DSA Financial Corporation Reports Earnings for the First Quarter Ended September 30, 2010 and Declares a Quarterly Dividend
LAWRENCEBURG, Ind., Oct. 15 /PRNewswire-FirstCall/ -- DSA Financial Corporation (OTC Bulletin Board: DSFN) announced its financial results for the first quarter of fiscal 2011. For the quarter ended September 30, 2010, the Company recorded net earnings of $201,000 or $0.13 per share. For the quarter ended September 30, 2009, the Company recorded net earnings of $145,000 or $0.09 per share, an increase of $56,000 or 38.6%.
The quarter-to-quarter increase in earnings was attributed primarily to an increase of $131,000 or 14.0%, in net interest income, a decrease of $110,000 or 48.9%, in the provision for losses on loans offset by a $50,000 or 20.5%, decrease in other income, a $95,000 or 12.5%, increase in general, administrative and other expense, and a $40,000 increase in income taxes. The increase in general, administrative and other expense included $89,000 in write downs of foreclosed real estate whose value had diminished over time.
DSA Financial reported total assets of $121.5 million at September 30, 2010, total liabilities of $104.8 million, including deposits of $96.4 million and total stockholders' equity of $16.7 million.
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 November 5, 2010 to stockholders of record as of October 28, 2010.
DSA Financial Corporation is the holding company for Dearborn Savings Bank, a federally chartered savings institution headquartered in Lawrenceburg, Indiana. Dearborn Savings Bank operates through its main office and one branch office located in Lawrenceburg, Indiana.
DSA Financial Corporation CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (In thousands) (Unaudited) |
|||
September 30, |
June 30, |
||
ASSETS |
2010 |
2010 |
|
Cash and cash equivalents |
$7,495 |
$7,670 |
|
Investment securities |
9,440 |
10,422 |
|
Loans receivable |
92,797 |
93,600 |
|
Other assets |
11,777 |
12,472 |
|
Total assets |
$121,509 |
$124,164 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|||
Deposits |
$96,384 |
$99,057 |
|
Advances from the FHLB |
6,500 |
6,500 |
|
Other liabilities |
1,915 |
1,947 |
|
Total liabilities |
104,799 |
107,504 |
|
Stockholders’ equity, net |
16,710 |
16,660 |
|
Total liabilities and stockholders’ equity |
$121,509 |
$124,164 |
|
DSA Financial Corporation CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (In thousands, except per share data) (Unaudited) |
|||
Three months ended |
|||
September 30, |
|||
2010 |
2009 |
||
Total interest income |
$1,467 |
$1,542 |
|
Total interest expense |
403 |
609 |
|
Net interest income |
1,064 |
933 |
|
Provision for losses on loans |
115 |
225 |
|
Net interest income after provision for losses on loans |
949 |
708 |
|
Other income |
194 |
244 |
|
General, administrative and other expense |
853 |
758 |
|
Earnings before income taxes |
290 |
194 |
|
Income taxes |
89 |
49 |
|
NET EARNINGS |
$201 |
$145 |
|
EARNINGS PER SHARE – basic and diluted |
$.13 |
$.09 |
|
SOURCE DSA Financial Corporation
Share this article