LAWRENCEBURG, Ind., Oct. 10 /PRNewswire-FirstCall/ -- DSA Financial Corporation (BULLETIN BOARD: DSFN) announced its financial results for the first quarter of fiscal 2009. For the quarter ended September 30, 2008, the Company recorded net earnings of $184,000 or $0.12 per share. For the quarter ended September 30, 2007, the Company recorded net earnings of $120,000 or $0.07 per share, an increase of $64,000 or 53.3%.
DSA Financial reported total assets of $124.2 million at September 30, 2008, total liabilities of $107.8 million, including deposits of $95.2 million and total stockholders' equity of $16.5 million.
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 November 7, 2008 to stockholders of record as of October 24, 2008.
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 (In thousands) (Unaudited) September 30, June 30, ASSETS 2008 2008 Cash and cash equivalents $4,857 $6,882 Investment securities 10,361 10,912 Loans receivable 99,748 99,540 Other assets 9,252 9,342 Total assets $124,218 $126,676 LIABILITIES AND STOCKHOLDERS' EQUITY Deposits $95,180 $99,405 Advances from the FHLB 10,500 9,000 Other liabilities 2,081 1,854 Total liabilities 107,761 110,259 Stockholders' equity, net 16,457 16,417 Total liabilities and stockholders' equity $124,218 $126,676 DSA Financial Corporation CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (In thousands, except per share data) (Unaudited) Three months ended September 30, 2008 2007 Total interest income $1,749 $1,690 Total interest expense 907 990 Net interest income 842 700 Provision for losses on loans 26 8 Net interest income after provision for losses on loans 816 692 Other income 124 125 General, administrative and other expense 663 635 Earnings before income taxes 277 182 Income taxes 93 62 NET EARNINGS $184 $120 EARNINGS PER SHARE -- basic and diluted $.12 $.07
