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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