LAWRENCEBURG, Ind., April 13 /PRNewswire-FirstCall/ -- DSA Financial Corporation (BULLETIN BOARD: DSFN.OB) announced its financial results for the third fiscal quarter. For the quarter ended March 31, 2007, the Company recorded net earnings of $90,000 or $0.05 per share. The Company reported net earnings of $213,000, or $0.14 per share for the quarter ended March 31, 2006.
The quarter-to-quarter decrease in earnings was attributed primarily to a $84,000, or 11%, decrease in net interest income and a $128,000, or 25%, increase in general, administrative and other expense, which was partially offset by a $99,000, or 76%, decrease in income taxes.
Net earnings for the nine months ended March 31, 2007 were $460,000, or $0.28 per share, a decrease of $222,000, or 33%, over the nine month period ended March 31, 2006. Net interest income decreased by $187,000, or 8%, and general, administrative and other expense increased by $197,000, or 12%, partially offset by a decrease in income taxes of $149,000 or 38%. Operating costs associated with the opening of our new headquarters including depreciation, personnel and marketing contributed significantly to the increase in general, administrative and other expenses.
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 11, 2007 to stockholders of record as of April 27, 2007.
DSA Financial reported total assets of $110.8 million at March 31, 2007, total liabilities of $93.8 million, including deposits of $85.0 million and total stockholders' equity of $17.0 million.
DSA Financial Corporation is the holding company for Dearborn Savings Bank, a federally chartered savings association headquartered in Lawrenceburg, Indiana. Dearborn Savings Bank 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 2007 2006
Cash and cash equivalents $ 3,424 $2,408
Investment securities 4,822 4,808
Loans receivable 93,720 88,477
Other assets 8,819 7,381
Total assets $110,785 $103,074
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits $85,013 $76,412
Advances from the FHLB 7,000 8,000
Other liabilities 1,755 1,417
Total liabilities 93,768 85,829
Stockholders' equity 17,017 17,245
Total liabilities and stockholders' equity $110,785 $103,074
DSA FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except share data)
(Unaudited)
Nine months ended Three months ended
March 31, March 31,
2007 2006 2007 2006
Total interest income $4,795 $4,048 $1,624 $1,428
Total interest expense 2,666 1,732 936 656
Net interest income 2,129 2,316 688 772
Provision for losses on
loans 40 62 10 31
Net interest income after
provision for losses on
loans 2,089 2,254 678 741
Other income 422 431 90 121
General, administrative and
other expense 1,807 1,610 646 518
Earnings before income
taxes 704 1,075 122 344
Income taxes 244 393 32 131
NET EARNINGS $460 $682 $90 $213
EARNINGS PER SHARE
- basic and diluted $.28 $.43 $.05 $.14