MONROEVILLE, Pa., April 21, 2011 (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, 2011 of $828,000 or $0.26 per share compared to $684,000 for the quarter ended March 31, 2010, a 21.1% increase. The Company's annualized return on average assets and average equity were 0.77% and 4.41%, respectively, for the quarter ended March 31, 2011 compared to 0.69% and 6.30%, respectively, for the quarter ended March 31, 2010.
For the six month period ended March 31, 2011, net income was $846,000 or $0.26 per share compared to $1.5 million for the six months ended March 31, 2010. The Company's 2011 earnings were significantly impacted by a $1.4 million one-time contribution to Standard Charitable Foundation ($908,000 after tax impact). This contribution represented $1.2 million or 3.5% of the stock issued in connection with the Company's mutual to stock conversion on October 6, 2010 and $200,000 in cash. Excluding the after tax impact of the contribution, operating earnings would have been $1.8 million or $0.53 per share for the six months ended March 31, 2011 compared to $1.5 million for the same period in the prior year, representing a 14.0% increase. Annualized return on average assets and average equity were 0.39% and 2.25%, respectively, (0.81% and 4.67%, respectively, excluding the one-time charitable foundation contribution) for the six months ended March 31, 2011. The comparable ratios for the six months ended March 31, 2010 were 0.79% and 7.14%, respectively.
Timothy K. Zimmerman, President & CEO, noted, "We are pleased with our operating earnings which improved primarily due to higher net interest income. Although non-performing loans decreased during the quarter, a higher loan loss provision was recorded reflecting the weak and uncertain economic environment."
Net income for the quarter ended March 31, 2011 increased $144,000 compared to the prior year quarter. The increase was primarily the result of an increase in net interest income of $483,000 or 16.5% partially offset by increases of $125,000 in the provision for loan losses and $186,000 in non-interest expenses for the quarter ended March 31, 2011 compared to the prior year quarter. Net interest income increased as a result of higher interest earning assets and a lower cost of funds.
Excluding the one-time contribution to Standard Charitable Foundation, operating earnings for the six months ended March 31, 2011 increased $215,000 compared to the same period in the prior year. The increase was primarily the result of an increase in net interest income of $936,000 or 16.2% partially offset by increases of $346,000 in the provision for loan losses and $507,000 in non-interest expenses for the six month period ended March 31, 2011 compared to the same period in the prior year. Net interest income increased as a result of higher interest earning assets due mainly to proceeds received in the stock conversion that closed on October 6, 2010 and a lower cost of funds.
The provision for loan losses was $425,000 for the current quarter compared to $300,000 for the quarter ended March 31, 2010 and $775,000 for the six months ended March 31, 2011 compared to $429,000 for the six months ended March 31, 2010. Non-performing loans at March 31, 2011 were $2.9 million or 0.97% of total loans compared to $3.7 million or 1.26% of total loans at December 31, 2010 and $3.9 million or 1.37% of total loans at September 30, 2010.
Total non-interest expenses were $2.4 million for the quarter ended March 31, 2011 compared to $2.2 million for the quarter ended March 31, 2010. The $186,000, or 8.6%, increase was due mainly to higher personnel related costs and other operating expenses, a portion of which were due to operating as a public company. Excluding the one-time charitable contribution, total non-interest expenses increased $507,000 or 12.2% to $4.7 million for the six months ended March 31, 2011 from $4.2 million for the six months ended March 31, 2010. The six month increases were primarily in personnel related costs and other operating expenses consistent with the quarter to quarter increases noted above.
Total assets were $435.6 million at March 31, 2011 compared to $435.1 million at September 30, 2010.
Standard Financial Corp. 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.
CONTACT: Timothy K. Zimmerman President & Chief Executive Officer 412.856.0363 Colleen M. Brown Chief Financial Officer 412.856.0363