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

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

Best of Content We Love 2014 


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.