DSA Financial Corporation Reports Earnings for the First Quarter Ended September 30, 2010 and Declares a Quarterly Dividend

15 Oct, 2010, 17:00 ET from DSA Financial Corporation

LAWRENCEBURG, Ind., Oct. 15 /PRNewswire-FirstCall/ -- DSA Financial Corporation (OTC Bulletin Board: DSFN) announced its financial results for the first quarter of fiscal 2011. For the quarter ended September 30, 2010, the Company recorded net earnings of $201,000 or $0.13 per share. For the quarter ended September 30, 2009, the Company recorded net earnings of $145,000 or $0.09 per share, an increase of $56,000 or 38.6%.

The quarter-to-quarter increase in earnings was attributed primarily to an increase of $131,000 or 14.0%, in net interest income, a decrease of $110,000 or 48.9%, in the provision for losses on loans offset by a $50,000 or 20.5%, decrease in other income, a $95,000 or 12.5%, increase in general, administrative and other expense, and a $40,000 increase in income taxes. The increase in general, administrative and other expense included $89,000 in write downs of foreclosed real estate whose value had diminished over time.

DSA Financial reported total assets of $121.5 million at September 30, 2010, total liabilities of $104.8 million, including deposits of $96.4 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 5, 2010 to stockholders of record as of October 28, 2010.

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

2010

2010

Cash and cash equivalents

$7,495

$7,670

Investment securities

9,440

10,422

Loans receivable

92,797

93,600

Other assets

11,777

12,472

   Total assets

$121,509

$124,164

   LIABILITIES AND STOCKHOLDERS’ EQUITY

Deposits

$96,384

$99,057

Advances from the FHLB

6,500

6,500

Other liabilities

1,915

1,947

   Total liabilities

104,799

107,504

Stockholders’ equity, net

16,710

16,660

   Total liabilities and stockholders’ equity

$121,509

$124,164

DSA Financial Corporation

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(In thousands, except per share data)

(Unaudited)

Three months ended

September 30,

2010

2009

Total interest income

$1,467

$1,542

Total interest expense

403

609

   Net interest income

1,064

933

Provision for losses on loans

115

225

   Net interest income after provision for losses on loans

949

708

Other income

194

244

General, administrative and other expense

853

758

   Earnings before income taxes

290

194

Income taxes

89

49

   NET EARNINGS

$201

$145

   EARNINGS PER SHARE – basic and diluted

$.13

$.09

SOURCE DSA Financial Corporation



RELATED LINKS

http://www.dearbornsavings.com