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CST: 01/03/2021 07:02:47   

DSA Financial Corporation Declares A Quarterly Dividend And Reports Earnings For The Third Quarter Ended March 31, 2019

692 Days ago

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  
  ASSETS           2019     2018  
                   
Cash and cash equivalents       $ 6,434   $ 7,410  
Investment and mortgage-backed securities         9,763     9,891  
Loans receivable           101,403     97,588  
Other assets           7,983     7,976  
                   
  Total assets         $   125,583   $   122,865  
                   
                   
  LIABILITIES AND STOCKHOLDERS' EQUITY      
                   
Deposits         $ 100,708   $ 96,581  
Advances from the FHLB         7,000     8,500  
Other liabilities           2,621     2,597  
                   
  Total liabilities           110,329     107,678  
                   
Stockholders' Equity           15,254     15,187  
                   
  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
                     
          2019     2018     2019       2018
                     
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
                     
Other income       542     740     132       176
                     
General, administrative and other expense     2,406     2,134     802       598
                     
  Earnings before income taxes     664     1,059     187       392
                     
Income taxes       112     506     (6 )     98
                     
  NET EARNINGS   $   552   $   553   $   193     $   294
                     
  EARNINGS PER SHARE   $   0.41   $   0.40   $   0.14     $   0.21
                     

Contact:
Derrick S. Taylor
Vice President & Chief Financial Officer
dtaylor@dearbornsavings.com 

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