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 | ||||||||||||||||