EUREKA FINANCIAL CORP.
3455 Forbes Avenue
Pittsburgh, PA 15213-3253
Phone: (412) 681-8400
Fax: (412) 681-6625
www.eurekabancorp.com
Contact: Edward F. Seserko
President and CEO
(412) 681-8400
For Immediate Release
November 3, 2003
EUREKA FINANCIAL CORPORATION ANNOUNCES EARNINGS
FOR THE FOURTH QUARTER AND YEAR ENDED SEPTEMBER 30, 2003
Pittsburgh, Pennsylvania - Eureka Financial Corporation, (the "Company"),
Pittsburgh, Pennsylvania, announced earnings for the fourth quarter and year
ended September 30, 2003. For the quarter ended September 30, 2003, the Company
earned $185,000, or $.15 diluted earnings per share, as compared to earnings of
$212,000, or $.17 diluted earnings per share, for the quarter ended September
30, 2002. For the year ended September 30, 2003, the Company earned $795,000, or
$.63 diluted earnings per share, as compared to earnings of $834,000, or $.66
diluted earnings per share, for the year ended September 30, 2002.
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)
--------------------------------------------
September 30, September 30,
2003 2002
---------------------------
Total assets $ 83,321 $ 79,266
Cash and investments 28,042 25,212
Loans receivable, net 53,288 52,142
Deposits 61,840 57,409
Total liabilities 64,250 60,125
Stockholders' equity $ 19,071 $ 19,141
Nonaccrual loans $ 377 $ 293
Repossessed real estate 0 0
Total nonperforming assets $ 377 $ 293
Allowance for loan losses to nonperforming loans 129.71% 165.53%
Nonperforming loans to net loans 0.71% 0.56%
Nonperforming loans to total assets 0.45% 0.37%
Book value per share $ 15.55 $ 15.44
Number of common shares outstanding 1,226,538 1,239,318
Three Months Ended Year Ended
September 30, September 30,
----------------- -----------------
2003 2002 2003 2002
------ ------ ------ ------
Interest income $1,190 $1,220 $4,699 $4,811
Interest expense 402 460 1,665 1,940
------ ------ ------ ------
Net interest income 788 760 3,034 2,871
Provision for loan losses 10 15 10 60
------ ------ ------ ------
Net interest income after provision for loan losses 778 745 3,024 2,811
Noninterest income 25 27 105 98
Noninterest expense 561 505 2,132 1,837
------ ------ ------ ------
Income before income taxes 242 267 997 1,072
Income tax expense 57 55 202 238
------ ------ ------ ------
Net income $ 185 $ 212 $ 795 $ 834
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