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Eureka Financial Corp. Announces Earnings for the Three and Six Months Ended March 31, 2012

Friday, April 20, 2012 4:43 PM

Eureka Financial Corp. (the “Company”), the parent holding company for Eureka Bank (the “Bank”), today announced net income for the three months ended March 31, 2012 of $390,000, or $0.31 diluted earnings per share, as compared to net income of $299,000, or $0.23 diluted earnings per share, for the three months ended March 31, 2011. For the six months ended March 31, 2012, the Company reported net income of $778,000, or $0.62 diluted earnings per share, as compared to net income of $542,000, or $0.41 diluted earnings per share, for the six months ended March 31, 2011. The improvement in net income reflected an increase in net interest income, due to an increase in the average balance of interest-earning assets offset by a decrease in the costs of funds, offset by increased non-interest expense.

The Bank, founded in 1886, is a federally chartered stock savings bank and operates two offices in 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 CORP.

 

Selected Financial Data

 

(Dollars in thousands except per share data)

 

 
(Unaudited) (Unaudited)
March 31, September 30,
2012 2011
 
Total assets $ 138,811 $ 137,515
Cash and investments 25,202 28,988
Loans receivable, net 109,504 104,456
Allowance for loan losses (1,050) (1,000)
Deposits 114,951 114,784
Total liabilities 116,615 116,050
Stockholders' equity $ 22,196 $ 21,465
 
Nonaccrual loans $ --- $ 22
 
Repossessed real estate --- ---
 
Total nonperforming assets $ --- $ 22
 

Allowance for loan losses to loans receivable, net

0.96% 0.96%
 
Nonperforming loans to net loans --- 0.02%
 
Nonperforming assets to total assets --- 0.02%
Book value per share $ 16.93 $ 16.33
Number of common shares outstanding 1,311,429 1,314,705
       
(Unaudited) (Unaudited)
Three Months Ended Six Months Ended
March 31, March 31,
2012 2011 2012 2011
 
Interest income $ 1,754 $ 1,671 $ 3,481 $ 3,279
Interest expense 328 452 672 938
Net interest income 1,426 1,219 2,809 2,341
Provision for loan losses 30 18 50 35
 

Net interest income after provision for loan losses

1,396 1,201 2,759 2,306
Noninterest income 19 18 39 37
Noninterest expense 791 714 1,545 1,425
 
Income before income taxes 624 505 1,253 918
Income tax expense 234 206 475 376
 
Net income $ 390 $ 299 $ 778 $ 542
 

Earnings Per Share - Basic

$ 0.31 $ 0.23 $ 0.62 $ 0.41
 
Earnings Per Share - Diluted $ 0.31 $ 0.23 $ 0.62 $ 0.41

(Source: Business Wire )
(Source: Quotemedia)

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