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LAWRENCEBURG, Ind., Oct. 11, 2017 -- 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 7, 2017 to stockholders of record as of October 23, 2017.
DSA Financial also announced its financial results for the first fiscal quarter of fiscal year 2018. The Company recorded net earnings of $197,000 or $0.13 per share which reflected a decrease of $4,000 or $0.00 per share, as compared to the $203,000 or $0.13 per share for same quarter ended September 30, 2016.
Net earnings for the three months ended September 30, 2017 of $197,000 reflected a decrease of $4,000, or 2.0%, as compared to net earnings of $203,000 for the quarter ended September 30, 2016. This decrease in earnings was primarily attributable to a $25,000 decrease in net interest income and a $74,000 increase in general, administrative and other expense partially offset by a $98,000 increase in other income. General, administrative and other expense was significantly higher due to an increase in employee compensation and benefits and professional and consulting expenses.
DSA Financial reported total assets of $116.5 million at September 30, 2017, total liabilities of $99.7 million, including deposits of $90.6 million and total stockholders’ equity of $16.9 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.
| DSA FINANCIAL CORPORATION | |||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION | |||||||||||
| (unaudited, dollars in thousands except per share data) | |||||||||||
| September 30, | June 30, | ||||||||||
| ASSETS | 2017 | 2017 | |||||||||
| Cash and cash equivalents | $ | 3,384 | $ | 5,855 | |||||||
| Investment and mortgage-backed securities | 16,701 | 16,760 | |||||||||
| Loans receivable | 87,902 | 87,174 | |||||||||
| Other assets | 8,519 | 8,574 | |||||||||
| Total assets | $ | 116,506 | $ | 118,363 | |||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
| Deposits | $ | 90,584 | $ | 92,478 | |||||||
| Advances from the FHLB | 6,000 | 5,000 | |||||||||
| Other liabilities | 3,068 | 3,313 | |||||||||
| Total liabilities | 99,652 | 100,791 | |||||||||
| Stockholders' Equity | 16,854 | 17,572 | |||||||||
| Total liabilities and stockholders' equity | $ | 116,506 | $ | 118,363 | |||||||
| DSA FINANCIAL CORPORATION | |||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS | |||||||||||
| Three months ended | |||||||||||
| September 30, | |||||||||||
| 2017 | 2016 | ||||||||||
| Total interest income | $ | 978 | $ | 1,030 | |||||||
| Total interest expense | 154 | 181 | |||||||||
| Net interest income | 824 | 849 | |||||||||
| Provision for losses on loans | - | - | |||||||||
| Net interest income after provision for | |||||||||||
| losses on loans | 824 | 849 | |||||||||
| Other income | 279 | 181 | |||||||||
| General, administrative and other expense | 798 | 724 | |||||||||
| Earnings before income taxes | 305 | 306 | |||||||||
| Income taxes | 108 | 103 | |||||||||
| NET EARNINGS | $ | 197 | $ | 203 | |||||||
| EARNINGS PER SHARE | $ | 0.13 | $ | 0.13 | |||||||
Contact: Derrick S. Taylor Vice President & Chief Financial Officer [email protected]
