LAWRENCEBURG, Ind., Oct. 8, 2014 (GLOBE NEWSWIRE) -- DSA Financial Corporation (OTCBB:DSFN) announced its financial results for the first quarter of fiscal year 2014. For the quarter ended September 30, 2014, the Company recorded net earnings of $244,000 or $0.15 per share. For the quarter ended September 30, 2013, the Company recorded net earnings of $235,000 or $0.15 per share, an increase of $9,000 or 3.8%.
The quarter-to-quarter increase in earnings was attributed primarily to a decrease of $50,000 or 6.9%, in general, administrative and other expense which was partially offset by a decrease of $33,000 or 3.5%, in net interest income. General, administrative and other expense was lower primarily due to a $37,000 decrease in expenses related to foreclosed real estate.
DSA Financial reported total assets of $116.1 million at September 30, 2014, total liabilities of $97.9 million, including deposits of $87.2 million and total stockholders' equity of $18.2 million.
In addition, Edward L. Fischer, 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, 2014 to stockholders of record as of October 27, 2014.
DSA Financial Corporation is the holding company for Dearborn Savings Bank, a federally chartered savings institution headquartered in Lawrenceburg, Indiana. Dearborn Savings Bank operates through its main office and one branch office located in Lawrenceburg, Indiana.
| DSA FINANCIAL CORPORATION | ||
| CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION | ||
| (unaudited, dollars in thousands except per share data) | ||
| ASSETS |
September 30, 2014 |
June 30, 2014 |
| Cash and cash equivalents | $ 2,558 | $ 9,233 |
| Investment and mortgage-backed securities | 17,873 | 16,703 |
| Loans receivable | 86,132 | 86,663 |
| Other assets | 9,541 | 9,589 |
| Total assets | $ 116,104 | $ 122,188 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| Deposits | $ 87,228 | $ 92,347 |
| Advances from the FHLB | 8,000 | 9,000 |
| Other liabilities | 2,718 | 2,693 |
| Total liabilities | 97,946 | 104,040 |
| Stockholders' Equity | 18,158 | 18,148 |
| Total liabilities and stockholders' equity | $ 116,104 | $ 122,188 |
| DSA FINANCIAL CORPORATION | ||
| CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS | ||
|
Three months ended September 30, |
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| 2014 | 2013 | |
| Total interest income | $ 1,059 | $ 1,105 |
| Total interest expense | 162 | 175 |
| Net interest income | 897 | 930 |
| Provision for losses on loans | (20) | (20) |
| Net interest income after provision for losses on loans | 917 | 950 |
| Other income | 116 | 120 |
| General, administrative and other expense | 671 | 721 |
| Earnings before income taxes | 362 | 349 |
| Income taxes | 118 | 114 |
| NET EARNINGS | $ 244 | $ 235 |
| EARNINGS PER SHARE | $ 0.15 | $ 0.15 |