LAWRENCEBURG, Ind., April 9 /PRNewswire-FirstCall/ -- DSA Financial Corporation (BULLETIN BOARD: DSFN) announced its financial results for the third fiscal quarter ended March 31, 2010. The Company recorded net earnings of $218,000 or $0.14 per share reflecting an increase of $6,000 or 2.8%, as compared to the same quarter ended March 31, 2009, when the Company reported net earnings of $212,000, or $0.13 per share.
The quarter-to-quarter increase in earnings was attributed primarily to an increase of $122,000 or 13.8%, in net interest income, offset by a $73,000 or 94.8%, increase in provision for losses on loans and a $43,000 or 18.5%, decrease in other income.
Net earnings for the nine months ended March 31, 2010 were $538,000, or $0.34 per share, a decrease of $51,000, or 8.6%, as compared to the nine month period ended March 31, 2009. The decrease in earnings was attributed primarily to an increase of $408,000 or 306.8%, in provision for losses on loans and a $135,000 or 6.5%, increase in general, administrative and other expense, partially offset by a $323,000 or 12.3%, increase in net interest income, a $121,000 or 25.5% increase in other income and a $48,000 or 16.9%, 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 including legal fees.
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 7, 2010 to stockholders of record as of April 23, 2010.
DSA Financial reported total assets of $121.3 million at March 31, 2010, total liabilities of $104.6 million, including deposits of $96.2 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) March 31, June 30, ASSETS 2010 2009 Cash and cash equivalents $4,204 $8,290 Investment securities 10,602 11,489 Loans receivable 94,390 98,562 Other assets 12,099 10,074 ------ ------ Total assets $121,295 $128,415 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Deposits $96,193 $99,464 Advances from the FHLB 6,500 10,500 Other liabilities 1,936 1,754 ----- ----- Total liabilities 104,629 111,718 Stockholders' equity 16,666 16,697 ------ ------ Total liabilities and stockholders' equity $121,295 $128,415 ======== ======== DSA FINANCIAL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (In thousands, except share data) (Unaudited) Nine months ended Three months ended March 31, March 31, 2010 2009 2010 2009 Total interest income $4,585 $5,165 $1,494 $1,698 Total interest expense 1,639 2,542 491 817 ----- ----- --- --- Net interest income 2,946 2,623 1,003 881 Provision for losses on loans 541 133 150 77 --- --- --- --- Net interest income after provision for losses on loans 2,405 2,490 853 804 Other income 595 474 190 233 General, administrative and other expense 2,226 2,091 720 728 ----- ----- --- --- Earnings before income taxes 774 873 323 309 Income taxes 236 284 105 97 --- --- --- --- NET EARNINGS $538 $589 $218 $212 ==== ==== ==== ==== EARNINGS PER SHARE -basic and diluted $.34 $.37 $.14 $.13 ==== ==== ==== ====
DSA Financial Corporation
CONTACT: Edward L. Fischer of DSA Financial Corporation,
+1-812-537-0940
Web Site: http://www.dearbornsavings.com/
