LAWRENCEBURG, Ind., Jan. 18 /PRNewswire-FirstCall/ -- DSA Financial Corporation (BULLETIN BOARD: DSFN) announced its financial results for the second fiscal quarter. For the quarter ended December 31, 2007, the Company recorded net earnings of $129,000 or $0.08 per share. In the quarter ended December 31, 2006, the Company reported net earnings of $206,000, or $0.13 per share.
The quarter-to-quarter decrease in earnings was attributed primarily to a $62,000, or 27%, decrease in other operating income, and a $257,000, or 43%, increase in general, administrative and other expense, partially offset by a $261,000, or 218% decrease in income taxes. The quarter ended December 31, 2006 included a gain of $122,000 on the sale of office premises. The quarter ended December 31, 2007 included the paying of prior years Ohio Franchise Taxes of $146,000 with related tax preparation fees of $24,000 included in general, administrative and other expense, offset by prior years Indiana Income Tax refunds of $183,000.
Net earnings for the six months ended December 31, 2007 were $249,000, or $0.16 per share, a decrease of $122,000, or 33%, under the six month period ended December 31, 2006. As noted above, other operating income included a $122,000 gain on sale of office premises for the period ended December 31, 2006. Net interest income decreased by $67,000 or 5%, other operating income decreased by $36,000, or 11%, and general, administrative and other expense increased by $329,000 or 28%, partially offset by a $292,000 or 138%, decrease in income taxes. The comments mentioned above related to prior years Ohio Franchise Tax and related fees and prior years Indiana Income Tax refunds had the same impact on the six month period ended December 31, 2007.
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 8, 2008 to stockholders of record as of January 28, 2008.
DSA Financial reported total assets of $110.6 million at December 31, 2007, total liabilities of $94.1 million, including deposits of $82.4 million and total stockholders' equity of $16.5 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) December 31, June 30, ASSETS 2007 2007 Cash and cash equivalents $1,637 $4,254 Investment securities 3,806 3,759 Loans receivable 95,751 95,218 Other assets 9,416 8,856 Total assets $110,610 $112,087 LIABILITIES AND STOCKHOLDERS' EQUITY Deposits $82,441 $86,180 Advances from the FHLB 10,000 7,000 Other liabilities 1,657 1,879 Total liabilities 94,098 95,059 Stockholders' equity 16,512 17,028 Total liabilities and stockholders' equity $110,610 $112,087 DSA FINANCIAL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (In thousands, except share data) (Unaudited) Six months ended Three months ended December 31, December 31, 2007 2006 2007 2006 Total interest income $3,350 $3,171 $1,661 $1,608 Total interest expense 1,976 1,730 986 904 Net interest income 1,374 1,441 675 704 Provision for losses on loans 12 30 5 15 Net interest income after provision for losses on loans 1,362 1,411 670 689 Other income 296 332 171 233 General, administrative and other expense 1,489 1,160 853 596 Earnings before income taxes 169 583 (12) 326 Income taxes (80) 212 (141) 120 NET EARNINGS $249 $371 $129 $206 EARNINGS PER SHARE - basic and diluted $.16 $.23 $.08 $.13
