##### Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-Q
 (Mark One)
 þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934For the quarterly period ended March 31, 2011.
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934.For the transition period from to .
 Commission File No. 001-34893
 Standard Financial Corp.
 (Exact name of registrant as specified in its charter)
 Maryland
(State or other jurisdiction of 
incorporation or organization)
    
    27-3100949
(I.R.S. Employer
Identification No.)
 2640 Monroeville Boulevard, Monroeville, Pennsylvania 15146
(Address of principal executive offices)
 412-856-0363
(Registrants telephone number, including area code)
 Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
 þ o
 o o
  Large accelerated filer o
Accelerated filer o
Non-accelerated
filer o(Do not check if a smaller reporting company)
Smaller reporting
company þ o þ




---



##### 



Standard Financial Corp.
Table of Contents
 PART I  Financial InformationITEM 1.
    
    Financial Statements (Unaudited)
    
    
    1-21Consolidated Statements of Financial Condition as of March 31, 2011 and September 30, 2010Consolidated Statements of Income for the Three and Six Months Ended March 31, 2011 and 2010Consolidated
Statement of Changes in Stockholders Equity for the Six Months Ended March 31, 2011Consolidated Statements of Cash Flows for the Six Months Ended March 31, 2011 and 2010Notes to Consolidated StatementsITEM 2.
    
    Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    21-30ITEM 3.
    
    Quantitative and Qualitative Disclosures About Market Risk
    
    
    30ITEM 4.
    
    Controls and Procedures
    
    
    30PART II  Other InformationITEM 1.
    
    Legal Proceedings
    
    
    31ITEM 1A.
    
    Risk Factors
    
    
    31ITEM 2.
    
    Unregistered Sales of Equity Securities and Use of Proceeds
    
    
    31ITEM 3.
    
    Defaults Upon Senior Securities
    
    
    31ITEM 4.
    
    (Removed and Reserved)
    
    
    31ITEM 5.
    
    Other Information
    
    
    31ITEM 6.
    
    Exhibits
    
    
    31Signatures
    
    
    32EX-31.1EX-31.2EX-32.1




---



##### Table of Contents



PART I  FINANCIAL INFORMATION
 
 ITEM 1. Financial Statements
 
 Standard Financial Corp.
Consolidated Statements of Financial Condition (Unaudited)
(Dollars in thousands)
 March 31,
    
    
    September 30,2011
    
    
    2010ASSETSCash on hand and due from banks
    
    $
    1,786
    
    
    $
    2,052Interest-earning deposits in other institutions
    
    
    10,444
    
    
    
    36,936Cash and Cash Equivalents
    
    
    12,230
    
    
    
    38,988Investment securities available for sale, at fair value
    
    
    56,358
    
    
    
    54,948Mortgage-backed securities available for sale, at fair value
    
    
    43,534
    
    
    
    22,589Federal Home Loan Bank stock, at cost
    
    
    3,107
    
    
    
    3,416Loans receivable, net of allowance for loan losses of
$4,538 and $3,989
    
    
    291,666
    
    
    
    286,066Loans held for sale
    
    
    
    
    
    
    461Foreclosed real estate
    
    
    727
    
    
    
    884Office properties and equipment, at cost, less accumulated
depreciation and amortization
    
    
    4,029
    
    
    
    3,847Bank-owned life insurance
    
    
    9,596
    
    
    
    9,419Goodwill
    
    
    8,769
    
    
    
    8,769Core deposit intangible
    
    
    771
    
    
    
    855Prepaid federal deposit insurance
    
    
    972
    
    
    
    1,174Accrued interest and other assets
    
    
    3,889
    
    
    
    3,687TOTAL ASSETS
    
    $
    435,648
    
    
    $
    435,103LIABILITIES AND STOCKHOLDERS EQUITYLiabilitiesDeposits:Demand, regular and club accounts
    
    $
    189,414
    
    
    $
    190,517Certificate accounts
    
    
    124,041
    
    
    
    125,700Total Deposits
    
    
    313,455
    
    
    
    316,217Federal Home Loan Bank advances
    
    
    37,995
    
    
    
    37,805Securities sold under agreements to repurchase
    
    
    5,284
    
    
    
    3,444Advance deposits by borrowers for taxes and insurance
    
    
    153
    
    
    
    93Stock subscriptions outstanding
    
    
    
    
    
    
    29,461Accrued interest and other expenses
    
    
    3,155
    
    
    
    2,749TOTAL LIABILITIES
    
    
    360,042
    
    
    
    389,769Stockholders EquityCommon
Stock, $0.01 par value per share, 40,000,000 shares authorized, 3,478,173 shares issued
    
    
    35
    
    
    
    Paid-in-capital
    
    
    33,371
    
    
    
    Unearned Employee Stock Ownership Plan (ESOP) shares
    
    
    (2,874
    )
    
    
    Retained earnings
    
    
    44,897
    
    
    
    44,051Accumulated other comprehensive income
    
    
    177
    
    
    
    1,283TOTAL STOCKHOLDERS EQUITY
    
    
    75,606
    
    
    
    45,334TOTAL LIABILITIES AND STOCKHOLDERS EQUITY
    
    $
    435,648
    
    
    $
    435,103
  1




---



##### Table of Contents



Standard Financial Corp.
Consolidated Statements of Income (Unaudited)
(Dollars in thousands, except per share data)
 Three Months Ended March 31,
    
    
    Six Months Ended March 31,2011
    
    
    2010
    
    
    2011
    
    
    2010Interest and Dividend IncomeLoans, including fees
    
    $
    3,955
    
    
    $
    3,982
    
    
    $
    7,938
    
    
    $
    8,000Mortgage-backed securities
    
    
    309
    
    
    
    236
    
    
    
    588
    
    
    
    495Investments:Taxable
    
    
    217
    
    
    
    220
    
    
    
    455
    
    
    
    437Tax-exempt
    
    
    160
    
    
    
    105
    
    
    
    300
    
    
    
    211Interest-earning deposits
    
    
    2
    
    
    
    8
    
    
    
    13
    
    
    
    17Total Interest and Dividend Income
    
    
    4,643
    
    
    
    4,551
    
    
    
    9,294
    
    
    
    9,160Interest ExpenseDeposits
    
    
    936
    
    
    
    1,154
    
    
    
    1,960
    
    
    
    2,396Securities sold under agreements to repurchase
    
    
    4
    
    
    
    7
    
    
    
    10
    
    
    
    15Federal Home Loan Bank advances
    
    
    292
    
    
    
    462
    
    
    
    601
    
    
    
    962Total Interest Expense
    
    
    1,232
    
    
    
    1,623
    
    
    
    2,571
    
    
    
    3,373Net Interest Income
    
    
    3,411
    
    
    
    2,928
    
    
    
    6,723
    
    
    
    5,787Provision for Loan Losses
    
    
    425
    
    
    
    300
    
    
    
    775
    
    
    
    429Net Interest Income after Provision for Loan Losses
    
    
    2,986
    
    
    
    2,628
    
    
    
    5,948
    
    
    
    5,358Noninterest IncomeService charges
    
    
    384
    
    
    
    413
    
    
    
    807
    
    
    
    847Earnings on bank-owned life insurance
    
    
    96
    
    
    
    95
    
    
    
    194
    
    
    
    191Net securities gains
    
    
    
    
    
    
    8
    
    
    
    2
    
    
    
    8Net loan sale gains
    
    
    12
    
    
    
    
    
    
    
    61
    
    
    
    Annuity and mutual fund fees
    
    
    35
    
    
    
    32
    
    
    
    71
    
    
    
    89Other income
    
    
    8
    
    
    
    7
    
    
    
    17
    
    
    
    16Total Noninterest Income
    
    
    535
    
    
    
    555
    
    
    
    1,152
    
    
    
    1,151Noninterest ExpensesCompensation and employee benefits
    
    
    1,357
    
    
    
    1,296
    
    
    
    2,728
    
    
    
    2,427Data processing
    
    
    99
    
    
    
    95
    
    
    
    190
    
    
    
    194Premises and occupancy costs
    
    
    256
    
    
    
    249
    
    
    
    482
    
    
    
    467Core deposit amortization
    
    
    42
    
    
    
    42
    
    
    
    84
    
    
    
    84Automatic teller machine expense
    
    
    74
    
    
    
    68
    
    
    
    150
    
    
    
    136Federal deposit insurance
    
    
    107
    
    
    
    108
    
    
    
    218
    
    
    
    216Contribution to Standard Charitable Foundation
    
    
    
    
    
    
    
    
    
    
    1,376
    
    
    
    Other operating expenses
    
    
    426
    
    
    
    317
    
    
    
    824
    
    
    
    645Total Noninterest Expenses
    
    
    2,361
    
    
    
    2,175
    
    
    
    6,052
    
    
    
    4,169Income before Income Tax Expense
    
    
    1,160
    
    
    
    1,008
    
    
    
    1,048
    
    
    
    2,340Income Tax ExpenseFederal
    
    
    275
    
    
    
    273
    
    
    
    147
    
    
    
    700State
    
    
    57
    
    
    
    51
    
    
    
    55
    
    
    
    101Total Income Tax Expense
    
    
    332
    
    
    
    324
    
    
    
    202
    
    
    
    801Net Income
    
    $
    828
    
    
    $
    684
    
    
    $
    846
    
    
    $
    1,539Earnings Per Share (since inception October 6, 2010):Basic earnings per common share
    
    $
    0.26
    
    
    $
    N/A
    
    
    $
    $0.26
    
    
    $
    N/ADiluted earnings per common share
    
    $
    0.26
    
    
    $
    N/A
    
    
    $
    $0.26
    
    
    $
    N/A
  2




---



##### Table of Contents



Standard Financial Corp.
Consolidated Statement of Changes in Stockholders Equity (Unaudited)
(Dollars in thousands)
 AccumulatedUnearned
    
    
    
    
    
    
    Other
    
    
    TotalCommon
    
    
    Paid-In
    
    
    ESOP
    
    
    Retained
    
    
    Comprehensive
    
    
    StockholdersStock
    
    
    Capital
    
    
    Shares
    
    
    Earnings
    
    
    Income (Loss)
    
    
    EquityBalance, September 30, 2010
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    44,051
    
    
    $
    1,283
    
    
    $
    45,334Comprehensive loss:Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    846
    
    
    
    
    
    
    
    846Net change in unrealized loss on
securities available for sale,
net of reclassification
adjustment, net of tax benefit
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1,106
    )
    
    
    (1,106
    )Total Comprehensive Loss
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    846
    
    
    
    (1,106
    )
    
    
    (260
    )Issuance of common stock
(3,478,173 shares)
    
    
    35
    
    
    
    33,340
    
    
    
    (2,950
    )
    
    
    
    
    
    
    
    
    
    
    30,425Compensation expense on ESOP
    
    
    
    
    
    
    31
    
    
    
    76
    
    
    
    
    
    
    
    
    
    
    
    107Balance, March 31, 2011
    
    $
    35
    
    
    $
    33,371
    
    
    $
    (2,874
    )
    
    $
    44,897
    
    
    $
    177
    
    
    $
    75,606
  3




---



##### Table of Contents



Standard Financial Corp.
Consolidated Statements of Cash Flows (Unaudited)
(Dollars in thousands)
 Six Months Ended March 312011
    
    
    2010Cash Flows from Operating ActivitiesNet income
    
    $
    846
    
    
    $
    1,539Adjustments to reconcile net income to net cash
provided by operating activities:Depreciation and amortization
    
    
    193
    
    
    
    164Provision for loan losses
    
    
    775
    
    
    
    429Amortization of core deposit intangible
    
    
    84
    
    
    
    84Net amortization of premium/discount on securities
    
    
    186
    
    
    
    101Net gain on securities
    
    
    (2
    )
    
    
    (8
    )Origination of loans held for sale
    
    
    (2,519
    )
    
    
    Proceeds from sale of loans held for sale
    
    
    3,041
    
    
    
    Gain on sale of loans held for sale
    
    
    (61
    )
    
    
    Compensation expense on ESOP
    
    
    107
    
    
    
    Stock contribution to Charitable Foundation
    
    
    1,176
    
    
    
    Deferred income taxes
    
    
    (623
    )
    
    
    (213
    )Decrease in accrued interest and other assets
    
    
    190
    
    
    
    67Decrease (increase) in prepaid Federal deposit insurance
    
    
    202
    
    
    
    (1,378
    )Earnings on bank-owned life insurance
    
    
    (194
    )
    
    
    (191
    )Decrease in accrued interest payable
    
    
    (20
    )
    
    
    (46
    )Decrease in other accrued expenses
    
    
    
    
    
    
    74Increase in accrued income taxes payable
    
    
    525
    
    
    
    737Other, net
    
    
    45
    
    
    
    25Net Cash Provided by Operating Activities
    
    
    3,951
    
    
    
    1,384Cash Flows from Investing ActivitiesNet increase in loans
    
    
    (6,505
    )
    
    
    (7,060
    )Purchases of investment securities available for sale
    
    
    (19,896
    )
    
    
    (22,111
    )Purchases of mortgage-backed securities available for sale
    
    
    (25,973
    )
    
    
    Proceeds from maturities/principal repayments/calls of:Investment securities available for sale
    
    
    16,816
    
    
    
    15,712Mortgage-backed securities available for sale
    
    
    4,334
    
    
    
    4,421Proceeds from sales of investment securities available for sale
    
    
    504
    
    
    
    1,265Proceeds from sales of mortgage-backed securities available for sale
    
    
    
    
    
    
    848Redemption of Federal Home Loan Bank stock
    
    
    309
    
    
    
    Proceeds from sales of foreclosed real estate
    
    
    259
    
    
    
    143Net purchases of office properties and equipment
    
    
    (375
    )
    
    
    (37
    )Net Cash (Used in) Investing Activities
    
    
    (30,527
    )
    
    
    (6,819
    )Cash Flows from Financing ActivitiesNet (decrease) increase in demand, regular and club accounts
    
    
    (190
    )
    
    
    13,541Net (decrease) increase in certificate accounts
    
    
    (1,371
    )
    
    
    10,721Net increase (decrease) in securities sold under agreements to repurchase
    
    
    1,840
    
    
    
    (961
    )Additional stock proceeds less conversion expenses
    
    
    457
    
    
    
    Purchase of ESOP shares
    
    
    (1,168
    )
    
    
    Repayments of Federal Home Loan Bank advances
    
    
    (2,223
    )
    
    
    (9,530
    )Proceeds from Federal Home Loan Bank advances
    
    
    2,413
    
    
    
    4,990Increase (decrease) in advance deposits by borrowers for taxes and insurance
    
    
    60
    
    
    
    (616
    )Net Cash (Used in) Provided by Financing Activities
    
    
    (182
    )
    
    
    18,145Net (Decrease) Increase in Cash and Cash Equivalents
    
    
    (26,758
    )
    
    
    12,710Cash and Cash Equivalents  Beginning
    
    
    38,988
    
    
    
    12,420Cash and Cash Equivalents  Ending
    
    $
    12,230
    
    
    $
    25,130Supplementary Cash Flows InformationInterest paid
    
    $
    2,591
    
    
    $
    3,419Income taxes paid
    
    $
    300
    
    
    $
    278Supplementary Schedule of Noncash Investing and Financing ActivitiesForeclosed real estate acquired in settlement of loans
    
    $
    130
    
    
    $
    252Issuance of common stock from stock subscription payable
    
    $
    28,759
    
    
    $
    Issuance of common stock from use of customer deposit accounts
    
    $
    1,201
    
    
    $
    Issuance of common stock for ESOP plan
    
    $
    1,782
    
    
    $
    Securities purchased not settled
    
    $
    
    
    
    $
    1,229
  4




---



##### Table of Contents



STANDARD FINANCIAL CORP.
 (1) Consolidation
  (2) Basis of Presentation
   (3) Comprehensive Income (Loss)
  Three Months Ended March 31,
    
    
    Six Months Ended March 31,2011
    
    
    2010
    
    
    2011
    
    
    2010Unrealized holding gain (loss)
on available-for-sale securities
    
    $
    119
    
    
    $
    11
    
    
    $
    (1,674
    )
    
    $
    (213
    )Reclassification adjustment for gains
realized in income
    
    
    
    
    
    
    (8
    )
    
    
    (2
    )
    
    
    (8
    )Net Unrealized Gain (Loss)
    
    
    119
    
    
    
    3
    
    
    
    (1,676
    )
    
    
    (221
    )Income tax (expense) benefit
    
    
    (40
    )
    
    
    (1
    )
    
    
    570
    
    
    
    75Net of Tax Amount
    
    $
    79
    
    
    $
    2
    
    
    $
    (1,106
    )
    
    $
    (146
    )
 5




---



##### Table of Contents



STANDARD FINANCIAL CORP.
 (4) Recent Accounting Pronouncements
 Fair Value Measurements and Disclosures
(Topic 820): Improving Disclosures about Fair Value Measurements
 Receivables (Topic 310): Disclosures about the
Credit Quality of Financing Receivables and the Allowance for Credit Losses.
  Accounting for Costs Associated with Acquiring
or Renewing Insurance Contracts
 When to Perform Step 2 of the Goodwill
Impairment Test for Reporting Units with Zero or Negative Carrying Amounts
 Disclosure of Supplementary Pro Forma
Information for Business Combinations
 6




---



##### Table of Contents



STANDARD FINANCIAL CORP.
 (4) Recent Accounting Pronouncements (Continued)
  Receivables (Topic 310): Deferral of the
Effective Date of Disclosures about Troubled Debt Restructurings in Update No. 2010-20
 Receivables (Topic 310): A Creditors
Determination of Whether a Restructuring Is a Troubled Debt Restructuring
 7




---



##### Table of Contents



STANDARD FINANCIAL CORP.
 (5) Investment Securities
  Gross
    
    
    GrossAmortized
    
    
    Unrealized
    
    
    Unrealized
    
    
    FairCost
    
    
    Gains
    
    
    Losses
    
    
    ValueMarch 31, 2011:U.S. government and agency obligations due:Beyond 1 year but within 5 years
    
    $
    20,286
    
    
    $
    15
    
    
    $
    (54
    )
    
    $
    20,247Beyond 5 years but within 10 years
    
    
    4,500
    
    
    
    
    
    
    
    (133
    )
    
    
    4,367Corporate bonds due:Within 1 year
    
    
    1,010
    
    
    
    10
    
    
    
    
    
    
    
    1,020Beyond 1 year but within 5 years
    
    
    6,254
    
    
    
    13
    
    
    
    (34
    )
    
    
    6,233Municipal obligations due:Within 1 year
    
    
    3,258
    
    
    
    22
    
    
    
    
    
    
    
    3,280Beyond 1 year but within 5 years
    
    
    930
    
    
    
    13
    
    
    
    
    
    
    
    943Beyond 5 years but within 10 years
    
    
    15,877
    
    
    
    406
    
    
    
    (243
    )
    
    
    16,040Beyond 10 years
    
    
    3,019
    
    
    
    72
    
    
    
    (34
    )
    
    
    3,057Equity securities:CRA Investment Fund
    
    
    750
    
    
    
    
    
    
    
    (8
    )
    
    
    742Freddie Mac common stock
    
    
    10
    
    
    
    
    
    
    
    
    
    
    
    10Common stocks
    
    
    372
    
    
    
    60
    
    
    
    (13
    )
    
    
    419$
    56,266
    
    
    $
    611
    
    
    $
    (519
    )
    
    $
    56,358
 Gross
    
    
    GrossAmortized
    
    
    Unrealized
    
    
    Unrealized
    
    
    FairCost
    
    
    Gains
    
    
    Losses
    
    
    ValueSeptember 30, 2010:U.S. government and agency obligations due:Beyond 1 year but within 5 years
    
    $
    25,846
    
    
    $
    94
    
    
    $
    
    
    
    $
    25,940Beyond 5 years but within 10 years
    
    
    1,002
    
    
    
    7
    
    
    
    
    
    
    
    1,009Corporate bonds due:Within 1 year
    
    
    1,521
    
    
    
    27
    
    
    
    
    
    
    
    1,548Beyond 1 year but within 5 years
    
    
    6,255
    
    
    
    16
    
    
    
    (24
    )
    
    
    6,247Municipal obligations due:Within 1 year
    
    
    2,402
    
    
    
    13
    
    
    
    
    
    
    
    2,415Beyond 1 year but within 5 years
    
    
    4,203
    
    
    
    69
    
    
    
    
    
    
    
    4,272Beyond 5 years but within 10 years
    
    
    3,864
    
    
    
    232
    
    
    
    
    
    
    
    4,096Beyond 10 years
    
    
    7,568
    
    
    
    699
    
    
    
    
    
    
    
    8,267Equity securities:CRA Investment Fund
    
    
    750
    
    
    
    11
    
    
    
    
    
    
    
    761Freddie Mac common stock
    
    
    10
    
    
    
    
    
    
    
    
    
    
    
    10Common stocks
    
    
    374
    
    
    
    29
    
    
    
    (20
    )
    
    
    383$
    53,795
    
    
    $
    1,197
    
    
    $
    (44
    )
    
    $
    54,948
 8




---



##### Table of Contents



STANDARD FINANCIAL CORP.
 (5) Investment Securities (Continued)
   March 31, 2011Less than 12 Months
    
    
    12 Months or More
    
    
    TotalGross
    
    
    
    
    
    
    Gross
    
    
    
    
    
    
    GrossFair
    
    
    Unrealized
    
    
    Fair
    
    
    Unrealized
    
    
    Fair
    
    
    UnrealizedValue
    
    
    Losses
    
    
    Value
    
    
    Losses
    
    
    Value
    
    
    LossesU.S. government and
agency obligations
    
    $
    11,314
    
    
    
    (187
    )
    
    $
    
    
    
    $
    
    
    
    $
    11,314
    
    
    $
    (187
    )Corporate bonds
    
    
    5,966
    
    
    
    (34
    )
    
    
    
    
    
    
    
    
    
    
    5,966
    
    
    
    (34
    )Municipal obligations
    
    
    9,098
    
    
    
    (277
    )
    
    
    
    
    
    
    
    
    
    
    9,098
    
    
    
    (277
    )Equity securities
    
    
    742
    
    
    
    (8
    )
    
    
    67
    
    
    
    (13
    )
    
    
    809
    
    
    
    (21
    )Total Temporarily
Impaired Securities
    
    $
    27,120
    
    
    $
    (506
    )
    
    $
    67
    
    
    $
    (13
    )
    
    $
    27,187
    
    
    $
    (519
    )
 September 30, 2010Less than 12 Months
    
    
    12 Months or More
    
    
    TotalGross
    
    
    
    
    
    
    Gross
    
    
    
    
    
    
    GrossFair
    
    
    Unrealized
    
    
    Fair
    
    
    Unrealized
    
    
    Fair
    
    
    UnrealizedValue
    
    
    Losses
    
    
    Value
    
    
    Losses
    
    
    Value
    
    
    LossesCorporate bonds
    
    $
    3,976
    
    
    $
    (24
    )
    
    $
    
    
    
    $
    
    
    
    $
    3,976
    
    
    $
    (24
    )Equity securities
    
    
    
    
    
    
    
    
    
    
    60
    
    
    
    (20
    )
    
    
    60
    
    
    
    (20
    )Total Temporarily
Impaired Securities
    
    $
    3,976
    
    
    $
    (24
    )
    
    $
    60
    
    
    $
    (20
    )
    
    $
    4,036
    
    
    $
    (44
    )
  9




---



##### Table of Contents



STANDARD FINANCIAL CORP.
 (6) Mortgage-Backed Securities
  Gross
    
    
    GrossAmortized
    
    
    Unrealized
    
    
    Unrealized
    
    
    FairCost
    
    
    Gains
    
    
    Losses
    
    
    ValueMarch 31, 2011:Government pass-throughs:Government National Mortgage
Association
    
    $
    19,722
    
    
    $
    30
    
    
    $
    (72
    )
    
    $
    19,680Freddie Mac
    
    
    5,786
    
    
    
    305
    
    
    
    
    
    
    
    6,091Fannie Mae
    
    
    17,204
    
    
    
    227
    
    
    
    (327
    )
    
    
    17,104Private pass-throughs
    
    
    135
    
    
    
    
    
    
    
    
    
    
    
    135Collateralized mortgage obligations
    
    
    512
    
    
    
    12
    
    
    
    
    
    
    
    524$
    43,359
    
    
    $
    574
    
    
    $
    (399
    )
    
    $
    43,534
 Gross
    
    
    GrosAmortized
    
    
    Unrealized
    
    
    Unrealized
    
    
    FairCost
    
    
    Gains
    
    
    Losses
    
    
    ValueSeptember 30, 2010:Government pass-throughs:Government National Mortgage Association
    
    $
    6,665
    
    
    $
    69
    
    
    $
    
    
    
    $
    6,734Freddie Mac
    
    
    7,876
    
    
    
    412
    
    
    
    
    
    
    
    8,288Fannie Mae
    
    
    6,447
    
    
    
    296
    
    
    
    
    
    
    
    6,743Private pass-throughs
    
    
    139
    
    
    
    
    
    
    
    (1
    )
    
    
    138Collateralized mortgage obligations
    
    
    672
    
    
    
    14
    
    
    
    
    
    
    
    686$
    21,799
    
    
    $
    791
    
    
    $
    (1
    )
    
    $
    22,589
  10




---



##### Table of Contents



STANDARD FINANCIAL CORP.
 (6)  Mortgage-Backed Securities (Continued)
  March 31, 2011Less than 12 Months
    
    
    12 Months or More
    
    
    TotalGross
    
    
    
    
    
    
    Gross
    
    
    
    
    
    
    GrossFair
    
    
    Unrealized
    
    
    Fair
    
    
    Unrealized
    
    
    Fair
    
    
    UnrealizedValue
    
    
    Losses
    
    
    Value
    
    
    Losses
    
    
    Value
    
    
    LossesGovernment National Mortgage
Association
    
    $
    13,250
    
    
    $
    (72
    )
    
    $
    
    
    
    $
    
    
    
    $
    13,250
    
    
    $
    (72
    )Fannie Mae
    
    
    10,004
    
    
    
    (327
    )
    
    
    
    
    
    
    
    
    
    
    10,004
    
    
    
    (327
    )Total Temporarily
Impaired Securities
    
    $
    23,254
    
    
    $
    (399
    )
    
    $
    
    
    
    $
    
    
    
    $
    23,254
    
    
    $
    (399
    )
 September 30, 2010Less than 12 Months
    
    
    12 Months or More
    
    
    TotalGross
    
    
    
    
    
    
    Gross
    
    
    
    
    
    
    GrossFair
    
    
    Unrealized
    
    
    Fair
    
    
    Unrealized
    
    
    Fair
    
    
    UnrealizedValue
    
    
    Losses
    
    
    Value
    
    
    Losses
    
    
    Value
    
    
    LossesPrivate pass-throughs
    
    $
    
    
    
    $
    
    
    
    $
    138
    
    
    $
    (1
    )
    
    $
    138
    
    
    $
    (1
    )Total Temporarily
Impaired Securities
    
    $
    
    
    
    $
    
    
    
    $
    138
    
    
    $
    (1
    )
    
    $
    138
    
    
    $
    (1
    )
   11




---



##### Table of Contents



STANDARD FINANCIAL CORP.
 (7)  Loans Receivable and Related Allowance for Loan Losses
  Real Estate LoansOne-to-four-family
    
    
    
    
    
    
    HomeResidential
    
    
    Commercial
    
    
    Equity Loansand
    
    
    Real
    
    
    and Lines
    
    
    
    
    
    
    OtherConstruction
    
    
    Estate
    
    
    of Credit
    
    
    Commercial
    
    
    Loans (1)
    
    
    TotalMarch 31, 2011:Total loans before
allowance for loan losses
    
    $
    148,630
    
    
    $
    87,911
    
    
    $
    45,807
    
    
    $
    11,163
    
    
    $
    2,693
    
    
    $
    296,204Individually evaluated
for impairment
    
    
    
    
    
    
    1,379
    
    
    
    
    
    
    
    978
    
    
    
    
    
    
    
    2,357Collectively evaluated
for impairment
    
    
    148,630
    
    
    
    86,532
    
    
    
    45,807
    
    
    
    10,185
    
    
    
    2,693
    
    
    
    293,847September 30, 2010:Total loans before
allowance for loan losses
    
    $
    143,513
    
    
    $
    86,051
    
    
    $
    47,523
    
    
    $
    9,956
    
    
    $
    3,012
    
    
    $
    290,055Individually evaluated
for impairment
    
    $
    
    
    
    $
    1,379
    
    
    $
    
    
    
    $
    1,000
    
    
    $
    
    
    
    $
    2,379Collectively evaluated
for impairment
    
    $
    143,513
    
    
    $
    84,672
    
    
    $
    47,523
    
    
    $
    8,956
    
    
    $
    3,012
    
    
    $
    287,676
 
 (1)
    
    Consists of automobile loans, consumer loans and loans secured by saving accounts.   12




---



##### Table of Contents



STANDARD FINANCIAL CORP.
 (7)  Loans Receivable and Related Allowance for Loan Losses (Continued)
   Impaired LoansImpaired Loans With
    
    
    WithoutAllowance
    
    
    Allowance
    
    
    Total Impaired LoansUnpaidRecorded
    
    
    Related
    
    
    Recorded
    
    
    Recorded
    
    
    PrincipalInvestment
    
    
    Allowance
    
    
    Investment
    
    
    Investment
    
    
    BalanceMarch 31, 2011:Commercial real estate
    
    $
    1,379
    
    
    $
    621
    
    
    $
    
    
    
    $
    1,379
    
    
    $
    1,379Commercial
    
    
    978
    
    
    
    293
    
    
    
    
    
    
    
    978
    
    
    
    978Total impaired loans
    
    $
    2,357
    
    
    $
    914
    
    
    $
    
    
    
    $
    2,357
    
    
    $
    2,357September 30, 2010:Commercial real estate
    
    $
    1,379
    
    
    $
    414
    
    
    $
    
    
    
    $
    1,379
    
    
    $
    1,379Commercial
    
    
    1,000
    
    
    
    300
    
    
    
    
    
    
    
    1,000
    
    
    
    1,000Total impaired loans
    
    $
    2,379
    
    
    $
    714
    
    
    $
    
    
    
    $
    2,379
    
    
    $
    2,379
  Three months ended March 31,
    
    
    Six months ended March 31,2011
    
    
    2010
    
    
    2011
    
    
    2010Average investment in impaired loans:Commercial real estate
    
    $
    1,384
    
    
    $
    
    
    
    $
    1,384
    
    
    $
    Commercial
    
    
    985
    
    
    
    
    
    
    
    990
    
    
    
    Total impaired loans
    
    $
    2,369
    
    
    $
    
    
    
    $
    2,374
    
    
    $
    Interest income recognized on impaired loans:Accrual basis
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    Cash basis
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
  13




---



##### Table of Contents



STANDARD FINANCIAL CORP.
 (7)  Loans Receivable and Related Allowance for Loan Losses (Continued)
   14




---



##### Table of Contents



STANDARD FINANCIAL CORP.
 (7)  Loans Receivable and Related Allowance for Loan Losses (Continued)
  SpecialPass
    
    
    Mention
    
    
    Substandard
    
    
    Doubtful
    
    
    TotalMarch 31, 2011:First mortgage loans:One-to-four-family residential
and construction
    
    $
    148,260
    
    
    $
    
    
    
    $
    370
    
    
    $
    
    
    
    $
    148,630Commercial real estate
    
    
    82,176
    
    
    
    4,271
    
    
    
    1,464
    
    
    
    
    
    
    
    87,911Home equity loans and lines of credit
    
    
    45,743
    
    
    
    
    
    
    
    64
    
    
    
    
    
    
    
    45,807Commercial loans
    
    
    10,185
    
    
    
    
    
    
    
    978
    
    
    
    
    
    
    
    11,163Other loans (1)
    
    
    2,684
    
    
    
    
    
    
    
    6
    
    
    
    3
    
    
    
    2,693Total
    
    $
    289,048
    
    
    $
    4,271
    
    
    $
    2,882
    
    
    $
    3
    
    
    $
    296,204September 30, 2010:First mortgage loans:One-to-four-family residential
and construction
    
    $
    142,457
    
    
    $
    
    
    
    $
    1,056
    
    
    $
    
    
    
    $
    143,513Commercial real estate
    
    
    79,023
    
    
    
    5,392
    
    
    
    1,636
    
    
    
    
    
    
    
    86,051Home equity loans and lines of credit
    
    
    47,307
    
    
    
    
    
    
    
    216
    
    
    
    
    
    
    
    47,523Commercial loans
    
    
    8,956
    
    
    
    
    
    
    
    1,000
    
    
    
    
    
    
    
    9,956Other loans (1)
    
    
    2,998
    
    
    
    
    
    
    
    
    
    
    
    14
    
    
    
    3,012Total
    
    $
    280,741
    
    
    $
    5,392
    
    
    $
    3,908
    
    
    $
    14
    
    
    $
    290,055
 
 (1)
    
    Consists of automobile loans, consumer loans and loans secured by savings accounts. 15




---



##### Table of Contents



STANDARD FINANCIAL CORP.
 (7)  Loans Receivable and Related Allowance for Loan Losses (Continued)
  30-59 Days
    
    
    60-89 Days
    
    
    Non-Accrual
    
    
    TotalCurrent
    
    
    Past Due
    
    
    Past Due
    
    
    (90 Days+)
    
    
    LoansMarch 31, 2011:First mortgage loans:One-to-four-family residential
and construction
    
    $
    145,061
    
    
    $
    2,911
    
    
    $
    288
    
    
    $
    370
    
    
    $
    148,630Commercial real estate
    
    
    82,701
    
    
    
    2,854
    
    
    
    892
    
    
    
    1,464
    
    
    
    87,911Home equity loans and lines of credit
    
    
    45,516
    
    
    
    140
    
    
    
    87
    
    
    
    64
    
    
    
    45,807Commercial loans
    
    
    9,980
    
    
    
    95
    
    
    
    110
    
    
    
    978
    
    
    
    11,163Other loans (1)
    
    
    2,661
    
    
    
    16
    
    
    
    13
    
    
    
    3
    
    
    
    2,693Total
    
    $
    285,919
    
    
    $
    6,016
    
    
    $
    1,390
    
    
    $
    2,879
    
    
    $
    296,204September 30, 2010:First mortgage loans:One-to-four-family residential
and construction
    
    $
    138,312
    
    
    $
    2,842
    
    
    $
    1,303
    
    
    $
    1,056
    
    
    $
    143,513Commercial real estate
    
    
    81,750
    
    
    
    2,261
    
    
    
    404
    
    
    
    1,636
    
    
    
    86,051Home equity loans and lines of credit
    
    
    47,016
    
    
    
    284
    
    
    
    7
    
    
    
    216
    
    
    
    47,523Commercial loans
    
    
    8,956
    
    
    
    
    
    
    
    
    
    
    
    1,000
    
    
    
    9,956Other loans (1)
    
    
    2,976
    
    
    
    22
    
    
    
    
    
    
    
    14
    
    
    
    3,012Total
    
    $
    279,010
    
    
    $
    5,409
    
    
    $
    1,714
    
    
    $
    3,922
    
    
    $
    290,055
 
 (1)
    
    Consists of automobile loans, consumer loans and loans secured by savings accounts.   16




---



##### Table of Contents



STANDARD FINANCIAL CORP.
 (7)  Loans Receivable and Related Allowance for Loan Losses (Continued)
    Real Estate LoansOne-to-four-family
    
    
    
    
    
    
    HomeResidential
    
    
    Commercial
    
    
    Equity Loansand
    
    
    Real
    
    
    and Lines
    
    
    
    
    
    
    OtherConstruction
    
    
    Estate
    
    
    of Credit
    
    
    Commercial
    
    
    Loans (1)
    
    
    TotalBalance at September 30, 2010
    
    $
    609
    
    
    $
    2,460
    
    
    $
    220
    
    
    $
    483
    
    
    $
    217
    
    
    $
    3,989Charge-offs
    
    
    (25
    )
    
    
    (192
    )
    
    
    
    
    
    
    (46
    )
    
    
    (18
    )
    
    
    (281
    )Recoveries
    
    
    12
    
    
    
    31
    
    
    
    
    
    
    
    3
    
    
    
    9
    
    
    
    55Provision
    
    
    312
    
    
    
    423
    
    
    
    7
    
    
    
    14
    
    
    
    19
    
    
    
    775Balance at March 31, 2011
    
    $
    908
    
    
    $
    2,722
    
    
    $
    227
    
    
    $
    454
    
    
    $
    227
    
    
    $
    4,538Individually evaluated
for impairment
    
    $
    
    
    
    $
    621
    
    
    $
    
    
    
    $
    293
    
    
    $
    
    
    
    $
    914Collectively evaluated
for impairment
    
    $
    908
    
    
    $
    2,101
    
    
    $
    227
    
    
    $
    161
    
    
    $
    227
    
    
    $
    3,624
 
 (1)
    
    Consists of automobile loans, consumer loans and loans secured by savings accounts.  17




---



##### Table of Contents



STANDARD FINANCIAL CORP.
 (8)   Contribution to Standard Charitable Foundation
  (9)  Employee Stock Ownership Plan
     (10)  Fair Value Measurements
  Level I:
    
    Inputs to the valuation methodology are unadjusted quoted prices are available
for identical assets or liabilities in active markets that the Company has the ability to
access.Level II:
    
    Inputs to the valuation methodology include quoted prices for similar assets or
liabilities in active markets; quoted prices for identical assets or liabilities in
inactive markets; inputs other than quoted prices that are observable for the asset or
liability; inputs that are derived principally from or corroborated by observable market
data by corroborated or other means. If the asset or liability has a specified
(contractual) term, the Level II input must be observable for substantially the full term
of the asset or liability.Level III:
    
    Inputs to the valuation methodology are unobservable and significant to the
fair value measurement.
 18




---



##### Table of Contents



STANDARD FINANCIAL CORP.
 (10)  Fair Value Measurements (Continued)
  March 31, 2011Level I
    
    
    Level II
    
    
    Level III
    
    
    TotalAssets measured at fair value
on a recurring basis:U.S. government and agency obligations
    
    $
    
    
    
    $
    24,614
    
    
    $
    
    
    
    $
    24,614Corporate bonds
    
    
    
    
    
    
    7,253
    
    
    
    
    
    
    
    7,253Municipal obligations
    
    
    
    
    
    
    23,320
    
    
    
    
    
    
    
    23,320Equity securities
    
    
    1,171
    
    
    
    
    
    
    
    
    
    
    
    1,171Mortgage-backed securities
    
    
    
    
    
    
    43,534
    
    
    
    
    
    
    
    43,534Assets measured at fair value
on a non-recurring basis:Impaired loans
    
    
    
    
    
    
    
    
    
    
    1,443
    
    
    
    1,443Foreclosed real estate
    
    
    
    
    
    
    727
    
    
    
    
    
    
    
    727$
    1,171
    
    
    $
    99,448
    
    
    $
    1,443
    
    
    $
    102,062
 September 30, 2010Level I
    
    
    Level II
    
    
    Level III
    
    
    TotalAssets measured at fair value
on a recurring basis:U.S. government and agency obligations
    
    $
    
    
    
    $
    26,949
    
    
    $
    
    
    
    $
    26,949Corporate bonds
    
    
    
    
    
    
    7,795
    
    
    
    
    
    
    
    7,795Municipal obligations
    
    
    
    
    
    
    19,050
    
    
    
    
    
    
    
    19,050Equity securities
    
    
    1,154
    
    
    
    
    
    
    
    
    
    
    
    1,154Mortgage-backed securities
    
    
    
    
    
    
    22,589
    
    
    
    
    
    
    
    22,589Assets measured at fair value
on a non-recurring basis:Impaired loans
    
    
    
    
    
    
    
    
    
    
    1,665
    
    
    
    1,665Foreclosed real estate
    
    
    
    
    
    
    884
    
    
    
    
    
    
    
    884Loans held for sale
    
    
    
    
    
    
    461
    
    
    
    
    
    
    
    461$
    1,154
    
    
    $
    77,728
    
    
    $
    1,665
    
    
    $
    80,547
  19




---



##### Table of Contents



STANDARD FINANCIAL CORP.
 (11)  Fair Value of Financial Instruments
      20




---



##### Table of Contents



STANDARD FINANCIAL CORP.
 Note 11  Fair Value of Financial Instruments (Continued)
  March 31, 2011
    
    September 30, 2010Fair
    
    Carrying
    
    Fair
    
    CarryingValue
    
    Value
    
    Value
    
    ValueFinancial Assets:Cash on hand and due from banks
    
    $
    1,786
    
    
    $
    1,786
    
    
    $
    2,052
    
    
    $
    2,052Interest-earning deposits in other
institutions
    
    
    10,444
    
    
    
    10,444
    
    
    
    36,936
    
    
    
    36,936Investment securities
    
    
    56,358
    
    
    
    56,358
    
    
    
    54,948
    
    
    
    54,948Mortgage-backed securities
    
    
    43,534
    
    
    
    43,534
    
    
    
    22,589
    
    
    
    22,589Loans receivable
    
    
    298,563
    
    
    
    291,666
    
    
    
    296,430
    
    
    
    286,066Loans held for sale
    
    
    
    
    
    
    
    
    
    
    461
    
    
    
    461Accrued interest receivable
    
    
    1,488
    
    
    
    1,488
    
    
    
    1,399
    
    
    
    1,399Federal Home Loan Bank stock
    
    
    3,107
    
    
    
    3,107
    
    
    
    3,416
    
    
    
    3,416Bank-owned life insurance
    
    
    9,596
    
    
    
    9,596
    
    
    
    9,419
    
    
    
    9,419Financial Liabilities:Deposits
    
    
    316,579
    
    
    
    313,455
    
    
    
    321,630
    
    
    
    316,217Federal Home Loan Bank advances
    
    
    38,998
    
    
    
    37,995
    
    
    
    39,417
    
    
    
    37,805Securities sold under agreements to repurchase
    
    
    5,284
    
    
    
    5,284
    
    
    
    3,444
    
    
    
    3,444Accrued interest payable
    
    
    303
    
    
    
    303
    
    
    
    323
    
    
    
    323Off-balance sheet financial insturments:Commitment to extend credit and
letters of credit
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
 
 ITEM 2. Managements Discussion and Analysis of Financial Condition and Results of
Operations
    21




---



##### Table of Contents



Comparison of Financial Condition at March 31, 2011 and September 30, 2010
 General.
   Cash and Cash Equivalents.
 Loans.
 Investment Securities.
 22




---



##### Table of Contents



Mortgage-Backed Securities.
 Deposits.
   Borrowings.
 Stockholders Equity.
 Average Balance and Yields
  23




---



##### Table of Contents



For the Three Months Ended March 31,2011
    
    
    2010Average
    
    
    
    
    
    
    
    
    
    
    AverageOutstanding
    
    
    
    
    
    
    Yield/
    
    
    Outstanding
    
    
    
    
    
    
    Yield/Balance
    
    
    Interest
    
    
    Rate
    
    
    Balance
    
    
    Interest
    
    
    Rate(Dollars in thousands)Interest-earning assets:Loans
    
    $
    296,375
    
    
    $
    3,955
    
    
    
    5.34
    %
    
    $
    279,436
    
    
    $
    3,982
    
    
    
    5.70
    %Investment and mortgage-backed securities
    
    
    95,941
    
    
    
    686
    
    
    
    2.86
    %
    
    
    68,208
    
    
    
    561
    
    
    
    3.29
    %Interest earning deposits
    
    
    11,075
    
    
    
    2
    
    
    
    0.07
    %
    
    
    16,094
    
    
    
    8
    
    
    
    0.20
    %Total interest-earning assets
    
    
    403,391
    
    
    
    4,643
    
    
    
    4.60
    %
    
    
    363,738
    
    
    
    4,551
    
    
    
    5.01
    %Noninterest-earning assets
    
    
    28,878
    
    
    
    
    
    
    
    
    
    
    
    30,124Total assets
    
    $
    432,269
    
    
    
    
    
    
    
    
    
    
    $
    393,862Interest-bearing liabilities:Savings accounts
    
    $
    120,524
    
    
    
    135
    
    
    
    0.45
    %
    
    $
    123,809
    
    
    
    301
    
    
    
    0.97
    %Certificates of deposit
    
    
    124,134
    
    
    
    785
    
    
    
    2.53
    %
    
    
    117,048
    
    
    
    823
    
    
    
    2.81
    %Money market accounts
    
    
    5,836
    
    
    
    3
    
    
    
    0.21
    %
    
    
    5,293
    
    
    
    4
    
    
    
    0.30
    %Demand and NOW accounts
    
    
    60,946
    
    
    
    13
    
    
    
    0.09
    %
    
    
    53,076
    
    
    
    26
    
    
    
    0.20
    %Total deposits
    
    
    311,440
    
    
    
    936
    
    
    
    1.20
    %
    
    
    299,226
    
    
    
    1,154
    
    
    
    1.54
    %Federal Home Loan Bank advances
    
    
    37,944
    
    
    
    292
    
    
    
    3.08
    %
    
    
    45,286
    
    
    
    462
    
    
    
    4.08
    %Securities sold under agreements to repurchase
    
    
    4,822
    
    
    
    4
    
    
    
    0.33
    %
    
    
    3,477
    
    
    
    7
    
    
    
    0.81
    %Total interest-bearing liabilities
    
    
    354,206
    
    
    
    1,232
    
    
    
    1.39
    %
    
    
    347,989
    
    
    
    1,623
    
    
    
    1.87
    %Noninterest-bearing liabilities
    
    
    2,911
    
    
    
    
    
    
    
    
    
    
    
    2,411Total liabilities
    
    
    357,117
    
    
    
    
    
    
    
    
    
    
    
    350,400Stockholders equity
    
    
    75,152
    
    
    
    
    
    
    
    
    
    
    
    43,462Total liabilities and stockholders equity
    
    $
    432,269
    
    
    
    
    
    
    
    
    
    
    $
    393,862Net interest income
    
    
    
    
    
    $
    3,411
    
    
    
    
    
    
    
    
    
    
    $
    2,928Net interest rate spread (1)
    
    
    
    
    
    
    
    
    
    
    3.21
    %
    
    
    
    
    
    
    
    
    
    
    3.14
    %Net interest-earning assets(2)
    
    $
    49,185
    
    
    
    
    
    
    
    
    
    
    $
    15,749Net interest margin (3)
    
    
    
    
    
    
    
    
    
    
    3.38
    %
    
    
    
    
    
    
    
    
    
    
    3.22
    %Average interest-earning assets to
interest-bearing liabilities
    
    
    113.89
    %
    
    
    
    
    
    
    
    
    
    
    104.53
    %
 
 (1)
    
    Net interest rate spread represents the difference between the yield on average
interest-earning assets and the cost of average interest-bearing liabilities.(2)
    
    Net interest-earning assets represents total interest-earning assets less total
interest-bearing liabilities.(3)
    
    Net interest margin represents net interest income divided by average total interest-earning
assets. 24




---



##### Table of Contents



For the Six Months Ended March 31,2011
    
    
    2010Average
    
    
    
    
    
    
    
    
    
    
    AverageOutstanding
    
    
    
    
    
    
    Yield/
    
    
    Outstanding
    
    
    
    
    
    
    Yield/Balance
    
    
    Interest
    
    
    Rate
    
    
    Balance
    
    
    Interest
    
    
    Rate(Dollars in thousands)Interest-earning assets:Loans
    
    $
    294,260
    
    
    $
    7,938
    
    
    
    5.40
    %
    
    $
    277,862
    
    
    $
    8,000
    
    
    
    5.76
    %Investment and mortgage-backed securities
    
    
    95,486
    
    
    
    1,343
    
    
    
    2.81
    %
    
    
    68,777
    
    
    
    1,143
    
    
    
    3.32
    %Interest earning deposits
    
    
    16,560
    
    
    
    13
    
    
    
    0.16
    %
    
    
    15,142
    
    
    
    17
    
    
    
    0.22
    %Total interest-earning assets
    
    
    406,306
    
    
    
    9,294
    
    
    
    4.58
    %
    
    
    361,781
    
    
    
    9,160
    
    
    
    5.06
    %Noninterest-earning assets
    
    
    28,693
    
    
    
    
    
    
    
    
    
    
    
    29,508Total assets
    
    $
    434,999
    
    
    
    
    
    
    
    
    
    
    $
    391,289Interest-bearing liabilities:Savings accounts
    
    $
    121,976
    
    
    
    312
    
    
    
    0.51
    %
    
    $
    123,146
    
    
    
    665
    
    
    
    1.08
    %Certificates of deposit
    
    
    124,582
    
    
    
    1,610
    
    
    
    2.58
    %
    
    
    114,224
    
    
    
    1,671
    
    
    
    2.93
    %Money market accounts
    
    
    6,332
    
    
    
    8
    
    
    
    0.25
    %
    
    
    5,316
    
    
    
    7
    
    
    
    0.26
    %Demand and NOW accounts
    
    
    60,358
    
    
    
    30
    
    
    
    0.10
    %
    
    
    53,381
    
    
    
    53
    
    
    
    0.20
    %Total deposits
    
    
    313,248
    
    
    
    1,960
    
    
    
    1.25
    %
    
    
    296,067
    
    
    
    2,396
    
    
    
    1.62
    %Federal Home Loan Bank advances
    
    
    37,697
    
    
    
    601
    
    
    
    3.19
    %
    
    
    45,947
    
    
    
    962
    
    
    
    4.19
    %Securities sold under agreements to repurchase
    
    
    4,899
    
    
    
    10
    
    
    
    0.41
    %
    
    
    3,534
    
    
    
    15
    
    
    
    0.85
    %Total interest-bearing liabilities
    
    
    355,844
    
    
    
    2,571
    
    
    
    1.45
    %
    
    
    345,548
    
    
    
    3,373
    
    
    
    1.95
    %Noninterest-bearing liabilities
    
    
    4,114
    
    
    
    
    
    
    
    
    
    
    
    2,613Total liabilities
    
    
    359,958
    
    
    
    
    
    
    
    
    
    
    
    348,161Stockholders equity
    
    
    75,041
    
    
    
    
    
    
    
    
    
    
    
    43,128Total liabilities and stockholders equity
    
    $
    434,999
    
    
    
    
    
    
    
    
    
    
    $
    391,289Net interest income
    
    
    
    
    
    $
    6,723
    
    
    
    
    
    
    
    
    
    
    $
    5,787Net interest rate spread (1)
    
    
    
    
    
    
    
    
    
    
    3.13
    %
    
    
    
    
    
    
    
    
    
    
    3.11
    %Net interest-earning assets (2)
    
    $
    50,462
    
    
    
    
    
    
    
    
    
    
    $
    16,233Net interest margin (3)
    
    
    
    
    
    
    
    
    
    
    3.31
    %
    
    
    
    
    
    
    
    
    
    
    3.20
    %Average interest-earning assets to
interest-bearing liabilities
    
    
    114.18
    %
    
    
    
    
    
    
    
    
    
    
    104.70
    %
 
 (1)
    
    Net interest rate spread represents the difference between the yield on average
interest-earning assets and the cost of average interest-bearing liabilities.(2)
    
    Net interest-earning assets represents total interest-earning assets less total
interest-bearing liabilities.(3)
    
    Net interest margin represents net interest income divided by average total interest-earning
assets. 25




---



##### Table of Contents



Comparison of Operating Results for the Three Months Ended March 31, 2011 and 2010
 General.
 Net Interest Income.
 Interest and Dividend Income.
   Interest Expense.
  26




---



##### Table of Contents



Provision for Loan Losses. .
 Noninterest Income.
 Noninterest Expense.
 Income Tax Expense.
 Comparison of Operating Results for the Six Months Ended March 31, 2011 and 2010
 General.
 Net Interest Income.
 Interest and Dividend Income.
 27




---



##### Table of Contents



Interest Expense.
   Provision for Loan Losses.
 28




---



##### Table of Contents



.
 Noninterest Income.
 Noninterest Expense.
 Income Tax Expense.
 Non-Performing and Problem Assets
  PercentageNumber of
    
    
    
    
    
    of LoansLoans
    
    Amount
    
    Receivable(Dollars in Thousands)March 31, 2011
    
    
    12
    
    
    $
    2,879
    
    
    
    0.97
    %September 30, 2010
    
    
    20
    
    
    
    3,922
    
    
    
    1.37
   Liquidity and Capital Resources
  29




---



##### Table of Contents



ITEM 3. Quantitative and Qualitative Disclosures About Market Risk
  
 ITEM 4. Controls and Procedures
   30




---



##### Table of Contents



PART II  OTHER INFORMATION
 
 ITEM 1. Legal Proceedings
  
 ITEM 1A. Risk Factors
  
 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds
  
 ITEM 3. Defaults Upon Senior Securities
  
 ITEM 4. (Removed and Reserved)
 
 ITEM 5. Other Information
 (a)
    
    Not Applicable(b)
    
    Not Applicable
 
 ITEM 6 Exhibits
 3.1
    
    Articles of Incorporation of Standard Financial Corp.*3.2
    
    Bylaws of Standard Financial Corp.*4
    
    Form of Common Stock Certificate of Standard Financial Corp.*10.1
    
    Form of Standard Bank, PaSB Employee Stock Ownership Plan*10.2
    
    Form of Standard Financial Corp. and Standard Bank, PaSB Three-Year Employment Agreement*10.3
    
    Form of Standard Financial Corp. and Standard Bank, PaSB Two-Year Employment Agreement*10.4
    
    Form of Standard Bank, PaSB Change in Control Agreement*10.5
    
    Form of Phantom Stock Agreement for Officers*10.6
    
    Form of Phantom Stock Agreement for Directors*10.7
    
    Chief Financial Officer Performance Based Compensation Plan*10.8
    
    Chief Commercial Lending Officer Performance Based Compensation Plan*10.9
    
    Non-Compete Agreement between Standard Bank, PaSB and David C. Mathews*31.1
    
    Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities
Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley
Act of 200231.2
    
    Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities
Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley
Act of 200232
    
    Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18
U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
 
 *
    
    Incorporated by reference to the Registration Statement on Form S-1 of Standard Financial
Corp. (File No. 333-167579), originally filed with the Securities and Exchange Commission on
June 17, 2010, as amended. 31




---



##### Table of Contents



SIGNATURES
  STANDARD FINANCIAL CORP. Signatures
    
    Title
    
    Date/s/ Timothy K. Zimmerman
    
    President, Chief Executive Officer and Director
    
    May 11, 2011Timothy K. Zimmerman
    
    (Principal
Executive Officer)/s/ Colleen M. Brown
    
    Senior Vice President and Chief Financial Officer
    
    May 11, 2011Colleen M. Brown
    
    (Principal
Financial and Accounting
Officer)
 32