Contact: Edward F. Seserko
President and CEO
(412) 681-8400
For Immediate Release
July 25, 2003
EUREKA FINANCIAL CORP. ANNOUNCES EARNINGS
FOR THE THREE AND NINE MONTHS ENDED JUNE 30, 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 nine months ended June 30, 2003. For the
three months ended June 30, 2003, the Company earned $172,000, or $.13 diluted
earnings per share, as compared to earnings of $216,000, or $.17 diluted
earnings per share, for the three months ended June 30, 2002. For the nine
months ended June 30, 2003, the Company earned $610,000, or $.48 diluted
earnings per share, as compared to earnings of $622,000, or $.49 diluted
earnings per share, for the nine months ended June 30, 2002.
President and Chief Executive Officer Edward F. Seserko stated, " The decrease
in net income for the three and nine months ended June 30, 2003, as compared to
the comparable 2002 periods, can be attributed to the continuing decrease of
short term interest rates by the Federal Reserve which in turn has caused the
interest-bearing assets to reprice to a greater extent than the interest-earning
liabilities thereby reducing the Bank's interest rate spread."
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 CORPORATION
Selected Financial Data
(Dollars in thousands except per share data)
June 30, September 30,
2003 2002
----------- -------------
Total assets $ 81,472 $ 79,266
Cash and investments 29,314 25,212
Loans receivable, net 50,238 52,142
Deposits 59,324 57,409
Total liabilities 61,902 60,125
Stockholders' equity $ 19,570 $ 19,141
Nonaccrual loans $ 362 $ 293
Repossessed real estate 0 0
Total nonperforming assets $ 362 $ 293
Allowance for loan losses to nonperforming loans 133.98% 165.53%
Nonperforming loans to net loans 0.72% 0.56%
Nonperforming loans to total assets 0.44% 0.37%
Book value per share $ 15.77 $ 15.44
Number of common shares outstanding 1,240,983 1,239,318
Three Months Ended Nine Months Ended
June 30, June 30,
------------------- -------------------
2003 2002 2003 2002
-------- -------- -------- --------
Interest income $ 1,140 $ 1,178 $ 3,509 $ 3,591
Interest expense 408 459 1,263 1,480
-------- -------- -------- --------
Net interest income 732 719 2,246 2,111
Provision for loan losses 0 14 0 45
-------- -------- -------- --------
Net interest income after provision for loan losses 732 705 2,246 2,066
Noninterest income 25 23 80 71
Noninterest expense 555 455 1,571 1,332
-------- -------- -------- --------
Income before income taxes 202 273 755 805
Income tax expense 31 57 145 183
-------- -------- -------- --------
Net income $ 171 $ 216 $ 610 $ 622
======== ======== ======== ========