Pulaski Financial Reports 47% Linked Quarter Increase in Third Fiscal Quarter Diluted EPS

Linked Quarter Highlights

  • Diluted EPS was $0.25 in June 2014 quarter versus $0.17 in March 2014 quarter
  • Loan portfolio increased $64.5 million, or 6%, on substantial growth in commercial and residential loans
  • Net interest income increased 8% on growth in portfolio loans and loans held for sale
  • Mortgage revenues up 146% on seasonal rebound in purchase mortgage demand
  • Credit costs remained low and in line with linked quarter
  • Level of non-performing assets declined 15%
  • Common book value per share grew to $9.10 per share, up 3.1% from $8.83 per share at March 31, 2014

Current Versus Prior Year Quarter Highlights

  • Diluted EPS down from $0.29 in June 2013 quarter
  • Net interest income declined 3% on significant decline in interest income on loans held for sale
  • Mortgage revenues down 64% on sharp drop in loan refinancing activity
  • Credit costs decreased 90% to $189,000 in 2014 versus $1.9 million in 2013

Business Wire

ST. LOUIS--(BUSINESS WIRE)--

Pulaski Financial Corp. (Nasdaq Global Select: PULB, the “Company”) reported net income available to common shareholders for the quarter ended June 30, 2014 of $2.8 million, or $0.25 per diluted common share, compared with $1.9 million, or $0.17 per diluted common share, for the linked quarter ended March 31, 2014 and $3.3 million, or $0.29 per diluted common share, for the same quarter last year. For the nine-month period, the Company reported net income available to common shareholders of $6.9 million, or $0.61 per diluted common share, in 2014 compared with $9.2 million, or $0.83 per diluted common share, in 2013.

The Company saw strong growth in portfolio loans and a significant decline in non-performing assets during the quarter resulting in an increase in interest earned on portfolio loans and continued low credit costs compared with the linked and prior-year quarters. The Company also saw a seasonal rebound in consumer demand for loans to finance home purchases during the quarter resulting in increases in mortgage revenues and interest income earned on loans held for sale compared with the March 2014 quarter. However, this level of consumer demand was weaker than what was experienced during the June 2013 quarter due to the higher interest rate environment and resulting decrease in refinancing activity. As a result, the Company saw decreases in mortgage revenues and interest income on loans held for sale compared with the June 2013 quarter.

Net interest income for the quarter was up 8.1% compared with the March 2014 quarter primarily as the result of strong growth in portfolio loans combined with an increase in loans held for sale. The total balance of portfolio loans at June 30, 2014 increased $64.5 million, or 6.3%, from March 31, 2014, showing almost equal increases in the amounts of residential first mortgage and commercial loans. The residential loan portfolio experienced significant growth for the first time in several years. The Company was successful in marketing two “niche” adjustable-rate loan products, resulting in a $34.0 million, or 15.5%, increase in residential first mortgage loans during the quarter. The commercial loan portfolio also continued to experience strong growth in commercial real estate and commercial and industrial loans. The portfolio loan growth, combined with increases in the average balance and average yield on loans held for sale, contributed to an improvement in the net interest margin from 3.41% for the March 2014 quarter to 3.68% for the June 2014 quarter. However, when compared with the June 2013 quarter, net interest income decreased 2.5% primarily due to a 60.6% decrease in interest income on loans held for sale, which was negatively impacted by the sharp drop in refinancing activity.

Non-interest income for the quarter increased 40.0% compared with the quarter ended March 31, 2014, but was down 47.2% compared with the same quarter last year primarily as the result of fluctuations in the level of mortgage revenues. Mortgage revenues increased $738,000, or 145.7%, compared with the March 2014 quarter. The level of mortgage loans originated for sale during the quarter increased 71.9% compared with the March 2014 quarter. The level of loans originated to finance home purchases increased 90.4% to $186.7 million, during the quarter, while the demand for mortgage loan refinancings remained soft. Loan sales increased 38.3% to $188.4 million. The net profit margin on loans sold improved to 0.66% in the June 2014 quarter compared with 0.37% in the March 2014 quarter primarily due to a proportionately lower level of origination costs as the increased loan production volume was absorbed by existing loan production staff. However, the levels of loans originated and sold during the June 2014 quarter were 41.2% and 46.9%, respectively, lower than the levels experienced during the June 2013 quarter as the higher level of market interest rates continued to dampen consumer demand for mortgage loan refinancings.

Non-performing assets decreased to $31.3 million at June 30, 2014 compared with $36.8 million at March 31, 2014 and $42.9 million at June 30, 2013. The combined level of adversely classified and watch list loans declined 11% during the quarter and 21% compared with the June 30, 2013 levels. Total credit costs, consisting of the provision for loan losses and foreclosed property losses, net of recoveries, and expense, was $189,000 for the June 2014 quarter compared with $88,000 for the March 2014 quarter and $1.9 million in the same quarter last year. The provision for loan losses for the June 2014 quarter totaled $200,000 versus net charge-offs of $199,000.

Gary Douglass, President and Chief Executive Officer, commented, “We are very pleased with the rebound in our third quarter results when compared with the first two quarters of fiscal 2014. It is also gratifying that all of the performance expectations I shared with you in last quarter’s release and conference call were achieved in the current quarter. These include net interest income growth and net interest margin expansion, strong commercial and residential portfolio loan growth, a significant rebound in residential mortgage loan originations, sales and revenues and a continued decline in non-performing assets and low net credit costs. In addition, we strengthened our capital structure by completing an exchange offer and private placement of common stock that should result in the redemption of all of our remaining high-cost preferred stock by July 31, 2014. Notably, insiders either converted or acquired common shares accounting for 83% of the total common equity raised in the transactions, reflecting their high level of confidence in our prospects going forward.”

Douglass concluded, “We expect to finish our fourth fiscal quarter on a high note by reporting an even stronger earnings performance than the just-completed June quarter. The upcoming quarterly performance should be marked by a further rebound in mortgage originations and revenues, continued strength in commercial loan portfolio growth, and continued low net credit costs. We expect to see continued growth in net interest income as strong loan growth more than offsets modest pressure on the net interest margin. Finally, we anticipate a modest contribution to non-interest income generated by our new SBA lending platform and effective control over non-interest expense.”

Conference Call Tomorrow

Pulaski Financial’s management will discuss third fiscal quarter results and other developments tomorrow, July 30, 2014, during a conference call beginning at 11 a.m. EDT (10 a.m. CDT). The call will also be simultaneously webcast and archived for three months at: https://www.pulaskibank.com/our-story/shareholder-relations/. Participants in the conference call may dial 877-473-3757, conference ID 44447048, a few minutes before the start time. The call will also be available for replay through August 29, 2014 at 855-859-2056 or 404-537-3406, conference ID 44447048.

About Pulaski Financial

Pulaski Financial Corp., operating in its 92nd year through its subsidiary, Pulaski Bank, offers a full line of quality retail and commercial banking products through 13 full-service branch offices in the St. Louis metropolitan area. The Bank also offers mortgage loan products through loan production offices in the St. Louis, Kansas City and Chicago metropolitan areas, mid-Missouri, southwestern Missouri, eastern Kansas, Omaha, Nebraska and Council Bluffs, Iowa. The Company’s website can be accessed at www.pulaskibank.com.

This news release may contain forward-looking statements about Pulaski Financial Corp., which the Company intends to be covered under the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements. These forward-looking statements cover, among other things, anticipated future revenue and expenses and the future plans and prospects of the Company. These statements often include the words "may," "could," "would," "should," "believes," "expects," "anticipates," "estimates," "intends," "plans," "targets," "potentially," "probably," "projects," "outlook" or similar expressions. You are cautioned that forward-looking statements involve uncertainties, and important factors could cause actual results to differ materially from those anticipated, including changes in general business and economic conditions, changes in interest rates, legal and regulatory developments, increased competition from both banks and non-banks, changes in customer behavior and preferences, and effects of critical accounting policies and judgments. For discussion of these and other risks that may cause actual results to differ from expectations, refer to our Annual Report on Form 10-K for the year ended September 30, 2013 on file with the SEC, including the sections entitled "Risk Factors." These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update them in light of new information or future events.

           
PULASKI FINANCIAL CORP.
CONDENSED STATEMENTS OF INCOME
(Unaudited)
 
(Dollars in thousands except per share data)
 
Three Months Ended
June 30, March 31, June 30,
2014 2014 2013
Interest income $ 12,157 $ 11,374 $ 12,707
Interest expense   1,280     1,313     1,545  
 
Net interest income 10,877 10,061 11,162
Provision for loan losses   200     500     1,800  
 
Net interest income after provision for loan losses   10,677     9,561     9,362  
 
Mortgage revenues 1,245 506 3,444
Retail banking fees 1,099 988 998
Investment brokerage revenues 2 63 185
Other   250     297     287  
Total non-interest income   2,596     1,854     4,914  
 
Salaries and employee benefits 4,651 4,574 4,414
Occupancy, equipment and data processing expense 2,762 2,732 2,664
Advertising 167 126 157
Professional services 508 503 569
FDIC deposit insurance premium expense 278 263 265
Real estate foreclosure (recoveries) losses and expenses, net (11 ) (412 ) 112
Other   531     452     617  
Total non-interest expense   8,886     8,238     8,798  
 
Income before income taxes 4,387 3,177 5,478
Income tax expense   1,382     1,074     1,870  
Net income after tax 3,005 2,103 3,608
Premium paid to repurchase preferred stock (27 ) - -
Preferred stock dividends   (174 )   (188 )   (373 )
Earnings available to common shares $ 2,804   $ 1,915   $ 3,235  
 
Annualized Performance Ratios
Return on average assets 0.95 % 0.67 % 1.11 %
Return on average common equity 10.89 % 7.57 % 12.97 %
Interest rate spread 3.58 % 3.31 % 3.54 %
Net interest margin 3.68 % 3.41 % 3.65 %
 
SHARE DATA
Weighted average common shares outstanding - basic 11,023,167 10,969,484 10,914,913
Weighted average common shares outstanding - diluted 11,418,794 11,357,212 11,147,049
Basic earnings per common share $ 0.25 $ 0.17 $ 0.30
Diluted earnings per common share $ 0.25 $ 0.17 $ 0.29
Dividends per common share $ 0.095 $ 0.095 $ 0.095
 
PULASKI FINANCIAL CORP.
CONDENSED STATEMENTS OF INCOME, Continued
(Unaudited)
       
(Dollars in thousands except per share data)
 
Nine Months Ended June 30,
2014 2013
Interest income $ 35,030 $ 39,496
Interest expense   3,916     5,038  
 
Net interest income 31,114 34,458
Provision for loan losses   900     5,240  
 
Net interest income after provision for loan losses   30,214     29,218  
 
Mortgage revenues 2,784 9,580
Retail banking fees 3,133 3,145
Investment brokerage revenues 164 742
Other   841     798  
Total non-interest income   6,922     14,265  
 
Salaries and employee benefits 13,416 13,393
Occupancy, equipment and data processing expense 8,122 7,569
Advertising 473 388
Professional services 1,833 1,924
FDIC deposit insurance premiums 802 975
Real estate foreclosure (recoveries) losses and expenses, net (296 ) 1,566
Other   1,474     1,946  
Total non-interest expense   25,824     27,761  
 
Income before income taxes 11,312 15,722
Income tax expense   3,701     5,334  
Net income after tax 7,611 10,388
Premium paid to repurchase preferred stock (27 ) -
Preferred stock dividends   (657 )   (1,185 )
Earnings available to common shares $ 6,927   $ 9,203  
 
Annualized Performance Ratios
Return on average assets 0.81 % 1.05 %
Return on average common equity 9.11 % 12.58 %
Interest rate spread 3.43 % 3.60 %
Net interest margin 3.54 % 3.73 %
 
SHARE DATA
Weighted average shares outstanding - basic 10,980,401 10,881,986
Weighted average shares outstanding - diluted 11,373,371 11,116,479
Basic earnings per common share $ 0.63 $ 0.85
Diluted earnings per common share $ 0.61 $ 0.83
Dividends per common share $ 0.285 $ 0.285
       
PULASKI FINANCIAL CORP.

BALANCE SHEET DATA

(Unaudited)

             
(Dollars in thousands)
 
June 30, March 31, September 30,
2014 2014 2013
Total assets $ 1,374,164 $ 1,337,492 $ 1,275,944
Loans receivable, net 1,093,309 1,028,785 988,668
Allowance for loan losses 16,830 16,829 18,306
Mortgage loans held for sale, net 60,231 37,724 70,473
Investment securities 51,507 58,709 43,211
Capital stock of Federal Home Loan Bank 9,020 6,232 4,777
Cash and cash equivalents 78,839 125,522 86,309
Deposits 999,463 1,031,965 1,010,812
Borrowed money 224,113 165,632 113,483
Subordinated debentures 19,589 19,589 19,589
Stockholders' equity - preferred 6,653 7,388 17,310
Stockholders' equity - common 109,897 100,624 98,748
Total book value per common share $ 9.10 $ 8.83 $ 8.65
Tangible book value per common share $ 8.77 $ 8.48 $ 8.30
Regulatory capital ratios - Pulaski Bank only: (1)
Tier 1 leverage capital (to average assets) 9.59 % 9.73 % 10.05 %
Total risk-based capital (to risk-weighted assets) 13.33 % 13.86 % 14.03 %
 
(1) June 30, 2014 regulatory capital ratios are estimated.
 
June 30, March 31, September 30,
2014 2014 2013
LOANS RECEIVABLE
Single-family residential:
First mortgage $ 252,961 $ 218,978 $ 212,357
Second mortgage 40,785 41,696 43,208
Home equity lines of credit   96,672     101,276     110,906  
Total single-family residential real estate   390,418     361,950     366,471  
Commercial:
Commercial and multi-family real estate:
Owner occupied 128,474 123,912 110,487
Non-owner occupied 274,975 254,080 237,516
Land acquisition and development 37,431 41,042 40,430
Real estate construction and development 47,427 44,327 20,549
Commercial and industrial   224,816     215,006     226,263  
Total commercial   713,123     678,367     635,245  
Consumer and installment   3,165     3,476     3,326  
1,106,706 1,043,793 1,005,042
Add (less):
Deferred loan costs 4,160 3,364 3,188
Loans in process (727 ) (1,543 ) (1,256 )
Allowance for loan losses   (16,830 )   (16,829 )   (18,306 )
Total $ 1,093,309   $ 1,028,785   $ 988,668  
 
Weighted average rate at end of period   4.21 %   4.32 %   4.45 %
 
 
June 30, 2014 March 31, 2014 September 30, 2013
Weighted Weighted Weighted
Average Average Average
Interest Interest Interest
DEPOSITS Balance Rate Balance Rate Balance Rate
Demand deposits: (Dollars in thousands)
Non-interest-bearing checking $ 182,941 0.00 % $ 182,788 0.00 % $ 168,033 0.00 %
Interest-bearing checking 242,844 0.10 % 258,553 0.10 % 237,362 0.10 %
Savings accounts 43,195 0.13 % 42,254 0.13 % 39,845 0.13 %
Money market   215,207   0.29 %   211,045   0.29 %   206,927   0.26 %
Total demand deposits   684,187   0.13 %   694,640   0.13 %   652,167   0.13 %
 
Certificates of Deposit:
Traditional 275,569 0.67 % 289,587 0.72 % 313,217 0.84 %
CDARS   39,707   0.25 %   47,738   0.25 %   45,428   0.28 %
Total certificates of deposit   315,276   0.62 %   337,325   0.66 %   358,645   0.77 %
Total deposits $ 999,463   0.29 % $ 1,031,965   0.30 % $ 1,010,812   0.35 %
 
   
PULASKI FINANCIAL CORP.
RESIDENTIAL MORTGAGE LOAN ACTIVITY
(Unaudited)
                   
RESIDENTIAL MORTGAGE LOANS ORIGINATED FOR SALE
 
2014   2013  
Mortgage Home Mortgage Home
Refinancings Purchases Total Refinancings Purchases Total
(In thousands)
First quarter $ 29,996 $ 136,423 $ 166,419 $ 230,399 $ 149,241 $ 379,640
 
Second quarter $ 24,376 $ 98,065 $ 122,441 $ 186,515 $ 123,009 $ 309,524
 
Third quarter $ 28,212 $ 186,716 $ 214,928 $ 133,380 $ 224,655 $ 358,035
 
RESIDENTIAL MORTGAGE LOANS SOLD TO INVESTORS
 
2014   2013  
Net Net
Loans Mortgage Profit Loans Mortgage Profit
Sold Revenues Margin Sold Revenues Margin
(Dollars in thousands)
First quarter $ 179,919 $ 1,033 0.57 % $ 367,388 $ 2,988 0.81 %
 
Second quarter $ 136,231 $ 507 0.37 % $ 349,870 $ 3,148 0.90 %
 
Third quarter $ 188,431 $ 1,245 0.66 % $ 354,544 $ 3,444 0.97 %
 
 
PULASKI FINANCIAL CORP.
NONPERFORMING ASSETS
(Unaudited)
           
(In thousands)
 
June 30, March 31, September 30,
NON-PERFORMING ASSETS 2014 2014 2013
Non-accrual loans:
Single-family residential real estate:
First mortgage $ 3,878 $ 4,352 $ 5,335
Second mortgage 353 588 442
Home equity lines of credit 2,027 1,926 2,124
Total single-family residential real estate 6,258 6,866 7,901
Commercial:
Commercial and multi-family real estate - 1,471 1,774
Land acquisition and development - 2,928 -
Real estate construction and development - - 23
Commercial and industrial 350 312 -
Total commercial 350 4,711 1,797
Consumer & installment 54 93 78
Total non-accrual loans 6,662 11,670 9,776
 
Non-Accrual Troubled debt restructurings: (1)
Current under the restructured terms:
Single-family residential real estate:
First mortgage 5,225 5,646 5,169
Second mortgage 1,323 1,097 904
Home equity lines of credit 863 835 498
Total single-family residential real estate 7,411 7,578 6,571
Commercial:
Commercial and multi-family real estate 3,469 1,308 2,585
Land acquisition and development - - 43
Real estate construction and development 40 43 23
Commercial and industrial 1,464 1,996 2,055
Total commercial 4,973 3,347 4,706
Consumer and installment 18 21 28
Total current troubled debt restructurings 12,402 10,946 11,305
Past due under restructured terms:
Single-family residential real estate:
First mortgage 2,636 3,772 3,974
Second mortgage 99 92 155
Home equity lines of credit 238 178 178
Total single-family residential real estate 2,973 4,042 4,307
Commercial:
Commercial and multi-family real estate 660 3,093 1,652
Land acquisition and development 40 41 19
Real estate construction and development - - -
Commercial and industrial 939 451 572
Total commercial 1,639 3,585 2,243
Total past due troubled debt restructurings 4,612 7,627 6,550
Total non-accrual troubled debt restructurings 17,014 18,573 17,855
Total non-performing loans 23,676 30,243 27,631
Real estate acquired in settlement of loans:
Residential real estate 2,364 2,809 3,019
Commercial real estate 5,229 3,751 3,376
Total real estate acquired in settlement of loans 7,593 6,560 6,395
Total non-performing assets $ 31,269 $ 36,803 $ 34,026
 

(1)

Troubled debt restructured includes non-accrual loans totaling $17.0 million, $18.6 million and $17.9 million at June 30, 2014, March 31, 2013 and September 30, 2013, respectively. These totals are not included in non-accrual loans above.

 
     
PULASKI FINANCIAL CORP.
ALLOWANCE FOR LOAN LOSSES AND ASSET QUALITY RATIOS
(Unaudited)
         
(Dollars in thousands)
 
Three Months Nine Months
Ended June 30, Ended June 30,
ALLOWANCE FOR LOAN LOSSES 2014 2013 2014 2013
Allowance for loan losses, beginning of period $ 16,829 $ 18,608 $ 18,306 $ 17,117
Provision charged to expense 200 1,800 900 5,240
Charge-offs:
Single-family residential real estate:
First mortgage 526 1,328 1,500 2,930
Second mortgage 131 210 500 1,078
Home equity   237     557     1,249     1,906
Total single-family residential real estate   894     2,095     3,249     5,914
Commercial:
Commercial and multi-family real estate - 438 - 1,003
Land acquisition and development - 2 1,027 24
Real estate construction and development - - - 260
Commercial and industrial   -     -     1     484
Total commercial   -     440     1,028     1,771
Consumer and installment   26     25     81     84
Total charge-offs   920     2,560     4,358     7,769
Recoveries:
Single-family residential real estate:
First mortgage 199 30 391 59
Second mortgage 19 45 77 154
Home equity   7     152     237     309
Total single-family residential real estate   225     227     705     522
Commercial:
Commercial and multi-family real estate 485 110 778 1,219
Land acquisition and development 4 6 4 23
Real estate construction and development - 1 - 1,797
Commercial and industrial   1     375     472     400
Total commercial   490     492     1,254     3,439
Consumer and installment   6     14     23     32
Total recoveries   721     733     1,982     3,993
Net charge-offs   199     1,827     2,376     3,776
Balance, end of period $ 16,830   $ 18,581   $ 16,830   $ 18,581
 
 
June 30, March 31, September 30,
ASSET QUALITY RATIOS 2014 2014 2013
Non-performing loans as a percent of total loans 2.14 % 2.90 % 2.75 %

Non-performing loans excluding current troubled debt restructurings as a percent of total loans

1.02 % 1.85 % 1.62 %
Non-performing assets as a percent of total assets 2.28 % 2.75 % 2.66 %

Non-performing assets excluding current troubled debt restructurings as a percent of total assets

1.37 % 1.93 % 1.78 %
Allowance for loan losses as a percent of total loans 1.52 % 1.61 % 1.82 %

Allowance for loan losses as a percent of non-performing loans

71.08 % 55.65 % 66.31 %

Allowance for loan losses as a percent of non-performing loans excluding current troubled debt restructurings and related allowance for loan losses

144.30 % 83.37 % 106.56 %
 
 
PULASKI FINANCIAL CORP.
AVERAGE BALANCE SHEETS
(Unaudited)
                             
(Dollars in thousands)
 
Three Months Ended
June 30, 2014 June 30, 2013
Interest Average Interest Average
Average and Yield/ Average and Yield/
Interest-earning assets: Balance Dividends Cost Balance Dividends Cost
Loans receivable $ 1,067,823 $ 11,578 4.34 % $ 1,018,207 $ 11,381 4.47 %
Mortgage loans held for sale 44,718 488 4.36 % 149,517 1,238 3.31 %
Other interest-earning assets   71,262   91 0.51 %   55,158   89 0.65 %
Total interest-earning assets 1,183,803   12,157 4.11 % 1,222,882   12,708 4.16 %
Non-interest-earning assets   87,326   83,141
Total assets $ 1,271,129 $ 1,306,023
 
Interest-bearing liabilities:
Deposits $ 831,497 $ 829 0.40 % $ 893,572 $ 1,169 0.52 %
Borrowed money   133,341   451 1.35 %   107,056   377 1.40 %
Total interest-bearing liabilities 964,838   1,280 0.53 % 1,000,628   1,546 0.62 %
Non-interest-bearing deposits 184,362 167,810
Non-interest-bearing liabilities 11,576 13,984
Stockholders' equity   110,353   123,601
Total liabilities and stockholders' equity $ 1,271,129 $ 1,306,023
Net interest income $ 10,877 $ 11,162
Interest rate spread 3.58 % 3.54 %
Net interest margin 3.68 % 3.65 %
 
 
(Dollars in thousands)
 
Nine Months Ended
June 30, 2014 June 30, 2013
Interest Average Interest Average
Average and Yield/ Average and Yield/
Interest-earning assets: Balance Dividends Cost Balance Dividends Cost
Loans receivable $ 1,032,178 $ 33,313 4.30 % $ 1,004,110 $ 34,964 4.64 %
Mortgage loans held for sale 44,832 1,419 4.22 % 170,719 4,219 3.30 %
Other interest-earning assets   95,800   298 0.41 %   57,309   314 0.73 %
Total interest-earning assets 1,172,810   35,030 3.98 % 1,232,138   39,497 4.27 %
Non-interest-earning assets   82,343   83,982
Total assets $ 1,255,153 $ 1,316,120
 
Interest-bearing liabilities:
Deposits $ 846,434 $ 2,694 0.42 % $ 915,712 $ 3,930 0.57 %
Borrowed money   105,317   1,222 1.55 %   90,342   1,109 1.64 %
Total interest-bearing liabilities 951,751   3,916 0.55 % 1,006,054   5,039 0.67 %
Non-interest-bearing deposits 178,502 173,182
Non-interest-bearing liabilities 11,932 14,734
Stockholders' equity   112,968   122,150
Total liabilities and stockholders' equity $ 1,255,153 $ 1,316,120
Net interest income $ 31,114 $ 34,458
Interest rate spread 3.43 % 3.60 %
Net interest margin 3.54 % 3.73 %
 

Contact:
Pulaski Financial Corp.
Paul Milano, 314-878-2210
Chief Financial Officer

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