DSA Financial Corporation Reports Earnings For The First Quarter Ended September 30, 2012 And Declares A Quarterly Dividend
LAWRENCEBURG, Ind., Oct. 12, 2012 /PRNewswire/ -- DSA Financial Corporation (OTCBB: DSFN) announced its financial results for the first quarter of fiscal year 2012. For the quarter ended September 30, 2012, the Company recorded net earnings of $293,000 or $0.19 per share. For the quarter ended September 30, 2011, the Company recorded net earnings of $277,000 or $0.17 per share, an increase of $16,000 or 5.8%.
The quarter-to-quarter increase in earnings was attributed primarily to an increase of $54,000 or 27.1%, in other income and a decrease of $96,000 or 76.8%, in provision for losses on loans, offset primarily by a decrease of $75,000 or 7.4%, in net interest income and a $40,000 or 5.8%, increase in general, administrative and other expense. Other income was higher due to an increase in gains on the sale of loans in the secondary market. General, administrative and other expense was higher due to property acquired through foreclosure writedowns post acquisition showing an increase of $33,000.
DSA Financial reported total assets of $114.7 million at September 30, 2012, total liabilities of $97.4 million, including deposits of $90.3 million and total stockholders' equity of $17.4 million.
In addition, after reviewing the strong results for the quarter ended September 30,2012 and the continued earnings of the Corporation, the Board of Directors unanimously agreed to increase the quarterly dividend by $0.005 per share to a total of $0.11 per share. DSA Financial has paid a dividend every quarter since its inception in July, 2004. The dividend is payable on November 9, 2012 to stockholders of record as of October 26, 2012.
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 |
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| CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION |
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| (In thousands) |
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| (Unaudited) |
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| ASSETS |
September 30, |
June 30, |
| 2012 |
2012 |
|
| Cash and cash equivalents |
$ 6,169 |
$ 9,161 |
| Investment securities |
15,860 |
12,809 |
| Loans receivable |
81,949 |
84,041 |
| Other assets |
10,762 |
10,686 |
|
|
$114,740 |
$116,697 |
| LIABILITIES AND STOCKHOLDERS' EQUITY |
||
| Deposits |
$ 90,251 |
$ 91,565 |
| Advances from the FHLB |
5,000 |
6,000 |
| Other liabilities |
2,131 |
1,981 |
| Total liabilities |
97,382 |
99,546 |
| Stockholders' equity, net |
17,358 |
17,151 |
|
|
$114,740 |
$116,697 |
| DSA Financial Corporation |
||
| CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS |
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| (In thousands, except per share data) |
||
| (Unaudited) |
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| Three months ended |
||
| September 30, |
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| 2012 |
2011 |
|
| Total interest income |
$1,148 |
$1,305 |
| Total interest expense |
203 |
285 |
| Net interest income |
945 |
1,020 |
| Provision for losses on loans |
29 |
125 |
| Net interest income after provision for |
916 |
895 |
| Other income |
253 |
199 |
| General, administrative and other expense |
730 |
690 |
| Earnings before income taxes |
439 |
404 |
| Income taxes |
146 |
127 |
| NET EARNINGS |
$ 293 |
$ 277 |
| EARNINGS PER SHARE – basic and diluted |
$.19 |
$.17 |
SOURCE DSA Financial Corporation
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