Standard AVB Financial Corp. (the “Company”) - (NASDAQ: STND), the
holding company for Standard Bank PaSB, announced earnings for the
quarter ended September 30, 2018 of $2.4 million, or $0.51 per
basic share, compared to $1.9 million, or $0.42 per basic share,
for the quarter ended September 30, 2017. The Company’s annualized
return on average assets and average equity were 0.97% and 6.99%,
respectively, for the quarter ended September 30, 2018 compared to
0.78% and 5.79%, respectively, for the quarter ended September 30,
2017.
For the nine months ended September 30, 2018,
net income was $7.0 million, or $1.52 per basic share compared to
$2.9 million, or $0.75 per basic share for the nine months ended
September 30, 2017. The results for the nine months ended September
30, 2017 included merger-related expenses of $3.1 million ($2.1
million after tax). Excluding the after-tax impact of
merger-related expenses, earnings for that period would have been
$5.0 million, or $1.30 per share. The Company’s annualized return
on average assets and average equity were 0.96% and 7.02%,
respectively, for the nine months ended September 30, 2018 compared
to 0.48% and 3.45%, respectively, (0.82% and 5.93%, respectively,
excluding the merger-related expenses) for the nine months ended
September 30, 2017.
The Company’s board of directors declared a
quarterly cash dividend of $0.221 per share of the Company’s common
stock. The dividend will be payable to stockholders of record as of
November 5, 2018 and will be paid on November 19, 2018.
Timothy K. Zimmerman, CEO, stated, “Overall, we
are pleased with the quarterly results despite a difficult
operating environment. The results reflect the impact of rising
general market interest rates on the interest rate margin. Deposit
costs were the most significant factor increasing the cost of
funds. Beyond that, intense competition for quality loan
relationships has limited the ability to increase loan pricing to
offset the higher cost of funds. Asset quality and a strong
efficiency ratio were two bright spots in the operational results.
We are continuing a bank-wide focus on streamlining operations and
building broad based customer relationships.”
Total assets at September 30, 2018 increased
1.03% to $982.7 million, from $972.6 million at December 31, 2017.
Net loans receivable at September 30, 2018 were $727.9 million, a
decrease of 2.6%, compared to $747.0 million at December 31, 2017.
The decrease in loans receivable was the result of loan payoffs
exceeding loan production during the period.
Total deposits at September 30, 2018 increased
4.4% to $725.4 million from $694.8 million at December 31, 2017.
Borrowed funds decreased 15.7% to $117.2 million from $138.9
million. The increase in deposits resulted from increases in time
deposits as well as demand and savings accounts. The decrease in
borrowed funds was primarily due to the repayment of maturing long
term advances and pay downs on both amortizing long term advances
and the overnight borrowing line. These decreases were partially
offset by new long term advances entered into during the
period.
Stockholders’ equity of $135.3 million at
September 30, 2018 increased 1.0% from $134.0 million at December
31, 2017. The increase is the result of net income earned during
the period offset by dividends paid and a decrease in accumulated
other comprehensive income resulting from fair value adjustments on
available for sale securities.
All comparisons to nine months ended September
30, 2017 that follow are to Standard Financial Corp. only through
April 7, 2017 and to Standard AVB Financial Corp., which includes
the acquisition of Allegheny Valley Bancorp Inc., subsequent to
that date.
Net interest income was $7.3 million for the
three months ended September 30, 2018 compared to $7.6 million for
the three months ended September 30, 2017. The decrease was
primarily due to an increase in both the average balance and the
cost of interest-bearing deposits. Additionally, there was a
decrease in the average balance of loans receivable. The net
interest margin for the 2018 quarter was 3.15%, compared to 3.34%
for the same period in the prior year. Net interest income was
$22.1 million for the nine months ended September 30, 2018,
compared to $18.0 million for the nine months ended September 30,
2017, due primarily to the inclusion of Allegheny Valley Bank for
the full nine months in the current year period. The net interest
margin for the nine months ended September 30, 2018 was 3.22%,
compared to 3.19% for the same period in the prior year.
The provision for loan losses recorded for the
three months ended September 30, 2018 was $223,000 compared to
$100,000 for the three months ended September 30, 2017. A provision
of $398,000 was recorded for the nine months ended September 30,
2018, compared to $267,000 for the nine months ended September 30,
2017. Non-performing loans at September 30, 2018 were $2.5 million,
or 0.34% of total loans compared to $2.9 million, or 0.39% of total
loans at December 31, 2017.
Noninterest income totaled $1.2 million for the
quarter ended September 30, 2018 compared to $1.0 million for the
quarter ended September 30, 2017. The increase was primarily the
result of net gains on the sale of equity securities offset in part
by net equity security fair value adjustment losses recorded during
the quarter. Noninterest income was $3.5 million for the nine
months ended September 30, 2018 compared to $2.8 million for the
2017 period. The increase was primarily due to net gains on the
sale of equity securities, increased service charges on deposit
accounts and higher investment management fees.
Noninterest expenses totaled $5.3 million for
the quarter ended September 30, 2018, compared to $5.8 million for
the quarter ended September 30, 2017. The decrease is primarily due
to a decrease in compensation and employee benefits. For the nine
months ended September 30, 2018, noninterest expenses totaled $16.4
million compared to $13.3 million, excluding merger expenses, for
the nine months ended September 30, 2017. The nine month period in
2017 included merger expenses totaling $3.1 million. The increase
in noninterest expenses for the nine month period was primarily due
to the inclusion of Allegheny Valley Bank operations for the full
nine month period in the current year.
Standard AVB Financial Corp., with total assets
of $982.7 million at September 30, 2018, is the parent company of
Standard Bank, PaSB, a Pennsylvania chartered savings bank that
operates 17 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. 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.
|
Standard AVB Financial Corp. (1) |
Financial Highlights |
(Dollars in thousands, except per share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
OPERATIONS
DATA: |
|
Three Months Ended September
30, |
|
Nine Months Ended September
30, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Interest and Dividend
Income |
|
$ |
9,201 |
|
|
$ |
9,083 |
|
|
$ |
27,434 |
|
|
$ |
21,544 |
|
Interest Expense |
|
|
1,936 |
|
|
|
1,446 |
|
|
|
5,376 |
|
|
|
3,562 |
|
Net Interest
Income |
|
|
7,265 |
|
|
|
7,637 |
|
|
|
22,058 |
|
|
|
17,982 |
|
Provision for Loan
Losses |
|
|
223 |
|
|
|
100 |
|
|
|
398 |
|
|
|
267 |
|
Net Interest Income
after Provision for Loan Losses |
|
|
7,042 |
|
|
|
7,537 |
|
|
|
21,660 |
|
|
|
17,715 |
|
Noninterest Income |
|
|
1,161 |
|
|
|
1,016 |
|
|
|
3,546 |
|
|
|
2,795 |
|
Noninterest
Expenses |
|
|
5,310 |
|
|
|
5,756 |
|
|
|
16,445 |
|
|
|
13,263 |
|
Merger Expenses |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
3,089 |
|
Income before Income
Tax Expense |
|
|
2,893 |
|
|
|
2,797 |
|
|
|
8,761 |
|
|
|
4,158 |
|
Income Tax Expense |
|
|
513 |
|
|
|
861 |
|
|
|
1,727 |
|
|
|
1,274 |
|
Net Income |
|
$ |
2,380 |
|
|
$ |
1,936 |
|
|
$ |
7,034 |
|
|
$ |
2,884 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share -
Basic |
|
$ |
0.51 |
|
|
$ |
0.42 |
|
|
$ |
1.52 |
|
|
$ |
0.75 |
|
Earnings Per Share -
Diluted |
|
$ |
0.50 |
|
|
$ |
0.41 |
|
|
$ |
1.48 |
|
|
$ |
0.73 |
|
Annualized Return on
Average Assets |
|
|
0.97 |
% |
|
|
0.78 |
% |
|
|
0.96 |
% |
|
|
0.48 |
% |
Average Assets |
|
$ |
977,479 |
|
|
$ |
979,563 |
|
|
$ |
979,266 |
|
|
$ |
808,473 |
|
Annualized Return on
Average Equity |
|
|
6.99 |
% |
|
|
5.79 |
% |
|
|
7.02 |
% |
|
|
3.45 |
% |
Average Equity |
|
$ |
134,996 |
|
|
$ |
132,691 |
|
|
$ |
134,012 |
|
|
$ |
111,745 |
|
Efficiency Ratio |
|
|
61.56 |
% |
|
|
63.77 |
% |
|
|
62.61 |
% |
|
|
61.92 |
% |
Net Interest
Spread |
|
|
2.85 |
% |
|
|
3.13 |
% |
|
|
2.95 |
% |
|
|
3.01 |
% |
Net Interest
Margin |
|
|
3.15 |
% |
|
|
3.34 |
% |
|
|
3.22 |
% |
|
|
3.19 |
% |
|
|
|
|
|
|
|
|
|
FINANCIAL
CONDITION DATA: |
|
September
30, |
|
December 31, |
|
|
|
|
|
|
2018 |
|
2017 |
|
|
|
|
Total Assets |
|
$ |
982,656 |
|
|
$ |
972,600 |
|
|
|
|
Cash and Cash
Equivalents |
|
|
34,621 |
|
|
|
16,265 |
|
|
|
|
Investment
Securities |
|
|
146,348 |
|
|
|
133,938 |
|
|
|
|
Loans Receivable,
Net |
|
|
727,943 |
|
|
|
747,035 |
|
|
|
|
Deposits |
|
|
725,364 |
|
|
|
694,846 |
|
|
|
|
Borrowed Funds |
|
|
117,158 |
|
|
|
138,913 |
|
|
|
|
Total Stockholders'
Equity |
|
|
135,314 |
|
|
|
133,972 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Book Value Per
Share |
|
$ |
28.16 |
|
|
$ |
27.97 |
|
|
|
|
|
Tangible Book Value Per
Share |
|
$ |
22.22 |
|
|
$ |
21.87 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for Loan
Losses |
|
$ |
4,539 |
|
|
$ |
4,127 |
|
|
|
|
|
Non-Performing
Loans |
|
$ |
2,488 |
|
|
$ |
2,926 |
|
|
|
|
|
Allowance for Loan
Losses to Total Loans |
|
|
0.62 |
% |
|
|
0.55 |
% |
|
|
|
|
Allowance for Loan
Losses to Non-Performing Loans |
|
|
182.44 |
% |
|
|
141.0 |
5% |
|
|
|
|
Non-Performing Assets
to Total Assets |
|
|
0.31 |
% |
|
|
0.34 |
% |
|
|
|
|
Non-Performing Loans to
Total Loans |
|
|
0.34 |
% |
|
|
0.39 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Financial highlights are for the three and nine
months ending September 30, 2018 and September 30, 2017,
respectively. Financial results for the nine months ended
September 30, 2017 are reflective of Standard Financial Corp. only
through April 7, 2017 and of Standard AVB Financial Corp., which
includes the acquisition of Allegheny Valley Bancorp, Inc.,
subsequent to that date. |
|
STANDARD AVB FINANCIAL CORP.RECONCILIATION OF
CERTAIN NON-GAAP FINANCIAL MEASURES
EXPLANATION OF OUR USE OF NON-GAAP MEASURES
In addition to the results of operations
presented in accordance with generally accepted accounting
principles (GAAP), our management uses, and this exhibit contains,
certain non-GAAP financial measures, such as net income excluding
merger-related expenses, earnings per share excluding
merger-related expenses, returns on average assets excluding
merger-related expenses and returns on stockholders’ equity
excluding merger-related expenses. We believe these non-GAAP
financial measures provide information useful to investors in
understanding our underlying operational performance, our business
and performance trends, and facilitate comparisons with the
performance of others in the financial service industry.
Although we believe that the above mentioned
non-GAAP financial measures enhance investors’ understanding of our
business and performance, these non-GAAP financial measures should
not be considered an alternative to GAAP. The reconciliation of
these non-GAAP financial measures from GAAP to non-GAAP
follows.
|
Standard AVB Financial Corp. |
Reconciliation of Certain Non-GAAP Financial
Measures |
(Dollars in thousands, except per share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
Three MonthsEndedSeptember
30,2018 |
|
Three MonthsEndedSeptember
30,2017 |
|
|
Nine MonthsEndedSeptember 30,2018 |
|
Nine MonthsEndedSeptember 30,2017 |
|
|
|
|
|
|
Net Income
(GAAP) |
|
$ |
2,380 |
|
|
$ |
1,936 |
|
|
|
$ |
7,034 |
|
|
$ |
2,884 |
|
After tax
merger-related expenses (GAAP) |
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
2,070 |
|
Net income, excluding
merger-related expenses |
|
$ |
2,380 |
|
|
$ |
1,936 |
|
|
|
$ |
7,034 |
|
|
$ |
4,954 |
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share - Basic |
|
|
|
|
|
GAAP |
|
$ |
0.51 |
|
|
$ |
0.42 |
|
|
|
$ |
1.52 |
|
|
$ |
0.75 |
|
Excluding
merger-related expenses |
|
n/a |
|
n/a |
|
|
n/a |
|
$ |
1.30 |
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share - Diluted |
|
|
|
|
|
GAAP |
|
$ |
0.50 |
|
|
$ |
0.41 |
|
|
|
$ |
1.48 |
|
|
$ |
0.73 |
|
Excluding
merger-related expenses |
|
n/a |
|
n/a |
|
|
n/a |
|
$ |
1.26 |
|
|
|
|
|
|
|
|
|
|
|
Average Assets
(GAAP) |
|
$ |
977,479 |
|
|
$ |
979,563 |
|
|
|
$ |
979,266 |
|
|
$ |
808,473 |
|
|
|
|
|
|
|
|
|
|
|
Return on
Average Assets |
|
|
|
|
|
|
|
|
|
GAAP |
|
|
0.97 |
% |
|
|
0.78 |
% |
|
|
0.96 |
% |
|
|
0.48 |
% |
Excluding
merger-related expenses |
|
n/a |
|
n/a |
|
|
n/a |
|
|
0.82 |
% |
|
|
|
|
|
|
|
|
|
|
Average Equity
(GAAP) |
|
$ |
134,996 |
|
|
$ |
132,691 |
|
|
|
$ |
134,012 |
|
|
$ |
111,745 |
|
|
|
|
|
|
|
|
|
|
|
Return on
Average Equity |
|
|
|
|
|
|
|
|
|
GAAP |
|
|
6.99 |
% |
|
|
5.79 |
% |
|
|
|
7.02 |
% |
|
|
3.45 |
% |
Excluding
merger-related expenses |
|
n/a |
|
n/a |
|
|
n/a |
|
|
5.93 |
% |
CONTACTS: |
|
|
|
|
Timothy K.
Zimmerman |
|
Andrew W. Hasley |
|
Susan A. Parente |
Chief Executive
Officer |
|
President |
|
Executive Vice
President & Chief |
412.856.0363 |
|
412.856.0363 |
|
Financial Officer |
|
|
|
|
412.856.0363 |
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