 increase in general, administrative and other expense. Provision for loan losses was significantly higher due to receipt of a recovery in 2015 of a prior-year charge-off on one loan.
Net earnings for the six months ended December 31, 2016 were $407,000, a decrease of $31,000, or 7.1%, as compared to the six month period ended December 31, 2015. The decrease in earnings was primarily attributed to an $11,000 decrease in net interest income and a $43,000 increase in provision for loan losses offset by an $81,000 increase in other income and a $42,000 increase in general, administrative and other expense. Other income for the six month period ended December 31, 2016 included gains on sale of loans that were $32,000 greater than for the six month period ended December 31, 2015.
DSA Financial reported total assets of $126.8 million at December 31, 2016, total liabilities of $109.0 million, including deposits of $96.2 million and total stockholders’ equity of $17.9 million.
DSA Financial Corporation is the holding company for Dearborn Savings Bank, a federally chartered savings bank headquartered in Lawrenceburg, Indiana. Dearborn Savings operates through its main office and one branch office.
|DSA FINANCIAL CORPORATION|
|CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION|
|(unaudited, dollars in thousands except per share data)|
|December 31,||June 30,|
|Cash and cash equivalents||$||3,691||$||5,583|
|Investment and mortgage-backed securities||24,310||20,573|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Advances from the FHLB||10,000||8,000|
|Total liabilities and stockholders' equity||$||126,829||$||125,292|
|DSA FINANCIAL CORPORATION|
|CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS|
|Six months ended||Three months ended|
|December 31,||December 31,|
|Total interest income||$||2,063||$||2,034||$||1,031||$||1,005|
|Total interest expense||364||324||183||163|
|Net interest income||1,699||1,710||848||842|
|Provision for losses on loans||-||(43||)||-||(43||)|
|Net interest income after provision for|
|losses on loans||1,699||1,753||848||885|
|General, administrative and other expense||1,429||1,387||704||682|
|Earnings before income taxes||632||647||326||364|
|EARNINGS PER SHARE||$||0.25||$||0.27||$||0.13||$||0.15|
Contact: Derrick S. Taylor Vice President & Chief Financial Officer firstname.lastname@example.org
Source:DSA Financial Corporation