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LAWRENCEBURG, Ind., Jan. 24, 2018 -- DSA Financial Corporation (OTCBB:DSFN) -- DSA Financial previously announced its financial results on January 10, 2018. Further regulatory guidance was issued on January 18, 2018 addressing provisions made in the Tax Cuts and Jobs Act (the “Act”), which caused the Company to amend its financial results for the second fiscal quarter and the six months ended December 31, 2017 to account for the reduction in the Federal Corporate tax rate to a flat 21% and the related effect to the value of the deferred tax asset.
The Company recorded net earnings of $60,000 or $0.04 per share which reflected a decrease of $144,000 or $0.09 per share, as compared to the $204,000 or $0.13 per share for same quarter ended December 31, 2016. In addition, the Company recorded net income of $257,000 or $0.18 per share for the six month period ended December 31, 2017, which reflected a decrease of $150,000, or $0.07 per share, as compared to the six month period ended December 31, 2016.
Net income for the quarter and the six months ended December 31, 2017 was negatively affected as the Company recorded a $214,000, or $0.15 per share, one-time charge for the second quarter 2018 to reduce the carrying value of its deferred tax assets due to the Act. The Act includes a number of changes in existing tax law impacting businesses including, among other things, a permanent reduction in the corporate income tax rate from 35% to 21%, which took effect on January 1, 2018. The reduction in the carrying value of the deferred tax assets is subject to adjustment in future periods.
Net income for the quarter and the six months ended December 31, 2017 was positively affected as the Company recorded a $45,000, or $0.03 per share, one-time charge for the second quarter 2018 to reduce the current year tax expense due to the Act.
DSA Financial reported total assets of $113.1 million at December 31, 2017, total liabilities of $97.2 million, including deposits of $87.0 million and total stockholders’ equity of $15.9 million.
This announcement does not affect the dividend for this quarter announced on January 10, 2018, for shareholders on record as of January 26, 2018, and payable on February 12, 2018.
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.
| DSA FINANCIAL CORPORATION | |||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION | |||||||||||||
| (unaudited, dollars in thousands except per share data) | |||||||||||||
| December 31 | September 30 | ||||||||||||
| ASSETS | 2017 | 2017 | |||||||||||
| Cash and cash equivalents | $ | 2,553 | $ | 3,384 | |||||||||
| Investment and mortgage-backed securities | 15,390 | 16,701 | |||||||||||
| Loans receivable | 86,875 | 87,902 | |||||||||||
| Other assets | 8,309 | 8,519 | |||||||||||
| Total assets | $ | 113,127 | $ | 116,506 | |||||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||
| Deposits | $ | 86,997 | $ | 90,584 | |||||||||
| Advances from the FHLB | 7,500 | 6,000 | |||||||||||
| Other liabilities | 2,718 | 3,068 | |||||||||||
| Total liabilities | 97,215 | 99,652 | |||||||||||
| Stockholders' Equity | 15,912 | 16,854 | |||||||||||
| Total liabilities and stockholders' equity | $ | 113,127 | $ | 116,506 | |||||||||
| DSA FINANCIAL CORPORATION | |||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS | |||||||||||||
| Six months ended | Three months ended | ||||||||||||
| December 31 | December 31 | ||||||||||||
| 2017 | 2016 | 2017 | 2016 | ||||||||||
| Total interest income | $ | 1,953 | $ | 2,063 | $ | 974 | $ | 1,031 | |||||
| Total interest expense | 315 | 364 | 161 | 183 | |||||||||
| Net interest income | 1,638 | 1,699 | 813 | 848 | |||||||||
| Provision for losses on loans | - | - | - | - | |||||||||
| Net interest income after provision for losses on loans | 1,638 | 1,699 | 813 | 848 | |||||||||
| Other income | 563 | 362 | 285 | 182 | |||||||||
| General, administrative and other expense | 1,536 | 1,429 | 739 | 704 | |||||||||
| Earnings before income taxes | 665 | 632 | 359 | 326 | |||||||||
| Income taxes | 408 | 225 | 299 | 122 | |||||||||
| NET EARNINGS | $ | 257 | $ | 407 | $ | 60 | $ | 204 | |||||
| EARNINGS PER SHARE | $ | 0.18 | $ | 0.25 | $ | 0.04 | $ | 0.13 | |||||
Contact:
Derrick S. Taylor
Vice President & Chief Financial Officer
[email protected]
