DSA Financial Corporation (OTC Bulletin Board: DSFN.OB) announced its consolidated financial results for the fourth quarter and the fiscal year ended June 30, 2008. For the quarter ended June 30, 2008, the Company recorded a net loss of $19,000 or $(0.01) per diluted share. For the quarter ended June 30, 2007, the Company reported net earnings of $147,000, or $0.09 per diluted share.
The quarter-to-quarter decrease in earnings of $166,000, or 112.9%, was attributable primarily to an increase of $209,000 in provision for losses on loans, a $26,000 or 21.5%, decrease in other income, a $94,000 or 120.5%, increase in income taxes partially offset by a $132,000 or 21.3% decrease in general, administrative and other expense. During the quarter, Ohio Franchise taxes of $145,000, which were included in general, administrative and other expense, were transferred to income taxes. Ohio Franchise taxes were paid during the quarter ended December 31, 2007 and represented taxes owed from prior years. Without this expense reclassification, general, administrative and other expense would have increased $13,000 and income taxes would have decreased $51,000.
Net earnings for the fiscal year ended June 30, 2008 were $332,000, or $0.22 per diluted share, a decrease of $275,000, or 45.3%, as compared to net earnings of $607,000, or $.37 per diluted share for the fiscal year ended June 30, 2007. The year-to-year decrease in earnings was attributable primarily to a $242,000 or 514.9%, increase in provision for loan losses, and an increase in general, administrative and other expense of $198,000, or 8.1%, partially offset by a $214,000, or 66.4%, decrease in income tax expense.
DSA Financial reported total assets of $126.7 million at June 30, 2008, total liabilities of $110.3 million, including deposits of $99.4 million and total stockholders' equity of $16.4 million as compared to total assets of $112.1 million at June 30, 2007, total liabilities of $95.1 million, including deposits of $86.2 million and total stockholders' equity of $17.0 million.
DSA Financial Corporation is the holding company for Dearborn Savings Bank, a federally chartered savings institution headquartered in Lawrenceburg, Indiana. Dearborn Savings Bank operates through its main office and one branch office located in Lawrenceburg, Indiana. -- DSA Financial Corporation
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