2014

DSA Financial Corporation Reports Earnings For The Fourth Quarter And The Fiscal Year Ended June 30, 2012 And Declares A Quarterly Dividend

LAWRENCEBURG, Ind., July 13, 2012 /PRNewswire/ -- DSA Financial Corporation (OTCBB: DSFN) announced its consolidated financial results for the fourth quarter and the fiscal year ended June 30, 2012. For the quarter ended June 30, 2012, the Company recorded net earnings of $237,000 or $0.15 per diluted share. For the quarter ended June 30, 2011, the Company reported net earnings of $176,000, or $0.11 per diluted share.

The quarter-to-quarter increase in earnings of $61,000, or 34.7% was attributable primarily to an increase in other income of $159,000 offset by a decrease in net interest income of $41,000, and a $30,000 increase in income tax expense. The increase in other income was due to net gains on the sale of investments and loans that were $176,000 greater during the quarter ended June 30, 2012 versus the quarter ended June 30, 2011. In addition, losses on the sale of real estate acquired through foreclosure were $74,000 lower in the three month period ended June 30, 2012 as compared to the same period ended June 30, 2011. However, these increases in other income were offset by a $50,000 increase in mortgage servicing rights amortization and a $23,000 loss from LLC operations which was established earlier in this fiscal year.

Net earnings for the fiscal year ended June 30, 2012 were $961,000, or $0.61 per diluted share, an increase of $251,000, or 35.4%, as compared to net earnings of $710,000, or $0.45 per diluted share for the fiscal year ended June 30, 2011. The year-to-year increase in earnings was attributable primarily to a $283,000 or 61.7%, increase in other income, a decrease of $480,000 or 14.5%, in general, administrative and other expense offset by an increase of $202,000 or 67.8%, in provision for losses on loans, a decrease in net interest income of $175,000 or 4.2%, and an $135,000, or 43.0%, increase in income tax expense. The increase in other income during fiscal year 2012 was primarily due to net gains on the sale of investments and loans that were $325,000 greater in fiscal year 2012 and decreased losses of $99,000 on the sale of real estate acquired through foreclosure. These increases were offset by a $72,000 increase in mortgage servicing rights amortization and a $53,000 loss in the aforementioned LLC. General, administrative and other expense was lower in fiscal year 2012 primarily due to write-downs of real estate acquired through foreclosure that were $316,000 less, decreased FDIC premiums of $65,000 and legal fees that were $47,000 lower.

In addition, Edward L. Fischer, President and Chief Executive Officer of DSA Financial, announced today that the Company's board of directors has declared a dividend on its common stock of $0.105 per share. The dividend is payable on August 10, 2012 to stockholders of record as of July 27, 2012.

DSA Financial reported total assets of $116.7 million at June 30, 2012, total liabilities of $99.5 million, including deposits of $91.6 million and total stockholders' equity of $17.2 million. At June 30, 2011, DSA Financial reflected total assets of $119.9 million, total liabilities of $103.0 million, including deposits of $95.2 million and total stockholders' equity of $16.8 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  

       

2012

 

2011

 

Cash and cash equivalents          

$  9,162

$  4,866

Investment and mortgage-backed securities                  

12,809

14,520

Loans receivable                                                                          

84,041

89,813

Other assets                                                                 

10,685

10,652




          Total assets                   

$116,697

$119,851




          LIABILITIES AND STOCKHOLDERS' EQUITY          

 



Deposits

$91,565

$95,165

Advances from the FHLB                                       

6,000

4,000

Other liabilities                                                          

1,981

3,877




            Total liabilities                                             

99,546

103,042




Stockholders' equity                                                   

17,151

16,809




            Total liabilities and stockholders' equity                 

$116,697

$119,851







 

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












Fiscal year ended

Three months ended


June 30,

June 30,







2012

2011

2012

2011






Total interest income                                  

$4,979

$5,632

$1,199

$1,359

Total interest expense                                             

980

1,458

212

321

            Net interest income                                       

3,999

4,174

987

1,038

Provision for losses on loans                                          

500

298

50

60

            Net interest income after provision for
               losses on loans                                           

3,499

3,876

937

978

Other income                                                          

742

459

200

41

General, administrative and other expense                  

2,831

3,311

792

765

            Earnings before income taxes               

1,410

1,024

345

254

Income taxes                                                   

449

314

108

78






            NET EARNINGS                                   

$  961

$  710

$237

$   176






            EARNINGS PER SHARE - basic and diluted      

$.61

$.45

$.15

$  .11

 

SOURCE DSA Financial Corporation




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