Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT - Eureka Financial Corp. | eureka8kmay11-11.htm |
Exhibit 99.1
Contact: Edward F. Seserko
President and CEO
(412) 681-8400
For Immediate Release
May 10, 2011
EUREKA FINANCIAL CORP. ANNOUNCES EARNINGS
FOR THE THREE AND SIX MONTHS ENDED MARCH 31, 2011
Pittsburgh, Pennsylvania – Eureka Financial Corp., (the “Company”), the parent holding company for Eureka Bank (the “Bank”), Pittsburgh, Pennsylvania, today announced earnings for the three months ended March 31, 2011 of $299,000, or $0.23 basic and diluted earnings per share, as compared to net income of $223,000, or $0.17 basic and diluted earnings per share, for the three months ended March 31, 2010. For the six months ended March 31, 2011, the Company reported net income of $542,000, or $0.41 basic and diluted earnings per share, as compared to net income of $458,000, or $0.35 basic and diluted earnings per share, for the six months ended March 31, 2010. The increase in net income for the three and six months ended March 31, 2011 was attributable to increased income from investment securities and a decreased cost of funds, offset by increased non-interest expenses.
At March 31, 2011, assets increased $9.9 million, or 7.8%, to $137.2 million from $127.3 million at September 30, 2010, primarily due to a $4.7 million increase in cash and cash equivalents and a $3.7 million increase in investment securities. These increases were funded by the increase in deposits and the proceeds from the Company’s stock offering in connection with the Bank’s second-step conversion. Also, at March 31, 2011, loans receivable, net increased $2.6 million, or 2.6%, to $100.6 million from $98.0 million at September 30, 2010, primarily due to an increase in one- to four-family and construction loans.
The Bank, founded in 1886, is a federally chartered stock savings bank and operates two offices in Pittsburgh. The Company’s common stock trades in the over-the-counter market under the symbol “EKFC.”
The foregoing material may contain forward-looking statements concerning the financial condition, results of operations and business of the Company. We caution that such statements are subject to a number of uncertainties and actual results could differ materially and, therefore, readers should not place undue reliance on any forward-looking statements. The Company does not undertake, and specifically disclaims, any obligation to publicly release the results of any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.
|
EUREKA FINANCIAL CORPORATION
|
||||||||
|
Selected Financial Data
|
||||||||
|
(Dollars in thousands except
per share data)
|
||||||||
|
(Unaudited)
|
||||||||
|
March 31,
|
September 30,
|
|||||||
|
2011
|
2010
|
|||||||
|
Total assets
|
$ | 137,239 | $ | 127,309 | ||||
|
Cash and investments
|
31,256 | 22,968 | ||||||
|
Loans receivable, net
|
100,591 | 98,034 | ||||||
|
Allowance for loan losses
|
(940 | ) | (905 | ) | ||||
|
Deposits
|
115,077 | 111,044 | ||||||
|
Total liabilities
|
116,431 | 113,180 | ||||||
|
Stockholders' equity
|
$ | 20,808 | $ | 14,129 | ||||
|
Nonaccrual loans
|
$ | 46 | $ | 58 | ||||
|
Repossessed real estate
|
0 | 0 | ||||||
|
Total nonperforming assets
|
$ | 46 | $ | 58 | ||||
|
Allowance for loan losses to nonperforming loans
|
2043.48 | % | 1560.34 | % | ||||
|
Nonperforming loans to net loans
|
0.05 | % | 0.06 | % | ||||
|
Nonperforming assets to total assets
|
0.03 | % | 0.05 | % | ||||
|
Book value per share
|
$ | 15.83 | $ | 11.20 | ||||
|
Number of common shares outstanding
|
1,314,705 | 1,261,231 | ||||||
|
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
|
March 31,
|
March 31,
|
|||||||||||||||
|
2011
|
2010
|
2011
|
2010
|
|||||||||||||
|
Interest income
|
$ | 1,671 | $ | 1,521 | $ | 3,279 | $ | 3,048 | ||||||||
|
Interest expense
|
452 | 516 | 938 | 1,061 | ||||||||||||
|
Net interest income
|
1,219 | 1,005 | 2,341 | 1,987 | ||||||||||||
|
Provision for loan losses
|
18 | 15 | 35 | 20 | ||||||||||||
|
Net interest income after provision for loan losses
|
1,201 | 990 | 2,306 | 1,967 | ||||||||||||
|
Noninterest income
|
18 | 15 | 37 | 34 | ||||||||||||
|
Noninterest expense
|
714 | 666 | 1,425 | 1,283 | ||||||||||||
|
Income before income taxes
|
505 | 339 | 918 | 718 | ||||||||||||
|
Income tax (benefit) expense
|
206 | 116 | 376 | 260 | ||||||||||||
|
Net income
|
$ | 299 | $ | 223 | $ | 542 | $ | 458 | ||||||||