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LAWRENCEBURG, Ind., April 08, 2019 (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 May 7, 2019 to stockholders of record as of April 22, 2019.
DSA Financial also announced its financial results for the third fiscal quarter and the nine months ending March 31, 2019. For the third fiscal quarter, the Company recorded net earnings of $193,000 or $0.14 per share which reflected a decrease of $101,000 or $0.07 per share, as compared to the $294,000 or $0.21 per share for the same quarter ended March 31, 2018. In addition, the Company recorded net income of $552,000 or $0.41 per share for the nine months ending March 31, 2019, which reflected a decrease of $1,000 or $0.01 per share, as compared to the nine months ending March 31, 2018.
Net earnings for the fiscal quarter ending March 31, 2019 of $193,000 reflected a decrease of $101,000, or (34.35%), as compared to net earnings of $294,000 for the quarter ending March 31, 2018. This decrease in earnings was primarily attributable to a $204,000 increase in general, administrative and other expenses and a $44,000 decrease in other income partially offset by a $43,000 increase in net interest income after provision and a $104,000 decrease in income taxes.
Net earnings for the nine months ending March 31, 2019 were $552,000, a decrease of $1,000, or (0.18%), as compared to the nine month period ending March 31, 2018. The decrease in earnings was primarily attributed to a $198,000 decrease in other income and a $272,000 increase in general, administrative and other expense offset by a $75,000 increase in net interest income after provision and a $394,000 decrease in income taxes.
The significant reduction in income taxes for both the quarter and nine months ending March 31, 2019 was due to the Tax Cuts and Jobs Act (the “Act”) passed by Congress in December, 2017 reducing the Federal Corporate tax rate to a flat 21% and the related effect to the value of the deferred tax asset. As a result of the Act, in December, 2017, the Company recorded a $214,000 one-time charge to reduce the carrying value of its deferred tax assets.
DSA Financial reported total assets of $125.6 million at March 31, 2019, total liabilities of $110.3 million, including deposits of $100.7 million and total stockholders’ equity of $15.3 million.
DSA Financial Corporation is the holding company for Dearborn Savings Bank, a federally chartered savings bank headquartered in Lawrenceburg, Indiana. Dearborn Savings operates through its main office.
|DSA FINANCIAL CORPORATION|
|CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION|
|(unaudited, dollars in thousands except per share data)|
|March 31||December 31|
|Cash and cash equivalents||$||6,434||$||7,410|
|Investment and mortgage-backed securities||9,763||9,891|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Advances from the FHLB||7,000||8,500|
|Total liabilities and stockholders' equity||$||125,583||$||122,865|
|DSA FINANCIAL CORPORATION|
|CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS|
|Nine months ended||Three months ended|
|March 31||March 31|
|Total interest income||$||3,445||$||2,945||$||1,194||$||991|
|Total interest expense||887||492||317||177|
|Net interest income||2,558||2,453||877||814|
|Provision for losses on loans||30||-||20||-|
|Net interest income after provision for|
|losses on loans||2,528||2,453||857||814|
|General, administrative and other expense||2,406||2,134||802||598|
|Earnings before income taxes||664||1,059||187||392|
|EARNINGS PER SHARE||$||0.41||$||0.40||$||0.14||$||0.21|
Derrick S. Taylor
Vice President & Chief Financial Officer