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

MONROEVILLE, Pa., Oct. 23, 2014 /PRNewswire/ -- Standard Financial Corp. (the "Company") -  (OTCQX: STND), the holding company for Standard Bank PaSB, today announced earnings for the quarter ended September 30, 2014 of $853,000 or $0.33 per share compared to $685,000 or $0.24 per share for the quarter ended September 30, 2013.  The Company's annualized return on average assets and average equity were 0.77% and 4.64%, respectively, for the quarter ended September 30, 2014 compared to 0.63% and 3.66%, respectively, for the quarter ended September 30, 2013.

For the twelve months ended September 30, 2014, net income was $3.2 million or $1.20 per share compared to $2.9 million or $0.97 per share for the twelve months ended September 30, 2013.  The Company's annualized return on average assets and average equity were 0.73% and 4.33%, respectively, for the twelve months ended September 30, 2014 compared to 0.66% and 3.71%, respectively, for the twelve months ended September 30, 2013.

The Company's board of directors increased the quarterly cash dividend to $.06 per share of the Company's common stock, which is a 33.3% increase from the previous quarter cash dividend.  The dividend will be payable to stockholders of record as of November 6, 2014 and will be paid on November 20, 2014.   

Timothy K. Zimmerman, President & CEO, stated, "We are pleased to provide an increase in the cash dividend on our stock.  This increased dividend is due in part to our improved results.  Continuing positive trends include improving asset quality, a stabilizing net interest margin, loan growth and declining noninterest expenses.  Year to year loan growth was $18.5 million or 6.3% which resulted from an increased emphasis on loan production and improving economic conditions in our local markets, especially in business lending."

Net income for the quarter ended September 30, 2014 increased $168,000 or 24.5% compared to the same quarter in the prior year.  Primary changes included lower noninterest expenses of $152,000 or 5.7% and higher net interest income of $83,000 or 2.8%, partially offset by an increase of $113,000 in income tax expense compared to the same quarter in the prior year.

Net income for the twelve months ended September 30, 2014 increased $293,000 or 10.2% 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 $343,000 or 3.3% in noninterest expenses somewhat offset by lower net interest income of $155,000 or 1.3% and higher income tax expense of $270,000 for the twelve months ended September 30, 2014 compared to the twelve months ended September 30, 2013.

Net interest income increased to $3.0 million for the quarter ended September 30, 2014 compared to $2.9 million for the quarter ended September 30, 2013 due to a slight improvement and stabilizing of the interest rate margin.  During the twelve months ended September 30, 2014, net interest income declined slightly to $11.8 million from $11.9 million for the twelve months ended September 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 twelve months ended September 30, 2014 compared to $0 for the quarter and $375,000 for the twelve months ended September 30, 2013.  Non-performing loans at September 30, 2014 were $1.2 million or 0.37% of total loans compared to $2.0 million or 0.68% of total loans at September 30, 2013.  The allowance for loan losses to non-performing loans was 331.0% at September 30, 2014 compared to 192.7% at September 30, 2013.

Noninterest income totaled $724,000 for the quarter ended September 30, 2014 compared to $678,000 for the quarter ended September 30, 2013 and $2.8 million for the twelve months ended September 30, 2014 and 2013, respectively.  The increase in the quarterly noninterest income was due in part to higher annuity and mutual fund fees.

Noninterest expenses totaled $2.5 million for the quarter ended September 30, 2014 compared to $2.7 million for the quarter ended September 30, 2013 and $10.1 million for the twelve months ended September 30, 2014 compared to $10.5 million for the twelve months ended September 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 $445.5 million at September 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. 

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SOURCE Standard Financial Corp.

Related Links

http://www.standardbankpa.com