Welcome!

News Feed Item

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

MONROEVILLE, Pa., Jan. 23, 2014 /PRNewswire/ -- Standard Financial Corp. (the "Company") -  (OTCQB: STND), the holding company for Standard Bank PaSB, today announced earnings for the quarter ended December 31, 2013 of $769,000 or $0.28 per share compared to $754,000 or $0.24 per share for the quarter ended December 31, 2012.  The Company's annualized return on average assets and average equity were 0.71% and 4.17%, respectively, for the quarter ended December 31, 2013 compared to 0.69% and 3.77%, respectively, for the quarter ended December 31, 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 February 7, 2014 and will be paid on February 21, 2014.   

Additionally, the Company's board of directors has authorized the repurchase of up to 299,100 shares, or approximately 10%, of the Company's outstanding common stock. The stock will be repurchased on an ongoing basis and will be subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital and the Company's financial performance. However, the repurchase program will only become effective at the time that the Company has completed the purchase of authorized shares available for repurchase under the currently effective repurchase program which has 89,524 shares remaining to be repurchased.  

Timothy K. Zimmerman, President & CEO, stated, "We are extremely pleased and believe it is prudent to continue our stock repurchase plan at this time.  The operating environment continues to be very difficult, however, the marginal improvement in earnings is gratifying given all of the challenges we are facing.  There were some encouraging signs during the quarter including moderation of the interest rate margin compression and continued improvement in asset quality and loan demand.  The delisting of our common stock from the Nasdaq Stock Market and deregistration as a Securities and Exchange Commission reporting company is now complete.  We expect to see the related cost savings in our operating results going forward."

Net income for the quarter ended December 31, 2013 increased $15,000 or 2.0% compared to the same quarter in the prior year.  The increase was primarily the result of a decrease of $225,000 in the provision for loan losses partially offset by lower net interest income of $114,000 or 3.8% and higher noninterest expenses of $111,000 or 4.5% for the quarter ended December 31, 2013 compared to the same quarter in the prior year.

Net interest income declined to $2.9 million for the three months ended December 31, 2013 from $3.0 million for the three months ended December 31, 2012. The decrease in net interest income 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 $225,000 for the quarter ended December 31, 2012.  Non-performing loans at December 31, 2013 were $1.3 million or 0.45% of total loans compared to $2.0 million or 0.68% of total loans at September 30, 2013 and $4.0 million or 1.35% of total loans at December 31, 2012.  The allowance for loan losses to non-performing loans was 319.2% at December 31, 2013 compared to 192.7% at September 30, 2013.

Noninterest income totaled $695,000 for the quarter ended December 31, 2013 compared to $686,000 for the quarter ended December 31, 2012.  The increase in noninterest income was due mainly to higher service fee and other income partly offset by lower net gains on loan sales.

Noninterest expenses totaled $2.6 million for the quarter ended December 31, 2013 compared to $2.4 million for the quarter ended December 31, 2012. The increase in noninterest expenses was due mainly to higher costs relating to real estate owned properties.                            

Standard Financial Corp., with total assets of $432.1 million at December 31, 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.  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. 


 

Standard Financial Corp.

Financial Highlights

(Dollars in thousands, except per share data)

(Unaudited)








OPERATIONS DATA:


Three Months Ended December 31, 





2013


2012

Interest and Dividend Income


$                 3,833


$                   4,058

Interest Expense



907


1,018

Net Interest Income



2,926


3,040

Provision for Loan Losses


-


225

Net Interest Income after Provision for Loan Losses

2,926


2,815

Noninterest Income



695


686

Noninterest Expenses



2,556


2,445

Income before Income Tax Expense 


1,065


1,056

Income Tax Expense 



296


302

Net Income



$                    769


$                      754








Earnings Per Share - Basic and Diluted

$                   0.28


$                     0.24

Annualized Return on Average Assets 

0.71%


0.69%

Average Assets



$             435,919


$               438,165

Annualized Return on Average Equity 

4.17%


3.77%

Average Equity



$               73,836


$                 80,017

Net Interest Spread



2.81%


2.85%

Net Interest Margin



2.91%


2.99%








FINANCIAL CONDITION DATA:


December 31,


September 30,





2013


2013

Total Assets



$             432,101


$               436,871

Cash and Cash Equivalents


7,307


14,991

Investment Securities



100,582


94,753

Loans Receivable, Net



290,348


293,664

Deposits




323,093


326,125

Borrowed Funds



31,972


33,086

Total Stockholders' Equity


72,895


74,557








Book Value Per Share



$                 24.37


$                   23.96

Tangible Book Value Per Share


$                 21.34


$                   21.03








Allowance for Loan Losses 


$                 4,207


$                   3,875

Non-Performing Loans 



$                 1,318


$                   2,011

Allowance for Loan Losses to Total Loans

1.43%


1.30%

Allowance for Loan Losses to Non-Performing Loans

319.2%


192.7%

Non-Performing Assets to Total Assets

0.55%


0.60%

Non-Performing Loans to Total Loans

0.45%


0.68%









Additional financial information is available at www.standardbankpa.com.

 

SOURCE Standard Financial Corp.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Deploying applications in hybrid cloud environments is hard work. Your team spends most of the time maintaining your infrastructure, configuring dev/test and production environments, and deploying applications across environments – which can be both time consuming and error prone. But what if you could automate provisioning and deployment to deliver error free environments faster? What could you do with your free time?
Using new techniques of information modeling, indexing, and processing, new cloud-based systems can support cloud-based workloads previously not possible for high-throughput insurance, banking, and case-based applications. In his session at 18th Cloud Expo, John Newton, CTO, Founder and Chairman of Alfresco, described how to scale cloud-based content management repositories to store, manage, and retrieve billions of documents and related information with fast and linear scalability. He addres...
SYS-CON Events announced today the Kubernetes and Google Container Engine Workshop, being held November 3, 2016, in conjunction with @DevOpsSummit at 19th Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA. This workshop led by Sebastian Scheele introduces participants to Kubernetes and Google Container Engine (GKE). Through a combination of instructor-led presentations, demonstrations, and hands-on labs, students learn the key concepts and practices for deploying and maintainin...
The competitive landscape of the global cloud computing market in the healthcare industry is crowded due to the presence of a large number of players. The large number of participants has led to the fragmented nature of the market. Some of the major players operating in the global cloud computing market in the healthcare industry are Cisco Systems Inc., Carestream Health Inc., Carecloud Corp., AGFA Healthcare, IBM Corp., Cleardata Networks, Merge Healthcare Inc., Microsoft Corp., Intel Corp., an...
Cloud analytics is dramatically altering business intelligence. Some businesses will capitalize on these promising new technologies and gain key insights that’ll help them gain competitive advantage. And others won’t. Whether you’re a business leader, an IT manager, or an analyst, we want to help you and the people you need to influence with a free copy of “Cloud Analytics for Dummies,” the essential guide to this explosive new space for business intelligence.
"We're bringing out a new application monitoring system to the DevOps space. It manages large enterprise applications that are distributed throughout a node in many enterprises and we manage them as one collective," explained Kevin Barnes, President of eCube Systems, in this SYS-CON.tv interview at DevOps at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Big Data, cloud, analytics, contextual information, wearable tech, sensors, mobility, and WebRTC: together, these advances have created a perfect storm of technologies that are disrupting and transforming classic communications models and ecosystems. In his session at @ThingsExpo, Erik Perotti, Senior Manager of New Ventures on Plantronics’ Innovation team, provided an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it ...
Aspose.Total for .NET is the most complete package of all file format APIs for .NET as offered by Aspose. It empowers developers to create, edit, render, print and convert between a wide range of popular document formats within any .NET, C#, ASP.NET and VB.NET applications. Aspose compiles all .NET APIs on a daily basis to ensure that it contains the most up to date versions of each of Aspose .NET APIs. If a new .NET API or a new version of existing APIs is released during the subscription peri...
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
Enterprise networks are complex. Moreover, they were designed and deployed to meet a specific set of business requirements at a specific point in time. But, the adoption of cloud services, new business applications and intensifying security policies, among other factors, require IT organizations to continuously deploy configuration changes. Therefore, enterprises are looking for better ways to automate the management of their networks while still leveraging existing capabilities, optimizing perf...
Ixia (Nasdaq: XXIA) has announced that NoviFlow Inc.has deployed IxNetwork® to validate the company’s designs and accelerate the delivery of its proven, reliable products. Based in Montréal, NoviFlow Inc. supports network carriers, hyperscale data center operators, and enterprises seeking greater network control and flexibility, network scalability, and the capacity to handle extremely large numbers of flows, while maintaining maximum network performance. To meet these requirements, NoviFlow in...
SYS-CON Events announced today that LeaseWeb USA, a cloud Infrastructure-as-a-Service (IaaS) provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LeaseWeb is one of the world's largest hosting brands. The company helps customers define, develop and deploy IT infrastructure tailored to their exact business needs, by combining various kinds cloud solutions.
Adding public cloud resources to an existing application can be a daunting process. The tools that you currently use to manage the software and hardware outside the cloud aren’t always the best tools to efficiently grow into the cloud. All of the major configuration management tools have cloud orchestration plugins that can be leveraged, but there are also cloud-native tools that can dramatically improve the efficiency of managing your application lifecycle. In his session at 18th Cloud Expo, ...
Continuous testing helps bridge the gap between developing quickly and maintaining high quality products. But to implement continuous testing, CTOs must take a strategic approach to building a testing infrastructure and toolset that empowers their team to move fast. Download our guide to laying the groundwork for a scalable continuous testing strategy.
Hostway Services, Inc. and WSM International have partnered to deliver trouble free migration services for any organization that wishes to bring their IT infrastructure to Hostway's Azure managed cloud services. WSM is the leader in providing turn-key IT migration services since 2003 and is now the preferred provider to any Hostway customer that is seeking to move its computer infrastructure to the Hostway Azure-based cloud.