DSA Financial Corporation Reports Earnings for the First Quarter Ended September 30, 2011 and Declares a Quarterly Dividend
LAWRENCEBURG, Ind., Oct. 14, 2011 /PRNewswire/ -- DSA Financial Corporation (OTCBB: DSFN) announced its financial results for the first quarter of fiscal year 2012. For the quarter ended September 30, 2011, the Company recorded net earnings of $277,000 or $0.17 per share. For the quarter ended September 30, 2010, the Company recorded net earnings of $201,000 or $0.13 per share, an increase of $76,000 or 37.8%.
The quarter-to-quarter increase in earnings was attributed primarily to a decrease of $163,000 or 19.1%, in general, administrative and other expense partially offset by a $44,000 or 4.1%, decrease in net interest income, and a $38,000 or 42.7%, increase in income taxes. The decrease in general, administrative and other expense reflected no writedowns of foreclosed real estate whose value had diminished over time. During the quarter ended September 30, 2010, there were $86,000 in writedowns of foreclosed real estate. In addition, expenses relating to the maintaining of real estate owned were $15,000 lower in the quarter ended September 30, 2011 versus the quarter ended September 30, 2010.
DSA Financial reported total assets of $116.2 million at September 30, 2011, total liabilities of $99.3 million, including deposits of $92.2 million and total stockholders' equity of $16.9 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 11, 2011 to stockholders of record as of October 28, 2011.
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
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.