LAWRENCEBURG, Ind., Jan. 13 /PRNewswire-FirstCall/ -- DSA Financial Corporation (BULLETIN BOARD: DSFN.OB) announced its financial results for the second fiscal quarter. For the quarter ended December 31, 2005, the Company recorded net earnings of $274,000 or $0.17 per share. In the quarter ended December 31, 2004, the Company reported net earnings of $206,000, or $0.13 per share.
The quarter-to-quarter increase in earnings was attributed primarily to a $142,000, or 171%, increase in other income, which was partially offset by a $47,000, or 9%, increase in general, administrative and other expense. Other income included a one-time gain on the sale of investments of $159,000.
Net earnings for the six months ended December 31, 2005 were $469,000, or $0.29 per share, an increase of $55,000, or 13%, over the six month period ended December 31, 2004. Net interest income increased by $44,000 or 3%, and other income increased by $132,000, or 74%, which includes the aforementioned one-time investment gain. These increases were partially offset by an increase of $87,000, or 9%, in general, administrative and other expense.
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 10, 2006 to stockholders of record as of January 27, 2006.
DSA Financial reported total assets of $99.3 million at December 31, 2005, total liabilities of $82.2 million, including deposits of $73.7 million and total stockholders' equity of $17.1 million.
DSA Financial Corporation is the holding company for Dearborn Savings Association, F.A., a federally chartered savings association 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)
December 31, June 30,
ASSETS 2005 2005
Cash and cash equivalents $3,966 $4,043
Investment securities 4,894 6,214
Loans receivable 83,339 76,379
Other assets 7,051 5,893
Total assets $99,250 $92,529
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits $73,689 $66,891
Advances from the FHLB 7,000 7,000
Other liabilities 1,498 1,405
Total liabilities 82,187 75,296
Stockholders' equity 17,063 17,233
Total liabilities and stockholders' equity $99,250 $92,529
DSA FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except share data)
(Unaudited)
Six months ended Three months ended
December 31, December 31,
2005 2004 2005 2004
Total interest income $2,620 $2,148 $1,351 $1,090
Total interest expense 1,076 648 570 322
Net interest income 1,544 1,500 781 768
Provision for losses on loans 31 12 24 6
Net interest income after
provision for losses on loans 1,513 1,488 757 762
Other income 310 178 225 83
General, administrative and other
expense 1,092 1,005 561 514
Earnings before income taxes 731 661 421 331
Income taxes 262 247 147 125
NET EARNINGS $469 $414 $274 $206
EARNINGS PER SHARE - basic
and diluted $.29 $.26 $.17 $.13
