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
January 23, 2004
EUREKA FINANCIAL CORPORATION ANNOUNCES EARNINGS
FOR THE FIRST QUARTER ENDED DECEMBER 31, 2003
Pittsburgh, Pennsylvania - Eureka Financial Corporation, (the "Company"),
Pittsburgh, Pennsylvania, announced earnings for the first quarter ended
December 31, 2003. For the quarter ended December 31, 2003, the Company earned
$209,000, or $.17 diluted earnings per share, as compared to earnings of
$215,000, or $.17 diluted earnings per share, for the quarter ended December 31,
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 Corp.
Selected Financial Data
(Dollars in thousands except per share data)
December 31, September 30,
2003 2003
---------- ----------
Total assets $ 84,093 $ 83,321
Cash and investments 26,254 28,042
Loans receivable, net 55,740 53,288
Deposits 62,154 61,840
Total liabilities 64,899 64,250
Stockholders' equity $ 19,194 $ 19,071
Nonaccrual loans $ 326 $ 377
Repossessed real estate 0 0
Total nonperforming assets $ 326 $ 377
Allowance for loan losses to nonperforming loans 140.80% 129.71%
Nonperforming loans to net loans 0.58% 0.71%
Nonperforming loans to total assets 0.39% 0.45%
Book value per share $ 15.65 $ 15.55
Number of common shares outstanding 1,226,538 1,226,538
Three Months Ended Three Months Ended
December 31, December 31,
-------------------- --------------------
2003 2002 2003 2002
------ ------ ------ ------
Interest income $1,159 $1,194 $1,159 $1,194
Interest expense 388 442 388 442
------ ------ ------ ------
Net interest income 771 752 771 752
Provision for loan losses 15 0 15 0
------ ------ ------ ------
Net interest income after provision for loan losses 756 752 756 752
Noninterest income 37 31 37 31
Noninterest expense 537 502 537 502
------ ------ ------ ------
Income before income taxes 256 281 256 281
Income tax expense 47 66 47 66
------ ------ ------ ------
Net income $ 209 $ 215 $ 209 $ 215
====== ====== ====== ======