LAWRENCEBURG, Ind., July 16 /PRNewswire-FirstCall/ -- DSA Financial Corporation (BULLETIN BOARD: DSFN.OB) announced its consolidated financial results for the fourth quarter and the fiscal year ended June 30, 2008. For the quarter ended June 30, 2008, the Company recorded a net loss of $19,000 or $(0.01) per diluted share. For the quarter ended June 30, 2007, the Company reported net earnings of $147,000, or $0.09 per diluted share.
The quarter-to-quarter decrease in earnings of $166,000, or 112.9%, was attributable primarily to an increase of $209,000 in provision for losses on loans, a $26,000 or 21.5%, decrease in other income, a $94,000 or 120.5%, increase in income taxes partially offset by a $132,000 or 21.3% decrease in general, administrative and other expense. During the quarter, Ohio Franchise taxes of $145,000, which were included in general, administrative and other expense, were transferred to income taxes. Ohio Franchise taxes were paid during the quarter ended December 31, 2007 and represented taxes owed from prior years. Without this expense reclassification, general, administrative and other expense would have increased $13,000 and income taxes would have decreased $51,000.
Net earnings for the fiscal year ended June 30, 2008 were $332,000, or $0.22 per diluted share, a decrease of $275,000, or 45.3%, as compared to net earnings of $607,000, or $.37 per diluted share for the fiscal year ended June 30, 2007. The year-to-year decrease in earnings was attributable primarily to a $242,000 or 514.9%, increase in provision for loan losses, and an increase in general, administrative and other expense of $198,000, or 8.1%, partially offset by a $214,000, or 66.4%, decrease in income tax expense.
DSA Financial reported total assets of $126.7 million at June 30, 2008, total liabilities of $110.3 million, including deposits of $99.4 million and total stockholders' equity of $16.4 million as compared to total assets of $112.1 million at June 30, 2007, total liabilities of $95.1 million, including deposits of $86.2 million and total stockholders' equity of $17.0 million.
DSA Financial Corporation is the holding company for Dearborn Savings Bank, a federally chartered savings institution headquartered in Lawrenceburg, Indiana. Dearborn Savings Bank operates through its main office and one branch office located in Lawrenceburg, Indiana.
DSA FINANCIAL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION June 30, 2008 and 2007 (unaudited, dollars in thousands except per share data) ASSETS 2008 2007 Cash and cash equivalents $6,882 $4,254 Investment and mortgage-backed securities 10,912 3,759 Loans receivable 99,541 95,218 Other assets 9,341 8,856 Total assets $126,676 $112,087 LIABILITIES AND STOCKHOLDERS' EQUITY Deposits $99,405 $86,180 Advances from the FHLB 9,000 7,000 Other liabilities 1,854 1,879 Total liabilities 110,259 95,059 Stockholders' equity 16,417 17,028 Total liabilities and stockholders' equity $126,676 $112,087 DSA FINANCIAL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (In thousands, except share data) Fiscal year ended Three months ended June 30, June 30, 2008 2007 2008 2007 Total interest income $6,800 $6,500 $1,760 $1,705 Total interest expense 3,966 3,639 997 973 Net interest income 2,834 2,861 763 732 Provision for losses on loans 289 47 216 7 Net interest income after provision for losses on loans 2,545 2,814 547 725 Other income 521 543 95 121 General, administrative and other expense 2,626 2,428 489 621 Earnings before income taxes 440 929 153 225 Income taxes 108 322 172 78 NET EARNINGS $332 $607 $(19) $147 EARNINGS PER SHARE - basic and diluted $.22 $.37 $(.01) $.09
