DSA Financial Corporation Reports Earnings For The First Quarter Ended September 30, 2012 And Declares A Quarterly Dividend

LAWRENCEBURG, Ind., Oct. 12, 2012 /PRNewswire/ -- DSA Financial Corporation (OTCBB: DSFN) announced its financial results for the first quarter of fiscal year 2012. For the quarter ended September 30, 2012, the Company recorded net earnings of $293,000 or $0.19 per share. For the quarter ended September 30, 2011, the Company recorded net earnings of $277,000 or $0.17 per share, an increase of $16,000 or 5.8%.

The quarter-to-quarter increase in earnings was attributed primarily to an increase of $54,000 or 27.1%, in other income and a decrease of $96,000 or 76.8%, in provision for losses on loans, offset primarily by a decrease of $75,000 or 7.4%, in net interest income and a $40,000 or 5.8%, increase in general, administrative and other expense. Other income was higher due to an increase in gains on the sale of loans in the secondary market. General, administrative and other expense was higher due to property acquired through foreclosure writedowns post acquisition showing an increase of $33,000.

DSA Financial reported total assets of $114.7 million at September 30, 2012, total liabilities of $97.4 million, including deposits of $90.3 million and total stockholders' equity of $17.4 million.

In addition, after reviewing the strong results for the quarter ended September 30,2012 and the continued earnings of the Corporation, the Board of Directors unanimously agreed to increase the quarterly dividend by $0.005 per share to a total of $0.11 per share. DSA Financial has paid a dividend every quarter since its inception in July, 2004. The dividend is payable on November 9, 2012 to stockholders of record as of October 26, 2012.

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)




            ASSETS

September 30,

 June 30,


2012

2012




Cash and cash equivalents                                                                     

$   6,169

$   9,161

Investment securities                                                                                

15,860

12,809

Loans receivable                                                                                

81,949

84,041

Other assets                                                                                           

10,762

10,686


            Total assets                                                                              

$114,740

$116,697




            LIABILITIES AND STOCKHOLDERS' EQUITY






Deposits

$ 90,251

$ 91,565

Advances from the FHLB                                                                          

5,000

6,000

Other liabilities                                                                                           

2,131

1,981




            Total liabilities                                                                              

97,382

99,546




Stockholders' equity, net                                                                             

17,358

17,151


            Total liabilities and stockholders' equity                                        

$114,740

$116,697

                                                                                                                 

DSA Financial Corporation

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(In thousands, except per share data)

(Unaudited)





 Three months ended


 September 30,


2012

2011




Total interest income                                                                                  

$1,148

$1,305

Total interest expense                                                                                  

203

285

            Net interest income                                                                         

945

1,020


Provision for losses on loans                                                                         

29

125


            Net interest income after provision for
               losses on loans                                                                             

916

895


Other income                                                                                                

253

199


General, administrative and other expense                                                    

730

690


            Earnings before income taxes                                                           

439

404


Income taxes                                                                                              

146

127


            NET EARNINGS                                                                       

$   293

$   277


            EARNINGS PER SHARE – basic and diluted                                  

$.19

$.17

  

SOURCE DSA Financial Corporation



RELATED LINKS
http://www.dearbornsavings.com

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