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

MONROEVILLE, Pa., Oct. 22, 2015 /PRNewswire/ -- Standard Financial Corp. (the "Company") -  (OTCQX: STND), the holding company for Standard Bank PaSB, today announced earnings for the quarter ended September 30, 2015 of $968,000 or $0.38 per share compared to $853,000 or $0.33 per share for the quarter ended September 30, 2014.  The Company's annualized return on average assets and average equity were 0.83 % and 5.21%, respectively, for the quarter ended September 30, 2015 compared to 0.77% and 4.64%, respectively, for the quarter ended September 30, 2014.

For the twelve months ended September 30, 2015 net income was $3.5 million or $1.40 per share compared to $3.2 million or $1.20 per share for the twelve months ended September 30, 2014.  The Company's annualized return on average assets and average equity were 0.77% and 4.76%, respectively, for the twelve months ended September 30, 2015 compared to 0.73% and 4.33%, respectively, for the twelve months ended September 30, 2014.

The Company's board of directors increased the quarterly cash dividend to $.085 per share of the Company's common stock, which is a 41.7% increase from the previous quarter cash dividend.  The dividend will be payable to stockholders of record as of November 5, 2015 and will be paid on November 19, 2015.   

Timothy K. Zimmerman, President & CEO, stated, "We are very pleased to provide an increase in the cash dividend on our stock.  This increased dividend is due in part to our consistent core earnings and improved overall results.  Continuing positive trends include substantial loan growth and good asset quality.  Year to year loan growth was $35.5 million or 11.4% which resulted from an increased emphasis on loan production and improving economic conditions in our local markets." 

Net income for the quarter ended September 30, 2015 increased $115,000 or 13.5% compared to the same quarter in the prior year.  Primary changes included higher net interest income of $135,000 or 4.5% and higher noninterest income of $183,000 or 25.3%, partially offset by higher noninterest expenses of $120,000 or 4.8% and an increase of $83,000 in income tax expense compared to the same quarter in the prior year.

Net income for the twelve months ended September 30, 2015 increased $359,000 or 11.3% compared to the same period in the prior year.  Primary changes include higher net interest income of $712,000 or 6.1% and higher noninterest income of $263,000 or 9.4%, which was partly offset by higher noninterest expenses of $392,000 or 3.9% and higher income tax expense of $224,000 or 18.0%.  

Net interest income increased to $3.1 million and $12.5 million for the three and twelve months ended September 30, 2015 from $3.0 million and $11.8 million for the three and twelve months ended September 30, 2014 due to a higher average balance of loans and a lower cost of funds, slightly offset by a decrease in the yield on assets.  

No provisions for loan losses were recorded for the three and twelve months ended September 30, 2015 and September 30, 2014.  Non-performing loans at September 30, 2015 were $1.3 million or 0.37% of total loans compared to $1.2 million or 0.37% of total loans at September 30, 2014.  The allowance for loan losses to non-performing loans was 301.4% at September 30, 2015 compared to 331.0% at September 30, 2014.

Noninterest income totaled $907,000 for the quarter ended September 30, 2015 compared to $724,000 for the quarter ended September 30, 2014 and $3.1 million for the twelve months ended September 30, 2015 compared to $2.8 million for the twelve months ended September 30, 2014.  The increase for the quarter was due primarily to gains on sales of securities and an increase in annuity and mutual fund fees.  The increase in the twelve month noninterest income was due mainly to gains on sales of securities, a special dividend on Federal Home Loan Bank stock and increased annuity and mutual fund fees. 

Noninterest expenses totaled $2.6 million for the quarter ended September 30, 2015 compared to $2.5 million for the quarter ended September 30, 2014 and $10.5 million for the twelve months ended September 30, 2015 compared to $10.1 million for the twelve months ended September 30, 2014.  The increases in noninterest expenses for the periods were due mainly to higher general cost increases, increased charitable contribution expense, and increased expenses on real estate owned properties. 

Standard Financial Corp., with total assets of $468.3 million at September 30, 2015, 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. 

SOURCE Standard Financial Corp.

Related Links

http://www.standardbankpa.com