DSA Financial Corporation Reports Earnings for the Third Quarter Ended March 31, 2012 and Declares a Quarterly Dividend
2012 MAY 4 - (VerticalNews.com) -- DSA Financial Corporation (OTCBB: DSFN.OB) announced its financial results for the third fiscal quarter ended March 31, 2012. The Company recorded net earnings of $234,000 or $0.15 per share reflecting an increase of $77,000 as compared to the same quarter ended March 31, 2011, when the Company reported net earnings of $157,000, or $0.10 per share.
The quarter-to-quarter increase in earnings was attributed primarily to a $258,000, or 27.9%, decrease in general, administrative and other expense and a $79,000 or 71.8% increase in other income offset by a $38,000 or 3.6% decrease in net interest income, an increase of $175,000 in provision for losses on loans and a $47,000 or 41.2%, increase in income taxes. General, administrative and other expense was lower due to property acquired through foreclosure writedowns post acquisition showing a decrease of $200,000. Other income was higher due to a $133,000 increase on the gain on sale of loans partially offset by a $26,000 operating loss in our newly formed LLC which owns two properties acquired through foreclosure.
Net earnings for the nine months ended March 31, 2012 were $724,000, or $0.46 per share, an increase of $190,000, or 35.6%, as compared to the nine month period ended March 31, 2011. The increase in earnings was attributed primarily to a $507,000 or 19.9%, decrease in general, administrative and other expense and a $124,000 or 29.7%, increase in other income offset by a $124,000 or 3.9%, decrease in net interest income, an increase of $212,000 or 89.1%, in provision for losses on loans and a $105,000 or 44.5%, increase in income taxes. General, administrative and other expense was lower due to property acquired through foreclosure writedowns post acquisition showing a decrease of $341,000 as compared to the period ended March 31, 2011. Other general and administrative expenses that were lower included compensation and benefits ($25,000), legal fees ($33,000) and FDIC Insurance Premiums ($46,800). Other income was higher due to a $126,600 increase on the gain on sale of loans, a $23,000 gain on the sale of investments and Real Estate Owned losses upon disposition that were $25,500 lower than the quarter ended March 31, 2011.
In addition, Edward L. Fischer, President and Chief Executive Officer of DSA Financial, announced 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 May 11, 2012 to stockholders of record as of April 27, 2012.
DSA Financial reported total assets of $116.0 million at March 31, 2012, total liabilities of $98.9 million, including deposits of $90.7 million and total stockholders' equity of $17.0 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.
Keywords: Economics, Investing and Investments.
This article was prepared by VerticalNews Economics editors from staff and other reports. Copyright 2012, VerticalNews Economics via VerticalNews.com.