LAWRENCEBURG, Ind., Oct. 15 /PRNewswire-FirstCall/ -- DSA Financial Corporation (BULLETIN BOARD: DSFN) announced its financial results for the first quarter of fiscal 2011. For the quarter ended September 30, 2010, the Company recorded net earnings of $201,000 or $0.13 per share. For the quarter ended September 30, 2009, the Company recorded net earnings of $145,000 or $0.09 per share, an increase of $56,000 or 38.6%.
The quarter-to-quarter increase in earnings was attributed primarily to an increase of $131,000 or 14.0%, in net interest income, a decrease of $110,000 or 48.9%, in the provision for losses on loans offset by a $50,000 or 20.5%, decrease in other income, a $95,000 or 12.5%, increase in general, administrative and other expense, and a $40,000 increase in income taxes. The increase in general, administrative and other expense included $89,000 in write downs of foreclosed real estate whose value had diminished over time.
DSA Financial reported total assets of $121.5 million at September 30, 2010, total liabilities of $104.8 million, including deposits of $96.4 million and total stockholders' equity of $16.7 million.
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 November 5, 2010 to stockholders of record as of October 28, 2010.
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 (In thousands) (Unaudited) September 30, June 30, ASSETS 2010 2010 Cash and cash equivalents $7,495 $7,670 Investment securities 9,440 10,422 Loans receivable 92,797 93,600 Other assets 11,777 12,472 ------ ------ Total assets $121,509 $124,164 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Deposits $96,384 $99,057 Advances from the FHLB 6,500 6,500 Other liabilities 1,915 1,947 ----- ----- Total liabilities 104,799 107,504 Stockholders' equity, net 16,710 16,660 ------ ------ Total liabilities and stockholders' equity $121,509 $124,164 ======== ======== DSA Financial Corporation CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (In thousands, except per share data) (Unaudited) Three months ended September 30, 2010 2009 Total interest income $1,467 $1,542 Total interest expense 403 609 --- --- Net interest income 1,064 933 Provision for losses on loans 115 225 --- --- Net interest income after provision for losses on loans 949 708 Other income 194 244 General, administrative and other expense 853 758 --- --- Earnings before income taxes 290 194 Income taxes 89 49 --- --- NET EARNINGS $201 $145 ==== ==== EARNINGS PER SHARE - basic and diluted $.13 $.09 ==== ====
DSA Financial Corporation
CONTACT: Edward L. Fischer of DSA Financial Corporation,
+1-812-537-0940
Web Site: http://www.dearbornsavings.com/
