DSA Financial Corporation Reports Earnings For The Fourth Quarter And The Fiscal Year Ended June 30, 2012 And Declares A Quarte

^{Published on 2012-07-13 13:16:51 - Market Wire}
 

DSA Financial Corporation Reports Earnings For The Fourth Quarter And The Fiscal... -- LAWRENCEBURG, Ind., July 13, 2012 /PRNewswire/ --

LAWRENCEBURG, Ind., July 13, 2012 /PRNewswire/ -- DSA Financial Corporation (OTCBB: DSFN) announced its consolidated financial results for the fourth quarter and the fiscal year ended June 30, 2012. For the quarter ended June 30, 2012, the Company recorded net earnings of $237,000 or $0.15 per diluted share. For the quarter ended June 30, 2011, the Company reported net earnings of $176,000, or $0.11 per diluted share.

The quarter-to-quarter increase in earnings of $61,000, or 34.7% was attributable primarily to an increase in other income of $159,000 offset by a decrease in net interest income of $41,000, and a $30,000 increase in income tax expense. The increase in other income was due to net gains on the sale of investments and loans that were $176,000 greater during the quarter ended June 30, 2012 versus the quarter ended June 30, 2011. In addition, losses on the sale of real estate acquired through foreclosure were $74,000 lower in the three month period ended June 30, 2012 as compared to the same period ended June 30, 2011. However, these increases in other income were offset by a $50,000 increase in mortgage servicing rights amortization and a $23,000 loss from LLC operations which was established earlier in this fiscal year.

Net earnings for the fiscal year ended June 30, 2012 were $961,000, or $0.61 per diluted share, an increase of $251,000, or 35.4%, as compared to net earnings of $710,000, or $0.45 per diluted share for the fiscal year ended June 30, 2011. The year-to-year increase in earnings was attributable primarily to a $283,000 or 61.7%, increase in other income, a decrease of $480,000 or 14.5%, in general, administrative and other expense offset by an increase of $202,000 or 67.8%, in provision for losses on loans, a decrease in net interest income of $175,000 or 4.2%, and an $135,000, or 43.0%, increase in income tax expense. The increase in other income during fiscal year 2012 was primarily due to net gains on the sale of investments and loans that were $325,000 greater in fiscal year 2012 and decreased losses of $99,000 on the sale of real estate acquired through foreclosure. These increases were offset by a $72,000 increase in mortgage servicing rights amortization and a $53,000 loss in the aforementioned LLC. General, administrative and other expense was lower in fiscal year 2012 primarily due to write-downs of real estate acquired through foreclosure that were $316,000 less, decreased FDIC premiums of $65,000 and legal fees that were $47,000 lower.

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 August 10, 2012 to stockholders of record as of July 27, 2012.

DSA Financial reported total assets of $116.7 million at June 30, 2012, total liabilities of $99.5 million, including deposits of $91.6 million and total stockholders' equity of $17.2 million. At June 30, 2011, DSA Financial reflected total assets of $119.9 million, total liabilities of $103.0 million, including deposits of $95.2 million and total stockholders' equity of $16.8 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.

SOURCE DSA Financial Corporation