LAWRENCEBURG, Ind., April 10 /PRNewswire-FirstCall/ -- DSA Financial Corporation (BULLETIN BOARD: DSFN) announced its financial results for the third fiscal quarter. For the quarter ended March 31, 2009, the Company recorded net earnings of $212,000 or $0.13 per share. In the quarter ended March 31, 2008, the Company reported net earnings of $103,000, or $0.07 per share.
The quarter-to-quarter increase in earnings was attributed primarily to a $185,000, or 27%, increase in net interest income, and a $103,000, or 79%, increase in other operating income partially offset by a $17,000 or 28%, increase in provision for losses on loans, an $81,000 or 13%, increase in general, administrative and other expense and a $81,000 increase in income taxes.
Net earnings for the nine months ended March 31, 2009 were $589,000, or $0.37 per share, an increase of $238,000, or 68%, over the nine month period ended March 31, 2008. Net interest income increased by $552,000 or 27%, other operating income increased by $48,000 or 11% and general, administrative and other expense decreased by $46,000 or 2%, partially offset by a $60,000 or 82% increase in provision for losses on loans and a $348,000 increase in income taxes.
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 8, 2009 to stockholders of record as of April 24, 2009.
DSA Financial reported total assets of $128.5 million at March 31, 2009, total liabilities of $112.0 million, including deposits of $98.6 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) March 31, June 30, ASSETS 2009 2008 Cash and cash equivalents $5,978 $6,882 Investment securities 12,785 10,912 Loans receivable 100,507 99,540 Other assets 9,266 9,342 Total assets $128,536 $126,676 LIABILITIES AND STOCKHOLDERS' EQUITY Deposits $98,643 $99,405 Advances from the FHLB 11,500 9,000 Other liabilities 1,811 1,854 Total liabilities 111,954 110,259 Stockholders' equity 16,582 16,417 Total liabilities and stockholders' equity $128,536 $126,676 DSA FINANCIAL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (In thousands, except share data) (Unaudited) Nine months ended Three months ended March 31, March 31, 2009 2008 2009 2008 Total interest income $5,165 $5,040 $1,698 $1,689 Total interest expense 2,542 2,969 817 993 Net interest income 2,623 2,071 881 696 Provision for losses on loans 133 73 77 60 Net interest income after provision for losses on loans 2,490 1,998 804 636 Other income 474 426 233 130 General, administrative and other expense 2,091 2,137 728 647 Earnings before income taxes 873 287 309 119 Income taxes 284 (64) 97 16 NET EARNINGS $589 $351 $212 $103 EARNINGS PER SHARE - basic and diluted $.37 $.22 $.13 $.07
DSA Financial Corporation
CONTACT: Edward Fischer, DSA Financial Corporation, +1-812-537-0940
Web Site: http://www.dearbornsavings.com/
