N@N

DSA Financial Corporation Reports Earnings For The Second Quarter Ended December 31, 2012

^{Published on 2013-01-11 08:00:28 - Market Wire}
 

DSA Financial Corporation Reports Earnings For The Second Quarter Ended December 31,... -- LAWRENCEBURG, Ind., Jan. 11, 2013 /PRNewswire/ --

LAWRENCEBURG, Ind., Jan. 11, 2013 /PRNewswire/ -- DSA Financial Corporation (OTCBB: DSFN) announced its financial results for the second fiscal quarter and the six months ended December 31, 2012. The Company recorded net earnings of $305,000 or $0.19 per share which reflected an increase of $92,000 or $0.05 per share, as compared to the $213,000 or $0.14 per share for same quarter ended December 31, 2011. In addition, the Company recorded net income of $599,000 or $0.38 per share which reflected an increase of $109,000, or 22.2% as compared to the six month period ended December 31, 2011.

The quarter-to-quarter increase in earnings was primarily attributable to a $133,000 or 86.4%, increase in other income partially offset by a $79,000 or 11.6%, increase in general, administrative and other expense. In addition, the provision for loan losses decreased by $120,000 or 80.0%, which was partially offset by a decrease in net interest income of $26,000 or 2.6%, and an increase in income taxes by $56,000 or 56.0%. Other income was higher due to a $66,000 increase on loan sales, a $22,000 gain from the sale of investments and Other Real Estate Owned gains upon disposition were $50,000 higher than the quarter ended December 31, 2011. General, administrative and other expense was higher due to Other Real Estate Owned related expenses which reflected an increase of $48,000.

Net earnings for the six months ended December 31, 2012 were $599,000 or $0.38 per share, an increase of $109,000, or 22.2%, as compared to the six month period ended December 31, 2011. The increase in earnings was primarily attributed to an increase in other income of $188,000 or 53.2%, and a decrease of $216,000 or 78.5%, in provision for losses on loans. In addition, general, administrative and other expense increased by $119,000 or 8.7%, net interest income decreased by $101,000 or 5.0%, and income taxes increased by $75,000 or 33.0%.  Other income was higher due to a $158,000 increase on loan sales and Other Real Estate Owned gains upon disposition were $52,000 higher than the period ended December 31, 2011. General, administrative and other expense was higher due to Other Real Estate Owned related expenses which reflected an increase of $85,000.

DSA Financial reported total assets of $113.3 million at December 31, 2012, total liabilities of $96.0 million, including deposits of $87.6 million and total stockholders' equity of $17.3 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