MONROEVILLE, Pa., Jan. 20, 2011 (GLOBE NEWSWIRE) -- Standard Financial Corp. (Nasdaq:STND), the holding company for Standard Bank PaSB, (the "Company") today announced first quarter earnings of $17,949 for the three month period ended December 31, 2010. Net income for the Company's first quarter as a public company was 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 on October 6, 2010 and $200,000 in cash. Excluding the after tax impact of the contribution, operating earnings would have been $926,000 or $0.27 per share for the quarter ended December 31, 2010 compared to net income of $855,000 for the prior year quarter representing an 8.3% increase. Annualized return on average assets and average equity were 0.02% and 0.10%, respectively, (0.85% and 4.94%, respectively, excluding the one-time charitable foundation contribution) for the quarter ended December 31, 2010. The comparable ratios for the quarter ended December 31, 2009 were 0.88% and 8.01%, respectively.
In making this announcement, Timothy K. Zimmerman, President & CEO, noted, "We are pleased to report a solid quarter of operating earnings and the one-time funding of the Standard Charitable Foundation. The earnings, without the contribution, show strong results despite the difficult economic environment and current interest rate environment. We showed stable earnings while increasing our provision for loan losses and absorbing additional expenses relating to operating as a public company. Non-performing loans at December 31, 2010 remained relatively stable compared to the balance at September 30, 2010."
Excluding the impact of the charitable foundation contribution, net income for the quarter ended December 31, 2010 increased $71,000 compared to the prior year quarter. The increase was primarily the result of an increase in net interest income of $453,000 or 15.8% partly offset by increases in the provision for loan losses and non-interest expenses for the quarter ended December 31, 2010 compared to the prior year quarter. Net interest income increased primarily as a result of earnings on the proceeds received in the stock conversion that closed on October 6, 2010.
The provision for loan losses was $350,000 for the current quarter compared to $129,000 for the quarter ended December 31, 2009. Non-performing loans at December 31, 2010 were $4.0 million or 1.35% of total loans compared to $3.9 million or 1.37% of total loans at September 30, 2010 and $892,000 or 0.32% of total loans at December 31, 2009. The increase from December 31, 2009 to December 31, 2010 was due primarily to two commercial loan participations with outstanding balances approximating $2.4 million.
Total non-interest expenses (excluding the one-time charitable contribution) were $2.3 million for the quarter ended December 31, 2010 compared to $2.0 million for the quarter ended December 31, 2009. The $321,000, or 16.1%, increase was due mainly to higher personnel related costs and other operating expenses.
Total assets were $431.5 million at December 31, 2010 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