DSA Financial Corporation Reports Earnings for the Fourth Quarter and the Fiscal Year Ended June 30, 2011

LAWRENCEBURG, Ind., Aug. 1, 2011 /PRNewswire/ -- DSA Financial Corporation (OTCBB: DSFN) announced its consolidated financial results for the fourth quarter and the fiscal year ended June 30, 2011. For the quarter ended June 30, 2011, the Company recorded net earnings of $176,000 or $0.11 per diluted share. For the quarter ended June 30, 2010, the Company reported net earnings of $46,000, or $0.03 per diluted share.

The quarter-to-quarter increase in earnings of $130,000, or 282.6% was attributable primarily to a decrease of $415,000  in provision for losses on loans offset by a decrease in other income of $268,000, and an $80,000 increase in income taxes. The decrease in other income was due to a net loss of $14,000 on the sale of investments and loans during the quarter ended June 30, 2011 versus a $209,000 gain on the sale of investments and loans during the quarter ended June 30, 2010. In addition, losses on the sale of real estate acquired through foreclosure were $59,000 higher in the three month period ended June 30, 2011 as compared to the same period ended June 30, 2010.

Net earnings for the fiscal year ended June 30, 2011 were $710,000, or $0.45 per diluted share, an increase of $126,000, or 21.6%, as compared to net earnings of $584,000, or $0.37 per diluted share for the fiscal year ended June 30, 2010. The year-to-year increase in earnings was attributable primarily to a decrease of $370,000 in provision for losses on loans and an increase in net interest income of $169,000 or 4.2%, offset by a $445,000 or 49.2%, decrease in other income, and an $80,000, or 34.2%, increase in income tax expense. The decrease in other income was primarily due to net gains on the sale of investments and loans that were $311,000 greater in fiscal year 2010 as compared to fiscal year 2011.

DSA Financial reported total assets of $119.9 million at June 30, 2011, total liabilities of $103.0 million, including deposits of $95.2 million and total stockholders' equity of $16.8 million as compared to 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.

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, 2011 and 2010

(unaudited, dollars in thousands except per share data)







ASSETS


2011

2010






Cash and cash equivalents


$  4,866

$  7,670

Investment and mortgage-backed securities


14,520

10,422

Loans receivable


89,813

93,600

Other assets


10,652

12,287







Total assets


$119,851

$123,979







LIABILITIES AND STOCKHOLDERS' EQUITY









Deposits


$95,165

$99,057

Advances from the FHLB


4,000

6,500

Other liabilities


3,877

1,762







Total liabilities


103,042

107,319






Stockholders' equity


16,809

16,660







Total liabilities and stockholders' equity


$119,851

$123,979



DSA FINANCIAL CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(In thousands, except share data)





Fiscal year ended

Three months ended




June 30,

June 30,











2011

2010

2011

2010








Total interest income


$5,632

$6,061

$1,359

$1,476

Total interest expense


1,458

2,056

321

417


Net interest income


4,174

4,005

1,038

1,059

Provision for losses on loans


721

1,091

135

550


Net interest income after provision for







  losses on loans


3,453

2,914

903

509

Other income


459

904

41

309

General, administrative and other expense


2,888

3,000

690

774


Earnings before income taxes


1,024

818

254

44

Income taxes


314

234

78

(2)








  NET EARNINGS


$  710

$  584

$ 176

$   46








EARNINGS PER SHARE - basic and diluted


$.45

$.37

$.11

$  .03



SOURCE DSA Financial Corporation



RELATED LINKS
http://www.dearbornsavings.com

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