LAWRENCEBURG, Ind., Oct. 11, 2013 (GLOBE NEWSWIRE) -- DSA Financial Corporation (OTCBB:DSFN) announced its financial results for the first quarter of fiscal year 2013. For the quarter ended September 30, 2013, the Company recorded net earnings of $235,000 or $0.15 per share. For the quarter ended September 30, 2012, the Company recorded net earnings of $293,000 or $0.19 per share, a decrease of $58,000 or 19.8%.
The quarter-to-quarter decrease in earnings was attributed primarily to a decrease of $151,000 in gain on sale of mortgage loans which was partially offset by a decrease of $49,000 in provision for losses on loans, and a $32,000 or 21.9%, decrease in income taxes.
DSA Financial reported total assets of $117.9 million at September 30, 2013, total liabilities of $100.2 million, including deposits of $88.9 million and total stockholders' equity of $17.7 million.
In addition, Edward L. Fischer, 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 8, 2013 to stockholders of record as of October 25, 2013.
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 | ||
| (In thousands) | ||
| (Unaudited) | ||
| ASSETS |
September 30, 2013 |
June 30, 2013 |
| Cash and cash equivalents | $ 6,058 | $ 5,733 |
| Investment securities | 13,173 | 12,852 |
| Loans receivable | 88,808 | 87,084 |
| Other assets | 9,882 | 9,836 |
| Total assets | $ 117,921 | $ 115,505 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| Deposits | $ 88,932 | $ 88,579 |
| Advances from the FHLB | 9,000 | 7,000 |
| Other liabilities | 2,315 | 2,278 |
| Total liabilities | 100,247 | 97,857 |
| Stockholders' equity, net | 17,674 | 17,648 |
| Total liabilities and stockholders' equity | $ 117,921 | $ 115,505 |
| DSA Financial Corporation | ||
| CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS | ||
| (In thousands, except per share data) | ||
| (Unaudited) | ||
|
Three months ended September 30, |
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| 2013 | 2012 | |
| Total interest income | $ 1,105 | $ 1,148 |
| Total interest expense | 175 | 203 |
| Net interest income | 930 | 945 |
| Provision for losses on loans | (20) | 29 |
| Net interest income after provision for losses on loans | 950 | 916 |
| Other income | 120 | 253 |
| General, administrative and other expense | 721 | 730 |
| Earnings before income taxes | 349 | 439 |
| Income taxes | 114 | 146 |
| NET EARNINGS | $ 235 | $ 293 |
| EARNINGS PER SHARE – basic and diluted | $ .15 | $ .19 |