DSA Financial Corporation Reports Earnings for the Second Quarter Ended December 31, 2010 and Declares a Quarterly Dividend
LAWRENCEBURG, Ind., Jan. 14, 2011 /PRNewswire/ -- DSA Financial Corporation (OTC Bulletin Board: DSFN) announced its financial results for the second fiscal quarter ended December 31, 2010. The Company recorded net earnings of $176,000 or $0.11 per share reflecting an increase of $1,000 as compared to the same quarter ended December 31, 2009, when the Company reported net earnings of $175,000, also $0.11 per share.
The quarter-to-quarter increase in earnings was attributed primarily to a $23,000, or 2.3%, increase in net interest income, and a decrease of $44,000 or 26.5%, in provision for losses on loans, offset by a $21,000, or 2.8% increase in general, administrative and other expense, and a $48,000 or 30.0% decrease in other income. Other income was reduced by a loss on the sale of Real Estate Owned of $27,000 and reduced NSF fees due to recent legislation regarding overdraft protection.
Net earnings for the six months ended December 31, 2010 were $377,000, or $0.24 per share, an increase of $57,000, or 17.8%, as compared to the six month period ended December 31, 2009. The increase in earnings was attributed primarily to a $154,000 or 7.9%, increase in net interest income, a decrease of $153,000 or 39.1%, in provision for losses on loans, partially offset by a $115,000 or 7.6%, increase in general, administrative and other expense, a $97,000 or 24.0%, decrease in other income, and a $38,000 or 29.2% increase in income taxes. Other income was reduced by losses on the sale of Real Estate Owned of $42,000. General, administrative and other expense was higher primarily due to writedowns of $147,900 related to property acquired through foreclosure, post acquisition.
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 February 11, 2011 to stockholders of record as of January 28, 2011.
DSA Financial reported total assets of $123.0 million at December 31, 2010, total liabilities of $106.4 million, including deposits of $99.0 million and total stockholders' equity of $16.6 million.
DSA Financial Corporation is the holding company for Dearborn Savings Bank, a federally chartered savings bank headquartered in Lawrenceburg, Indiana. Dearborn Savings operates through its main office and one branch office.
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SOURCE DSA Financial Corporation
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