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Eureka Financial Corp. Announces Financial Results for the Quarter and Year Ended September 30, 2012

Friday, November 9, 2012 3:14 PM

Eureka Financial Corp., Pittsburgh, Pennsylvania (the “Company”), the parent company for Eureka Bank (the “Bank”), today announced net income for the three months ended September 30, 2012 of $331,000, or $0.27 diluted earnings per share, as compared to $353,000, or $0.28 diluted earnings per share, for the three months ended September 30, 2011. For the year ended September 30, 2012, the Company reported net income of $1.5 million, or $1.17 diluted earnings per share, as compared to net income of $1.3 million, or $1.03 diluted earnings per share, for the fiscal year ended September 30, 2011. The increased income for the year ended September 30, 2012 was primarily due to increases in net interest income and non-interest income partially offset by increased non-interest expense and a higher provision for loan losses.

President and Chief Executive Officer Edward Seserko stated, “The Company is pleased to report that fiscal 2012 was a very strong year despite the difficult economic environment. The Company continued to control deposit growth and reallocated $6.0 million from cash and investments to the loan portfolio, which increased by $8.0 million to $112.4 million from $104.5 million at September 30, 2011. This reallocation of funds increased our annualized yield on interest earning assets to 5.51% from 5.43% at September 30, 2011 and increased our net interest margin to 4.36% from 4.18% at September 30, 2011. At September 30, 2012, the Bank remains well capitalized with a core capital ratio of 14.85%, which exceeds regulatory requirements. Also, non-accruing loans, or loans over 90 days delinquent, consisted of only two loans totaling $660,000 at September 30, 2012 on a loan portfolio in excess of $112 million.”

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

Selected Financial Data

(Dollars in thousands except per share data)

September 30, September 30,
2012 2011
Total assets $ 138,547 $ 137,584
Cash and investments 22,502 28,988
Loans receivable, net 112,440 104,456
Allowance for loan losses (1,142) (1,000)
Deposits 114,404 114,784
Total liabilities 116,095 116,119
Stockholders' equity $ 22,452 $ 21,465
Nonaccrual loans $ 660 $ 22
Repossessed assets 100 0
Total nonperforming assets $ 760 $ 22
Allowance for loan losses to nonperforming loans 173.03% 4545.45%
Nonperforming loans to net loans 0.59% 0.02%
Nonperforming assets to total assets 0.55% 0.02%
Book value per share $ 16.94 $ 16.33
Number of common shares outstanding 1,325,397 1,314,705


(Unaudited) (Unaudited)
Three Months Ended Twelve Months Ended
September 30, September 30,  
2012 2011 2012 2011
Interest income $ 1,707 $ 1,734 $ 6,911 $ 6,711
Interest expense 320 396 1,313 1,749
Net interest income 1,387 1,338 5,598 4,962
Provision for loan losses 60 30 142 95

Net interest income after provision for loan losses

1,327 1,308 5,456 4,867
Noninterest (loss) income 65 24 125 83
Noninterest expense 942 804 3,307 3,014
Income before income taxes 450 528 2,274 1,936
Income tax expense 119 175 812 619
Net (loss) income $ 331 $ 353 $ 1,462 $ 1,317

(Source: Business Wire )
(Source: Quotemedia)


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