LAWRENCEBURG, Ind., July 11, 2014 (GLOBE NEWSWIRE) -- DSA Financial Corporation (OTCBB: DSFN ) announced its consolidated financial results for the fourth quarter and the fiscal year ended June 30, 2014. For the quarter ended June 30, 2014, the Company recorded net earnings of $248,000 or $0.15 per share as compared to $207,000, or $0.13 per share for the quarter ended June 30, 2013.
The quarter-to-quarter increase in earnings of $41,000, or 19.8%, was attributable primarily to an increase in other income of $59,000 and a $40,000 decrease in provision for losses on loans, partially offset by a decrease in net interest income of $41,000 and an increase in $21,000 in income tax expense. The increase in other income was primarily due to an increase in the value of servicing rights on loans sold to others.
Net earnings for the fiscal year ended June 30, 2014 were $959,000, or $0.59 per share, a decrease of $73,000, or 7.1%, as compared to net earnings of $1,032,000, or $0.65 per share for the fiscal year ended June 30, 2013. The year-to-year decrease in earnings was attributable to a $185,000 or 23.2%, decrease in other income, a decrease in net interest income of $108,000 or 2.8% and a $37,000 or 1.3%, increase in general, administrative and other expense, partially offset by a decrease of $219,000 in provision for losses on loans, and a $38,000, or 7.3%, decrease in income tax expense. The decrease in other income during fiscal year 2014 was primarily due to net gains on the sale of investments and loans that were significantly less than fiscal year 2013. The provision for losses on loans was reduced to reflect a loan portfolio with few collection and valuation issues.
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 August 8, 2014 to stockholders of record as of July 25, 2014.
DSA Financial reported total assets of $122.2 million at June 30, 2014, total liabilities of $104.0 million, including deposits of $92.3 million and total stockholders' equity of $18.1 million. At June 30, 2013, DSA Financial reflected total assets of $115.5 million, total liabilities of $97.9 million, including deposits of $88.6 million and total stockholders' equity of $17.6 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 | ||||
| June 30, 2014 and 2013 | ||||
| (unaudited, dollars in thousands except per share data) | ||||
| ASSETS | 2014 | 2013 | ||
| Cash and cash equivalents | $ 9,233 | $ 5,733 | ||
| Investment and mortgage-backed securities | 16,703 | 12,852 | ||
| Loans receivable | 86,663 | 87,084 | ||
| Other assets | 9,589 | 9,836 | ||
| Total assets | $ 122,188 | $ 115,505 | ||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
| Deposits | $ 92,347 | $ 88,579 | ||
| Advances from the FHLB | 9,000 | 7,000 | ||
| Other liabilities | 2,693 | 2,278 | ||
| Total liabilities | 104,040 | 97,857 | ||
| Stockholders' Equity | 18,148 | 17,648 | ||
| Total liabilities and stockholders' equity | $ 122,188 | $ 115,505 | ||
| DSA FINANCIAL CORPORATION | ||||
| CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS | ||||
| Fiscal year ended June 30, | Three months ended June 30, | |||
| 2014 | 2013 | 2014 | 2013 | |
| Total interest income | $ 4,369 | $ 4,524 | $ 1,072 | $ 1,122 |
| Total interest expense | 679 | 726 | 164 | 173 |
| Net interest income | 3,690 | 3,798 | 908 | 949 |
| Provision for losses on loans | (100) | 119 | (20) | 20 |
| Net interest income after provision for losses on loans | 3,790 | 3,679 | 928 | 929 |
| Other income | 612 | 797 | 178 | 119 |
| General, administrative and other expense | 2,959 | 2,922 | 725 | 730 |
| Earnings before income taxes | 1,443 | 1,554 | 381 | 318 |
| Income taxes | 484 | 522 | 133 | 111 |
| NET EARNINGS | $ 959 | $ 1,032 | $ 248 | $ 207 |
| EARNINGS PER SHARE | $ 0.59 | $ 0.65 | $ 0.15 | $ 0.13 |
Edward Fischer, President and Chief Executive Officer 812 537-0940
