LAWRENCEBURG, Ind., Jan. 15 /PRNewswire-FirstCall/ -- DSA Financial Corporation (BULLETIN BOARD: DSFN.OB) announced its financial results for the second fiscal quarter ended December 31, 2008. The Company recorded net earnings of $193,000 or $0.12 per share reflecting an increase of $64,000 or 49.6%, as compared to the same quarter ended December 31, 2007, when the Company reported net earnings of $129,000, or $0.08 per share.
The quarter-to-quarter increase in earnings was attributed primarily to a $224,000, or 33%, increase in net interest income, and a $154,000, or 18%, decrease in general, administrative and other expense, partially offset by a $54,000 or 32%, decrease in other operating income and a $235,000, or 167% increase in income taxes. 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, 2008 were $377,000, or $0.24 per share, an increase of $128,000, or 51%, over the six month period ended December 31, 2007. Net interest income increased by $367,000 or 27%, general, administrative and other expense decreased by $127,000 or 8%, partially offset by a $55,000 or 18%, decrease in other operating income and a $267,000 or 334%, increase 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 13, 2009 to stockholders of record as of January 30, 2009.
DSA Financial reported total assets of $127.1 million at December 31, 2008, total liabilities of $110.5 million, including deposits of $96.2 million and total stockholders' equity of $16.6 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 2008 2008 Cash and cash equivalents $4,462 $6,882 Investment securities 12,948 10,912 Loans receivable 100,396 99,540 Other assets 9,291 9,342 Total assets $127,097 $126,676 LIABILITIES AND STOCKHOLDERS' EQUITY Deposits $96,218 $99,405 Advances from the FHLB 12,500 9,000 Other liabilities 1,808 1,854 Total liabilities 110,526 110,259 Stockholders' equity 16,571 16,417 Total liabilities and stockholders' equity $127,097 $126,676 DSA FINANCIAL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (In thousands, except share data) (Unaudited) Six months ended Three months ended December 31, December 31, 2008 2007 2008 2007 Total interest income $3,466 $3,350 $1,718 $1,661 Total interest expense 1,725 1,976 819 986 Net interest income 1,741 1,374 899 675 Provision for losses on loans 56 12 30 5 Net interest income after provision for losses on loans 1,685 1,362 869 670 Other income 241 296 117 171 General, administrative and other expense 1,362 1,489 699 853 Earnings before income taxes 564 169 287 (12) Income taxes 187 (80) 94 (141) NET EARNINGS $377 $249 $193 $129 EARNINGS PER SHARE - basic and diluted $.24 $.16 $.12 $.08
