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.

DSA FINANCIAL CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(In thousands)

(Unaudited)





March 31,

June 30,

       ASSETS

2011

2010




Cash and cash equivalents

$  3,836

$7,670

Investment securities

17,882

10,422

Loans receivable

89,833

93,600

Other assets

12,282

12,472




      Total assets

$123,833

$124,164




LIABILITIES AND STOCKHOLDERS' EQUITY






Deposits

$101,231

$99,057

Advances from the FHLB

4,000

6,500

Other liabilities

2,038

1,947




      Total liabilities

107,269

107,504




Stockholders' equity

16,564

16,660




      Total liabilities and stockholders' equity

$123,833

$124,164



DSA FINANCIAL CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(In thousands, except share data)

(Unaudited)







Nine months ended

Three months ended



March 31,

March 31,









2011

2010

2011

2010







Total interest income


$4,273

$4,585

$1,397

$1,494

Total interest expense


1,137

1,639

357

491

    Net interest income


3,136

2,946

1,040

1,003

Provision for losses on loans


238

541

-

150

      Net interest income after provision for losses on loans


2,898

2,405

1,040

853

Other income


418

595

110

190

General, administrative and other expense


2,546

2,226

926

720

      Earnings before income taxes


770

774

224

323

Income taxes


236

236

67

105







    NET EARNINGS


$  534

$  538

$  157

$  218







EARNINGS PER SHARE - basic and diluted


$.34

$.34

$.10

$.14



SOURCE DSA Financial Corporation



RELATED LINKS
http://www.dearbornsavings.com

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.