Contact: Edward F. Seserko President and CEO (412) 681-8400 For Immediate Release October 26, 2015 |
EUREKA FINANCIAL CORP. ANNOUNCES FINANCIAL RESULTS
FOR THE QUARTER AND YEAR ENDED SEPTEMBER 30, 2015
Pittsburgh, Pennsylvania – Eureka Financial Corp., Pittsburgh, Pennsylvania (the “Company”), the parent company for Eureka Bank (the “Bank”), today announced net income for the three months ended September 30, 2015 of $172,000, or $0.15 diluted earnings per share, as compared to $415,000, or $0.35 diluted earnings per share, for the three months ended September 30, 2014. For the year ended September 30, 2015, the Company reported net income of $1.3 million, or $1.13 diluted earnings per share, as compared to net income of $1.5 million, or $1.28 diluted earnings per share, for the fiscal year ended September 30, 2014. The decrease in income for the quarter and year ended September 30, 2015 was primarily due to approximately $260,000 in merger related expenses attributed to the upcoming merger with NexTier, Inc.
The Bank, founded in 1886, is a federally chartered stock savings bank and operates two offices in the city of 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) | ||||||||
September 30, | September 30, | |||||||
2015 | 2014 | |||||||
(Unaudited) | ||||||||
Total assets | $ | 155,016 | $ | 152,059 | ||||
Cash and investments | 16,348 | 21,124 | ||||||
Loans receivable, net | 135,064 | 128,111 | ||||||
Allowance for loan losses | (1,346 | ) | (1,361 | ) | ||||
Deposits | 129,656 | 127,861 | ||||||
Total liabilities | 131,312 | 129,365 | ||||||
Stockholders' equity | 23,704 | 22,694 | ||||||
Nonaccrual loans | $ | 302 | $ | 848 | ||||
Repossessed assets | 594 | 0 | ||||||
Total nonperforming assets | $ | 896 | $ | 848 | ||||
Allowance for loan losses to nonperforming loans | 445.70 | % | 160.50 | % | ||||
Nonperforming loans to net loans | 0.22 | % | 0.66 | % | ||||
Nonperforming assets to total assets | 0.58 | % | 0.56 | % | ||||
Book value per share | $ | 19.63 | $ | 18.69 | ||||
Number of common shares outstanding | 1,207,408 | 1,213,986 | ||||||
(Unaudited) | (Unaudited) | |||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
Interest income | $ | 1,751 | $ | 1,743 | $ | 6,938 | $ | 6,813 | ||||||||
Interest expense | 212 | 206 | 835 | 869 | ||||||||||||
Net interest income | 1,539 | 1,537 | 6,103 | 5,944 | ||||||||||||
Provision for loan losses | 0 | 12 | 70 | 62 | ||||||||||||
Net interest income after provision for loan losses | 1,539 | 1,525 | 6,033 | 5,882 | ||||||||||||
Noninterest income | 4 | 14 | 83 | 101 | ||||||||||||
Noninterest expense | 1,223 | 923 | 4,060 | 3,653 | ||||||||||||
Income before income taxes | 320 | 616 | 2,056 | 2,330 | ||||||||||||
Income tax expense | 148 | 201 | 740 | 801 | ||||||||||||
Net income | $ | 172 | $ | 415 | $ | 1,316 | $ | 1,529 | ||||||||
Earnings Per Share - Basic | $ | 0.15 | $ | 0.36 | $ | 1.13 | $ | 1.29 | ||||||||
Earnings Per Share - Diluted | $ | 0.15 | $ | 0.35 | $ | 1.13 | $ | 1.28 |