DSA Financial Corporation Reports Earnings for the First Quarter Ended September 30, 2015 and Declares a Quarterly Dividend

LAWRENCEBURG, Ind., Oct. 08, 2015 (GLOBE NEWSWIRE) — DSA Financial Corporation (OTCBB:DSFN) announced its financial results for the first quarter of fiscal year 2015. For the quarter ended September 30, 2015, the Company recorded net earnings of $190,000 or $0.12 per share. For the quarter ended September 30, 2014, the Company recorded net earnings of $244,000 or $0.15 per share, a decrease of $54,000 or 22.1%.

The quarter-to-quarter decrease in earnings was attributed primarily to a decrease of $29,000 or 3.2%, in net interest income, a $33,000 or 4.9%, increase in general, administrative and other expense and a $20,000 decrease in reversal of provisions for loan losses, partially offset by a $25,000 decrease in income taxes. General, administrative and other expense included a $12,000 write-down of a property acquired through foreclosure.

DSA Financial reported total assets of $117.5 million at September 30, 2015, total liabilities of $99.4 million, including deposits of $90.7 million and total stockholders’ equity of $18.1 million.

In addition, 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 November 6, 2015 to stockholders of record as of October 26, 2015.

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    
(unaudited, dollars in thousands except per share data)    
                                 
                   September 30,   June 30,       
      ASSETS                 2015       2015        
                         
  Cash and cash equivalents           $   6,013     $   6,173        
  Investment and mortgage-backed securities           16,190         16,032        
  Loans receivable                   86,456         86,385        
  Other assets                   8,802         8,986        
                             
      Total assets               $    117,461     $    117,576        
                     
                     
                 
      LIABILITIES AND STOCKHOLDERS’ EQUITY            
                             
  Deposits               $   90,683     $   89,171        
  Advances from the FHLB               6,000         8,000        
  Other liabilities                   2,683         2,245        
                             
                             
      Total liabilities                   99,366         99,416        
                 
  Stockholders’ Equity                   18,095         18,160        
                 
      Total liabilities and stockholders’ equity       $    117,461     $    117,576        
                                 
  DSA FINANCIAL CORPORATION  
  CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS  
                                 
                      Three months ended      
                      September 30,      
                                 
                        2015       2014        
                                 
  Total interest income               $   1,030     $   1,059        
                                 
  Total interest expense                   162         162        
                                 
      Net interest income                 868         897        
                                 
  Provision for losses on loans               –          (20 )      
                                 
      Net interest income after provision for                  
        losses on loans                   868         917        
                                 
  Other income                   119         116        
                                 
  General, administrative and other expense             704         671        
                                 
      Earnings before income taxes               283         362        
                                 
  Income taxes                   93         118        
                                 
                                 
      NET EARNINGS           $    190     $    244        
                                 
      EARNINGS PER SHARE           $    0.12     $    0.15        
                                 

 

 

 

CONTACT: For more information, contact: 
Steven Doll, Vice President & CFO
Phone Number: 812 537-0940
Email: sdoll@dearbornsavings.com

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