Standard Financial Corp. Announces Quarterly Dividend Payment And Third Quarter Earnings
MONROEVILLE, Pa., July 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 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.
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