UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): January 17, 2013
STANDARD FINANCIAL CORP.
(Exact Name of Registrant as Specified in its Charter)
Maryland |
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001-34893 |
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27-3100949 |
(State or Other Jurisdiction of Incorporation) |
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(Commission File No.) |
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(I.R.S. Employer Identification No.) |
2640 Monroeville Boulevard, Monroeville, Pennsylvania |
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15146 |
(Address of Principal Executive Offices) |
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(Zip Code) |
Registrants telephone number, including area code: 412-856-0363
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02 Results of Operations
On January 17, 2013, Standard Financial Corp. (the Company) issued a press release reporting its financial results for the first fiscal quarter ended December 31, 2012. A copy of the press release is attached as Exhibit 99.1 to this report and is being furnished to the SEC and shall not be deemed filed for any purpose.
Item 8.01 Other Events
The Company announced on January 17, 2013, that the Companys board of directors declared a quarterly cash dividend of $.045 per share of the Companys common stock. The dividend will be payable to stockholders of record as of February 1, 2013 and will paid on February 15, 2013.
Item 9.01 Financial Statements and Exhibits
(a) Financial statements of businesses acquired. Not Applicable.
(b) Pro forma financial information. Not Applicable.
(c) Shell company transactions: Not Applicable.
(d) Exhibits.
The following Exhibit is attached as part of this report:
99.1 Press release dated January 17, 2013
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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STANDARD FINANCIAL CORP. |
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DATE: January 17, 2013 |
By: |
/s/ Timothy K. Zimmerman |
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Timothy K. Zimmerman |
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President and Chief Executive Officer |
Exhibit 99.1
CONTACTS:
Timothy K. Zimmerman President & Chief Executive Officer 412.856.0363 | |
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RELEASE DATE: |
Colleen M. Brown |
January 17, 2013 |
Chief Financial Officer |
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412.856.0363 |
STANDARD FINANCIAL CORP. ANNOUNCES QUARTERLY DIVIDEND PAYMENT AND FIRST QUARTER EARNINGS
Monroeville, Pennsylvania January 17, 2013 Standard Financial Corp. (the Company) - (NasdaqCM: STND), the holding company for Standard Bank PaSB, today announced earnings for the quarter ended December 31, 2012 of $754,000 or $0.24 per share compared to $831,000 or $0.26 per share for the quarter ended December 31, 2011. The Companys annualized return on average assets and average equity were 0.69% and 3.77%, respectively, for the quarter ended December 31, 2012 compared to 0.76% and 4.25%, respectively, for the quarter ended December 31, 2011.
The Companys board of directors declared a quarterly cash dividend of $.045 per share of the Companys common stock. The dividend will be payable to stockholders of record as of February 1, 2013 and will be paid on February 15, 2013.
Timothy K. Zimmerman, President & CEO, stated, Extremely low interest rates have continued to negatively impact our net interest income; a trend that is being experienced throughout the banking industry. Despite this challenge, we are pleased with our operating results. Our focus remains on the key elements that contribute to the maintenance of core operating earnings which include loan production, asset quality, expense control and effective management of interest rate risk.
Net income for the quarter ended December 31, 2012 decreased $77,000 or 9.3% compared to the same quarter in the prior year. The decrease was primarily the result of a decline in net interest income of $276,000 or 8.3% partially offset by higher noninterest income of $92,000 or 15.5% and a decrease in the provision for loan losses of $75,000 or 25.0% for the quarter ended December 31, 2012 compared to the same quarter in the prior year.
Net interest income declined from $3.3 million for the three months ended December 31, 2011 to $3.0 million for the three months ended December 31, 2012. The decrease in net interest income resulted primarily from a lower yield on interest-earning assets partially offset by a lower cost of funds.
The provision for loan losses was $225,000 for the current quarter compared to $300,000 for the quarter ended December 31, 2011. Non-performing loans at December 31, 2012 were $4.0
million or 1.35% of total loans compared to $4.0 million or 1.34% of total loans at September 30, 2012 and $3.8 million or 1.30% of total loans at December 31, 2011.
Noninterest income totaled $686,000 for the quarter ended December 31, 2012 compared to $594,000 for the quarter ended December 31, 2011. The $92,000, or 15.5%, increase was due mainly to increased gains on loan sales and service fee income. Noninterest expenses totaled $2.4 million in each of the quarters ended December 31, 2012 and 2011.
Standard Financial Corp., with total assets of $435.0 million at December 31, 2012, is the parent company of Standard Bank, a Pennsylvania chartered savings bank which operates ten offices serving individuals and small to mid-sized businesses in Allegheny, Westmoreland and Bedford Counties, in Pennsylvania and Allegany County in Maryland. Standard Bank is a member of the FDIC and an Equal Housing Lender.
This news release may contain a number of forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors, including, but not limited to, factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time. The Company undertakes no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made.
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Unaudited |
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Three Months Ended December 31, |
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2012 |
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2011 |
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OPERATIONS DATA: |
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Interest and Dividend Income |
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$ |
4,058 |
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$ |
4,441 |
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Interest Expense |
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1,018 |
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1,125 |
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Net Interest Income |
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3,040 |
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3,316 |
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Provision for Loan Losses |
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225 |
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300 |
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Net Interest Income after Provision for Loan Losses |
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2,815 |
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3,016 |
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Noninterest Income |
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686 |
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594 |
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Noninterest Expenses |
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2,445 |
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2,418 |
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Income before Income Tax Expense |
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1,056 |
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1,192 |
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Income Tax Expense |
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302 |
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361 |
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Net Income |
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$ |
754 |
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$ |
831 |
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Earnings Per Share (EPS) - Basic and Diluted |
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$ |
0.24 |
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$ |
0.26 |
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Annualized Return on Average Assets (ROA) |
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0.69 |
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0.76 |
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Annualized Return on Average Equity (ROE) |
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3.77 |
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4.25 |
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Net Interest Spread |
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2.85 |
% |
3.11 |
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Net Interest Margin |
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2.99 |
% |
3.26 |
% |
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December 31, |
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September 30, |
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2012 |
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2012 |
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FINANCIAL CONDITION DATA: |
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Total Assets |
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$ |
435,030 |
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$ |
443,432 |
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Cash and Cash Equivalents |
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10,186 |
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18,774 |
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Investment Securities |
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100,931 |
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102,677 |
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Loans Receivable, Net |
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290,527 |
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291,113 |
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Deposits |
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323,998 |
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330,299 |
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Borrowed Funds |
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28,814 |
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30,081 |
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Total Stockholders Equity |
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79,547 |
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80,117 |
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Book Value Per Share |
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$ |
23.34 |
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$ |
23.02 |
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Tangible Book Value Per Share |
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20.62 |
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20.35 |
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Allowance for Loan Losses to Total Loans |
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1.41 |
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1.51 |
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Non-Performing Assets to Total Assets |
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1.01 |
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1.00 |
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Non-Performing Loans to Total Loans |
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1.35 |
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1.34 |
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