DSA Financial Corporation Reports Earnings for the Second Quarter Ended December 31, 2009 and Declares a Quarterly Dividend
LAWRENCEBURG, Ind., Jan. 15 /PRNewswire-FirstCall/ -- DSA Financial Corporation (OTC Bulletin Board: DSFN.OB) announced its financial results for the second fiscal quarter ended December 31, 2009. The Company recorded net earnings of $175,000 or $0.11 per share reflecting a decrease of $18,000 or 9.3%, as compared to the same quarter ended December 31, 2008, when the Company reported net earnings of $193,000, or $0.12 per share.
The quarter-to-quarter decrease in earnings was attributed primarily to an increase of $136,000 or 453.3%, in provision for losses on loans and a $48,000 or 6.9%, increase in general, administrative and other expense, partially offset by a $110,000 or 12.2%, increase in net interest income, a $43,000 or 36.8% increase in other income and a $13,000 or 13.8%, decrease in income taxes.
Net earnings for the six months ended December 31, 2009 were $320,000, or $0.20 per share, a decrease of $57,000, or 15.1%, as compared to the six month period ended December 31, 2008. The decrease in earnings was attributed primarily to an increase of $335,000 or 598.2%, in provision for losses on loans and a $143,000 or 10.5%, increase in general, administrative and other expense, partially offset by a $201,000 or 11.5%, increase in net interest income, a $163,000 or 67.6% increase in other income and a $57,000 or 30.5%, decrease in income taxes. General, administrative and other expense was higher primarily due to increased FDIC insurance premiums and expenses related to property acquired through foreclosure.
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 February 12, 2010 to stockholders of record as of January 28, 2010.
DSA Financial reported total assets of $122.1 million at December 31, 2009, total liabilities of $105.5 million, including deposits of $96.7 million and total stockholders' equity of $16.7 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) |
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December 31, 2009 |
June 30, 2009 |
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ASSETS |
|||
Cash and cash equivalents |
$ 4,298 |
$8,290 |
|
Investment securities |
8,532 |
11,489 |
|
Loans receivable |
98,532 |
98,562 |
|
Other assets |
10,762 |
10,074 |
|
Total assets |
$122,124 |
$128,415 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|||
Deposits |
$96,658 |
$99,464 |
|
Advances from the FHLB |
7,000 |
10,500 |
|
Other liabilities |
1,802 |
1,754 |
|
Total liabilities |
105,460 |
111,718 |
|
Stockholders' equity |
16,664 |
16,697 |
|
Total liabilities and stockholders' equity |
$122,124 |
$128,415 |
|
DSA FINANCIAL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (In thousands, except share data) (Unaudited) |
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Six months ended December 31, |
Three months ended December 31, |
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2009 |
2008 |
2009 |
2008 |
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Total interest income |
$3,090 |
$3,466 |
$1,548 |
$1,718 |
|
Total interest expense |
1,148 |
1,725 |
539 |
819 |
|
Net interest income |
1,942 |
1,741 |
1,009 |
899 |
|
Provision for losses on loans |
391 |
56 |
166 |
30 |
|
Net interest income after provision for losses on loans |
1,551 |
1,685 |
843 |
869 |
|
Other income |
404 |
241 |
160 |
117 |
|
General, administrative and other expense |
1,505 |
1,362 |
747 |
699 |
|
Earnings before income taxes |
450 |
564 |
256 |
287 |
|
Income taxes |
130 |
187 |
81 |
94 |
|
NET EARNINGS |
$ 320 |
$ 377 |
$ 175 |
$ 193 |
|
EARNINGS PER SHARE - basic and diluted |
$.20 |
$.24 |
$.11 |
$.12 |
|
SOURCE DSA Financial Corporation
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