LAWRENCEBURG, Ind., April 12, 2018 (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 14, 2018 to stockholders of record as of April 27, 2018.
DSA Financial also announced its financial results for the third fiscal quarter and the nine months ended March 31, 2018. The Company recorded net earnings of $294,000 or $0.21 per share which reflected an increase of $136,000 or $0.11 per share, as compared to the $158,000 or $0.10 per share for same quarter ended March 31, 2017. In addition, the Company recorded net income of $553,000 or $0.40 per share for the nine month period ended March 31, 2018, which reflected a decrease of $11,000, but an increase of $0.04 per share due to fewer outstanding shares, as compared to the nine month period ended March 31, 2017.
Net earnings for the three months ended March 31, 2018 of $294,000 reflected an increase of $136,000, or 86.1%, as compared to net earnings of $158,000 for the quarter ended March 31, 2017. This increase in earnings was primarily attributable to a $34,000 increase in other income and a $153,000 decrease in general, administrative and other expense partially offset by a $39,000 decrease in net interest income. General, administrative and other expense was significantly lower due to a one-time decrease in deferred compensation and retirement expense.
Net earnings for the nine months ended March 31, 2018 were $553,000, a decrease of $11,000, or 2.0%, as compared to the nine month period ended March 31, 2017. The decrease in earnings was primarily attributed to a $234,000 increase in other income and a $47,000 decrease in general, administrative and other expense partially offset by a $97,000 decrease in net interest income and a $195,000 increase in income taxes. Other income was significantly higher due to an increase in gain on sale of loans to the secondary market and in gain on sale of other assets. Income taxes were significantly higher due to a one-time charge in the second quarter to reduce the carrying value of its deferred tax assets due to the Tax Cuts and Jobs Act.
DSA Financial reported total assets of $110.8 million at March 31, 2018, total liabilities of $95.4 million, including deposits of $86.5 million and total stockholders’ equity of $15.3 million.
DSA Financial Corporation is the holding company for Dearborn Savings Bank, a federally chartered savings bank headquartered in Lawrenceburg, Indiana. Dearborn Savings operates through its main office.
|DSA FINANCIAL CORPORATION|
|CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION|
|(unaudited, dollars in thousands except per share data)|
|March 31||December 31|
|Cash and cash equivalents||$||2,503||$||2,553|
|Investment and mortgage-backed securities||12,805||15,390|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Advances from the FHLB||6,000||7,500|
|Total liabilities and stockholders' equity||$||110,771||$||113,127|
|DSA FINANCIAL CORPORATION|
|CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS|
|Nine months ended||Three months ended|
|March 31||March 31|
|Total interest income||$||2,945||$||3,084||$||991||$||1,023|
|Total interest expense||492||534||177||170|
|Net interest income||2,453||2,550||814||853|
|Provision for losses on loans||-||-||-||-|
|Net interest income after provision for|
|losses on loans||2,453||2,550||814||853|
|General, administrative and other expense||2,134||2,181||598||751|
|Earnings before income taxes||1,059||875||392||244|
|EARNINGS PER SHARE||$||0.40||$||0.36||$||0.21||$||0.10|
Derrick S. Taylor
Vice President & Chief Financial Officer
Source:DSA Financial Corporation