2014

DSA Financial Corporation Reports Earnings for the Third Quarter Ended March 31, 2012 and Declares a Quarterly Dividend

LAWRENCEBURG, Ind., April 13, 2012 /PRNewswire/ -- DSA Financial Corporation (OTCBB: DSFN.OB) announced its financial results for the third fiscal quarter ended March 31, 2012. The Company recorded net earnings of $234,000 or $0.15 per share reflecting an increase of $77,000 as compared to the same quarter ended March 31, 2011, when the Company reported net earnings of $157,000, or $0.10 per share.

The quarter-to-quarter increase in earnings was attributed primarily to a $258,000, or 27.9%, decrease in general, administrative and other expense and a $79,000 or 71.8% increase in other income offset by a $38,000 or 3.6% decrease in net interest income, an increase of $175,000 in provision for losses on loans and a $47,000 or 41.2%, increase in income taxes. General, administrative and other expense was lower due to property acquired through foreclosure writedowns post acquisition showing a decrease of $200,000. Other income was higher due to a $133,000 increase on the gain on sale of loans partially offset by a $26,000 operating loss in our newly formed LLC which owns two properties acquired through foreclosure.

Net earnings for the nine months ended March 31, 2012 were $724,000, or $0.46 per share, an increase of $190,000, or 35.6%, as compared to the nine month period ended March 31, 2011. The increase in earnings was attributed primarily to a $507,000 or 19.9%, decrease in general, administrative and other expense and a $124,000 or 29.7%, increase in other income offset by a $124,000 or 3.9%, decrease in net interest income, an increase of $212,000 or 89.1%, in provision for losses on loans and a $105,000 or 44.5%, increase in income taxes. General, administrative and other expense was lower due to property acquired through foreclosure writedowns post acquisition showing a decrease of $341,000 as compared to the period ended March 31, 2011. Other general and administrative expenses that were lower included compensation and benefits ($25,000), legal fees ($33,000) and FDIC Insurance Premiums ($46,800). Other income was higher due to a $126,600 increase on the gain on sale of loans, a $23,000 gain on the sale of investments and Real Estate Owned losses upon disposition that were $25,500 lower than the quarter ended March 31, 2011.

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 11, 2012 to stockholders of record as of April 27, 2012.

DSA Financial reported total assets of $116.0 million at March 31, 2012, total liabilities of $98.9 million, including deposits of $90.7 million and total stockholders' equity of $17.0 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                                                                                          

2012

2011




Cash and cash equivalents                                                                        

$  5,129

$  4,866

Investment securities                                                                                  

13,448

14,520

Loans receivable                                                                                        

86,751

89,813

Other assets                                                                                            

10,657

10,652


            Total assets                                                                                

$115,985

$119,851




            LIABILITIES AND STOCKHOLDERS' EQUITY

Deposits                                                                                                  

$90,694

$95,165

Advances from the FHLB                                                                            

6,000

4,000

Other liabilities                                                                                           

2,255

3,877




            Total liabilities                                                                               

98,949

103,042




Stockholders' equity                                                                                    

17,036

16,809


            Total liabilities and stockholders' equity                                         

$115,985

$119,851

 

DSA FINANCIAL CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(In thousands, except share data)

(Unaudited)







Nine months ended

Three months ended


 March 31,

 March 31,



2012

2011

2012

2011


Total interest income                                                    

$3,780

$4,273

$1,235

$1,397

Total interest expense                                                    

768

1,137

233

357

            Net interest income                                           

3,012

3,136

1,002

1,040

Provision for losses on loans                                                

450

238

175

-

            Net interest income after provision for
               losses on loans                                              

2,562

2,898

827

1,040

Other income                                                                  

542

418

189

110

General, administrative and other expense                      

2,039

2,546

668

926

            Earnings before income taxes                             

1,065

770

348

224

Income taxes                                                                

341

236

114

67


     NET EARNINGS                                          

$  724

$  534

$  234

$  157


EARNINGS PER SHARE - basic and diluted            

$.46

$.34

$.15

$.10

SOURCE DSA Financial Corporation




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