DSA Financial Corporation Reports Earnings For The Third Quarter Ended March 31, 2013 And Declares A Quarterly Dividend

LAWRENCEBURG, Ind., April 12, 2013 /PRNewswire/ -- DSA Financial Corporation (OTCBB: DSFN) announced its financial results for the third fiscal quarter ended March 31, 2013. The Company recorded net earnings of $227,000 or $0.14 per share, reflecting a decrease of $7,000 as compared to the same quarter ended March 31, 2012, when the Company reported net earnings of $234,000, or $0.15 per share.

The quarter-to-quarter decrease in earnings was attributed primarily to a $34,000, or 5.1%, increase in general, administrative and other expense, a $62,000 or 6.6%, decrease in net interest income and a $51,000 or 27.0%, decrease in other income offset by a $135,000 or 77.1%, decrease in provision for losses on loans. General, administrative and other expense was higher due to a $36,000 operating loss in our subsidiary which owns two properties acquired through foreclosure. Other income was lower due to a decrease on the gain on sale of loans.

Net earnings for the nine months ended March 31, 2013 were $825,000, or $0.52 per share, an increase of $101,000, or 14.0%, as compared to the nine month period ended March 31, 2012. The increase in earnings was attributed primarily to a decrease of $351,000 or 78.0%, in provision for losses on loans and a $136,000 or 25.1%, increase in other income partially offset by a $163,000 or 5.4%, decrease in net interest income, a $153,000 or 7.5%, increase in general, administrative and other expense and a $70,000 or 20.5%, increase in income taxes. General, administrative and other expense was higher due to property acquired through foreclosure expenses showing an increase of $112,000 as compared to the period ended March 31, 2012. Other income was higher due to a $52,000 increase on the gain on sale of loans and a $57,400 net gain on the sale of Other Real Estate Owned.

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 $0.11 per share. The dividend is payable on May 10, 2013 to stockholders of record as of April 26, 2013.

DSA Financial reported total assets of $115.6 million at March 31, 2013, total liabilities of $98.0 million, including deposits of $88.7 million and total stockholders' equity of $17.5 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, 
  2013
   

June 30,

2012


            ASSETS                                








Cash and cash equivalents          

$  6,205

$  9,161


Investment securities                     

12,933

12,809


Loans receivable                        

86,414

84,041


Other assets                                   

10,034

10,686



            Total assets                          

$115,586

$116,697






            LIABILITIES AND STOCKHOLDERS' EQUITY 




Deposits

$88,693

$91,565


Advances from the FHLB                                    

7,000

6,000


Other liabilities                                                             

2,349

1,981






            Total liabilities                            

98,042

99,546






Stockholders' equity                              

17,544

17,151



            Total liabilities and stockholders' equity             

$115,586

$116,697


                                                          

DSA FINANCIAL CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(In thousands, except share data)

(Unaudited)










Nine months ended


Three months ended


March 31,


March 31,










2013


2012


2013


2012





Total interest income                                         

$3,402


$3,780


$1,111


$1,235

Total interest expense                                            

553


768


171


233

            Net interest income                           

2,849


3,012


940


1,002

Provision for losses on loans                                     

99


450


40


175

            Net interest income after provision for
               losses on loans                                    

2,750


2,562


900


827

Other income                                                              

678


542


138


189

General, administrative and other expense                 

2,192


2,039


702


668

            Earnings before income taxes                          

1,236


1,065


336


348

Income taxes                                        

411


341


109


114





     NET EARNINGS                           

$  825


$  724


$  227


$  234





     EARNINGS PER SHARE                          

$.52


$.46


$.14


$.15

SOURCE DSA Financial Corporation



RELATED LINKS
http://www.dearbornsavings.com

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