DSA Financial Corporation Declares a Quarterly Dividend and Reports Earnings for the Second Quarter Ended December 31, 2017
LAWRENCEBURG, Ind., Jan. 10, 2018 (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 12, 2018 to stockholders of record as of January 26, 2018.
DSA Financial also announced its financial results for the second fiscal quarter and the six months ended December 31, 2017. The Company recorded net earnings of $229,000 or $0.16 per share which reflected an increase of $15,000 or $0.03 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 $426,000 or $0.30 per share for the six month period ended December 31, 2017, which reflected an increase of $19,000, or $0.05 per share, as compared to the six month period ended December 31, 2016.
Net earnings for the three months ended December 31, 2017 of $229,000 reflected an increase of $15,000, or 7.4%, as compared to net earnings of $204,000 for the quarter ended December 31, 2016. This increase in earnings was primarily attributable to a $103,000 increase in other income partially offset by a $35,000 decrease in net interest income and a $35,000 increase in general, administrative and other expense. Other income was significantly higher due to an increase in gain on sale of loans to the secondary market and in gain on sale of investments.
Net earnings for the six months ended December 31, 2017 were $426,000, an increase of $19,000, or 4.7%, as compared to the six month period ended December 31, 2016. The increase in earnings was primarily attributed to a $206,000 increase in other income offset by a $61,000 decrease in net interest income and a $108,000 increase in general, administrative and other expense. Other income was significantly higher due to an increase in gain on sale of loans to the secondary market, in gain on sale of investments, and in gain on sale of other assets.
DSA Financial reported total assets of $113.3 million at December 31, 2017, total liabilities of $97.3 million, including deposits of $87.0 million and total stockholders’ equity of $16.1 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.
| 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 | 8,529 | 8,519 | ||||||
| Total assets | $ | 113,347 | $ | 116,506 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Deposits | $ | 86,997 | $ | 90,584 | ||||
| Advances from the FHLB | 7,500 | 6,000 | ||||||
| Other liabilities | 2,769 | 3,068 | ||||||
| Total liabilities | 97,266 | 99,652 | ||||||
| Stockholders' Equity | 16,081 | 16,854 | ||||||
| Total liabilities and stockholders' equity | $ | 113,347 | $ | 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 | 1,537 | 1,429 | 739 | 704 | |||||||||
| Earnings before income taxes | 664 | 632 | 359 | 326 | |||||||||
| Income taxes | 238 | 225 | 130 | 122 | |||||||||
| NET EARNINGS | $ | 426 | $ | 407 | $ | 229 | $ | 204 | |||||
| EARNINGS PER SHARE | $ | 0.30 | $ | 0.25 | $ | 0.16 | $ | 0.13 | |||||
Contact:
Derrick S. Taylor
Vice President & Chief Financial Officer
dtaylor@dearbornsavings.com
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
