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