LAWRENCEBURG, Ind., Jan. 08, 2016 (GLOBE NEWSWIRE) -- 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 11, 2016 to stockholders of record as of January 25, 2016.

DSA Financial also announced its financial results for the second fiscal quarter and the six months ended December 31, 2015. The Company recorded net earnings of $249,000 or $0.15 per share which reflected a decrease of $34,000 or $0.02 per share, as compared to the $283,000 or $0.17 per share for same quarter ended December 31, 2014. In addition, the Company recorded net income of $438,000 or $0.27 per share for the six month period ended December 31, 2015, which reflected a decrease of $89,000, or $0.05 per share, as compared to the six month period ended December 31, 2014.

Net earnings for the three months ended December 31, 2015 of $249,000 reflected a decrease of $34,000, or 12.0%, as compared to net earnings of $283,000 for the quarter ended December 31, 2014. This decrease in earnings was primarily attributable to a $60,000 decrease in net interest income and a $49,000 decrease in other income partially offset by a $24,000 decrease in general, administrative and other expense and a $38,000 decrease in income taxes. General, administrative and other expense was significantly lower due to reduced expenses related to foreclosed real estate.

Net earnings for the six months ended December 31, 2015 were $438,000, a decrease of $89,000, or 16.9%, as compared to the six month period ended December 31, 2014. The decrease in earnings was primarily attributed to an $89,000 decrease in net interest income and a $45,000 decrease in other income offset by a $62,000 decrease in income taxes. Other income for the six month period ended December 31, 2014 included gains on sale of investments that were $64,000 greater than for the six month period ended December 31, 2015.

DSA Financial reported total assets of $116.4 million at December 31, 2015, total liabilities of $98.2 million, including deposits of $90.9 million and total stockholders’ equity of $18.1 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														2015				2015
Cash and cash equivalents													$	14,081			$	6,173
Investment and mortgage-backed securities														7,465				16,032
Loans receivable														86,331				86,385
Other assets														8,490				8,986
Total assets													$	116,367			$	117,576
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits													$	90,906			$	89,171
Advances from the FHLB														5,000				8,000
Other liabilities														2,331				2,245
Total liabilities														98,237				99,416
Stockholders' Equity														18,130				18,160
Total liabilities and stockholders' equity													$	116,367			$	117,576
	DSA FINANCIAL CORPORATION
	CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
									Six months ended								Three months ended
									December 31,								December 31,
										2015				2014				2015				2014
Total interest income									$	2,034			$	2,122			$	1,005			$	1,063
Total interest expense										324				323				163				161
Net interest income										1,710				1,799				842				902
Provision for losses on loans										(43	)			(50	)			(43	)			(30	)
Net interest income after provision for losses on loans										1,753				1,849				885				932
Other income										281				326				161				210
General, administrative and other expense										1,387				1,377				682				706
Earnings before income taxes										647				798				364				436
Income taxes										209				271				115				153
NET EARNINGS									$	438			$	527			$	249			$	283
EARNINGS PER SHARE									$	0.27			$	0.32			$	0.15			$	0.17

 

 

CONTACT: 
Steven Doll 
812 537-0940 
sdoll@dearbornsavings.com

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