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

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.

 

DSA FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In thousands)
(Unaudited)













December 31,


       June 30,

            ASSETS                                                                                

2012


2012





Cash and cash equivalents                                                                

$  4,735


$  9,161

Investment securities                                                                          

13,463


12,809

Loans receivable                                                                                 

84,742


84,041

Other assets                                                                                     

10,338


10,686


            Total assets                                                                                      

$113,278


$116,697





            LIABILITIES AND STOCKHOLDERS' EQUITY




Deposits

$87,581


$91,565

Advances from the FHLB                                                                         

6,000


6,000

Other liabilities                                                                                       

2,371


1,981





            Total liabilities                                                                            

95,952


99,546





Stockholders' equity                                                                           

17,326


17,151


            Total liabilities and stockholders' equity                                   

$113,278


$116,697


 DSA FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except share data)
(Unaudited)








Six months ended
December 31,


Three months ended
December 31,










2012


2011


2012


2011





Total interest income                      

$2,291


$2,545


$1,143


$1,241

Total interest expense                          

382


535


179


251

            Net interest income               

1,909


2,010


964


990

Provision for losses on loans              

59


275


30


150

            Net interest income after provision for
               losses on loans                             

1,850


1,735


934


840

Other income                                                

541


353


287


154

General, administrative and other expense        

1,490


1,371


760


681

            Earnings before income taxes              

901


717


461


313

Income taxes                                                

302


227


156


100





     NET EARNINGS                                 

$  599


$  490


$  305


$  213





     EARNINGS PER SHARE - basic and diluted   

$.38


$.31


$.19


$.14

 

 

SOURCE DSA Financial Corporation

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