Contact: Edward F. Seserko
President and CEO
(412) 681-8400
For Immediate Release
April 28, 2003
EUREKA FINANCIAL CORP. ANNOUNCES EARNINGS
FOR THE THREE AND SIX MONTHS ENDED MARCH 31, 2003
Pittsburgh, Pennsylvania - Eureka Financial Corp., (the "Company"), the parent
holding company for Eureka Bank, (the "Bank"), Pittsburgh, Pennsylvania,
announced earnings for the three and six months ended March 31, 2003. For the
three months ended March 31, 2003, the Company earned $223,000, or $.17 diluted
earnings per share, as compared to earnings of $219,000, or $.17 diluted
earnings per share, for the three months ended March 31, 2002. For the six
months ended March 31, 2003, the Company earned $439,000, or $.35 diluted
earnings per share, as compared to earnings of $406,000, or $.32 diluted
earnings per share, for the six months ended March 31, 2002.
President and Chief Executive Officer Edward F. Seserko stated, " The increase
in net income for the three and six months ended March 31, 2003, as compared to
the comparable 2002 periods, reflect the increase in net interest income as a
result of a reduction in interest expenses. Due to the lowering of short term
interest rates by the Federal Reserve over the past year, funding rates for
interest-earning liabilities have fallen faster and more drastic than rates for
interest-bearing assets. "
The Company is in the Mutual Holding Company form of organization with the
majority of its stock owned by Eureka Bancorp, MHC.
The Bank, founded in 1886, is a federally chartered stock savings bank and
operates one office in the Oakland community of Pittsburgh. The Company's common
stock trades on the electronic bulletin board 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 CORP.
Selected Financial Data
(Dollars in thousands except per share data)
--------------------------------------------
March 31, September 30,
2003 2002
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Total assets $ 79,282 $ 79,266
Cash and investments 25,429 25,212
Loans receivable, net 51,803 52,142
Deposits 57,451 57,409
Total liabilities 59,901 60,125
Stockholders' equity $ 19,381 $ 19,141
Nonaccrual loans $ 337 $ 293
Repossessed real estate 0 0
Total nonperforming assets $ 337 $ 293
Allowance for loan losses to nonperforming loans 143.92% 165.53%
Nonperforming loans to net loans 0.65% 0.56%
Nonperforming loans to total assets 0.43% 0.37%
Book value per share $ 15.62 $ 15.44
Number of common shares outstanding 1,240,983 1,239,318
Three Months Ended Six Months Ended
March 31, March 31,
----------------------------------- -----------------------------------
2003 2002 2003 2002
------------- ------------- ------------- -------------
Interest income $ 1,175 $ 1,198 $ 2,369 $ 2,412
Interest expense 413 484 855 1,020
------------- ------------- ------------- -------------
Net interest income 762 714 1,514 1,392
Provision for loan losses 0 20 0 31
------------- ------------- ------------- -------------
Net interest income after provision for loan losses 762 694 1,514 1,361
Noninterest income 23 23 55 48
Noninterest expense 514 436 1,016 877
------------- ------------- ------------- -------------
Income before income taxes 271 281 553 532
Income tax expense 48 62 114 126
------------- ------------- ------------- -------------
Net income $ 223 $ 219 $ 439 $ 406
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