LAWRENCEBURG, Ind., Oct. 06, 2016 (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 November 8, 2016 to stockholders of record as of October 24, 2016.
DSA Financial also announced its financial results for the first quarter of fiscal year 2017. For the quarter ended September 30, 2016, the Company recorded net earnings of $203,000 or $0.13 per share. For the quarter ended September 30, 2015, the Company recorded net earnings of $190,000 or $0.12 per share, an increase of $13,000 or 6.8%.
The quarter-to-quarter increase in earnings was attributed primarily to an increase of $62,000 or 52.1%, in other income, partially offset by a $20,000 or 2.8%, increase in general, administrative and other expense, a $19,000 increase in total interest expense and a $10,000 increase in income taxes. Other income for the three month period ended September 30, 2016 included gains on sale of loans that were $45,000 greater than the three month period ended September 30, 2015.
DSA Financial reported total assets of $125.3 million at September 30, 2016, total liabilities of $107.3 million, including deposits of $96.6 million and total stockholders’ equity of $18.0 million.
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 | 2016 | 2016 | |||||||||||||||||
| Cash and cash equivalents | $ | 2,602 | $ | 5,583 | |||||||||||||||
| Investment and mortgage-backed securities | 22,421 | 20,573 | |||||||||||||||||
| Loans receivable | 91,752 | 90,634 | |||||||||||||||||
| Other assets | 8,482 | 8,502 | |||||||||||||||||
| Total assets | $ | 125,257 | $ | 125,292 | |||||||||||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||||||||
| Deposits | $ | 96,566 | $ | 96,736 | |||||||||||||||
| Advances from the FHLB | 8,000 | 8,000 | |||||||||||||||||
| Other liabilities | 2,716 | 2,474 | |||||||||||||||||
| Total liabilities | 107,282 | 107,210 | |||||||||||||||||
| Stockholders' Equity | 17,975 | 18,082 | |||||||||||||||||
| Total liabilities and stockholders' equity | $ | 125,257 | $ | 125,292 | |||||||||||||||
| DSA FINANCIAL CORPORATION | |||||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS | |||||||||||||||||||
| Three months ended | |||||||||||||||||||
| September 30, | |||||||||||||||||||
| 2016 | 2015 | ||||||||||||||||||
| Total interest income | $ | 1,030 | $ | 1,030 | |||||||||||||||
| Total interest expense | 181 | 162 | |||||||||||||||||
| Net interest income | 849 | 868 | |||||||||||||||||
| Provision for losses on loans | - | - | |||||||||||||||||
| Net interest income after provision for | |||||||||||||||||||
| losses on loans | 849 | 868 | |||||||||||||||||
| Other income | 181 | 119 | |||||||||||||||||
| General, administrative and other expense | 724 | 704 | |||||||||||||||||
| Earnings before income taxes | 306 | 283 | |||||||||||||||||
| Income taxes | 103 | 93 | |||||||||||||||||
| NET EARNINGS | $ | 203 | $ | 190 | |||||||||||||||
| EARNINGS PER SHARE | $ | 0.13 | $ | 0.12 | |||||||||||||||