DSA Financial Corporation Reports Earnings for the Third Quarter Ended March 31, 2011 and Declares a Quarterly Dividend
LAWRENCEBURG, Ind., April 15, 2011 /PRNewswire/ -- DSA Financial Corporation (OTCBB: DSFN.OB) announced its financial results for the third fiscal quarter ended March 31, 2011. The Company recorded net earnings of $157,000 or $0.10 per share reflecting a decrease of $61,000 as compared to the same quarter ended March 31, 2010, when the Company reported net earnings of $218,000, or $0.14 per share.
The quarter-to-quarter decrease in earnings was attributed mainly to a $206,000, or 28.6% increase in general, administrative and other expense, which was primarily due to write-downs of $200,000 related to property acquired through foreclosure, post acquisition. Other income decreased by $80,000 or 42.1%, which was partially offset by a 37,000, or 3.7%, increase in net interest income, a decrease of $150,000 in provision for losses on loans, and a 38,000 decrease in Income taxes. Other income reported in the quarter ended March 31, 2010 included gains on sale of investments of $59,000 versus none in the quarter ended March 31, 2011. Reduced NSF fees due to recent legislation regarding overdraft protection also contributed to the decrease as well.
Net earnings for the nine months ended March 31, 2011 were $534,000, or $0.34 per share, a decrease of $4,000, or 0.7%, as compared to the nine month period ended March 31, 2010. The decrease in earnings was attributed primarily to a $320,000 or 14.4% increase in general, administrative and other expense, a $177,000 or 29.7%, decrease in other income, offset by a $190,000 or 6.4%, increase in net interest income, and a decrease of $303,000 or 56.0%, in provision for losses on loans. Other income reported in the nine month period ended March 31, 2010 included gains on sale of investments of $137,000 versus none in the nine month period ended March 31, 2011. Reduced NSF fees due to recent legislation regarding overdraft protection reduced other income by $30,000. General, administrative and other expense was higher primarily due to write-downs of $348,000 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 May 6, 2011 to stockholders of record as of April 29, 2011.
DSA Financial reported total assets of $123.8 million at March 31, 2011, total liabilities of $107.2 million, including deposits of $101.2 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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