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

MONROEVILLE, Pa., July 23, 2015 /PRNewswire/ -- Standard Financial Corp. (the "Company") -  (OTCQX: STND), the holding company for Standard Bank PaSB, today announced earnings for the quarter ended June 30, 2015 of $862,000 or $0.34 per share compared to $846,000 or $0.32 per share for the quarter ended June 30, 2014.  The Company's annualized return on average assets and average equity were 0.75% and 4.57%, respectively, for the quarter ended June 30, 2015 compared to 0.78% and 4.61%, respectively, for the quarter ended June 30, 2014.

For the nine months ended June 30, 2015, net income was $2.6 million or $1.01 per share compared to $2.3 million or $0.87 per share for the nine months ended June 30, 2014.  The Company's annualized return on average assets and average equity were 0.75% and 4.59%, respectively, for the nine months ended June 30, 2015 compared to 0.71% and 4.22%, respectively, for the nine months ended June 30, 2014.

The Company's board of directors declared a quarterly cash dividend of $.06 per share of the Company's common stock.  The dividend will be payable to stockholders of record as of August 6, 2015 and will be paid on August 20, 2015.   

Timothy K. Zimmerman, President & CEO, stated "We are very happy that our quarterly and fiscal year-to-date earnings continued to improve in this period of low interest rates.  Loan production has remained strong and was a significant factor producing higher earnings.  The slow economy and uncertainty about interest rates are placing more pressure on the interest rate margin." 

Net income for the quarter ended June 30, 2015 increased $16,000 or 1.9% to $862,000 compared to the same quarter in the prior year.  Primary increases included higher net interest income of $133,000 or 4.5% and lower income tax expense of $48,000 or 12.8%, partially offset by higher noninterest expense of $176,000 or 7.2%.   

Net income for the nine months ended June 30, 2015 increased $244,000 or 10.5% to $2.6 million compared to the same period in the prior year. Net interest income increased $576,000 or 6.6% and noninterest income increased $80,000 or 3.8%, which was partly offset by higher noninterest expenses of $272,000 or 3.6% and higher income tax expense of $140,000 or 15.9%.

Net interest income increased to $3.1 million and $9.3 million for the three and nine months ended June 30, 2015 from $2.9 million and $8.7 million for the three and nine months ended June 30, 2014.   The increase in net interest income resulted primarily from a lower cost of funds and a higher average balance of loans, slightly offset by a decrease in the yield on assets.  The average balance of loans increased $36.4 million or 12.1% for the quarter ended June 30, 2015 and $33.8 million or 11.4% for the nine months ended June 30, 2015 compared to the same periods in the prior year.  Most of the loan growth was in one-to-four family residential and small business commercial real estate loans.  

No provisions for loan losses were recorded for both quarters and nine month periods ending June 30, 2015 and June 30, 2014.  Non-performing loans at June 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 and $1.6 million or 0.53% of total loans at June 30, 2014. 

Noninterest income totaled $730,000 for the quarter ended June 30, 2015 compared to $719,000 for the quarter ended June 30, 2014 and $2.2 million for the nine months ended June 30, 2015 compared to $2.1 million for the quarter ended June 30, 2014.  The increase for the quarter was due primarily to an increase in annuity and mutual fund fees.  The increase in the nine month noninterest income was due mainly to 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 June 30, 2015 representing an increase of $176,000 or 7.2% compared to the quarter ended June 30, 2014. For the nine months ended June 30, 2015, noninterest expenses totaled $7.9 million representing an increase of $272,000 or 3.6% compared to the nine months ended June 30, 2014.  These increases were due primarily to higher general cost increases, increased charitable contribution expense, and increased expenses on real estate owned properties.                                   

Standard Financial Corp., with total assets of $461.6 million at June 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

https://www.standardbankpa.com