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DSA Financial Corporation Reports Earnings For The Third Quarter Ended March 31, 2013 And Declares A Quarterly Dividend

^{Published on 2013-04-12 07:00:48 - Market Wire}
 

DSA Financial Corporation Reports Earnings For The Third Quarter Ended March 31,... -- LAWRENCEBURG, Ind., April 12, 2013 /PRNewswire/ --

LAWRENCEBURG, Ind., April 12, 2013 /PRNewswire/ -- DSA Financial Corporation (OTCBB: DSFN) announced its financial results for the third fiscal quarter ended March 31, 2013. The Company recorded net earnings of $227,000 or $0.14 per share, reflecting a decrease of $7,000 as compared to the same quarter ended March 31, 2012, when the Company reported net earnings of $234,000, or $0.15 per share.

The quarter-to-quarter decrease in earnings was attributed primarily to a $34,000, or 5.1%, increase in general, administrative and other expense, a $62,000 or 6.6%, decrease in net interest income and a $51,000 or 27.0%, decrease in other income offset by a $135,000 or 77.1%, decrease in provision for losses on loans. General, administrative and other expense was higher due to a $36,000 operating loss in our subsidiary which owns two properties acquired through foreclosure. Other income was lower due to a decrease on the gain on sale of loans.

Net earnings for the nine months ended March 31, 2013 were $825,000, or $0.52 per share, an increase of $101,000, or 14.0%, as compared to the nine month period ended March 31, 2012. The increase in earnings was attributed primarily to a decrease of $351,000 or 78.0%, in provision for losses on loans and a $136,000 or 25.1%, increase in other income partially offset by a $163,000 or 5.4%, decrease in net interest income, a $153,000 or 7.5%, increase in general, administrative and other expense and a $70,000 or 20.5%, increase in income taxes. General, administrative and other expense was higher due to property acquired through foreclosure expenses showing an increase of $112,000 as compared to the period ended March 31, 2012. Other income was higher due to a $52,000 increase on the gain on sale of loans and a $57,400 net gain on the sale of Other Real Estate Owned.

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 $0.11 per share. The dividend is payable on May 10, 2013 to stockholders of record as of April 26, 2013.

DSA Financial reported total assets of $115.6 million at March 31, 2013, total liabilities of $98.0 million, including deposits of $88.7 million and total stockholders' equity of $17.5 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