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DSA Financial Corporation Declares a Quarterly Dividend and Reports Earnings for the Fourth Quarter Ended June 30, 2018

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LAWRENCEBURG, Ind., July 20, 2018 (GLOBE NEWSWIRE) -- DSA Financial Corporation (OTC: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
dtaylor@dearbornsavings.com

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
 

 

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