Standard AVB Financial Corp. Announces Revised Earnings For The Quarter And Year Ended December 31, 2020

Rhea-AI Summary

Standard AVB Financial Corp. (Nasdaq: STND) reported an increase in net income for the quarter and year ended December 31, 2020. Net income rose to $2.4 million ($0.53/share) for Q4 and $6.9 million ($1.52/share) for the full year. Adjusted for merger-related expenses, net income would be $3.0 million ($0.64/share) for Q4 and $7.9 million ($1.74/share) annually. Return on average assets was 0.92% for Q4 and 0.67% for the year. The revisions stem from a tax treatment review related to stock option exercises in connection with a merger with Dollar Mutual Bancorp.

Positive

• Revised Q4 net income increased to $2.4 million ($0.53/share).
• Annual net income improved to $6.9 million ($1.52/share).
• Q4 return on average assets at 0.92% and 6.73% return on average equity.

Negative

• Net income revisions due to tax treatment review may indicate prior inaccuracies.

MONROEVILLE, Pa., Feb. 15, 2021 (GLOBE NEWSWIRE) -- Standard AVB Financial Corp. (Nasdaq: STND) (the “Company”), the holding company for Standard Bank (the “Bank”), announced today an increase to its previously reported earnings for the quarter and year ended December 31, 2020. Net income for the quarter and year ended December 31, 2020 were $2.4 million, or $0.53 per basic share, and $6.9 million, or $1.52 per basic share, respectively. Excluding the after tax impact of the merger-related expenses, net income would have been $3.0 million, or $0.64 per basic share for the quarter ended December 31, 2020 and $7.9 million, or $1.74 per basic share, for the year ended December 31, 2020. The Company’s annualized return on average assets and average equity were 0.92% and 6.73%, respectively, (1.11% and 8.13%, respectively, excluding the merger-related expenses) for the quarter ended December 31, 2020 and 0.67% and 4.85%, respectively, (0.77% and 5.55%, respectively, excluding merger-related expenses) for the year ended December 31, 2020.

On January 28, 2021, the Company announced quarterly and year to date net income of $2.0 million and $6.5 million, respectively. The Company has revised its net income as a result of a review of its tax treatment of certain stock option exercises in connection with the Company’s pending merger with Dollar Mutual Bancorp. That review was completed subsequent to the January 28, 2021 earnings release. Further information regarding the Company’s taxes will be included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 which will be filed with the U.S. Securities and Exchange Commission on March 31, 2021.

Forward-Looking Statement

This press release contains statements that are forward-looking, as that term is defined by the Private Securities Litigation Reform Act of 1995. The Bank and Company intend that such forward-looking statements be subject to the safe harbors created thereby. All forward-looking statements are based on current expectations regarding important risk factors including, but not limited to, real estate values and the impact of interest rates on financing. Accordingly, actual results may differ from those expressed in the forward-looking statements, and the making of such statements should not be regarded as a representation by the Bank or Company or any other person that results expressed therein will be achieved. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update them in light of new information of future events.

Standard AVB Financial Corp.
Reconciliation of Certain Non-GAAP Financial Measures
(Dollars in thousands, except per share data)
(Unaudited)
Noninterest expense, net income, basic earnings per share, diluted earnings per share, return on average assets and return on average equity excluding merger-related expenses are all non-GAAP measures. The following table reconciles noninterest expense to noninterest expense excluding merger-related expenses and net income to net income excluding merger-related expenses. Additionally, basic earnings per share, diluted earnings per share, return on average assets and return on average equity utilizing both net income and net income excluding merger-related expenses are presented for the respective periods:
	Three Months Ended					Twelve Months Ended
	December 31, 2020
Net Income (GAAP)	$	2,448				$	6,932
After tax merger-related expenses (GAAP)		508					1,005
Net income, excluding merger-related expenses	$	2,956				$	7,937
Earnings Per Share - Basic
GAAP	$	0.53				$	1.52
Excluding merger-related expenses	$	0.64				$	1.74
Earnings Per Share - Diluted
GAAP	$	0.53				$	1.50
Excluding merger-related expenses	$	0.64				$	1.71
Average Assets (GAAP)	$	1,058,973				$	1,031,734
Return on Average Assets
GAAP		0.92%					0.67%
Excluding merger-related expenses		1.11%					0.77%
Average Equity (GAAP)	$	144,321				$	142,984
Return on Average Equity
GAAP		6.73%					4.85%
Excluding merger-related expenses		8.13%					5.55%

 

CONTACTS:
Andrew W. Hasley		Timothy K. Zimmerman		Susan A. Parente
President		Senior Executive Vice President		Executive Vice President
Chief Executive Officer		Chief Operating Officer		Chief Financial Officer
412.856.0363		412.856.0363		412.856.0363

FAQ

What were Standard AVB Financial's earnings for Q4 2020?

Standard AVB Financial reported Q4 2020 net income of $2.4 million, or $0.53 per share.

How did the annual earnings for 2020 change for STND?

For the full year 2020, Standard AVB Financial's net income was revised to $6.9 million, or $1.52 per share.

What impact did the merger-related expenses have on STND's earnings?

Excluding merger-related expenses, the Q4 net income would have been $3.0 million ($0.64/share) and $7.9 million ($1.74/share) for the year.

What is the return on average equity for Standard AVB Financial in Q4 2020?

The return on average equity for Q4 2020 was 6.73%.

When will Standard AVB Financial file its Annual Report?

The Annual Report on Form 10-K for the year ended December 31, 2020 will be filed on March 31, 2021.