Standard Financial Corp. Announces Quarterly Dividend Payment And Third Quarter Earnings

MONROEVILLE, Penn., July 24, 2014 /PRNewswire/ -- Standard Financial Corp. (the "Company") -  (OTCQX: STND), the holding company for Standard Bank PaSB, today announced earnings for the quarter ended June 30, 2014 of $846,000 or $0.32 per share compared to $722,000 or $0.25 per share for the quarter ended June 30, 2013.  The Company's annualized return on average assets and average equity were 0.78 % and 4.61%, respectively, for the quarter ended June 30, 2014 compared to 0.66% and 3.77%, respectively, for the quarter ended June 30, 2013.

For the nine months ended June 30, 2014, net income was $2.3 million or $0.87 per share compared to $2.2 million or $0.73 per share for the nine months ended June 30, 2013.  The Company's annualized return on average assets and average equity were 0.71% and 4.22%, respectively, for the nine months ended June 30, 2014 compared to 0.67% and 3.73%, respectively, for the nine months ended June 30, 2013.

The Company's board of directors declared a quarterly cash dividend of $.045 per share of the Company's common stock.  The dividend will be payable to stockholders of record as of August 7, 2014 and will be paid on August 21, 2014.   

Timothy K. Zimmerman, President & CEO, stated, "We are pleased with improved quarterly results and with a number of positive trends in our operating results.  Asset quality continues to improve, the interest margin is stabilizing and noninterest expenses are trending downward.  Weak loan demand remains a challenge but we have taken steps to focus more resources on loan production."

Net income for the quarter ended June 30, 2014 increased $124,000 or 17.2% compared to the same quarter in the prior year.  Primary changes included lower noninterest expenses of $254,000 or 9.4%, partially offset by an increase of $131,000 in income tax expense compared to the same quarter in the prior year.

Net income for the nine months ended June 30, 2014 increased $125,000 or 5.7% compared to the same period in the prior year.  Primary changes included a decrease of $375,000 in the provision for loan losses and a decrease of $191,000 or 2.4% in noninterest expenses somewhat offset by lower net interest income of $237,000 or 2.6% and higher income tax expense of $158,000 for the nine months ended June 30, 2014 compared to the nine months ended June 30, 2013.

Net interest income remained the same at $2.9 million for the quarter ended June 30, 2014 compared to the same period in the prior year.  During the nine months ended June 30, 2014, net interest income declined to $8.8 million from $9.0 million for the nine months ended June 30, 2013 due primarily from a lower average yield on interest-earning assets partially offset by a lower average cost of funds.

No provisions for loan losses were recorded for the three and nine months ended June 30, 2014 compared to $0 for the quarter and $375,000 for the nine months ended June 30, 2013.  Non-performing loans at June 30, 2014 were $1.6 million or 0.53% of total loans compared to $2.0 million or 0.68% of total loans at September 30, 2013 and $3.3 million or 1.12% of total loans at June 30, 2013.  The allowance for loan losses to non-performing loans was 256.7% at June 30, 2014 compared to 192.7% at September 30, 2013.

Noninterest income totaled $719,000 for the quarter ended June 30, 2014 compared to $744,000 for the quarter ended June 30, 2013 and $2.1 million for the nine months ended June 30, 2014 and 2013, respectively.  The decrease in the quarterly noninterest income was due mainly to lower service fee income and net gains on loan sales partially offset by higher annuity and mutual fund fees.

Noninterest expenses totaled $2.4 million for the quarter ended June 30, 2014 compared to $2.7 million for the quarter ended June 30, 2013 and $7.6 million for the nine months ended June 30, 2014 compared to $7.8 million for the nine months ended June 30, 2013.  The decreases in noninterest expenses for the periods were due mainly to lower costs relating to real estate owned properties, public company expenses and federal deposit insurance expense, partially offset by higher compensation and medical insurance expense. 

Standard Financial Corp., with total assets of $438.1 million at June 30, 2014, is the parent company of Standard Bank, a Pennsylvania chartered savings bank which operates nine offices serving individuals and small to mid-sized businesses in Allegheny, Westmoreland and Bedford Counties, in Pennsylvania and Allegany County in Maryland.  Standard Bank is a member of the FDIC and an Equal Housing Lender. 

This news release may contain a number of forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995.  Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors.  The Company undertakes no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made. 

 

Standard Financial Corp.

Financial Highlights

(Dollars in thousands, except per share data)

(Unaudited)









OPERATIONS DATA:

Three Months Ended June 30, 


    Nine Months Ended June 30, 


2014


2013


2014


2013

Interest and Dividend Income

$     3,789


$            3,847


$   11,380


$   11,901

Interest Expense

850


934


2,630


2,914

Net Interest Income

2,939


2,913


8,750


8,987

Provision for Loan Losses

-


-


-


375

Net Interest Income after Provision for Loan Losses

2,939


2,913


8,750


8,612

Noninterest Income

719


744


2,078


2,124

Noninterest Expenses

2,437


2,691


7,624


7,815

Income before Income Tax Expense 

1,221


966


3,204


2,921

Income Tax Expense 

375


244


882


724

Net Income

$        846


$               722


$     2,322


$     2,197









Earnings Per Share - Basic and Diluted

$       0.32


$              0.25


$       0.87


$       0.73

Annualized Return on Average Assets 

0.78%


0.66%


0.71%


0.67%

Average Assets

$ 435,875


$        436,253


$ 435,518


$ 436,428

Annualized Return on Average Equity 

4.61%


3.77%


4.22%


3.73%

Average Equity

$   73,351


$          76,638


$   73,315


$   78,554

Net Interest Spread

2.79%


2.76%


2.78%


2.83%

Net Interest Margin

2.90%


2.89%


2.89%


2.96%









FINANCIAL CONDITION DATA:

June 30,


September 30,






2014


2013





Total Assets

$ 438,071


$        436,871





Cash and Cash Equivalents

7,090


14,991





Investment Securities

96,007


94,753





Loans Receivable, Net

301,752


293,664





Deposits

322,604


326,125





Borrowed Funds

38,609


33,086





Total Stockholders' Equity

73,880


74,557













Book Value Per Share

$     25.35


$            23.96





Tangible Book Value Per Share

$     22.26


$            21.03













Allowance for Loan Losses 

$     4,143


$            3,875





Non-Performing Loans 

$     1,614


$            2,011





Allowance for Loan Losses to Total Loans

1.35%


1.30%





Allowance for Loan Losses to Non-Performing Loans

256.7%


192.7%





Non-Performing Assets to Total Assets

0.51%


0.60%





Non-Performing Loans to Total Loans

0.53%


0.68%













Additional financial information is available at www.standardbankpa.com.

SOURCE Standard Financial Corp.



RELATED LINKS
http://www.standardbankpa.com

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