DSA Financial Corporation Reports Earnings for the Third Quarter Ended March 31, 2014 and Declares a Quarterly Dividend


LAWRENCEBURG, Ind., April 11, 2014 (GLOBE NEWSWIRE) -- DSA Financial Corporation (OTCBB:DSFN) announced its financial results for the third fiscal quarter ended March 31, 2014. The Company recorded net earnings of $210,000, or $0.13 per share, reflecting a decrease of $17,000 as compared to the same quarter ended March 31, 2013, when the Company reported net earnings of $227,000, or $0.14 per share.

The quarter-to-quarter decrease in earnings was attributed primarily to a $89,000, or 12.7%, increase in general, administrative and other expense, offset primarily by a $35,000, or 25.4%, increase in other income and a $40,000 decrease in provision for losses on loans. General, administrative and other expense was higher due to a $91,000 increase in operating expenses in our subsidiary which owns two properties acquired through foreclosure. Other income was higher due to a $65,000 insurance claim offset by $29,000 decrease on the gain on sale of loans.

Net earnings for the nine months ended March 31, 2014 were $711,000, or $0.44 per share, a decrease of $114,000, or 13.8%, as compared to the nine month period ended March 31, 2013. The decrease in earnings was attributed primarily to a $67,000, or 2.3%, decrease in net interest income, a $244,000, or 36.0%, decrease in other income and a $42,000, or 1.9%, increase in general, administrative and other expense partially offset by a decrease of $179,000 in provision for losses on loans and a $60,000, or 14.6%, decrease in income taxes. General, administrative and other expense was higher due to property acquired through foreclosure expenses showing an increase of $54,000 as compared to the period ended March 31, 2013. Other income was lower due to a $294,000 decrease on the gain on sale of loans and a $43,000 decrease on the gain on sale of Other Real Estate Owned. These decreases were partially offset by the aforementioned $65,000 insurance claim mentioned above.

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 May 9, 2014 to stockholders of record as of April 25, 2014.

DSA Financial reported total assets of $117.9 million at March 31, 2014, total liabilities of $100.1 million, including deposits of $88.7 million and total stockholders' equity of $17.8 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)  
         
ASSETS   March 31,
2014
June 30,
2013
         
Cash and cash equivalents    $ 5,406  $ 5,733  
Investment and mortgage-backed securities    15,633  12,852  
Loans receivable    87,098  87,084  
Other assets    9,800  9,836  
         
Total assets    $ 117,937  $ 115,505  
         
         
LIABILITIES AND STOCKHOLDERS' EQUITY      
         
Deposits    $ 88,661  $ 88,579  
Advances from the FHLB    9,000  7,000  
Other liabilities    2,456  2,278  
         
Total liabilities    100,117  97,857  
         
Stockholders' Equity    17,820  17,648  
         
Total liabilities and stockholders' equity    $ 117,937  $ 115,505  
         
 
DSA FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
         
  Nine months ended
March 31,
Three months ended
March 31,
  2014 2013 2014 2013
         
Total interest income  $ 3,297  $ 3,402  $ 1,093  $ 1,111
         
Total interest expense  515  553  163  171
         
Net interest income  2,782  2,849  930  940
         
Provision for losses on loans  (80)  99  --   40
         
Net interest income after provision for losses on loans  2,862  2,750  930  900
         
Other income  434  678  173  138
         
General, administrative and other expense  2,234  2,192  791  702
         
Earnings before income taxes  1,062  1,236  312  336
         
Income taxes  351  411  102  109
         
         
NET EARNINGS  $ 711  $ 825  $ 210  $ 227
         
EARNINGS PER SHARE  $ 0.44  $ 0.52  $ 0.13  $ 0.14

            

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