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
April 30, 2004
EUREKA FINANCIAL CORP. ANNOUNCES EARNINGS
FOR THE THREE AND SIX MONTHS ENDED MARCH 31, 2004
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, 2004. For the
three months ended March 31, 2004, the Company earned $176,000, or $.13 diluted
earnings per share, as compared to earnings of $223,000, or $.17 diluted
earnings per share, for the three months ended March 31, 2003. For the six
months ended March 31, 2004, the Company earned $385,000, or $.30 diluted
earnings per share, as compared to earnings of $439,000 or $.35 diluted earnings
per share, for the six months ended March 31, 2003.
President and Chief Executive Officer Edward F. Seserko stated, " The decrease
in net income for the three and six months ended March 31, 2004, as compared to
the comparable 2003 periods, reflects in part the increase in non-interest
expense as a result of an aggressive payoff of the Employee Stock Ownership Plan
(ESOP) loan."
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
(UNAUDITED)
(Dollars in thousands except per share data)
March 31, September 30,
2004 2003
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Total assets $ 83,536 $ 83,321
Cash and investments 24,746 28,042
Loans receivable, net 56,687 53,288
Deposits 61,296 61,840
Total liabilities 63,784 64,250
Stockholders' equity $ 19,752 $ 19,071
Nonaccrual loans $ 319 $ 377
Repossessed real estate 0 0
Total nonperforming assets $ 319 $ 377
Allowance for loan losses to nonperforming loans 148.59% 129.71%
Nonperforming loans to net loans 0.56% 0.71%
Nonperforming loans to total assets 0.38% 0.45%
Book value per share $ 16.10 $ 15.55
Number of common shares outstanding 1,226,538 1,226,538
Three Months Ended Six Months Ended
March 31, March 31,
---------------------------------- -----------------------------------
2004 2003 2004 2003
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Interest income $ 1,166 $ 1,175 $ 2,325 $ 2,369
Interest expense 375 413 764 855
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Net interest income 791 762 1,561 1,514
Provision for loan losses 15 0 30 0
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Net interest income after provision for loan losses 776 762 1,531 1,514
Noninterest income 30 23 67 55
Noninterest expense 594 514 1,130 1,016
------------- ------------- ------------- -------------
Income before income taxes 212 271 468 553
Income tax expense 36 48 83 114
------------- ------------- ------------- -------------
Net income $ 176 $ 223 $ 385 $ 439
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