DSA Financial Corporation Declares a Quarterly Dividend and Reports Earnings for the Fourth Quarter Ended June 30, 2018
LAWRENCEBURG, Ind., July 20, 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 August 14, 2018 to stockholders of record as of July 30, 2018.
DSA Financial also announced its financial results for the fourth fiscal quarter and the twelve months ended June 30, 2018. The Company recorded net earnings of $273,000 or $0.20 per share which reflected an increase of $120,000 or $0.10 per share, as compared to the $153,000 or $0.10 per share for the same quarter ended June 30, 2017. In addition, the Company recorded net income of $826,000 or $0.60 per share for the twelve month period ended June 30, 2018, which reflected an increase of $109,000 or $0.14 per share, as compared to the twelve month period ended June 30, 2017.
Net earnings for the three months ended June 30, 2018 of $273,000 reflected an increase of $120,000, or 78.4%, as compared to net earnings of $153,000 for the quarter ended June 30, 2017. This increase in earnings was primarily attributable to a $118,000 increase in other income and a $108,000 decrease in general, administrative and other expense partially offset by a $24,000 decrease in net interest income and a $20,000 increase in provision for losses on loans. Other income was significantly higher due to the recognition of mortality income on BOLI insurance.
Net earnings for the twelve months ended June 30, 2018 were $826,000, an increase of $109,000, or 15.2%, as compared to the twelve month period ended June 30, 2017. The increase in earnings was primarily attributed to a $352,000 increase in other income and a $155,000 decrease in general, administrative and other expense partially offset by a $121,000 decrease in net interest income, a $20,000 increase in provision for losses on loans and a $257,000 increase in income taxes. Other income was significantly higher due to increases in gain on sale of loans to the secondary market, gain on sale of other assets and the recognition of mortality income on BOLI insurance. Income taxes were significantly higher due to a one-time charge in the second quarter to reduce the carrying value of its deferred tax assets due to the Tax Cuts and Jobs Act.
DSA Financial reported total assets of $119.8 million at June 30, 2018, total liabilities of $104.5 million, including deposits of $90.9 million and total stockholders’ equity of $15.3 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.
Contact:
Derrick S. Taylor
Vice President & Chief Financial Officer
| DSA FINANCIAL CORPORATION | ||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION | ||||||||||||||
| (unaudited, dollars in thousands except per share data) | ||||||||||||||
| June 30 | March 31 | |||||||||||||
| ASSETS | 2018 | 2018 | ||||||||||||
| Cash and cash equivalents | $ | 3,922 | $ | 2,503 | ||||||||||
| Investment and mortgage-backed securities | 12,225 | 12,805 | ||||||||||||
| Loans receivable | 95,251 | 87,194 | ||||||||||||
| Other assets | 8,448 | 8,269 | ||||||||||||
| Total assets | $ | 119,846 | $ | 110,771 | ||||||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||
| Deposits | $ | 90,924 | $ | 86,451 | ||||||||||
| Advances from the FHLB | 11,000 | 6,000 | ||||||||||||
| Other liabilities | 2,552 | 2,973 | ||||||||||||
| Total liabilities | 104,476 | 95,424 | ||||||||||||
| Stockholders' Equity | 15,370 | 15,347 | ||||||||||||
| Total liabilities and stockholders' equity | $ | 119,846 | $ | 110,771 | ||||||||||
| DSA FINANCIAL CORPORATION | ||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS | ||||||||||||||
| Twelve months ended | Three months ended | |||||||||||||
| June 30 | June 30 | |||||||||||||
| 2018 | 2017 | 2018 | 2017 | |||||||||||
| Total interest income | $ | 4,001 | $ | 4,095 | $ | 1,057 | $ | 1,011 | ||||||
| Total interest expense | 717 | 690 | 226 | 156 | ||||||||||
| Net interest income | 3,284 | 3,405 | 831 | 855 | ||||||||||
| Provision for losses on loans | 20 | - | 20 | - | ||||||||||
| Net interest income after provision for | ||||||||||||||
| losses on loans | 3,264 | 3,405 | 811 | 855 | ||||||||||
| Other income | 996 | 644 | 256 | 138 | ||||||||||
| General, administrative and other expense | 2,816 | 2,971 | 682 | 790 | ||||||||||
| Earnings before income taxes | 1,444 | 1,078 | 385 | 203 | ||||||||||
| Income taxes | 618 | 361 | 112 | 50 | ||||||||||
| NET EARNINGS | $ | 826 | $ | 717 | $ | 273 | $ | 153 | ||||||
| EARNINGS PER SHARE | $ | 0.60 | $ | 0.46 | $ | 0.20 | $ | 0.10 | ||||||
