Standard Financial Corp. Announces Quarterly Dividend Payment And Second Quarter Earnings
MONROEVILLE, Pa., April 18, 2013 (GLOBE NEWSWIRE) -- Standard Financial Corp. (the "Company") - (Nasdaq: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.
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