LAWRENCEBURG, Ind., April 21 /PRNewswire-FirstCall/ -- DSA Financial Corporation (BULLETIN BOARD: DSFN.OB) announced its financial results for the third fiscal quarter. For the quarter ended March 31, 2006, the Company recorded net earnings of $214,000 or $0.14 per share. In the quarter ended March 31, 2005, the Company reported net earnings of $230,000, or $0.15 per share.
The quarter-to-quarter decrease in earnings was attributed primarily to a $32,000, or 4%, decrease in net interest income and a $12,000, or 67% increase in provision for losses on loans, which was partially offset by a $23,000, or 23%, increase in other income.
Net earnings for the nine months ended March 31, 2006 were $682,000, or $0.43 per share, an increase of $38,000, or 6%, over the nine month period ended March 31, 2005. Other income increased by $155,000, or 56%, which includes a gain on the sale of investments of $159,000, partially offset by an increase of $32,000, or 107%, in provision for losses on loans and an increase of $90,000, or 6%, 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 May 12, 2006 to stockholders of record as of May 2, 2006.
DSA Financial reported total assets of $100.9 million at March 31, 2006, total liabilities of $83.7 million, including deposits of $75.3 million and total stockholders' equity of $17.2 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)
March 31, June 30,
ASSETS 2006 2005
Cash and cash equivalents $3,555 $4,043
Investment securities 4,907 6,214
Loans receivable 85,508 76,379
Other assets 6,932 5,893
Total assets $100,902 $92,529
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits $75,293 $66,891
Advances from the FHLB 7,000 7,000
Other liabilities 1,436 1,405
Total liabilities 83,729 75,296
Stockholders' equity 17,173 17,233
Total liabilities and stockholders' equity $100,902 $92,529
DSA FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except share data)
(Unaudited)
Nine months ended Three months ended
March 31, March 31,
2006 2005 2006 2005
Total interest income $4,048 $3,305 $1,428 $1,157
Total interest expense 1,732 1,001 656 353
Net interest
income 2,316 2,304 772 804
Provision for losses on loans 62 30 31 18
Net interest income
after provision for
losses on loans 2,254 2,274 741 786
Other income 431 276 121 98
General, administrative and
other expense 1,610 1,520 518 515
Earnings before
income taxes 1,075 1,030 344 369
Income taxes 393 386 131 139
NET EARNINGS $682 $644 $213 $230
EARNINGS PER SHARE - basic
and diluted $.43 $.41 $.14 $.15
