2014

DSA Financial Corporation Reports Earnings for the Second Quarter Ended December 31, 2011 and Declares a Quarterly Dividend

LAWRENCEBURG, Ind., Jan. 13, 2012 /PRNewswire/ -- DSA Financial Corporation (OTCBB: DSFN) announced its financial results for the second fiscal quarter ended December 31, 2011. The Company recorded net earnings of $213,000 or $0.14 per share reflecting an increase of $37,000 as compared to the same quarter ended December 31, 2010, when the Company reported net earnings of $176,000, or $0.11 per share.

The quarter-to-quarter increase in earnings was attributed primarily to a $87,000, or 11.3%, decrease in general, administrative and other expense and a $42,000 or 37.5% increase in other income offset by a $42,000 or 4.0% decrease in net interest income, an increase of $28,000 or 23.0%, in provision for losses on loans and a $22,000 or 28.2%, increase in income taxes. General, administrative and other expense was lower due to property acquired through foreclosure writedowns post acquisition showing a decrease of $55,000. Other income was higher due to a $19,000 increase on loan sales and Real Estate Owned losses upon disposition that were $25,000 lower than the quarter ended December 31, 2010.

Net earnings for the six months ended December 31, 2011 were $490,000, or $0.31 per share, an increase of $113,000, or 29.9%, as compared to the six month period ended December 31, 2010. The increase in earnings was attributed primarily to a $249,000 or 15.4%, decrease in general, administrative and other expense and a $46,000 or 15.0%, increase in other income offset by an $86,000 or 4.1%, decrease in net interest income, an increase of $37,000 or 15.5%, in provision for losses on loans and a $59,000 or 35.1%, increase in income taxes. General, administrative and other expense was lower due to property acquired through foreclosure writedowns post acquisition showing a decrease of $141,000 as compared to the period ended December 31, 2010. Other general and administrative expenses that were lower included legal fees ($34,300) and FDIC Insurance Premiums ($31,700). Other income was higher due to a $23,000 gain on sale of investments and Real Estate Owned losses upon disposition that were $37,000 lower than the quarter ended December 31, 2010.

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 10, 2012 to stockholders of record as of January 27, 2012.

DSA Financial reported total assets of $116.3 million at December 31, 2011, total liabilities of $99.4 million, including deposits of $92.3 million and total stockholders' equity of $16.9 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.

DSA FINANCIAL CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(In thousands)

(Unaudited)

 

 

 

 

 

December 31,

 

         June 30,

            ASSETS                                                                                    

2011

 

2011

 

 

 

 

Cash and cash equivalents                                                      

$  3,814

 

$  4,866

Investment securities                                                               

13,595

 

14,520

Loans receivable                                                                       

87,900

 

89,813

Other assets                                                                            

10,943

 

10,652


            Total assets                                                                 

$116,252

 

$119,851

 

 

 

 

            LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

           

Deposits                                                                                

$92,281

 

$95,165

Advances from the FHLB                                                        

5,000

 

4,000

Other liabilities                                                                       

2,100

 

3,877

 

 

 

 

            Total liabilities                                                             

99,381

 

103,042

 

 

 

 

Stockholders' equity                                                                  

16,871

 

16,809


            Total liabilities and stockholders' equity                          

$116,252

 

$119,851

 


DSA FINANCIAL CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(In thousands, except share data)

(Unaudited)

 

 

 

 

 

 

 Six months ended

Three months ended

 

December 31,

December 31,

 

 

2011

2010

2011

2010

 

Total interest income                                            

$2,545

$2,876

$1,241

$1,409

Total interest expense                                             

535

780

251

377

            Net interest income                                    

2,010

2,096

990

1,032

Provision for losses on loans                                   

275

238

150

122

            Net interest income after provision for
               losses on loans                                    

1,735

1,858

840

910

Other income                                                         

353

307

154

112

General, administrative and other expense             

1,371

1,620

681

768

            Earnings before income taxes                   

717

545

313

254

Income taxes                                                     

227

168

100

78

 

     NET EARNINGS                                      

$  490

$  377

$  213

$  176

 

EARNINGS PER SHARE - basic and diluted   

$.31

$.24

$.14

$.11

 

 

SOURCE DSA Financial Corporation




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