Attached files

file filename
8-K - 8-K - Standard AVB Financial Corp.a13-16709_18k.htm

Exhibit 99.1

 

CONTACTS:

Timothy K. Zimmerman

President & Chief Executive Officer

412.856.0363

RELEASE DATE:
July 18, 2013

Colleen M. Brown
Chief Financial Officer
412.856.0363

 

STANDARD FINANCIAL CORP. ANNOUNCES QUARTERLY DIVIDEND PAYMENT AND THIRD QUARTER EARNINGS

 

Monroeville, Pennsylvania — July 18, 2013 — Standard Financial Corp. (the “Company”) -  (NasdaqCM:  STND), the holding company for Standard Bank PaSB, today announced earnings for the quarter ended June 30, 2013 of $722,000 or $0.25 per share compared to $764,000 or $0.24 per share for the quarter ended June 30, 2012.  The Company’s annualized return on average assets and average equity were 0.66% and 3.77%, respectively, for the quarter ended June 30, 2013 compared to 0.69% and 3.84%, respectively, for the quarter ended June 30, 2012.

 

For the nine months ended June 30, 2013, net income was $2.2 million or $0.73 per share compared to $2.4 million or $0.75 per share for the nine months ended June 30, 2012.  The Company’s annualized return on average assets and average equity were 0.67% and 3.73%, respectively, for the nine months ended June 30, 2013 compared to 0.72% and 4.01%, respectively, for the nine months ended June 30, 2012.

 

The Company’s board of directors declared a quarterly cash dividend of $.045 per share of the Company’s common stock.  The dividend will be payable to stockholders of record as of August 1, 2013 and will be paid on August 15, 2013.

 

Timothy K. Zimmerman, President & CEO, stated, “We continue to see improvements in our asset quality which is reflected in our provision for loan losses.  We are also pleased with our quarterly earnings despite operating in this very difficult interest rate and economic environment.  The historical low interest rates and weak loan demand continues to put pressure on earnings and our net interest margin.  Our focus remains on generating other sources of revenue, controlling expenses and increasing loan production.”

 

Net income for the quarter ended June 30, 2013 decreased $42,000 or 5.5% compared to the same quarter in the prior year.  The decrease was primarily the result of a decline in net interest income of $294,000 or 9.2% and an increase in noninterest expenses of $240,000 or 9.8%, partially offset by a decrease in the provision for loan losses of $300,000 or 100.0% and an increase in noninterest income of $129,000 or 21.0% for the quarter ended June 30, 2013 compared to the same quarter in the prior year.

 

Net income for the nine months ended June 30, 2013 decreased $180,000 or 7.6% compared to the same nine months in the prior year.  The decrease was primarily the result of a decline in net

 



 

interest income of $808,000 or 8.3%, an increase in noninterest expenses of $434,000 or 5.9% partially offset by a decrease in the provision for loan losses of $525,000 or 58.3%, higher noninterest income of $324,000 or 18.0% and lower income tax expense of $213,000 or 22.8% for the nine months ended June 30, 2013 compared to the nine months ended June 30, 2012.

 

Net interest income declined from $3.2 million and $9.8 million for the three and nine months ended June 30, 2012, respectively, to $2.9 million and $9.0 million for the three and nine months ended June 30, 2013, respectively. The decreases in net interest income for both periods resulted primarily from a lower average yield on interest-earning assets partially offset by a lower average cost of funds.

 

No provision for loan losses was recorded for the current quarter compared to $300,000 for the quarter ended June 30, 2012 and $375,000 for the nine months ended June 30, 2013 compared to $900,000 for the nine months ended June 30, 2012.  Non-performing loans at June 30, 2013 were $3.3 million or 1.12% of total loans compared to $4.0 million or 1.34% of total loans at September 30, 2012 and $4.1 million or 1.39% of total loans at June 30, 2012.

 

Noninterest income totaled $744,000 for the quarter ended June 30, 2013 compared to $615,000 for the quarter ended June 30, 2012 and $2.1 million for the nine months ended June 30, 2013 compared to $1.8 million for the nine months ended June 30, 2012.  The increases for both periods in noninterest income were due mainly to higher service fee income and higher earnings on bank-owned life insurance.

 

Noninterest expenses totaled $2.7 million for the quarter ended June 30, 2013 compared to $2.5 million for the quarter ended June 30, 2012 and $7.8 million for the nine months ended June 30, 2013 compared to $7.4 million for the nine months ended June 30, 2012.  The increases for both periods were due in part to expenses relating to stock based awards issued in July 2012.

 

Standard Financial Corp., with total assets of $437.8 million at June 30, 2013, is the parent company of Standard Bank, a Pennsylvania chartered savings bank which operates ten 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, including, but not limited to, factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time.  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.

 

(More)

 



 

Standard Financial Corp.

Financial Highlights

(Dollars in thousands, except per share data)

(Unaudited)

 

 

 

Three Months Ended June 30,

 

Nine Months Ended June 30,

 

OPERATIONS DATA:

 

2013

 

2012

 

2013

 

2012

 

Interest and Dividend Income

 

$

3,847

 

$

4,298

 

$

11,901

 

$

13,113

 

Interest Expense

 

934

 

1,091

 

2,914

 

3,318

 

Net Interest Income

 

2,913

 

3,207

 

8,987

 

9,795

 

Provision for Loan Losses

 

 

300

 

375

 

900

 

Net Interest Income after Provision for Loan Losses

 

2,913

 

2,907

 

8,612

 

8,895

 

Noninterest Income

 

744

 

615

 

2,124

 

1,800

 

Noninterest Expenses

 

2,691

 

2,451

 

7,815

 

7,381

 

Income before Income Tax Expense

 

966

 

1,071

 

2,921

 

3,314

 

Income Tax Expense

 

244

 

307

 

724

 

937

 

Net Income

 

$

722

 

$

764

 

$

2,197

 

$

2,377

 

 

 

 

 

 

 

 

 

 

 

Earnings Per Share - Basic and Diluted

 

$

0.25

 

$

0.24

 

$

0.73

 

$

0.75

 

Annualized Return on Average Assets

 

0.66

%

0.69

%

0.67

%

0.72

%

Annualized Return on Average Equity

 

3.77

%

3.84

%

3.73

%

4.01

%

Net Interest Spread

 

2.76

%

2.91

%

2.83

%

3.01

%

Net Interest Margin

 

2.89

%

3.07

%

2.96

%

3.17

%

 

 

 

June 30,

 

September 30,

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL CONDITION DATA:

 

2013

 

2012

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$

437,754

 

$

443,432

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and Cash Equivalents

 

16,287

 

18,774

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment Securities

 

98,080

 

102,677

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans Receivable, Net

 

290,100

 

291,113

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

325,546

 

330,299

 

 

 

 

 

 

 

 

 

 

 

 

 

Borrowed Funds

 

33,103

 

30,081

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Stockholders’ Equity

 

76,170

 

80,117

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Book Value Per Share

 

$

23.64

 

$

23.02

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible Book Value Per Share

 

20.79

 

20.35

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for Loan Losses to Total Loans

 

1.34

%

1.51

%

 

 

 

 

 

 

 

 

 

 

 

 

Non-Performing Assets to Total Assets

 

0.89

%

1.00

%

 

 

 

 

 

 

 

 

 

 

 

 

Non-Performing Loans to Total Loans

 

1.12

%

1.34

%