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 |
Edward Fischer, President and Chief Executive Officer 812 537-0940
