LAWRENCEBURG, Ind., July 20 /PRNewswire-FirstCall/ -- DSA Financial Corporation (BULLETIN BOARD: DSFN) announced its consolidated financial results for the fourth quarter and the fiscal year ended June 30, 2010. For the quarter ended June 30, 2010, the Company recorded net earnings of $46,000 or $0.03 per diluted share. For the quarter ended June 30, 2009, the Company reported net earnings of $72,000, or $0.05 per diluted share.
The quarter-to-quarter decrease in earnings of $26,000 was attributable primarily to an increase of $400,000 or 266.7%, in provision for losses on loans offset by an increase in net interest income of $180,000, or 20.5%, a $149,000 or 93.1%, increase in other income, an $11,000 decrease in income taxes, and a $34,000 or 4.2%, decrease in general, administrative and other expense. The increase in other income was due to net gains on the sale of investments, loans and foreclosed property of $177,000 partially offset by a decrease in mortgage loan related fee income of $12,000 and a $15,000 increase in mortgage servicing rights amortization.
Net earnings for the fiscal year ended June 30, 2010 were $584,000, or $0.37 per diluted share, a decrease of $77,000, or 11.6%, as compared to net earnings of $661,000, or $0.42 per diluted share for the fiscal year ended June 30, 2009. The year-to-year decrease in earnings was attributable primarily to an increase of $808,000 or 285.5%, in provision for losses on loans and an increase in general, administrative and other expense of $101,000, or 3.5%, mostly offset by an increase in net interest income of $503,000 or 14.4%, a $270,000 increase in other income, or 42.6%, and an $59,000, or 20.1%, decrease in income tax expense. The increase in other income was primarily due to net gains on the sale of investments, loans and foreclosed property of $270,000.
DSA Financial reported total assets of $124.0 million at June 30, 2010, total liabilities of $107.3 million, including deposits of $99.1 million and total stockholders' equity of $16.7 million as compared to total assets of $128.4 million at June 30, 2009, total liabilities of $111.7 million, including deposits of $99.5 million and total stockholders' equity of $16.7 million.
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 June 30, 2010 and 2009 (unaudited, dollars in thousands except per share data) ASSETS 2010 2009 Cash and cash equivalents $7,670 $8,290 Investment and mortgage-backed securities 10,422 11,489 Loans receivable 93,600 98,562 Other assets 12,287 10,074 ------ ------ Total assets $123,979 $128,415 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Deposits $99,057 $99,464 Advances from the FHLB 6,500 10,500 Other liabilities 1,762 1,754 ----- ----- Total liabilities 107,319 111,718 Stockholders' equity 16,660 16,697 ------ ------ Total liabilities and stockholders' equity $123,979 $128,415 ======== ======== DSA FINANCIAL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (In thousands, except share data) Fiscal year Three months ended ended June 30, June 30, 2010 2009 2010 2009 Total interest income $6,061 $6,827 $1,476 $1,662 Total interest expense 2,056 3,325 417 783 ----- ----- --- --- Net interest income 4,005 3,502 1,059 879 Provision for losses on loans 1,091 283 550 150 ----- --- --- --- Net interest income after provision for losses on loans 2,914 3,219 509 729 Other income 904 634 309 160 General, administrative and other expense 3,000 2,899 774 808 ----- ----- --- --- Earnings before income taxes 818 954 44 81 Income taxes 234 293 (2) 9 --- --- --- --- NET EARNINGS $584 $661 $46 $72 ==== ==== === === EARNINGS PER SHARE -basic and diluted $.37 $.42 $.03 $.05 ==== ==== ==== ====
DSA Financial Corporation
CONTACT: Edward L. Fischer of DSA Financial Corporation,
+1-812-537-0940
Web Site: http://www.dearbornsavings.com/
