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, 2009. The Company recorded net earnings of $175,000 or $0.11 per share reflecting a decrease of $18,000 or 9.3%, as compared to the same quarter ended December 31, 2008, when the Company reported net earnings of $193,000, or $0.12 per share.
The quarter-to-quarter decrease in earnings was attributed primarily to an increase of $136,000 or 453.3%, in provision for losses on loans and a $48,000 or 6.9%, increase in general, administrative and other expense, partially offset by a $110,000 or 12.2%, increase in net interest income, a $43,000 or 36.8% increase in other income and a $13,000 or 13.8%, decrease in income taxes.
Net earnings for the six months ended December 31, 2009 were $320,000, or $0.20 per share, a decrease of $57,000, or 15.1%, as compared to the six month period ended December 31, 2008. The decrease in earnings was attributed primarily to an increase of $335,000 or 598.2%, in provision for losses on loans and a $143,000 or 10.5%, increase in general, administrative and other expense, partially offset by a $201,000 or 11.5%, increase in net interest income, a $163,000 or 67.6% increase in other income and a $57,000 or 30.5%, decrease in income taxes. General, administrative and other expense was higher primarily due to increased FDIC insurance premiums and expenses related to property acquired through foreclosure.
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 12, 2010 to stockholders of record as of January 28, 2010.
DSA Financial reported total assets of $122.1 million at December 31, 2009, total liabilities of $105.5 million, including deposits of $96.7 million and total stockholders' equity of $16.7 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, 2009 2009 ASSETS Cash and cash equivalents $4,298 $8,290 Investment securities 8,532 11,489 Loans receivable 98,532 98,562 Other assets 10,762 10,074 ------ ------ Total assets $122,124 $128,415 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Deposits $96,658 $99,464 Advances from the FHLB 7,000 10,500 Other liabilities 1,802 1,754 ----- ----- Total liabilities 105,460 111,718 Stockholders' equity 16,664 16,697 ------ ------ Total liabilities and stockholders' equity $122,124 $128,415 ======== ======== DSA FINANCIAL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (In thousands, except share data) (Unaudited) Six months ended Three months ended December 31, December 31, 2009 2008 2009 2008 Total interest income $3,090 $3,466 $1,548 $1,718 Total interest expense 1,148 1,725 539 819 ----- ----- --- --- Net interest income 1,942 1,741 1,009 899 Provision for losses on loans 391 56 166 30 --- --- --- --- Net interest income after provision for losses on loans 1,551 1,685 843 869 Other income 404 241 160 117 General, administrative and other expense 1,505 1,362 747 699 ----- ----- --- --- Earnings before income taxes 450 564 256 287 Income taxes 130 187 81 94 --- --- --- --- NET EARNINGS $320 $377 $175 $193 ==== ==== ==== ==== EARNINGS PER SHARE - $.20 $.24 $.11 $.12 basic and diluted ==== ==== ==== ====
DSA Financial Corporation
CONTACT: Edward L. Fischer, President and Chief Executive Officer of DSA
Financial, +1-812-537-0940
Web Site: http://www.dearbornsavings.com/
