LAWRENCEBURG, Ind., Jan. 15 /PRNewswire-FirstCall/ -- DSA Financial
Corporation (OTC Bulletin Board: DSFN.OB) announced its financial results for
the second fiscal quarter ended December 31, 2008. The Company recorded net
earnings of $193,000 or $0.12 per share reflecting an increase of $64,000 or
49.6%, as compared to the same quarter ended December 31, 2007, when the
Company reported net earnings of $129,000, or $0.08 per share.
The quarter-to-quarter increase in earnings was attributed primarily to a
$224,000, or 33%, increase in net interest income, and a $154,000, or 18%,
decrease in general, administrative and other expense, partially offset by a
$54,000 or 32%, decrease in other operating income and a $235,000, or 167%
increase in income taxes. The quarter ended December 31, 2007 included the
paying of prior years Ohio Franchise Taxes of $146,000 with related tax
preparation fees of $24,000 included in general, administrative and other
expense, offset by prior years Indiana Income Tax refunds of $183,000.
Net earnings for the six months ended December 31, 2008 were $377,000, or
$0.24 per share, an increase of $128,000, or 51%, over the six month period
ended December 31, 2007. Net interest income increased by $367,000 or 27%,
general, administrative and other expense decreased by $127,000 or 8%,
partially offset by a $55,000 or 18%, decrease in other operating income and a
$267,000 or 334%, increase in income taxes. The comments mentioned above
related to prior years Ohio Franchise Tax and related fees and prior years
Indiana Income Tax refunds had the same impact on the six month period ended
December 31, 2007.
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 13, 2009 to stockholders of record as of January 30, 2009.
DSA Financial reported total assets of $127.1 million at December 31,
2008, total liabilities of $110.5 million, including deposits of $96.2 million
and total stockholders' equity of $16.6 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.
DSA FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In thousands)
(Unaudited)
December 31, June 30,
ASSETS 2008 2008
Cash and cash equivalents $4,462 $6,882
Investment securities 12,948 10,912
Loans receivable 100,396 99,540
Other assets 9,291 9,342
Total assets $127,097 $126,676
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits $96,218 $99,405
Advances from the FHLB 12,500 9,000
Other liabilities 1,808 1,854
Total liabilities 110,526 110,259
Stockholders' equity 16,571 16,417
Total liabilities and stockholders'
equity $127,097 $126,676
DSA FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except share data)
(Unaudited)
Six months ended Three months ended
December 31, December 31,
2008 2007 2008 2007
Total interest income $3,466 $3,350 $1,718 $1,661
Total interest expense 1,725 1,976 819 986
Net interest income 1,741 1,374 899 675
Provision for losses on
loans 56 12 30 5
Net interest income
after provision for
losses on loans 1,685 1,362 869 670
Other income 241 296 117 171
General, administrative
and other expense 1,362 1,489 699 853
Earnings before
income taxes 564 169 287 (12)
Income taxes 187 (80) 94 (141)
NET EARNINGS $377 $249 $193 $129
EARNINGS PER SHARE -
basic and diluted $.24 $.16 $.12 $.08
SOURCE DSA Financial Corporation