LAWRENCEBURG, Ind., April 10, 2015 (GLOBE NEWSWIRE) -- DSA Financial Corporation (OTCBB: DSFN ) announced its financial results for the third fiscal quarter ended March 31, 2015. The Company recorded net earnings of $201,000 or $0.12 per share, reflecting a decrease of $9,000 as compared to the same quarter ended March 31, 2014, when the Company reported net earnings of $210,000, or $0.13 per share.
The quarter-to-quarter decrease in earnings was attributed primarily to a $61,000, or 6.5%, decrease in net interest income and a $56,000 or 32.4%, decrease in other income primarily offset by a $102,000 or 12.9%, decrease in general, administrative and other expense. General, administrative and other expense was lower due to an $118,000 decrease in operating expenses in our subsidiary which disposed of two properties acquired through foreclosure in May and October, 2014. Other income was lower in 2015 due to a one time $65,000 insurance claim received in March, 2014.
Net earnings for the nine months ended March 31, 2015 were $728,000, or $0.44 per share, an increase of $17,000, or 2.4%, as compared to the nine month period ended March 31, 2014. The increase in earnings was attributed to a $168,000 or 7.5%, decrease in general, administrative and other expense offset by an $114,000 or 4.1%, decrease in net interest income and a $26,000 or 7.4%, increase in income taxes. General, administrative and other expense was lower due to property acquired through foreclosure expenses showing a decrease of $170,000 as compared to the nine month period ended March 31, 2014. Other income reflected a slight increase of $9,000 primarily as the gain on sale of investments for the nine month period ended March 31, 2015, increased by $68,000 which offset the aforementioned $65,000 insurance claim received in March, 2014.
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 8, 2015 to stockholders of record as of April 24, 2015.
DSA Financial reported total assets of $118.1 million at March 31, 2015, total liabilities of $99.8 million, including deposits of $89.4 million and total stockholders' equity of $18.3 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) | ||
| March 31, | June 30, | |
| ASSETS | 2015 | 2014 |
| Cash and cash equivalents | $ 7,645 | $ 9,233 |
| Investment and mortgage-backed securities | 15,340 | 16,703 |
| Loans receivable | 85,994 | 86,663 |
| Other assets | 9,132 | 9,589 |
| Total assets | $ 118,111 | $ 122,188 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| Deposits | $ 89,352 | $ 92,347 |
| Advances from the FHLB | 8,000 | 9,000 |
| Other liabilities | 2,410 | 2,693 |
| Total liabilities | 99,762 | 104,040 |
| Stockholders' Equity | 18,349 | 18,148 |
| Total liabilities and stockholders' equity | $ 118,111 | $ 122,188 |
| DSA FINANCIAL CORPORATION | ||||
| CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS | ||||
| Nine months ended | Three months ended | |||
| March 31, | March 31, | |||
| 2015 | 2014 | 2015 | 2014 | |
| Total interest income | $ 3,149 | $ 3,297 | $ 1,027 | $ 1,093 |
| Total interest expense | 481 | 515 | 158 | 163 |
| Net interest income | 2,668 | 2,782 | 869 | 930 |
| Provision for losses on loans | (60) | (80) | (10) | -- |
| Net interest income after provision for losses on loans | 2,728 | 2,862 | 879 | 930 |
| Other income | 443 | 434 | 117 | 173 |
| General, administrative and other expense | 2,066 | 2,234 | 689 | 791 |
| Earnings before income taxes | 1,105 | 1,062 | 307 | 312 |
| Income taxes | 377 | 351 | 106 | 102 |
| NET EARNINGS | $ 728 | $ 711 | $ 201 | $ 210 |
| EARNINGS PER SHARE | $ 0.44 | $ 0.44 | $ 0.12 | $ 0.13 |
Steven R Doll Vice President and CFO 812 537-0940
