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8-K - 8-K - Standard AVB Financial Corp.a13-10409_18k.htm

Exhibit 99.1

 

 

 

CONTACTS:

Timothy K. Zimmerman
President & Chief Executive Officer
412.856.0363

RELEASE DATE:
April 18, 2013

 

Colleen M. Brown
Chief Financial Officer
412.856.0363

 

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

 

Monroeville, Pennsylvania — April 18, 2013 — Standard Financial Corp. (the “Company”) -  (NasdaqCM:  STND), the holding company for Standard Bank PaSB, today announced earnings for the quarter ended March 31, 2013 of $721,000 or $0.24 per share compared to $782,000 or $0.25 per share for the quarter ended March 31, 2012.  The Company’s annualized return on average assets and average equity were 0.66% and 3.65%, respectively, for the quarter ended March 31, 2013 compared to 0.71% and 3.97%, respectively, for the quarter ended March 31, 2012.

 

For the six months ended March 31, 2013, net income was $1.5 million or $0.48 per share compared to $1.6 million or $0.51 per share for the six months ended March 31, 2012.  The Company’s annualized return on average assets and average equity were 0.68% and 3.71%, respectively, for the six months ended March 31, 2013 compared to 0.74% and 4.11%, respectively, for the six months ended March 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 May 1, 2013 and will be paid on May 15, 2013.

 

Timothy K. Zimmerman, President & CEO, stated, “We are pleased with the quarterly results given the very difficult operating environment.  The decrease in non-performing loans during the quarter is very encouraging.  Historically low interest rates and weak loan demand are continuing to create challenges to earnings.  Our focus remains on generating other sources of revenue, controlling expenses and increasing loan production.”

 

Net income for the quarter ended March 31, 2013 decreased $61,000 or 7.8% compared to the same quarter in the prior year.  The decrease was primarily the result of a decline in net interest income of $238,000 or 7.3% and an increase in noninterest expenses of $167,000 or 6.7% partially offset by a decrease in the provision for loan losses of $150,000 or 50.0% and an increase in noninterest income of $103,000 or 17.4% for the quarter ended March 31, 2013 compared to the same quarter in the prior year.

 

Net income for the six months ended March 31, 2013 decreased $138,000 or 8.6% compared to the same six months in the prior year.  The decrease was primarily the result of a decline in net

 



 

interest income of $514,000 or 7.8% and an increase in noninterest expenses of $194,000 or 3.9% partially offset by a decrease in the provision for loan losses of $225,000 or 37.5% and higher noninterest income of $195,000 or 16.5% for the six months ended March 31, 2013 compared to the six months ended March 31, 2012.

 

Net interest income declined from $3.3 million and $6.6 million for the three and six months ended March 31, 2012, respectively, to $3.0 million and $6.1 million for the three and six months ended March 31, 2013, respectively. The decreases in net interest income for both periods resulted primarily from a lower yield on interest-earning assets partially offset by a lower cost of funds.

 

The provision for loan losses was $150,000 for the current quarter compared to $300,000 for the quarter ended March 31, 2012 and $375,000 for the six months ended March 31, 2013 compared to $600,000 for the six months ended March 31, 2012.  Non-performing loans at March 31, 2013 were $2.7 million or 0.96% of total loans compared to $4.0 million or 1.34% of total loans at September 30, 2012 and $4.4 million or 1.48% of total loans at March 31, 2012.

 

Noninterest income totaled $694,000 for the quarter ended March 31, 2013 compared to $591,000 for the quarter ended March 31, 2012 and $1.4 million for the six months ended March 31, 2013 compared to $1.2 million for the six months ended March 31, 2012.  The increases for both periods in noninterest income were due mainly to higher earnings on bank-owned life insurance, increased gains on loan and security sales, and higher service fee income.

 

Noninterest expenses totaled $2.7 million for the quarter ended March 31, 2013 compared to $2.5 million for the quarter ended March 31, 2012 and $5.1 million for the six months ended March 31, 2013 compared to $4.9 million for the six months ended March 31, 2012.  The increases for both periods were mainly in compensation and employee benefit costs resulting from expenses relating to stock based awards issued on July 26, 2012 and higher medical insurance costs.

 

Standard Financial Corp., with total assets of $436.3 million at March 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, 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.

 

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Standard Financial Corp.

Financial Highlights

(Dollars in thousands, except per share data)

(Unaudited)

 

 

 

Three Months Ended March 31,

 

Six Months Ended March 31,

 

OPERATIONS DATA:

 

2013

 

2012

 

2013

 

2012

 

Interest and Dividend Income

 

$

3,996

 

$

4,374

 

$

8,054

 

$

8,815

 

Interest Expense

 

962

 

1,102

 

1,980

 

2,227

 

Net Interest Income

 

3,034

 

3,272

 

6,074

 

6,588

 

Provision for Loan Losses

 

150

 

300

 

375

 

600

 

Net Interest Income after Provision for Loan Losses

 

2,884

 

2,972

 

5,699

 

5,988

 

Noninterest Income

 

694

 

591

 

1,380

 

1,185

 

Noninterest Expenses

 

2,679

 

2,512

 

5,124

 

4,930

 

Income before Income Tax Expense

 

899

 

1,051

 

1,955

 

2,243

 

Income Tax Expense

 

178

 

269

 

480

 

630

 

Net Income

 

$

721

 

$

782

 

$

1,475

 

$

1,613

 

 

 

 

 

 

 

 

 

 

 

Earnings Per Share - Basic and Diluted

 

$

0.24

 

$

0.25

 

$

0.48

 

$

0.51

 

Annualized Return on Average Assets

 

0.66

%

0.71

%

0.68

%

0.74

%

Annualized Return on Average Equity

 

3.65

%

3.97

%

3.71

%

4.11

%

Net Interest Spread

 

2.88

%

3.02

%

2.86

%

3.06

%

Net Interest Margin

 

3.01

%

3.18

%

3.00

%

3.22

%

 

 

 

 

 

 

 

 

 

 

 

 

March 31,

 

September 30,

 

 

 

 

 

FINANCIAL CONDITION DATA:

 

2013

 

2012

 

 

 

 

 

Total Assets

 

$

436,302

 

$

443,432

 

 

 

 

 

Cash and Cash Equivalents

 

13,792

 

18,774

 

 

 

 

 

Investment Securities

 

104,600

 

102,677

 

 

 

 

 

Loans Receivable, Net

 

283,617

 

291,113

 

 

 

 

 

Deposits

 

325,145

 

330,299

 

 

 

 

 

Borrowed Funds

 

31,863

 

30,081

 

 

 

 

 

Total Stockholders’ Equity

 

76,558

 

80,117

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Book Value Per Share

 

$

23.76

 

$

23.02

 

 

 

 

 

Tangible Book Value Per Share

 

20.90

 

20.35

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for Loan Losses to Total Loans

 

1.39

%

1.51

%

 

 

 

 

Non-Performing Assets to Total Assets

 

0.92

%

1.00

%

 

 

 

 

Non-Performing Loans to Total Loans

 

0.96

%

1.34

%