OpenAI Expands Enterprise AI Strategy With Major Hiring Push Ahead of New Business Offering 
Sony Q3 Profit Jumps on Gaming and Image Sensors, Full-Year Outlook Raised 
Uber Ordered to Pay $8.5 Million in Bellwether Sexual Assault Lawsuit 
SoftBank Shares Slide After Arm Earnings Miss Fuels Tech Stock Sell-Off 
Instagram Outage Disrupts Thousands of U.S. Users 
Alphabet’s Massive AI Spending Surge Signals Confidence in Google’s Growth Engine 
CK Hutchison Launches Arbitration After Panama Court Revokes Canal Port Licences 
TrumpRx Website Launches to Offer Discounted Prescription Drugs for Cash-Paying Americans 
Washington Post Publisher Will Lewis Steps Down After Layoffs 
Once Upon a Farm Raises Nearly $198 Million in IPO, Valued at Over $724 Million 
Hims & Hers Halts Compounded Semaglutide Pill After FDA Warning 
Nasdaq Proposes Fast-Track Rule to Accelerate Index Inclusion for Major New Listings 
Tencent Shares Slide After WeChat Restricts YuanBao AI Promotional Links 
American Airlines CEO to Meet Pilots Union Amid Storm Response and Financial Concerns 
SpaceX Prioritizes Moon Mission Before Mars as Starship Development Accelerates 
Prudential Financial Reports Higher Q4 Profit on Strong Underwriting and Investment Gains 
Toyota’s Surprise CEO Change Signals Strategic Shift Amid Global Auto Turmoil 
LAWRENCEBURG, Ind., Jan. 06, 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 February 8, 2017 to stockholders of record as of January 24, 2017.
DSA Financial also announced its financial results for the second fiscal quarter and the six months ended December 31, 2016. The Company recorded net earnings of $204,000 or $0.13 per share which reflected a decrease of $45,000 or $0.02 per share, as compared to the $249,000 or $0.15 per share for same quarter ended December 31, 2015. In addition, the Company recorded net income of $407,000 or $0.25 per share for the six month period ended December 31, 2016, which reflected a decrease of $31,000, or $0.02 per share, as compared to the six month period ended December 31, 2015.
Net earnings for the three months ended December 31, 2016 of $204,000 reflected a decrease of $45,000, or 18.1%, as compared to net earnings of $249,000 for the quarter ended December 31, 2015. This decrease in earnings was primarily attributable to a $6,000 decrease in net interest income and a $43,000 increase in provision for loan losses partially offset by a $21,000 increase in other income and a $22,000 increase in general, administrative and other expense. Provision for loan losses was significantly higher due to receipt of a recovery in 2015 of a prior-year charge-off on one loan.
Net earnings for the six months ended December 31, 2016 were $407,000, a decrease of $31,000, or 7.1%, as compared to the six month period ended December 31, 2015. The decrease in earnings was primarily attributed to an $11,000 decrease in net interest income and a $43,000 increase in provision for loan losses offset by an $81,000 increase in other income and a $42,000 increase in general, administrative and other expense. Other income for the six month period ended December 31, 2016 included gains on sale of loans that were $32,000 greater than for the six month period ended December 31, 2015.
DSA Financial reported total assets of $126.8 million at December 31, 2016, total liabilities of $109.0 million, including deposits of $96.2 million and total stockholders’ equity of $17.9 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 and one branch office.
| DSA FINANCIAL CORPORATION | ||||||||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION | ||||||||||||||||||||||
| (unaudited, dollars in thousands except per share data) | ||||||||||||||||||||||
| December 31, | June 30, | |||||||||||||||||||||
| ASSETS | 2016 | 2016 | ||||||||||||||||||||
| Cash and cash equivalents | $ | 3,691 | $ | 5,583 | ||||||||||||||||||
| Investment and mortgage-backed securities | 24,310 | 20,573 | ||||||||||||||||||||
| Loans receivable | 90,274 | 90,634 | ||||||||||||||||||||
| Other assets | 8,554 | 8,502 | ||||||||||||||||||||
| Total assets | $ | 126,829 | $ | 125,292 | ||||||||||||||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||||||||
| Deposits | $ | 96,208 | $ | 96,736 | ||||||||||||||||||
| Advances from the FHLB | 10,000 | 8,000 | ||||||||||||||||||||
| Other liabilities | 2,744 | 2,474 | ||||||||||||||||||||
| Total liabilities | 108,952 | 107,210 | ||||||||||||||||||||
| Stockholders' Equity | 17,877 | 18,082 | ||||||||||||||||||||
| Total liabilities and stockholders' equity | $ | 126,829 | $ | 125,292 | ||||||||||||||||||
| DSA FINANCIAL CORPORATION | ||||||||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS | ||||||||||||||||||||||
| Six months ended | Three months ended | |||||||||||||||||||||
| December 31, | December 31, | |||||||||||||||||||||
| 2016 | 2015 | 2016 | 2015 | |||||||||||||||||||
| Total interest income | $ | 2,063 | $ | 2,034 | $ | 1,031 | $ | 1,005 | ||||||||||||||
| Total interest expense | 364 | 324 | 183 | 163 | ||||||||||||||||||
| Net interest income | 1,699 | 1,710 | 848 | 842 | ||||||||||||||||||
| Provision for losses on loans | - | (43 | ) | - | (43 | ) | ||||||||||||||||
| Net interest income after provision for | ||||||||||||||||||||||
| losses on loans | 1,699 | 1,753 | 848 | 885 | ||||||||||||||||||
| Other income | 362 | 281 | 182 | 161 | ||||||||||||||||||
| General, administrative and other expense | 1,429 | 1,387 | 704 | 682 | ||||||||||||||||||
| Earnings before income taxes | 632 | 647 | 326 | 364 | ||||||||||||||||||
| Income taxes | 225 | 209 | 122 | 115 | ||||||||||||||||||
| NET EARNINGS | $ | 407 | $ | 438 | $ | 204 | $ | 249 | ||||||||||||||
| EARNINGS PER SHARE | $ | 0.25 | $ | 0.27 | $ | 0.13 | $ | 0.15 | ||||||||||||||
Contact: Derrick S. Taylor Vice President & Chief Financial Officer [email protected]
