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Standard Financial Corp. Announces A Quarterly Dividend Payment And Fourth Quarter And Fiscal Year Earnings


News provided by

Standard Financial Corp.

Oct 27, 2016, 04:10 ET

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MONROEVILLE, Pa., Oct. 27, 2016 /PRNewswire/ -- Standard Financial Corp. (the "Company") -  (OTCQX: STND), the holding company for Standard Bank PaSB, today announced earnings for the quarter ended September 30, 2016 of $401,000 or $0.17 per share.  Net income for the fourth quarter was significantly impacted by merger related expenses of $709,000 ($468,000 after tax) in connection with the pending merger with Allegheny Valley Bancorp, Inc.  Excluding the after tax impact of the merger related expenses, operating income would have been $869,000 or $0.37 per share for the quarter ended September 30, 2016 compared to $968,000 or $0.38 per share for the quarter ended September 30, 2015.  The Company's annualized return on average assets and average equity were 0.33% and 2.19%, respectively, (0.71% and 4.75%, respectively, excluding the merger related expenses) for the quarter ended September 30, 2016 compared to 0.83% and 5.21%, respectively, for the quarter ended September 30, 2015.

For the twelve months ended September 30, 2016 net income was $3.0 million or $1.26 per share compared to $3.5 million or $1.40 per share for the twelve months ended September 30, 2015.  Excluding the after tax impact of merger related expenses, operating earnings would have been $3.5 million or $1.45 per share compared to $3.5 million or $1.40 per share for the twelve months ended September 30, 2015.  The Company's annualized return on average assets and average equity were 0.64% and 4.14%, respectively, (0.73% and 4.78%, respectively, excluding the merger related expenses) for the twelve months ended September 30, 2016 compared to 0.77% and 4.76%, respectively, for the twelve months ended September 30, 2015.    

The Company's board of directors declared a quarterly cash dividend of $0.11 per share of the Company's common stock.  The dividend will be payable to stockholders of record as of November 3, 2016 and will be paid on November 17, 2016.   

On August 29, 2016 the Company and Allegheny Valley Bancorp, Inc. jointly announced the signing of a definitive merger agreement that will result in a combined community banking franchise with total assets of nearly $1.0 billion and 18 branches located throughout Southwestern Pennsylvania and Western Maryland.   

Timothy K. Zimmerman, President & CEO, stated, "We are pleased to report another quarter of solid growth in loans and deposits.  The historically low interest rates and flat yield curve have placed significant pressure on net interest income and the net interest margin.  We are committed to managing the net interest rate margin without escalating interest rate risk.  We remain committed to loan growth, good asset quality and control of noninterest expenses." 

Excluding the impact of the merger related expenses, net income for the quarter ended September 30, 2016 decreased $99,000 or 10.2% compared to the same quarter in the prior year.  Primary changes include lower noninterest income of $223,000 or 24.6% and a provision for loan losses of $105,000, partially offset by higher net interest income of $39,000 or 1.2%, lower noninterest expenses of $53,000 or 2.0% and lower income tax expense compared to the same quarter in the prior year.

Excluding the impact of the merger related expenses, net income for the years ended September 30, 2016 and September 30, 2015 was $3.5 million.  An increase in net interest income of $156,000 or 1.3% and lower noninterest expenses of $237,000 or 2.3% were offset by lower noninterest income of $357,000 or 11.7% and a provision for loan losses of $105,000.

Net interest income increased to $3.2 million and $12.6 million for the three and twelve months ended September 30, 2016 from $3.1 million and $12.5 million for the three and twelve months ended September 30, 2015 due to a higher average balance of loans and a lower cost of funds, slightly offset by a decrease in the yield on assets.  

A provision for loan losses of $105,000 was recorded for the three and twelve months ended September 30, 2016, compared to no provision recorded for the three and twelve months ended September 30, 2015.  Non-performing loans at September 30, 2016 were $1.1 million or 0.28% of total loans compared to $1.3 million or 0.37% of total loans at September 30, 2015.  The allowance for loan losses to non-performing loans was 359.8% at September 30, 2016 compared to 301.4% at September 30, 2015.

Noninterest income totaled $684,000 for the quarter ended September 30, 2016 compared to $907,000 for the quarter ended September 30, 2015 and $2.7 million for the twelve months ended September 30, 2016 compared to $3.1 million for the twelve months ended September 30, 2015.  The decrease for the quarter was due primarily to lower gains on sales of securities and a decrease in annuity and mutual fund fees.  The decrease in the twelve month noninterest income was due mainly to lower gains on sales of securities, lower Federal Home Loan Bank dividends due mainly to a special dividend recorded in the prior year and lower annuity and mutual fund fees.    

Excluding the merger related expenses, noninterest expenses totaled $2.6 million for the quarters ended September 30, 2016 and September 30, 2015 and $10.3 million for the twelve months ended September 30, 2016 compared to $10.5 million for the twelve months ended September 30, 2015.  The decrease in noninterest expenses for the year was due mainly to lower personnel related costs, lower real estate owned expenses and completion of the amortization of core deposit intangibles from a 2006 acquisition.    

Standard Financial Corp., with total assets of $495.1 million at September 30, 2016, 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 September 30,


Twelve Months Ended September 30, 


2016


2015


2016


2015

Interest and Dividend Income

$            4,068


$            3,989


$   16,077


$   15,714

Interest Expense

881


841


3,447


3,240

Net Interest Income

3,187


3,148


12,630


12,474

Provision for Loan Losses

105


-


105


-

Net Interest Income after Provision for Loan Losses

3,082


3,148


12,525


12,474

Noninterest Income

684


907


2,708


3,065

Noninterest Expenses

2,585


2,638


10,297


10,534

Merger Expenses

709


-


709


-

Income before Income Tax Expense 

472


1,417


4,227


5,005

Income Tax Expense 

71


449


1,193


1,471

Net Income

$               401


$               968


$     3,034


$     3,534









Earnings Per Share - Basic 

$              0.17


$              0.38


$       1.26


$       1.40

Earnings Per Share - Diluted

$              0.16


$              0.38


$       1.22


$       1.37

Annualized Return on Average Assets 

0.33%


0.83%


0.64%


0.77%

Average Assets

$        487,970


$        465,384


$ 477,699


$ 456,717

Annualized Return on Average Equity 

2.19%


5.21%


4.14%


4.76%

Average Equity

$          73,281


$          74,354


$   73,350


$   74,310

Net Interest Spread

2.73%


2.82%


2.77%


2.87%

Net Interest Margin

2.81%


2.91%


2.85%


2.95%









FINANCIAL CONDITION DATA:

September 30,


September 30,






2016


2015





Total Assets

$        495,135


$        468,557





Cash and Cash Equivalents

18,161


15,048





Investment Securities

64,403


70,817





Loans Receivable, Net

378,080


347,614





Deposits

368,634


331,280





Borrowed Funds

50,820


57,810





Total Stockholders' Equity

73,175


74,860













Book Value Per Share

$            28.31


$            27.24





Tangible Book Value Per Share

$            24.91


$            24.04













Allowance for Loan Losses 

$            3,800


$            3,879





Non-Performing Loans 

$            1,056


$            1,287





Allowance for Loan Losses to Total Loans

1.00%


1.10%





Allowance for Loan Losses to Non-Performing Loans

359.8%


301.4%





Non-Performing Assets to Total Assets

0.27%


0.35%





Non-Performing Loans to Total Loans

0.28%


0.37%






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

SOURCE Standard Financial Corp.

Related Links

http://www.standardbankpa.com

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