DSA Financial Corporation reported earnings of $145,000 or $0.09 per share for its first fiscal quarter of 2010 ending 9/30/2009. The company reported earnings of $184,000 or $0.12 per share in the same quarter last year.
The decline in earnings was attributed to a large increase in the provision for loan losses due to the recession and financial crisis. DSA Financial Corporation increased its provision for loan losses by 1000%, from $26,000 in last year’s first fiscal quarter to $225,000 in the quarter just ended.
DSA Financial Corporation also declared its regular dividend of $0.105 per share of common stock. The dividend is payable on November 6, 2009 to shareholders of record on October 28, 2009. The bank has maintained its dividend all through the recession and financial crisis.
DSA Financial Corporation owns the Dearborn Savings Bank, a Federally chartered bank located in Lawrenceburg, Indiana. Dearborn Savings Bank has two branches, deposits of $95.8 million, and total assets of $123.6 million.