Standard Financial Corp. Announces A Quarterly Dividend Payment And Second Quarter Earnings

MONROEVILLE, Penn., April 28, 2016 /PRNewswire/ -- Standard Financial Corp. (the "Company") - (OTCQX: STND), the holding company for Standard Bank PaSB, today announced earnings for the quarter ended March 31, 2016 of $902,000 or $0.37 per share compared to $809,000 or $0.32 per share for the quarter ended March 31, 2015.  The Company's annualized return on average assets and average equity were 0.76 % and 4.93%, respectively, for the quarter ended March 31, 2016 compared to 0.71% and 4.34%, respectively, for the quarter ended March 31, 2015.

For the six months ended March 31, 2016, net income was $1.8 million or $0.71 per share compared to $1.7 million or $0.67 per share for the six months ended March 31, 2015.  The Company's annualized return on average assets and average equity were 0.75% and 4.77%, respectively, for the six months ended March 31, 2016 compared to 0.76% and 4.59%, respectively, for the six months ended March 31, 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 May 5, 2016 and will be paid on May 19, 2016.   

Timothy K. Zimmerman, President & CEO, stated, "We are very pleased with the increase in our earnings during the current year.  Earnings for banks remain very challenging in this environment given the low interest rates and flat yield curve. We remain committed to loan growth, good asset quality, control of noninterest expenses and management of the interest rate risk for the Bank."

Net income for the quarter ended March 31, 2016 increased $93,000 or 11.5% to $902,000 compared to the same quarter in the prior year.  The primary change was lower noninterest expenses of $111,000 or 4.2% compared to the same quarter in the prior year.

Net income for the six months ended March 31, 2016 increased $64,000 or 3.8% to $1.8 million compared to the same period in the prior year. Net interest income increased $66,000 or 1.1% and lower noninterest expenses of $142,000 or 2.7% was partly offset by lower noninterest income of $61,000 or 4.3% and higher income tax expense of $83,000 or 11.9%.

Net interest income was $3.1 million and $6.3 million for the three and six months ended March 31, 2016 which was the same as the three and six months ended March 31, 2015.   The average balance of loans was $29.9 million and $30.1 million higher for the quarter and six months ended March 31, 2016 compared to the prior year periods. Partly offsetting this increase was a decline in the yield on loans for the quarter and six month periods compared to the prior year.  Investment securities average balances declined with the use of funding for loans during the three and six month periods.  The interest expense on interest bearing liabilities increased primarily due to a higher average balance of deposits and borrowings compared to the prior quarter and six month periods.

No provisions for loan losses were recorded for the three and six months ended March 31, 2016 and March 31, 2015.  Non-performing loans at March 31, 2016 were $1.5 million or 0.43% of total loans compared to $1.3 million or 0.37% of total loans at September 30, 2015 and $1.8 million or 0.55% of total loans at March 31, 2015. 

Noninterest income totaled $715,000 for the quarter ended March 31, 2016 compared to $716,000 for the quarter ended March 31, 2015 and $1.4 million for both six months ended March 31, 2016 and March 31, 2015.   Lower Federal Home Loan Bank dividends were due mainly to a special dividend recorded in the prior year which was offset by higher gains on securities.

Noninterest expenses totaled $2.6 million for the quarter ended March 31, 2016 representing a decrease of $111,000 or 4.2% compared to the quarter ended March 31, 2015.  For the six months ended March 31, 2016, noninterest expenses totaled $5.1 million representing a decrease of $142,000 or 2.7% compared to the six months ended March 31, 2015.  The decreases were due mainly to lower real estate owned expenses and completion of the amortization of the core deposit intangible from a 2006 acquisition.

Standard Financial Corp., with total assets of $479.9 million at March 31, 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.

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SOURCE Standard Financial Corp.

Related Links

http://www.standardbankpa.com