×

DSA Financial Corporation Declares a Quarterly Dividend and Reports Earnings for the Fourth Quarter Ended June 30, 2017

LAWRENCEBURG, Ind., July 12, 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 August 11, 2017 to stockholders of record as of July 27, 2017.

DSA Financial also announced its financial results for the fourth fiscal quarter and the twelve months ended June 30, 2017. The Company recorded net earnings of $152,000 or $0.10 per share which reflected a decrease of $6,000 or $0.00 per share, as compared to the $158,000 or $0.10 per share for same quarter ended June 30, 2016. In addition, the Company recorded net income of $715,000 or $0.46 per share for the twelve month period ended June 30, 2017, which reflected a decrease of $61,000, or $0.09 per share, as compared to the twelve month period ended June 30, 2016.

Net earnings for the three months ended June 30, 2017 of $152,000 reflected a decrease of $6,000, or 3.8%, as compared to net earnings of $158,000 for the quarter ended June 30, 2016. This decrease in earnings was primarily attributable to an $83,000 increase in general, administrative and other expense partially offset by a $12,000 increase in net interest income and a $67,000 increase in other income. General, administrative and other expense was significantly higher due to an increase in employee compensation and benefits and professional and consulting expenses.

Net earnings for the twelve months ended June 30, 2017 were $715,000, a decrease of $61,000, or 7.9%, as compared to the twelve month period ended June 30, 2016. The decrease in earnings was primarily attributed to a $43,000 increase in provision for loan losses and a $169,000 increase in general, administrative and other expense partially offset by a $159,000 increase in other income. Other income for the twelve month period ended June 30, 2017 included gains on sale of loans that were $118,000 greater than for the twelve month period ended June 30, 2016.

DSA Financial reported total assets of $118.4 million at June 30, 2017, total liabilities of $100.8 million, including deposits of $92.5 million and total stockholders’ equity of $17.6 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)
June 30 June 30,
ASSETS 2017 2016
Cash and cash equivalents $5,855 $5,584
Investment and mortgage-backed securities 16,760 20,573
Loans receivable 87,174 90,634
Other assets 8,574 8,501
Total assets $ 118,363 $ 125,292
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits $92,478 $96,737
Advances from the FHLB 5,000 8,000
Other liabilities 3,313 2,472
Total liabilities 100,791 107,209
Stockholders' Equity 17,572 18,083
Total liabilities and stockholders' equity $ 118,363 $ 125,292


DSA FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
Twelve months ended Three months ended
June 30, June 30,
2017 2016 2017 2016
Total interest income $4,097 $4,051 $1,012 $1,009
Total interest expense 690 648 155 164
Net interest income 3,407 3,403 857 845
Provision for losses on loans - (43) - -
Net interest income after provision for
losses on loans 3,407 3,446 857 845
Other income 684 525 180 113
General, administrative and other expense 2,986 2,817 806 723
Earnings before income taxes 1,105 1,154 231 235
Income taxes 390 378 79 77
NET EARNINGS $715 $776 $152 $158
EARNINGS PER SHARE $0.46 $0.55 $0.10 $0.10


Contact: Derrick S. Taylor Vice President & Chief Financial Officer dtaylor@dearbornsavings.com

Source:DSA Financial Corporation