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
Cash and cash equivalents
LIABILITIES AND STOCKHOLDERS’ EQUITY
Advances from the FHLB
Stockholders’ equity, net
Total liabilities and stockholders’ equity
DSA Financial Corporation
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except per share data)
Three months ended
Total interest income
Total interest expense
Net interest income
Provision for losses on loans
Net interest income after provision for losses on loans
General, administrative and other expense
Earnings before income taxes
EARNINGS PER SHARE – basic and diluted
SOURCE DSA Financial Corporation
Browse our custom packages or build your own to meet your unique communications needs.
Learn about PR Newswire services
Request more information about PR Newswire products and services or call us at (888) 776-0942.