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)
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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