DSA Financial Corporation Reports Earnings for the Second Quarter Ended December 31, 2011 and Declares a Quarterly Dividend

^{Published on 2012-01-13 13:06:03 - Market Wire}
 

DSA Financial Corporation Reports Earnings for the Second Quarter Ended December 31, 2011... -- LAWRENCEBURG, Ind., Jan. 13, 2012 /PRNewswire/ --

LAWRENCEBURG, Ind., Jan. 13, 2012 /PRNewswire/ -- DSA Financial Corporation (OTCBB: DSFN) announced its financial results for the second fiscal quarter ended December 31, 2011. The Company recorded net earnings of $213,000 or $0.14 per share reflecting an increase of $37,000 as compared to the same quarter ended December 31, 2010, when the Company reported net earnings of $176,000, or $0.11 per share.

The quarter-to-quarter increase in earnings was attributed primarily to a $87,000, or 11.3%, decrease in general, administrative and other expense and a $42,000 or 37.5% increase in other income offset by a $42,000 or 4.0% decrease in net interest income, an increase of $28,000 or 23.0%, in provision for losses on loans and a $22,000 or 28.2%, increase in income taxes. General, administrative and other expense was lower due to property acquired through foreclosure writedowns post acquisition showing a decrease of $55,000. Other income was higher due to a $19,000 increase on loan sales and Real Estate Owned losses upon disposition that were $25,000 lower than the quarter ended December 31, 2010.

Net earnings for the six months ended December 31, 2011 were $490,000, or $0.31 per share, an increase of $113,000, or 29.9%, as compared to the six month period ended December 31, 2010. The increase in earnings was attributed primarily to a $249,000 or 15.4%, decrease in general, administrative and other expense and a $46,000 or 15.0%, increase in other income offset by an $86,000 or 4.1%, decrease in net interest income, an increase of $37,000 or 15.5%, in provision for losses on loans and a $59,000 or 35.1%, increase in income taxes. General, administrative and other expense was lower due to property acquired through foreclosure writedowns post acquisition showing a decrease of $141,000 as compared to the period ended December 31, 2010. Other general and administrative expenses that were lower included legal fees ($34,300) and FDIC Insurance Premiums ($31,700). Other income was higher due to a $23,000 gain on sale of investments and Real Estate Owned losses upon disposition that were $37,000 lower than the quarter ended December 31, 2010.

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 10, 2012 to stockholders of record as of January 27, 2012.

DSA Financial reported total assets of $116.3 million at December 31, 2011, total liabilities of $99.4 million, including deposits of $92.3 million and total stockholders' equity of $16.9 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.

SOURCE DSA Financial Corporation