DSA Financial Corporation Reports Earnings for the Fourth Quarter and the Fiscal Year Ended June 30, 2009

LAWRENCEBURG, Ind., July 21 /PRNewswire-FirstCall/ -- DSA Financial Corporation (OTC Bulletin Board: DSFN.OB) announced its consolidated financial results for the fourth quarter and the fiscal year ended June 30, 2009. For the quarter ended June 30, 2009, the Company recorded net earnings of $72,000 or $0.05 per diluted share. For the quarter ended June 30, 2008, the Company reported a net loss of $19,000, or $(0.01) per diluted share.

The quarter-to-quarter increase in earnings of $91,000 was attributable primarily to an increase in net interest income of $116,000, or 15.2%, a decrease of $66,000 or 30.6%, in provision for losses on loans, a $65,000 or 68.4%, increase in other income, a $163,000 or 94.8%, decrease in income taxes partially offset by a $319,000 or 65.2%, increase in general, administrative and other expense. During the quarter ended June 30, 2008, Ohio Franchise tax of $145,000, which was included in general, administrative and other expense was transferred to income taxes. Ohio Franchise taxes were paid during the quarter ended December 31, 2007 and represented taxes owed from prior years. Without this expense reclassification, general, administrative and other expense would have only increased $174,000 and income taxes would have decreased $18,000.

Net earnings for the fiscal year ended June 30, 2009 were $661,000, or $0.42 per diluted share, an increase of $329,000, or 99.1%, as compared to net earnings of $332,000, or $0.22 per diluted share for the fiscal year ended June 30, 2008. The year-to-year increase in earnings was attributable primarily to a $668,000 or 23.6%, increase in net interest income, an $113,000 or 21.7%, increase in other income, partially offset by an increase in general, administrative and other expense of $273,000, or 10.4%, and an $185,000, or 171.3%, increase in income tax expense. General, administrative, and other expense in the fiscal year ended June 30, 2009, included a special FDIC premium assessment of $57,000.

DSA Financial reported total assets of $128.4 million at June 30, 2009, total liabilities of $111.7 million, including deposits of $99.5 million and total stockholders' equity of $16.7 million as compared to total assets of $126.7 million at June 30, 2008, total liabilities of $110.3 million, including deposits of $99.4 million and total stockholders' equity of $16.4 million.

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
                           June 30, 2009 and 2008
           (unaudited, dollars in thousands except per share data)

             ASSETS                                      2009           2008

    Cash and cash equivalents                        $  8,290       $  6,882
    Investment and mortgage-backed securities          11,489         10,912
    Loans receivable                                   98,562         99,541
    Other assets                                       10,074          9,341

           Total assets                              $128,415       $126,676

           LIABILITIES AND STOCKHOLDERS' EQUITY

    Deposits                                          $99,464       $99,405
    Advances from the FHLB                             10,500         9,000
    Other liabilities                                   1,754         1,854

           Total liabilities                          111,718       110,259

    Stockholders' equity                               16,697        16,417

           Total liabilities and stockholders'
            equity                                   $128,415      $126,676


                          DSA FINANCIAL CORPORATION
               CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
                     (In thousands, except share data)


                                     Fiscal year ended     Three months ended
                                           June 30,              June 30,
                                       2009       2008       2009       2008

    Total interest income            $6,827     $6,800     $1,662     $1,760
    Total interest expense            3,325      3,966        783        997
                Net interest income   3,502      2,834        879        763
    Provision for losses on loans       283        289        150        216
                 Net interest income
                  after provision for
                  losses on loans     3,219      2,545        729        547
    Other income                        634        521        160         95
    General, administrative and
     other expense                    2,899      2,626        808        489
                 Earnings before
                  income taxes          954        440         81        153
    Income taxes                        293        108          9        172

         NET EARNINGS                $  661     $  332      $  72     $  (19)

    EARNINGS PER SHARE -
     basic and diluted                 $.42       $.22       $.05      $(.01)

SOURCE DSA Financial Corporation



RELATED LINKS
http://www.dearbornsavings.com

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.