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

MONROEVILLE, Pa., July 28, 2016 /PRNewswire/ -- Standard Financial Corp. (the "Company") - (OTCQX: STND), the holding company for Standard Bank PaSB, today announced earnings for the quarter ended June 30, 2016 of $866,000 or $0.37 per share compared to $862,000 or $0.34 per share for the quarter ended June 30, 2015.  The Company's annualized return on average assets and average equity were 0.71% and 4.77%, respectively, for the quarter ended June 30, 2016 compared to 0.75% and 4.57%, respectively, for the quarter ended June 30, 2015.

For the nine months ended June 30, 2016, net income was $2.6 million or $1.07 per share compared to $2.6 million or $1.01 per share for the nine months ended June 30, 2015.  The Company's annualized return on average assets and average equity were 0.74% and 4.77%, respectively, for the nine months ended June 30, 2016 compared to 0.75% and 4.59%, respectively, for the nine months ended June 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 August 4, 2016 and will be paid on August 18, 2016.   

Timothy K. Zimmerman, President & CEO, stated, "We are pleased to report another quarter of solid growth in loans and deposits.  We were also able to maintain our earnings and produce higher earnings per share.  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 June 30, 2016 of $866,000 increased $4,000 compared to $862,000 for the same quarter in the prior year.  An increase in net interest income of $52,000 or 1.7% and a decrease in noninterest expense of $42,000 or 1.6% was partially offset by a decrease in noninterest income of $73,000 or 10.0%.   

Net income for the nine months ended June 30, 2016 of $2.6 million remained unchanged compared to the same period in the prior year. An increase in net interest income of $117,000 or 1.3% and lower noninterest expenses of $184,000 or 2.3% was partly offset by lower noninterest income of $134,000 or 6.2% and higher income tax expense of $100,000 or 9.8%.

Net interest income was $3.1 million and $9.4 million for the three and nine months ended June 30, 2016 compared to $3.1 million and $9.3 million for the three and nine months ended June 30, 2015.   The average balance of loans was $29.2 million and $29.8 million higher for the quarter and nine months ended June 30, 2016 compared to the prior year periods. Partly offsetting this increase was a decline in the yield on loans for the quarter and nine month periods compared to the prior year.  Investment securities average balances declined with the use of funding for loans during the three and nine month periods.  Interest expense on interest bearing liabilities increased primarily due to a higher average balance of deposits and borrowings compared to the prior quarter and nine month periods.

No provisions for loan losses were recorded for the three and nine months ended June 30, 2016 and June 30, 2015.  Non-performing loans at June 30, 2016 were $1.3 million or 0.35% of total loans compared to $1.3 million or 0.37% of total loans at September 30, 2015 and $1.3 million or 0.37% of total loans at June 30, 2015. 

Noninterest income totaled $657,000 for the quarter ended June 30, 2016 compared to $730,000 for the quarter ended June 30, 2015 and $2.0 million for the nine months ended June 30, 2016 compared to $2.2 million for the nine months ended June 30, 2015.   The decrease for the quarter was due primarily to lower annuity and mutual fund fees.  The decrease for the nine month period was due to lower Federal Home Loan Bank dividends due mainly to a special dividend recorded in the prior year and lower annuity and mutual fund fees, partially offset by higher gains on securities.

Noninterest expenses totaled $2.6 million for the quarters ended June 30, 2016 and June 30, 2015.  For the nine months ended June 30, 2016, noninterest expenses totaled $7.7 million representing a decrease of $184,000 or 2.3% compared to the nine months ended June 30, 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 $484.7 million at June 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.

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SOURCE Standard Financial Corp.

Related Links

http://www.standardbankpa.com