Contact: Edward F. Seserko
President and CEO
(412) 681-8400
For Immediate Release
October 22, 2004
EUREKA FINANCIAL CORPORATION ANNOUNCES EARNINGS
FOR THE FOURTH QUARTER AND YEAR ENDED SEPTEMBER 30, 2004
Pittsburgh, Pennsylvania - Eureka Financial Corporation, (the "Company"),
Pittsburgh, Pennsylvania, announced earnings for the fourth quarter and year
ended September 30, 2004. For the quarter ended September 30, 2004, the Company
earned $304,000, or $.24 diluted earnings per share, as compared to earnings of
$185,000, or $.15 diluted earnings per share, for the quarter ended September
30, 2003. For the year ended September 30, 2004, the Company earned $933,000, or
$.73 diluted earnings per share, as compared to earnings of $795,000, or $.63
diluted earnings per share, for the year ended September 30, 2003.
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 in the over-the-counter market 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,
2004 2003
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Total assets $ 89,375 $ 83,321
Cash and investments 24,211 28,042
Loans receivable, net 62,722 53,288
Deposits 66,864 61,840
Total liabilities 69,433 64,250
Stockholders' equity $ 19,942 $ 19,071
Nonaccrual loans $ 129 $ 377
Repossessed real estate 413 0
Total nonperforming assets $ 542 $ 377
Allowance for loan losses to nonperforming loans 408.53% 129.71%
Nonperforming loans to net loans 0.21% 0.71%
Nonperforming assets to total assets 0.61% 0.45%
Book value per share $ 16.25 $ 15.55
Number of common shares outstanding 1,227,093 1,226,538
Three Months Ended Twelve Months Ended
September 30, September 30,
----------------------------------- -----------------------------------
2004 2003 2004 2003
------------- ------------- ------------- -------------
Interest income $ 1,215 $ 1,190 $ 4,701 $ 4,699
Interest expense 387 402 1,521 1,665
------------- ------------- ------------- -------------
Net interest income 828 788 3,180 3,034
Provision for loan losses 40 10 85 10
------------- ------------- ------------- -------------
Net interest income after provision
for loan losses 788 778 3,095 3,024
Noninterest income 29 25 144 105
Noninterest expense 435 561 2,087 2,132
------------- ------------- ------------- -------------
Income before income taxes 382 242 1,152 997
Income tax expense 78 57 219 202
------------- ------------- ------------- -------------
Net income $ 304 $ 185 $ 933 $ 795
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Information for inclusion in narrative:
Net Income $ 304,000 $ 185,000 $ 933,000 $ 795,000
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Earnings Per Share - Basic $ 0.25 $ 0.15 $ 0.76 $ 0.65
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Earnings Per Share - Diluted $ 0.24 $ 0.15 $ 0.73 $ 0.63
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