Eureka Financial Corp. Announces Earnings for the Three and Nine Months Ended June 30, 2014

Business Wire

PITTSBURGH--(BUSINESS WIRE)--

Eureka Financial Corp., (the “Company”), the parent holding company for Eureka Bank (the “Bank”), Pittsburgh, Pennsylvania, today announced earnings for the three and nine months ended June 30, 2014. For the three months ended June 30, 2014, the Company reported net income of $402,000, or $0.34 diluted earnings per share, as compared to net income of $349,000, or $0.29 diluted earnings per share, for the three months ended June 30, 2013. For the nine months ended June 30, 2014, the Company reported net income of $1,114,000, or $0.93 diluted earnings per share, as compared to net income of $1,022,000, or $0.83 diluted earnings per share, for the nine months ended June 30, 2013. The increases in net income were primarily attributable to a decrease in interest expenses and the provision for loan losses, offset by an increase in noninterest 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 CORPORATION
Selected Financial Data

(Dollars in thousands

except per share data)

   
(Unaudited)
June 30, September 30,
2014 2013
 
Total assets $ 151,872 $ 140,950
Cash and investments 21,969 16,495
Loans receivable, net 126,617 121,446
Allowance for loan losses (1,349 ) (1,299 )
Deposits 122,505 117,457
Total liabilities 128,927 118,964
Stockholders' equity $ 22,945 $ 21,986
 
Nonaccrual loans $ 854 $ 866
Real estate owned 0 0
Total nonperforming assets $ 854 $ 866
 
Allowance for loan losses to loans receivable, net 1.07 % 1.07 %
Nonperforming loans to net loans 0.67 % 0.71 %
Nonperforming assets to total assets 0.56 % 0.61 %
Book value per share $ 18.40 $ 17.51
Number of common shares outstanding 1,246,843 1,255,819
 
   
(Unaudited)

Three Months Ended

June 30,

(Unaudited)

Nine Months Ended

June 30,

2014   2013 2014   2013
       
Interest income $ 1,708 $ 1,693 $ 5,070 $ 5,071
Interest expense 209 275 663 880
Net interest income 1,499 1,418 4,407 4,191
Provision for loan losses 25 40 50 122
 
Net interest income after provision for loan losses 1,474 1,378 4,357 4,069
Noninterest income 46 26 87 79
Noninterest expense 912 852 2,730 2,577
 
Income before income taxes 608 552 1,714 1,571
Income tax expense 206 203 600 549
 
Net income $ 402 $ 349 $ 1,114 $ 1,022
 

Contact:
Eureka Financial Corp.
Edward F. Seserko
President and CEO
412-681-8400

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