DSA Financial Corporation Reports Earnings for the First Quarter Ended September 30, 2009 and Declares a Quarterly Dividend.
LAWRENCEBURG, Ind., Oct. 16 /PRNewswire-FirstCall/ -- DSA Financial Corporation (OTC Bulletin Board: DSFN) announced its financial results for the first quarter of fiscal 2010. For the quarter ended September 30, 2009, the Company recorded net earnings of $145,000 or $0.09 per share. For the quarter ended September 30, 2008, the Company recorded net earnings of $184,000 or $0.12 per share, a decrease of $39,000 or 21.2%.
The decrease in earnings for the quarter was primarily attributed to an increase in the provision for losses on loans.
DSA Financial reported total assets of $123.6 million at September 30, 2009, total liabilities of $106.8 million, including deposits of $95.8 million and total stockholders' equity of $16.7 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 $0.105 per share. The dividend is payable on November 6, 2009 to stockholders of record as of October 28, 2009.
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 (In thousands) (Unaudited) September 30, June 30, ASSETS 2009 2009 Cash and cash equivalents $5,898 $8,290 Investment securities 9,278 11,489 Loans receivable 98,613 98,562 Other assets 9,797 10,074 Total assets $123,586 $128,415 LIABILITIES AND STOCKHOLDERS' EQUITY Deposits $95,814 $99,464 Advances from the FHLB 9,000 10,500 Other liabilities 2,034 1,754 Total liabilities 106,848 111,718 Stockholders' equity, net 16,738 16,697 Total liabilities and stockholders' equity $123,586 $128,415 DSA Financial Corporation CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (In thousands, except per share data) (Unaudited) Three months ended September 30, 2009 2008 Total interest income $1,542 $1,749 Total interest expense 609 907 Net interest income 933 842 Provision for losses on loans 225 26 Net interest income after provision for losses on loans 708 816 Other income 244 124 General, administrative and other expense 758 663 Earnings before income taxes 194 277 Income taxes 49 93 NET EARNINGS $145 $184 EARNINGS PER SHARE - basic and diluted $.09 $.12
SOURCE DSA Financial Corporation