DSA Financial Corporation Reports Earnings for the Fourth Quarter and the Fiscal Year Ended June 30, 2010
LAWRENCEBURG, Ind., July 20 /PRNewswire-FirstCall/ -- DSA Financial Corporation (OTC Bulletin Board: DSFN) announced its consolidated financial results for the fourth quarter and the fiscal year ended June 30, 2010. For the quarter ended June 30, 2010, the Company recorded net earnings of $46,000 or $0.03 per diluted share. For the quarter ended June 30, 2009, the Company reported net earnings of $72,000, or $0.05 per diluted share.
The quarter-to-quarter decrease in earnings of $26,000 was attributable primarily to an increase of $400,000 or 266.7%, in provision for losses on loans offset by an increase in net interest income of $180,000, or 20.5%, a $149,000 or 93.1%, increase in other income, an $11,000 decrease in income taxes, and a $34,000 or 4.2%, decrease in general, administrative and other expense. The increase in other income was due to net gains on the sale of investments, loans and foreclosed property of $177,000 partially offset by a decrease in mortgage loan related fee income of $12,000 and a $15,000 increase in mortgage servicing rights amortization.
Net earnings for the fiscal year ended June 30, 2010 were $584,000, or $0.37 per diluted share, a decrease of $77,000, or 11.6%, as compared to net earnings of $661,000, or $0.42 per diluted share for the fiscal year ended June 30, 2009. The year-to-year decrease in earnings was attributable primarily to an increase of $808,000 or 285.5%, in provision for losses on loans and an increase in general, administrative and other expense of $101,000, or 3.5%, mostly offset by an increase in net interest income of $503,000 or 14.4%, a $270,000 increase in other income, or 42.6%, and an $59,000, or 20.1%, decrease in income tax expense. The increase in other income was primarily due to net gains on the sale of investments, loans and foreclosed property of $270,000.
DSA Financial reported total assets of $124.0 million at June 30, 2010, total liabilities of $107.3 million, including deposits of $99.1 million and total stockholders' equity of $16.7 million as compared to 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.
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, 2010 and 2009
(unaudited, dollars in thousands except per share data)
Cash and cash equivalents
Investment and mortgage-backed securities
LIABILITIES AND STOCKHOLDERS' EQUITY
Advances from the FHLB
Total liabilities and stockholders' equity
DSA FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except share data)
Fiscal year ended
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
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