| January
20, 2012
Contact:
Edward F. Seserko
President and CEO
(412) 681-8400
EUREKA FINANCIAL CORP.
ANNOUNCES EARNINGS
FOR THE THREE MONTHS ENDED DECEMBER 31, 2011
Pittsburgh,
Pennsylvania – Eureka Financial Corp. (the "Company"), the
parent holding company for Eureka Bank (the "Bank"), today
announced net income for the three months ended December 31, 2011 of
$388,000, or $0.31 diluted earnings per share, as compared to net income
of $242,000, or $0.19 diluted earnings per share, for the three months
ended December 31, 2010. The increase in net income was primarily
attributable to an increase in net interest income due to an increase in
net loans receivable and investment securities and a 50 basis point
reduction in our cost of funds, which decreased from 1.69% at December
31, 2010, to 1.19% at December 31, 2011. The increase in net interest
income was partially offset by an increase in income tax expense, due to
the higher earnings for the quarter.
President and Chief
Executive Officer Edward Seserko stated "The Company had a very
strong quarter to start fiscal year 2012. The Company’s assets
increased $6.2 million, or 4.8%, from $131.0 million at December 31,
2010 to $137.2 million at December 31, 2011, primarily due to a $1.5
million, or 5.9%, increase in cash and investments and a $7.9 million,
or 7.9%, increase in loans. The increase in cash and investments was
primarily due to additional securities purchased with the proceeds from
our second-step conversion, which was completed in February 2011. At
December 31, 2011, the Bank remains well capitalized with a core capital
ratio of approximately 14.21%, which exceeds regulatory requirements.
Also, non-accruing loans, or loans over 90 days delinquent, consisted of
only one loan totaling $6,000 at December 31, 2011, on a loan portfolio
in excess of $106 million."
The Bank, founded in
1886, is a federally chartered stock savings bank and operates two
offices in the Pittsburgh metropolitan area. 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) |
|
|
|
|
December 31, |
|
September 30, |
|
|
|
|
2011 |
|
2011 |
|
|
|
|
|
|
|
|
|
Total assets |
$ |
137,238 |
$ |
137,515 |
|
|
Cash and investments |
|
26,479 |
|
28,988 |
|
|
Loans receivable, net |
|
106,811 |
|
104,456 |
|
|
Allowance for loan losses |
|
(1,020) |
|
(1,000) |
|
|
Deposits |
|
113,750 |
|
114,784 |
|
|
Total liabilities |
|
115,455 |
|
116,050 |
|
|
Stockholders' equity |
$ |
21,783 |
$ |
21,465 |
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
$ |
6 |
$ |
22 |
|
|
Repossessed real estate |
|
— |
|
— |
|
|
Total nonperforming assets |
$ |
6 |
$ |
22 |
|
|
|
|
|
|
|
|
|
Allowance for loan losses to
total loans |
|
0.95% |
|
0.96% |
|
|
Nonperforming loans to net
loans |
|
0.01% |
|
0.02% |
|
|
Nonperforming assets to total
assets |
|
0.00% |
|
0.02% |
|
|
Book value per share |
$ |
16.57 |
$ |
16.33 |
|
|
Number of common shares
outstanding |
|
1,314,705 |
|
1,314,705 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
December 31,
(Unaudited) |
|
|
|
|
2011 |
|
2010 |
|
|
Interest income |
$ |
1,727 |
$ |
1,608 |
|
|
Interest expense |
|
344 |
|
487 |
|
|
Net interest income |
|
1,383 |
|
1,121 |
|
|
Provision for loan losses |
|
20 |
|
17 |
|
|
|
|
|
|
|
|
|
Net interest income after
provision for loan losses |
|
1,363 |
|
1,104 |
|
|
Noninterest income |
|
20 |
|
19 |
|
|
Noninterest expense |
|
754 |
|
711 |
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
629 |
|
412 |
|
|
Income tax expense |
|
241 |
|
170 |
|
|
|
|
|
|
|
|
|
Net income |
$ |
388 |
$ |
242 |
|
December
20, 2011
Contact:
Gary B. Pepper
Chief Financial Officer
(412) 681-8400
EUREKA FINANCIAL
CORP. ANNOUNCES
QUARTERLY CASH DIVIDEND
Pittsburgh,
Pennsylvania – December 20, 2011– Edward F. Seserko, President of
Eureka Financial Corp., Pittsburgh, Pennsylvania, announced today
that the Corporation’s Board of Directors approved a regular quarterly
cash dividend of $.07 per share. The
$.07 cash dividend will be paid to stockholders of record as of January
15, 2012, on or about January 31, 2012.
Eureka Financial Corp’s common stock is traded on the OTC (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.
November
3, 2011
Contact:
Edward F. Seserko
President and CEO
(412) 681-8400
EUREKA FINANCIAL CORP. ANNOUNCES FINANCIAL
RESULTS
FOR THE QUARTER AND YEAR ENDED SEPTEMBER 30, 2011
Pittsburgh
,
Pennsylvania
– Eureka Financial Corp.,
Pittsburgh
,
Pennsylvania
(the “Company”), the parent company for Eureka Bank, today
announced net income for the three months ended September 30, 2011 of
$353,000, or $0.28 diluted earnings per share, as compared to a net loss
of $17,000, or $0.01 diluted earnings per share, for the three months
ended September 30, 2010. For
the year ended September 30, 2011, the Company reported net income of
$1.3 million, or $1.03 diluted earnings per share, as compared to net
income of $719,000, or $0.57 diluted earnings per share, for the fiscal
year ended September 30, 2010. The
increased income in the periods was primarily due to increases in net
interest income and non-interest income partially offset by increased
non-interest expense. The
decreased non-interest income for the quarter and year ended September
30, 2010 was due to losses recognized by the Company in connection with
the sale of its remaining holdings of Fannie Mae and Freddie Mac
preferred stock.
President
and Chief Executive Officer Edward Seserko stated “The Company was
able to have a very strong year in this tough economic environment. The
Company’s assets increased $10.3 million, or 8.1%, from $127.3 million
at September 30, 2010 to $137.6 million at September 30, 2011, primarily
due to a $6.0 million, or 26.2%, increase in cash and investments and a
$6.5 million, or 6.6%, increase in loans. The increase in cash and
investments was primarily due to additional securities purchased with
the proceeds from our second-step conversion completed in February 2011.
At September 30, 2011, the
Bank remains well capitalized with a core capital ratio of 13.26%, which
exceeds regulatory requirements. Also,
non-accruing loans, or loans over 90 days delinquent, consisted of only
one loan totaling $22,000 at September 30, 2011, on a loan portfolio in
excess of $104 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.

September
20, 2011
Contact:
Gary B. Pepper
Chief Financial Officer
(412) 681-8400
EUREKA FINANCIAL CORP. ANNOUNCES
QUARTERLY CASH DIVIDEND
Pittsburgh,
Pennsylvania – Edward F. Seserko, President of Eureka Financial Corp.,
Pittsburgh, Pennsylvania, announced today that the Corporation’s
Board of Directors approved a regular quarterly cash dividend of $.07
per share. The $.07 cash
dividend will be paid, on or about October 31, 2011, to stockholders of
record as of October 15, 2011.
Eureka Bank, founded in 1886, is a federally chartered stock savings
bank and operates two offices. Eureka
Financial Corp’s common stock is traded on the OTC (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.
July
29, 2011
Contact:
Edward F. Seserko
President and CEO
(412) 681-8400
EUREKA FINANCIAL CORP. ANNOUNCES EARNINGS
FOR THE THREE AND NINE MONTHS ENDED JUNE 30, 2011
Pittsburgh
,
Pennsylvania
– Eureka Financial Corp., (the “Company”), the parent holding
company for Eureka Bank (the “Bank”), Pittsburgh, Pennsylvania,
today announced earnings for the three months ended June 30, 2011 of
$422,000, or $0.34 diluted earnings per share, as compared to net income
of $264,000, or $0.20 diluted earnings per share, for the three months
ended June 30, 2010. For the
nine months ended June 30, 2011, the Company reported net income of
$964,000, or $0.75 diluted earnings per share, as compared to net income
of $736,000, or $0.56 diluted earnings per share, for the nine months
ended June 30, 2010. The increased income in the periods was primarily
due to an increase in net interest income and a lower effective tax
rate, offset by increased noninterest expense.
Assets
increased $12.4 million, or 9.7%, from $127.3 million at September 30,
2010 to $139.7 million at June 30, 2011 primarily due to a $9.9 million,
or 43.0% increase in cash and investments and a $4.5 million, or 4.6%,
increase in loans. The
increase in cash and investments was primarily due to additional
securities purchased with the proceeds from our second-step conversion
completed in February 2011. The
increase in loans was primarily concentrated in loans secured by 1-4
family dwellings and by commercial leases. Deposits
increased $6.1 million, or 5.6%, from $111.0 million at September 30,
2010 to $117.2 million at June 30, 2011, primarily due to an increase in
certificates of deposit.
Nonaccrual
loans increased $408,000, from $58,000 at September 30, 2010 to $466,000
at June 30, 2011, which represents the addition of five loans that were
placed on non-accrual status during the third fiscal quarter.
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)
|
|
|
|
|
|
June
30,
|
|
September
30,
|
|
|
|
|
|
|
2011
|
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
$
|
139,698
|
$
|
127,309
|
|
|
Cash and
investments
|
|
|
|
32,845
|
|
22,968
|
|
|
Loans
receivable, net
|
|
|
|
102,560
|
|
98,034
|
|
|
Allowance for
loan losses
|
|
|
|
(970)
|
|
(905)
|
|
|
Deposits
|
|
|
|
117,169
|
|
111,044
|
|
|
Total
liabilities
|
|
|
|
118,569
|
|
113,180
|
|
|
Stockholders'
equity
|
|
|
$
|
21,129
|
$
|
14,129
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
|
|
$
|
466
|
$
|
58
|
|
|
Repossessed
real estate
|
|
|
|
0
|
|
0
|
|
|
Total
nonperforming assets
|
|
|
$
|
466
|
$
|
58
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for
loan losses to nonperforming loans
|
|
|
|
208.15%
|
|
1560.34%
|
|
|
Nonperforming
loans to net loans
|
|
|
|
0.45%
|
|
0.06%
|
|
|
Nonperforming
assets to total assets
|
|
|
|
0.33%
|
|
0.05%
|
|
|
Book value
per share (2)
|
|
|
$
|
16.07
|
$
|
11.20
|
|
|
Number of
common shares outstanding
|
|
|
|
1,314,705
|
|
1,261,231
|
|
|
|
(Unaudited) |
|
(Unaudited) |
|
|
Three
Months Ended |
|
Nine
Months Ended |
|
|
June
30, |
|
June
30, |
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
$
|
1,697
|
$
|
1,568
|
$
|
4,977
|
$
|
4,616
|
|
Interest
expense
|
|
416
|
|
496
|
|
1,353
|
|
1,557
|
|
Net interest income
|
|
1,281
|
|
1,072
|
|
3,624
|
|
3,059
|
|
Provision for
loan losses
|
|
30
|
|
20
|
|
65
|
|
40
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income after provision for loan losses
|
|
1,251
|
|
1,052
|
|
3,559
|
|
3,019
|
|
Noninterest
income
|
|
24
|
|
20
|
|
59
|
|
37
|
|
Noninterest
expense
|
|
785
|
|
653
|
|
2,210
|
|
1,920
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
|
490
|
|
419
|
|
1,408
|
|
1,136
|
|
Income tax
expense
|
|
68
|
|
155
|
|
444
|
|
400
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
422
|
$
|
264
|
$
|
964
|
$
|
736
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share - Basic and Diluted (1)
|
$
|
0.34
|
$
|
0.20
|
$
|
0.75
|
$
|
0.56
|
|
|
|
|
|
|
|
|
|
|
(1)
The per share totals reflect
the conversion ratio of 1.0457 for shares outstanding prior
to the completion on the Company's second-step conversion on February
28, 2011.
(2)
The book value per share for September 30, 2010, does not reflect
the conversion ratio
of 1.0457 on the outstanding shares.
June
21, 2011
Contact:
Gary B. Pepper
Chief Financial Officer
(412) 681-8400
EUREKA FINANCIAL CORP. ANNOUNCES
QUARTERLY CASH DIVIDEND
Pittsburgh,
Pennsylvania – Edward F. Seserko, President of Eureka
Financial Corp., Pittsburgh, Pennsylvania, announced today that the
Corporation’s Board of Directors approved a regular quarterly cash
dividend of $.07 per share. The
$.07 cash dividend will be paid, on or about July 31, 2011, to
stockholders of record as of July 15, 2011.
Eureka Bank,
founded in 1886, is a federally chartered stock savings bank and
operates two offices. Eureka
Financial Corp’s common stock is traded on the OTC (Over the Counter
Market) under the symbol “EKFC.”
The
foregoing material may contain forward-looking statements co ncerning
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.
May 10,
2011
Contact:
Edward F. Seserko
President and CEO
(412) 681-8400
EUREKA FINANCIAL CORP. ANNOUNCES EARNINGS
FOR THE THREE AND SIX MONTHS ENDED MARCH 31, 2011
Pittsburgh
,
Pennsylvania
– Eureka Financial Corp., (the “Company”), the parent holding
company for Eureka Bank (the “Bank”), Pittsburgh, Pennsylvania,
today announced earnings for the three months ended March 31, 2011 of
$299,000, or $0.23 basic and diluted earnings per share, as compared to
net income of $223,000, or $0.17 basic and diluted earnings per share,
for the three months ended March 31, 2010.
For the six months ended March 31, 2011, the Company reported net
income of $542,000, or $0.41 basic and diluted earnings per share, as
compared to net income of $458,000, or $0.35 basic and diluted earnings
per share, for the six months ended March 31, 2010.
The increase in net income for the three and six
months ended March 31, 2011 was attributable to increased income from
investment securities and a decreased cost of funds, offset by increased
non-interest expenses.
At
March 31, 2011, assets increased $9.9 million, or 7.8%, to $137.2
million from $127.3 million at September 30, 2010, primarily due to a
$4.7 million increase in cash and cash equivalents and a $3.7 million
increase in investment securities. These
increases were funded by the increase in deposits and the proceeds from
the Company’s stock offering in connection with the Bank’s
second-step conversion. Also,
at March 31, 2011, loans receivable, net increased $2.6 million, or
2.6%, to $100.6 million from $98.0 million at September 30, 2010,
primarily due to an increase in one- to four-family and construction
loans.
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.

March
22, 2011
Contact:
Edward F. Seserko
President and CEO
(412) 681-8400
EUREKA
FINANCIAL CORP.
ANNOUNCES INITIAL QUARTERLY CASH DIVIDEND
Pittsburgh,
Pennsylvania —
Eureka Financial Corp. (the “Company”) (OTCBB: EKFC), the
holding company for Eureka Bank, today declared an initial quarterly
cash dividend on the Company’s outstanding shares of common stock.
The
dividend of $.07 per share will be paid on or about April 30, 2011 to
shareholders of record as of the close of business on April 15, 2011.
This is the first cash dividend for the Company since the
completion of Eureka Bank’s conversion from the mutual holding company
form of organization to the stock holding company form of organization.
“We
are pleased to pay our first dividend to shareholders since the
completion of Eureka Bank’s second step conversion,” said Edward F.
Seserko, President and Chief Executive Officer of the Company.
“The payment of dividends represents our long-term commitment
to enhancing shareholder value and we intend to continue paying a
quarterly dividend in the future, so long as our financial position
continues to allow such payment.”
Eureka
Financial Corp. is the holding company for Eureka Bank, a federal
savings bank headquartered in
Pittsburgh
,
Pennsylvania
. Eureka Bank operates two
full-service banking offices in the
Oakland
and Shaler sections of
Pittsburgh
,
Pennsylvania
.
This
press release contains certain forward-looking statements about the
conversion and offering. Forward-looking
statements include statements regarding anticipated future events and
can be identified by the fact that they do not relate strictly to
historical or current facts. They
often include words such as “believe,” “expect,”
“anticipate,” “estimate,” and “intend” or future or
conditional verbs such as “will,” “would,” “should,”
“could,” or “may.” Forward-looking
statements, by their nature, are subject to risks and uncertainties.
Certain factors that could cause actual results to differ
materially from expected results include delays in consummation of the
conversion and offering, difficulties in selling the common stock or in
selling the common stock within the expected time frame, increased
competitive pressures, changes in the interest rate environment, general
economic conditions or conditions within the securities markets, and
legislative and regulatory changes that could adversely affect the
business in which Eureka Financial Corp. and Eureka Bank are engaged.
February
28, 2011
Contact:
Edward F. Seserko
President and CEO
(412) 681-8400
Eureka
Financial Corp. Completes
Second-Step
Conversion and $7.6 Million Stock Offering
Pittsburgh,
Pennsylvania — Eureka Financial Corp. (the “Company”) (OTCBB: EKFC), the holding company for Eureka Bank, announced today that it has
completed the conversion of Eureka Bank from the mutual holding company
form of organization to the stock form of organization as well as its
concurrent public stock offering.
As a result of the
conversion and offering, Eureka Financial Corp., (“New Eureka
Financial Corp.”), a newly formed
Maryland
corporation, became the holding company for Eureka Bank, and Eureka
Bancorp, MHC and the existing Eureka Financial Corp., a federal
corporation (“Old Eureka Financial Corp.”), ceased to exist.
As part of the conversion, each share of Old Eureka Financial
Corp. common stock (other than those owned by Eureka Bancorp, MHC) has
been converted into the right to receive 1.0457 shares of New Eureka
Financial Corp. common stock.
Shares of Old
Eureka Financial Corp. common stock will no longer be quoted on the
Over-the-Counter Bulletin Board. Beginning
on March 1, 2011, shares of New Eureka Financial Corp. common stock will
begin to be quoted on the Over-the-Counter Bulletin Board under the
symbol “EKFCD” for a period of twenty business days.
After that time, New Eureka Financial Corp.’s trading symbol
will revert to “EKFC,” the current trading symbol for Old Eureka
Financial Corp.’s common stock.
A
total of 763,635 shares of common stock were sold in the subscription
and community offerings at $10.00 per share, including 61,090 shares
purchased by the Eureka Bank Employee Stock Ownership Plan.
Approximately 555,258 additional shares were issued in exchange
for shares of Old Eureka Financial Corp.
Cash will be paid in lieu of fractional shares in the exchange,
based on the offering price of $10.00 per share.
Total shares outstanding after the stock offering and the
exchange are approximately 1,318,893 shares.
Stock certificates
for shares purchased in the offering are expected to be mailed to
subscribers on or about February 28, 2011.
Stockholders of Old Eureka Financial Corp. holding shares in
street name will receive shares of New Eureka Financial Corp. within
their accounts automatically. Stockholders of Old Eureka Financial
Corp. holding shares in certificated form will be mailed a letter of
transmittal on or about March 3, 2011 and will receive new certificates
for their shares of New Eureka Financial Corp. common stock and cash in
lieu of fractional shares after returning their stock certificates and a
properly completed letter of transmittal to New Eureka Financial
Corp.’s transfer agent.
Sandler O’Neill
& Partners, L.P. acted as financial advisor and marketing agent to
Eureka
Financial Corp. Kilpatrick Townsend & Stockton LLP acted as legal
counsel to Eureka Financial Corp.
Eureka
Financial Corp. is the holding company for Eureka Bank, a federal
savings bank headquartered in
Pittsburgh
,
Pennsylvania
. Eureka Bank operates two
full-service banking offices in the
Oakland
and Shaler sections of
Pittsburgh
,
Pennsylvania
.
This
press release contains certain forward-looking statements about the
conversion and offering. Forward-looking
statements include statements regarding anticipated future events and
can be identified by the fact that they do not relate strictly to
historical or current facts. They
often include words such as “believe,” “expect,”
“anticipate,” “estimate,” and “intend” or future or
conditional verbs such as “will,” “would,” “should,”
“could,” or “may.” Forward-looking
statements, by their nature, are subject to risks and uncertainties.
Certain factors that could cause actual results to differ materially
from expected results include delays in consummation of the conversion
and offering, difficulties in selling the common stock or in selling the
common stock within the expected time frame, increased competitive
pressures, changes in the interest rate environment, general economic
conditions or conditions within the securities markets, and legislative
and regulatory changes that could adversely affect the business in which
Eureka Financial Corp. and Eureka Bank are engaged.
February
24, 2011
Contact:
Edward F. Seserko
President and CEO
(412) 681-8400
EUREKA
FINANCIAL CORP. ANNOUNCES RESULTS OF
SUBSCRIPTION AND COMMUNITY
OFFERINGS
AND
EXPECTED CLOSING DATE OF
CONVERSION AND STOCK OFFERING
Pittsburgh,
Pennsylvania — Eureka Financial Corp. (the “Company”) (OTCBB: EKFC), the holding company for Eureka Bank,
announced today that new Eureka Financial Corp. received subscriptions
for approximately $7.6 million of common stock in its subscription and
community offerings being conducted in connection with the second-step
conversion of Eureka Bank. This
amount includes $610,900 subscribed for by Eureka Bank’s Employee
Stock Ownership Plan.
The
conversion and offering are expected to be completed on February 28,
2011. The closing of the
transaction is subject to the satisfaction of customary closing
conditions.
Orders
received in the subscription and community offerings will be maintained
in a segregated account at Eureka Bank by Eureka Financial Corp., with
interest on subscribers’ funds continuing to accrue until completion
of the conversion. All
eligible subscribers and community members who properly completed and
timely submitted a stock order form will be allocated the number of
shares of common stock requested in their stock order form.
As
part of the conversion, each existing share of Eureka Financial Corp. is
expected to be converted into the right to receive 1.0457 shares of new
Eureka Financial Corp. common stock.
The exchange ratio ensures that, after the conversion and
offering, the public shareholders will maintain approximately the same
ownership interest in new Eureka Financial Corp. as they owned in Eureka
Financial Corp. Cash
will be issued in lieu of fractional shares based on the offering price
of $10.00 per share. Total
shares outstanding after the stock offering and the exchange are
expected to be approximately 1,318,893 shares.
Stock
certificates for shares purchased in the subscription offering and
community offering are expected to be mailed to subscribers on or about
February 28, 2011. Stockholders
of Eureka Financial Corp. holding shares in street name will receive
shares of new Eureka Financial Corp. within their accounts
automatically. Stockholders
of Eureka Financial Corp. holding shares in certificated form will be
mailed a letter of transmittal on or about March 3, 2011 and will
receive their shares of new Eureka Financial Corp. common stock and cash
in lieu of fractional shares after returning their stock certificates
and a properly completed letter of transmittal to Eureka Financial
Corp.’s transfer agent.
Sandler
O’Neill & Partners, L.P. acted as financial advisor to Eureka
Financial Corp. Kilpatrick
Townsend & Stockton LLP acted as legal counsel to Eureka Financial
Corp.
Eureka
Financial Corp. is the holding company for Eureka Bank, a federal
savings bank headquartered in
Pittsburgh
,
Pennsylvania
. Eureka Bank operates two
full-service banking offices in the
Oakland
and Shaler sections of
Pittsburgh
,
Pennsylvania
.
This
press release contains certain forward-looking statements about the
conversion and offering. Forward-looking
statements include statements regarding anticipated future events and
can be identified by the fact that they do not relate strictly to
historical or current facts. They
often include words such as “believe,” “expect,”
“anticipate,” “estimate,” and “intend” or future or
conditional verbs such as “will,” “would,” “should,”
“could,” or “may.” Forward-looking
statements, by their nature, are subject to risks and uncertainties.
Certain factors that could cause actual results to differ
materially from expected results include delays in consummation of the
conversion and offering, difficulties in selling the common stock or in
selling the common stock within the expected time frame, increased
competitive pressures, changes in the interest rate environment, general
economic conditions or conditions within the securities markets, and
legislative and regulatory changes that could adversely affect the
business in which Eureka Financial Corp. and Eureka Bank are engaged.
A
registration statement relating to these securities has been filed with
the United States Securities and Exchange Commission. This press release
is neither an offer to sell nor a solicitation of an offer to buy common
stock. The offer will be made only by means of the written prospectus
forming part of the registration statement (and, in the case of the
subscription and community offerings, an accompanying stock order form).
The
shares of common stock of new Eureka Financial Corp. are not savings
accounts or savings deposits, may lose value and are not insured by the
Federal Deposit Insurance Corporation or any other government agency.
February
22, 2011
Contact:
Edward F. Seserko
President and CEO
(412) 681-8400
Eureka
Financial Corp. Announces Approval of
Plan
of Conversion and Reorganization by
Shareholders
and MHC Members
Pittsburgh, Pennsylvania
— Eureka Financial Corp. (the “Company”) (OTCBB: EKFC),
the holding company for Eureka Bank, announced today that the
Company’s Plan of Conversion and Reorganization was approved by the
members of Eureka Bancorp, MHC and by the Company’s shareholders at
separate meetings held today. The
closing of the conversion and the offering remains subject to final
regulatory approvals.
Eureka
Financial Corp. is the holding company for Eureka Bank, a federal
savings bank headquartered in
Pittsburgh
,
Pennsylvania
. Eureka Bank operates two
full-service banking offices in the
Oakland
and Shaler sections of
Pittsburgh
,
Pennsylvania
.
This
press release contains certain forward-looking statements about the
conversion and offering. Forward-looking
statements include statements regarding anticipated future events and
can be identified by the fact that they do not relate strictly to
historical or current facts. They
often include words such as “believe,” “expect,”
“anticipate,” “estimate,” and “intend” or future or
conditional verbs such as “will,” “would,” “should,”
“could,” or “may.” Forward-looking
statements, by their nature, are subject to risks and uncertainties.
Certain factors that could cause actual results to differ
materially from expected results include delays in consummation of the
conversion and offering, difficulties in selling the common stock or in
selling the common stock within the expected time frame, increased
competitive pressures, changes in the interest rate environment, general
economic conditions or conditions within the securities markets, and
legislative and regulatory changes that could adversely affect the
business in which Eureka Financial Corp. and Eureka Bank are engaged.
A
registration statement relating to these securities has been filed with
the United States Securities and Exchange Commission. This press release
is neither an offer to sell nor a solicitation of an offer to buy common
stock. The offer will be made only by means of the written prospectus
forming part of the registration statement (and, in the case of the
subscription and community offerings, an accompanying stock order form).
The
shares of common stock of new Eureka Financial Corp. are not savings
accounts or savings deposits, may lose value and are not insured by the
Federal Deposit Insurance Corporation or any other government agency.
February
15, 2011
Contact: Michael P.
Abriola
Vice President of Business
Development & Marketing
(412) 681-8400
Eureka
Bank Celebrates 125 Years
Pittsburgh
,
PA
– Eureka Bank will mark its 125th year on February 17, 2011. Founded
in 1886 as the Eureka Savings Fund and Loan Association, the Bank has
survived the Great Depression of the 1930s and all of the boom and bust
years ever since.
Throughout the years, the Bank has expanded, added
new products, new services and served generations of families. One thing
has never changed; Eureka Bank remains a neighborhood bank focused on
helping families, neighbors and businesses reach their financial goals
while continuing to strengthen the neighborhoods where the Bank
operates.
Michael Abriola, Vice President
of Business Development & Marketing, said, “By providing
exceptional customer service and innovative banking services, we
continue to successfully serve the financial needs of our customers.”
Eureka Bank is an independent,
well-managed financial institution that continues to grow and provide
safe and secure banking for its customers. During these challenging
economic times, the Bank has never wavered from its adherence to the
core principles that have guided its growth and sustained its strength
in the marketplace for 125 years.
Eureka Bank remains focused on
being well-capitalized, increasing shareholder value, a consistent and
conservative credit philosophy, having knowledgeable and experienced
staff, and delivering superior customer service.
To
learn more about Eureka Bank, visit one of their offices, call the
Oakland Office at (412) 681-8400, the Shaler Office at (412) 821-4879,
or visit their website at www.eurekabancorp.com.
January
24, 2011
Contact:
Edward F. Seserko
President and CEO
(412) 681-8400
EUREKA FINANCIAL CORP. ANNOUNCES EARNINGS
FOR THE THREE MONTHS ENDED DECEMBER 31, 2010
Pittsburgh,
Pennsylvania – Eureka Financial Corp., (the “Company”), the
parent holding company for Eureka Bank (the Bank), Pittsburgh,
Pennsylvania, today announced net income for the three months ended
December 31, 2010 of $242,000, or $0.19 diluted earnings per share, as
compared to net income of $234,000, or $0.19 diluted earnings per share,
for the three months ended December 31, 2009.
The increase in net income was primarily attributable to an
increase in net interest income due to an increase in net loans
receivable and investment securities.
These increases were partially offset by an increase in
non-interest expense, which was the result of increases in compensation
and FDIC insurance expense.
The
Bank, founded in 1886, is a federally chartered stock savings bank and
operates two offices in the
Pittsburgh
metropolitan area. 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) |
|
|
December 31, |
September
30, |
|
2010 |
2010 |
|
|
|
| Total
assets |
$
130,984 |
$
127,309 |
| Cash
and investments |
24,994 |
22,133 |
| Loans
receivable, net |
98,947 |
98,034 |
| Allowance
for loan losses |
(922) |
(905) |
| Deposits |
115,219 |
111,044 |
| Total
liabilities |
116,690 |
113,180 |
| Stockholders'
equity |
$14,294 |
$14,129 |
|
|
|
| Nonaccrual
loans |
$
68 |
$
58 |
| Repossessed
real estate |
0 |
0 |
| Total
nonperforming assets |
$
68 |
$
58 |
|
|
|
| Allowance
for loan losses to nonperforming loans |
1355.88% |
1560.34% |
| Nonperforming
loans to net loans |
0.07% |
0.06% |
| Nonperforming
assets to total assets |
0.05% |
0.05% |
| Book
value per share |
$
11.33 |
$
11.20 |
| Number
of common shares outstanding |
1,261,231 |
1,261,231 |
|
|
|
|
|
|
|
Three Months Ended
|
|
December 31, (Unaudited)
|
|
2010 |
2009 |
|
|
|
| Interest
income |
$
1,608 |
$
1,527 |
| Interest
expense |
487 |
545 |
|
Net interest income |
1,121 |
982 |
| Provision
for loan losses |
17 |
5 |
|
|
|
| Net
interest income after provision for loan losses |
1,104 |
977 |
| Noninterest
income |
19 |
18 |
| Noninterest
expense |
711 |
617 |
|
|
|
| Income
before income taxes |
412 |
378 |
| Income
tax expense |
170 |
144 |
|
|
|
| Net
income |
$
242 |
$
234 |
January
12, 2011
Contact:
Edward F. Seserko
President and CEO
(412) 681-8400
Eureka
Financial Corp.
to Commence Second-Step Conversion and Stock Offering
Pittsburgh, PA–
Eureka Financial Corp. (the “Company”) (OTCBB:
EKFC), holding company for Eureka Bank, announced today that the Company
has received conditional approval from the Office of Thrift Supervision
to reorganize from the two-tier mutual holding company structure to the
stock holding company structure and to commence a “second-step”
stock offering of shares of common stock by the proposed new holding
company for Eureka Bank. The
Company also announced that the registration statement relating to the
sale of common stock by the new holding company for Eureka Bank – a
newly formed
Maryland
corporation also named Eureka Financial Corp. – has been declared
effective by the Securities and Exchange Commission.
New Eureka Financial
Corp. is offering for sale between 680,000 and 920,000 shares of common
stock at a purchase price of $10.00 per share.
New Eureka Financial Corp. may increase the number of shares that
it sells in the offering, without notice to persons who have subscribed
for shares, by up to 15%, to 1,058,000 shares, as a result of market
demand, regulatory considerations or changes in financial markets. The
shares of common stock to be offered by new Eureka Financial Corp.
represent the approximately 57.9.% of Eureka Financial Corp.’s common
stock that is currently owned by Eureka Bancorp, MHC.
The shares will be
offered in a subscription
offering first to depositors of Eureka Bank with a qualifying deposit as
of June 30, 2009, second to the Bank’s tax-qualified employee benefit
plans, third to depositors of Eureka Bank with a qualifying deposit as
of December 31, 2010 and finally to depositors of Eureka Bank as of
December 31, 2010. Concurrently
with the subscription offering, new Eureka Financial Corp. is offering
any shares of common stock that are not subscribed for in the
subscription offering to members of the general public in a community
offering, with preference given first to persons residing in Allegheny
County, Pennsylvania, and then to shareholders of the Company as of
December 27, 2010.
Eureka Bank will
establish a
Stock
Information
Center
, which will open on January 20, 2011.
Offering materials are available by contacting the
Stock
Information
Center
at (412) 688-8329. Hours of
operation will be Monday through Friday, from 10:00 a.m. to 4:00 p.m.,
Eastern time. The
Stock
Information
Center
will be closed on weekends and bank holidays
The subscription and community offerings are currently scheduled
to expire at 4:00 p.m., Eastern time, on Monday, February 14, 2011.
At the conclusion of
the conversion and offering, shareholders of Eureka Financial Corp.
other than Eureka Bancorp, MHC will receive shares of common stock of
new Eureka Financial Corp. based on an “exchange ratio” designed to
preserve their aggregate percentage ownership interest.
The exchange ratio will depend on the number of shares sold in
the offering and will range from 0.9312 shares to 1.2599 shares, subject
to a 15% increase to 1.4488 shares, based on the independent appraisal.
At the conclusion of the conversion and offering, new Eureka
Financial Corp. will be 100% owned by public shareholders.
The second-step
conversion must be approved by a majority of the votes eligible to be
cast by members of Eureka Bancorp, MHC at a special meeting of members,
to be held on February 22, 2011. The
depositors of Eureka Bank are the members of Eureka Bancorp, MHC.
Members of Eureka Bancorp, MHC as of the close of business on
December 31, 2010 will be entitled to vote at the special meeting.
Offering and proxy materials will be mailed to members of Eureka
Bancorp, MHC on or about January 19, 2011.
Holders of at least two
thirds of the outstanding shares of common stock of the Company and the
holders of the majority of the outstanding shares of the common stock of
the Company other than the shares held by Eureka Bancorp, MHC as of
December 27, 2010 must also approve the second-step conversion at an
annual meeting of shareholders, also to be held on February 22, 2011.
Proxy materials will be mailed to shareholders of the Company on
or about January 19, 2011.
Completion of the
conversion and offering is subject to, among other things, the receipt
of final regulatory approvals.
Sandler O’Neill &
Partners, L.P. is assisting new Eureka Financial Corp. in selling its
common stock in the subscription and community offerings on a best
efforts basis.
Eureka Financial
Corp. is the holding company for Eureka Bank, a federal savings bank
headquartered in
Pittsburgh
,
Pennsylvania
. Eureka Bank operates two
full-service banking offices in the
Oakland
and Shaler sections of
Pittsburgh
,
Pennsylvania
.
This press release
contains certain forward-looking statements about the conversion and
offering. Forward-looking
statements include statements regarding anticipated future events and
can be identified by the fact that they do not relate strictly to
historical or current facts. They
often include words such as “believe,” “expect,”
“anticipate,” “estimate,” and “intend” or future or
conditional verbs such as “will,” “would,” “should,”
“could,” or “may.” Forward-looking
statements, by their nature, are subject to risks and uncertainties.
Certain factors that could cause actual results to differ
materially from expected results include delays in consummation of the
conversion and offering, difficulties in selling the common stock or in
selling the common stock within the expected time frame, increased
competitive pressures, changes in the interest rate environment, general
economic conditions or conditions within the securities markets, and
legislative and regulatory changes that could adversely affect the
business in which Eureka Financial Corp. and Eureka Bank are engaged.
A
registration statement relating to these securities has been filed with
the United States Securities and Exchange Commission. This press release
is neither an offer to sell nor a solicitation of an offer to buy common
stock. The offer will be made only by means of the written prospectus
forming part of the registration statement (and, in the case of the
subscription and community offerings, an accompanying stock order form).
New
Eureka Financial Corp. has
filed a proxy statement/prospectus concerning the conversion with the
Securities and Exchange Commission.
Shareholders of Eureka Financial Corp. are urged to read the proxy statement/prospectus because it contains
important information. Investors
are able to obtain all documents filed with the SEC by new Eureka
Financial Corp. free of charge at the SEC’s website, www.sec.gov.
In addition, documents filed with the SEC by new Eureka Financial
Corp. are available free of charge from the Corporate Secretary of
Eureka Financial Corp. at 3455 Forbes Avenue, Pittsburgh, Pennsylvania
15213, telephone (412) 681-8400. The
directors, executive officers, and certain other members of management
and employees of Eureka Financial Corp. are participants in the
solicitation of proxies in favor of the conversion from the shareholders
of Eureka Financial Corp. Information
about the directors and executive officers of Eureka Financial Corp. is
included in the proxy statement/prospectus filed with the SEC.
The
shares of common stock of new Eureka Financial Corp. are
not savings accounts or savings deposits, may lose value and are not
insured by the Federal Deposit Insurance Corporation or any other
government agency.
December
21, 2010
Contact:
Gary B. Pepper
Chief Financial Officer
(412) 681-8400
EUREKA FINANCIAL CORP. ANNOUNCES
QUARTERLY CASH DIVIDEND
Pittsburgh,
Pennsylvania – Edward F. Seserko, President of
Eureka Financial Corp., Pittsburgh, Pennsylvania,
announced today that the Corporation’s Board of Directors approved a
regular quarterly cash dividend of $.15 per share.
The $.15 cash dividend will be paid to stockholders of record as
of January 15, 2011, on or about January 31, 2011.
Eureka Financial Corp’s common stock is traded on the OTC (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.
November
4, 2010
Contact:
Edward F. Seserko
President and CEO
(412) 681-8400
EUREKA
FINANCIAL CORP. ANNOUNCES FINANCIAL RESULTS
FOR THE FOURTH QUARTER AND YEAR ENDED SEPTEMBER 30, 2010
Pittsburgh,
Pennsylvania – Eureka Financial Corp., Pittsburgh, Pennsylvania,
(the "Company"), the parent holding company for Eureka Bank,
today announced a net loss for the three months ended September 30, 2010
of $17,000, or $0.01 diluted earnings per share, as compared to net
income of $183,000, or $0.15 diluted earnings per share, for the three
months ended September 30, 2009. For the fiscal year ended September 30,
2010, the Company reported net income of $719,000, or $0.57 diluted
earnings per share, as compared to net income of $3.4 million, or $2.71
diluted earnings per share, for the fiscal year ended September 30,
2009. The net income for the fiscal year ended September 30, 2009
included a deferred tax benefit of $2.6 million related to an other than
temporary impairment charge of $7.7 million on the Company’s Fannie
Mae and Freddie Mac preferred stock holdings at September 30, 2008. This
deferred tax benefit was not recorded until the first quarter of fiscal
2009 as a result of the Emergency Economic Stabilization Act of 2008 not
being enacted into law until October 3, 2008.
President and
Chief Executive Officer Edward Seserko stated "The Bank sold all of
the remaining shares of the aforementioned preferred stock holdings in
the quarter ended September 30, 2010. These sales lowered net income for
the fourth quarter by approximately $179,000. The Company was still able
to have a very solid year in this tough economic environment. For the
year ended September 30, 2010, the Bank experienced over 20.0% deposit
growth. At September 30, 2010, the Bank remains very well capitalized
with a core capital ratio of 10.10%, which far exceeds regulatory
requirements. Also, non-accruing loans, or loans over 90 days
delinquent, totaled $58,000 at September 30, 2010, on a loan portfolio
in excess of $98 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.
|
|
EUREKA
FINANCIAL
CORPORATION
|
|
|
Selected
Financial Data
|
|
|
(Dollars
in thousands except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
September
30,
|
September
30,
|
|
|
|
|
|
|
2010
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
|
127,310
|
$
|
108,791
|
|
|
|
Cash
and investments
|
|
|
22,968
|
|
9,908
|
|
|
|
Loans
receivable, net
|
|
|
98,034
|
|
94,490
|
|
|
|
Allowance
for loan losses
|
|
|
(905)
|
|
(832)
|
|
|
|
Deposits
|
|
|
111,044
|
|
91,774
|
|
|
|
Total
liabilities
|
|
|
113,181
|
|
94,987
|
|
|
|
Stockholders'
equity
|
|
$
|
14,129
|
$
|
13,804
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
|
$
|
58
|
$
|
152
|
|
|
|
Repossessed
real estate
|
|
|
0
|
|
0
|
|
|
|
Total
nonperforming assets
|
|
$
|
58
|
$
|
152
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses to nonperforming loans
|
|
|
1560.34%
|
|
547.37%
|
|
|
|
Nonperforming
loans to net loans
|
|
|
0.06%
|
|
0.16%
|
|
|
|
Nonperforming
assets to total assets
|
|
|
0.05%
|
|
0.14%
|
|
|
|
Book
value per share
|
|
$
|
11.20
|
$
|
10.95
|
|
|
|
Number
of common shares outstanding
|
|
|
1,261,231
|
|
1,260,287
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
Three
Months Ended
|
|
Twelve
Months Ended
|
|
|
September
30,
|
|
September
30,
|
|
|
2010
|
|
2009
|
|
2010
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
1,582
|
$
|
1,516
|
$
|
6,197
|
$
|
5,989
|
|
Interest
expense
|
495
|
|
550
|
|
2,051
|
|
2,391
|
|
Net interest income
|
1,087
|
|
966
|
|
4,146
|
|
3,598
|
|
Provision
for loan losses
|
35
|
|
68
|
|
75
|
|
128
|
|
|
|
|
|
|
|
|
|
|
Net
interest income after provision for loan losses
|
1,052
|
|
898
|
|
4,071
|
|
3,470
|
|
Noninterest
(loss) income
|
(252)
|
|
18
|
|
(215)
|
|
76
|
|
Noninterest
expense
|
762
|
|
702
|
|
2,682
|
|
2,575
|
|
|
|
|
|
|
|
|
|
|
Income
before income taxes
|
38
|
|
214
|
|
1,174
|
|
971
|
|
Income
tax expense (benefit)
|
55
|
|
31
|
|
455
|
|
(2,421)
|
|
|
|
|
|
|
|
|
|
|
Net
(loss) income
|
(17)
|
$
|
183
|
$
|
719
|
$
|
3,392
|
September
21, 2010
Contact:
Edward F. Seserko
President and CEO
(412) 681-8400
Eureka Financial Corp. Announces
Adoption of Plan of Conversion and Reorganization
Pittsburgh
, PA -
Eureka
Financial Corp. (the "Company") (OTCBB:EKFC), holding company
for Eureka Bank, announced today that the Board of Directors of the
Company has unanimously adopted a Plan of Conversion and Reorganization
(the "Plan") pursuant to which Eureka Bank will reorganize
from the two-tier mutual holding company structure to the stock holding
company structure and will undertake a "second-step" stock
offering of shares of common stock of a new corporation formed in
connection with the conversion. Eureka Bank converted from a mutual
savings bank to the holding company structure and offered and sold a
minority of its shares in 1999. Eureka Bank reorganized into the
"two-tier" mutual holding company structure by forming the
Company in 2003.
Eureka Bancorp, MHC
(the "MHC"), which owns approximately 57.9% of the outstanding
common stock of the Company, will be merged with and into the Company as
part of the reorganization and its shares in the Company will be
retired. The new holding company will offer and sell shares of common
stock in an amount representing the percentage ownership interest
currently held by the MHC, also to be based on an appraisal of the
Company, as converted, which will be performed by an independent
appraiser. The new holding company will offer shares of its common stock
for sale to Eureka Bank's eligible account holders and tax-qualified
employee benefit plans and to members of the general public in a
subscription and community offering in the manner and subject to the
priorities set forth in the Plan. The highest priority will be
depositors with qualifying deposits as of June 30, 2009. In addition,
existing shareholders of the Company, other than the MHC, will receive
shares of common stock of a new
Maryland
corporation pursuant to an "exchange ratio" designed to
preserve their aggregate percentage ownership interest. The exchange
ratio will be determined based upon the appraisal of the Company and the
results of the offering.
The conversion and
reorganization will be subject to approval of Eureka Bank's depositors,
the Company's shareholders (including the approval of a majority of the
shares held by persons other than the MHC) and regulatory agencies.
Information,
including the details of the offering and business and financial
information about the Company and Eureka Bank, will be provided in proxy
materials and a prospectus when the offering commences, which is
expected to be during the first quarter of 2011.
Eureka Financial
Corp. is the holding company for Eureka Bank, a federal savings bank
headquartered in
Pittsburgh
,
Pennsylvania
. Eureka Bank operates two full-service banking offices in the
Oakland
and Shaler sections of
Pittsburgh
,
Pennsylvania
.
This release is
neither an offer to sell nor a solicitation of an offer to buy common
stock. The offer is made only by the prospectus when accompanied by a
stock order form. The shares of common stock of the Company are not
savings accounts or savings deposits, may lose value and are not insured
by the Federal Deposit Insurance Corporation or any other government
agency.
This press release
contains certain forward-looking statements about the conversion and
reorganization. Forward-looking statements include statements regarding
anticipated future events and can be identified by the fact that they do
not relate strictly to historical or current facts. They often include
words such as "believe," "expect,"
"anticipate," "estimate," and "intend" or
future or conditional verbs such as "will," "would,"
"should," "could," or "may."
Forward-looking statements, by their nature, are subject to risks and
uncertainties. Certain factors that could cause actual results to differ
materially from expected results include delays in consummation of the
Plan of Conversion and Reorganization, difficulties in selling the
conversion stock or in selling the conversion stock within the expected
time frame, increased competitive pressures, changes in the interest
rate environment, general economic conditions or conditions within the
securities markets, and legislative and regulatory changes that could
adversely affect the business in which the Company is engaged.
September
21, 2010
Contact: Gary B.
Pepper
Chief Financial Officer
(412) 681-8400
EUREKA FINANCIAL CORP.
ANNOUNCES
QUARTERLY CASH DIVIDEND
Pittsburgh,
Pennsylvania – Edward F. Seserko, President of
Eureka Financial Corp., Pittsburgh, Pennsylvania, announced today
that the Corporation’s Board of Directors approved a regular quarterly
cash dividend of $.15 per share. The
$.15 cash dividend will be paid, on or about October 31, 2010, to
stockholders of record as of October 15, 2010.
Eureka Bank,
founded in 1886, is a federally chartered stock savings bank and
operates two offices. Eureka
Financial Corp’s common stock is traded on the OTC (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.
August
11, 2010
Contact:
Edward F. Seserko
President and CEO
(412) 681-8400
EUREKA BANK HIRES A
CONTROLLER
Pittsburgh,
Pennsylvania - President and CEO Edward F. Seserko announced
that Robert B. Kastan has been hired as Controller for Eureka Bank.
Mr.
Kastan is a certified public accountant with more than 20 years of
community bank and public accounting experience. He is a graduate of Duquesne
University. Mr. Kastan resides in Allegheny
County
with his wife and their son.
Eureka
Bank, founded in 1886, is a federally chartered stock savings bank and
operates two offices in
Pittsburgh. Eureka Financial
Corp., the parent holding company for Eureka Bank, common stock
trades in the over-the-counter market under the symbol "EKFC."
July
27, 2010
Contact:
Edward F. Seserko
President and CEO
(412) 681-8400
EUREKA FINANCIAL CORP.
ANNOUNCES EARNINGS
FOR THE THREE AND NINE MONTHS ENDED JUNE 30, 2010
Pittsburgh,
Pennsylvania – 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, 2010. For the three months ended June 30, 2010, the
Company reported net income of $264,000, or $0.21 diluted earnings per
share, as compared to net income of $151,000, or $0.12 diluted earnings
per share, for the three months ended June 30, 2009. For the nine months
ended June 30, 2010, the Company reported net income of $722,000, or
$.57 diluted earnings per share, as compared to net income of $3.2
million, or $2.56 diluted earnings per share, for the nine months ended
June 30, 2009. The earnings for the nine months ended June 30, 2009,
include a deferred tax benefit of $2.6 million related to an
other-than-temporary impairment charge of $7.8 million on the Company’s
Fannie Mae and Freddie Mac preferred stock holdings at September 30,
2008. This deferred tax benefit was not recorded until the first quarter
of fiscal 2009 as a result of the Emergency Economic Stabilization Act
of 2008 not being enacted into law until October 3, 2008.
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, |
|
|
|
|
|
|
2010 |
|
2009 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
|
$ |
124,371 |
$ |
108,791 |
|
|
|
Cash and investments |
|
|
|
21,042 |
|
9,908 |
|
|
|
Loans receivable, net |
|
|
|
96,297 |
|
94,490 |
|
|
|
Allowance for loan losses |
|
|
|
(872) |
|
(832) |
|
|
|
Deposits |
|
|
|
107,664 |
|
91,774 |
|
|
|
Total liabilities |
|
|
|
110,343 |
|
94,987 |
|
|
|
Stockholders' equity |
|
|
$ |
14,028 |
$ |
13,804 |
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
|
|
$ |
118 |
$ |
152 |
|
|
|
Repossessed real estate |
|
|
|
0 |
|
0 |
|
|
|
Total nonperforming assets |
|
|
$ |
118 |
$ |
152 |
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses to nonperforming
loans |
|
|
|
738.98% |
|
547.37% |
|
|
|
Nonperforming loans to net loans |
|
|
|
0.12% |
|
0.16% |
|
|
|
Nonperforming assets to total assets |
|
|
|
0.09% |
|
0.14% |
|
|
|
Book value per share |
|
|
$ |
11.12 |
$ |
10.95 |
|
|
|
Number of common shares outstanding |
|
|
|
1,261,231 |
|
1,260,287 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
(Unaudited) |
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
June 30, |
|
June 30, |
|
|
2010 |
|
2009 |
|
2010 |
|
2009 |
|
|
|
|
|
|
|
|
|
|
|
Interest income |
$ |
1,568 |
$ |
1,477 |
$ |
4,616 |
$ |
4,473 |
|
Interest expense |
|
496 |
|
595 |
|
1,557 |
|
1,841 |
|
Net interest income |
|
1,072 |
|
882 |
|
3,059 |
|
2,632 |
|
Provision for loan losses |
|
20 |
|
20 |
|
40 |
|
60 |
|
|
|
|
|
|
|
|
|
|
Net interest income after provision for loan
losses |
|
1,052 |
|
862 |
|
3,019 |
|
2,572 |
|
Noninterest income |
|
19 |
|
18 |
|
53 |
|
58 |
|
Noninterest expense |
|
653 |
|
704 |
|
1,936 |
|
1,873 |
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
418 |
|
176 |
|
1,136 |
|
757 |
|
Income tax (benefit) expense |
|
154 |
|
25 |
|
414 |
|
(2,452) |
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
264 |
$ |
151 |
$ |
722 |
$ |
3,209 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
June
22, 2010
Contact: Gary B.
Pepper
Chief Financial Officer
(412) 681-8400
EUREKA FINANCIAL CORP.
ANNOUNCES
QUARTERLY CASH DIVIDEND
Pittsburgh,
Pennsylvania – June 22, 2010– Edward F. Seserko, President of Eureka
Financial Corp., Pittsburgh, Pennsylvania, announced today that the
Corporation’s Board of Directors approved a regular quarterly cash
dividend of $.15 per share. The $.15 cash dividend will be paid, on or
about July 31, 2010, to stockholders of record as of July 15, 2010.
Eureka Bank, founded in
1886, is a federally chartered stock savings bank and operates two
offices. Eureka Financial Corp’s common stock is traded on the OTC
(Over the Counter Market) under the symbol "EKFC."
The foregoing material
may contain forward-looking statements co ncerning 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.
April
23, 2010
Contact:
Edward F. Seserko
President and CEO
(412) 681-8400
EUREKA FINANCIAL CORP.
ANNOUNCES EARNINGS
FOR THE THREE AND SIX MONTHS ENDED MARCH 31, 2010
Pittsburgh,
Pennsylvania – Eureka Financial Corp., (the "Company"), the
parent holding company for Eureka Bank (the Bank), Pittsburgh,
Pennsylvania, today announced earnings for the three and six months
ended March 31, 2010. For the three months ended March 31, 2010, the
Company reported net income of $224,000, or $0.18 diluted earnings per
share, as compared to net income of $206,000, or $0.16 diluted earnings
per share, for the three months ended March 31, 2009. For the six months
ended March 31, 2010, the Company reported net income of $458,000, or
$0.36 diluted earnings per share, as compared to net income of $3.1
million, or $2.44 diluted earnings per share, for the six months ended
March 31, 2009. The earnings for the six months ended March 31, 2009
included a deferred tax benefit of $2.6 million related to an
other-than-temporary impairment charge of $7.8 million on the Company’s
Fannie Mae and Freddie Mac preferred stock holdings at September 30,
2008. This deferred tax benefit was not recorded until the first quarter
of fiscal 2009 as a result of the Emergency Economic Stabilization Act
of 2008 not being enacted into law until October 3, 2008.
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.

March
19, 2010
Contact: Gary B.
Pepper
Chief Financial Officer
(412) 681-8400
EUREKA FINANCIAL CORP.
ANNOUNCES
QUARTERLY CASH DIVIDEND
Pittsburgh,
Pennsylvania – March 19, 2010– Edward F. Seserko, President of
Eureka Financial Corp., Pittsburgh, Pennsylvania, announced today
that the Corporation’s Board of Directors approved a regular quarterly
cash dividend of $.15 per share. The $.15 cash dividend will be paid, on
or about April 30, 2010, to stockholders of record as of April 15, 2010.
Eureka Bank, founded in
1886, is a federally chartered stock savings bank and operates two
offices. Eureka Financial Corp’s common stock is traded on the OTC
(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.
February
1, 2010
Contact:
Edward F. Seserko
President and CEO
(412) 681-8400
EUREKA
FINANCIAL CORPORATION ANNOUNCES EARNINGS
FOR THE FIRST QUARTER ENDED DECEMBER 31, 2009
Pittsburgh, Pennsylvania – Eureka
Financial Corporation, (the "Company"), Pittsburgh,
Pennsylvania, announced that earnings for the quarter ended December
31, 2009, were $234,000, or $.19 diluted earnings per share, as compared
to earnings of $2.9 million, or $2.26 diluted earnings per share, for
the quarter ended December 31, 2008. The earnings for the quarter ended
December 31, 2008, included a deferred tax benefit of $2.6 million.
Excluding the deferred tax benefit, the Company would have earned
$205,000, or $.16 diluted earnings per share. The deferred tax benefit
of $2.6 million is related to the other-than-temporary impairment charge
of $7.8 million on Fannie Mae and Freddie Mac preferred stock holdings
at September 30, 2008. This deferred tax benefit was not recorded until
the first quarter as a result of the Emergency Economic Stabilization
Act of 2008 not being enacted into law until October 3, 2008.
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.

December
22, 2009
Contact: Gary B.
Pepper
Chief Financial Officer
(412) 681-8400
EUREKA FINANCIAL
CORP. ANNOUNCES
QUARTERLY CASH DIVIDEND
Pittsburgh,
Pennsylvania – December 22, 2009– Edward F. Seserko, President of
Eureka Financial Corp., Pittsburgh, Pennsylvania, announced today
that the Corporation’s Board of Directors approved a regular quarterly
cash dividend of $.15 per share. The $.15 cash dividend will be paid to
stockholders of record as of January 15, 2010, on or about January 31,
2010. Eureka Financial Corp’s common stock is traded on the OTC (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.
November
2, 2009
Contact:
Edward F. Seserko
President and CEO
(412) 681-8400
EUREKA FINANCIAL CORP. ANNOUNCES
EARNINGS
FOR THE FOURTH QUARTER AND YEAR ENDED SEPTEMBER 30, 2009
Pittsburgh
,
Pennsylvania
– Eureka Financial Corp. (the “Company”), the parent holding
company for Eureka Bank,
Pittsburgh
,
Pennsylvania
, today announced earnings for the fourth quarter and year ended
September 30, 2009. For the
three months ended September 30, 2009, the Company earned $171,000, or
$0.14 diluted earnings per share, as compared to a loss of $7,700,000,
or ($11.88) diluted earnings per share, for the three months ended
September 30, 2008. For the
fiscal year ended September 30, 2009, the Company earned $3,380,000, or
$2.69 diluted earnings per share, as compared to a loss of $7,200,000,
or ($5.70) diluted earnings per share, for the fiscal year ended
September 30, 2008. The
earnings for the fiscal year-ended September 30, 2009 included a
deferred tax benefit of $2.6 million related to an other-than-temporary
impairment charge of $7.7 million on the Company’s Fannie Mae and
Freddie Mac preferred stock holdings at September 30, 2008.
This deferred tax benefit was not recorded until the first
quarter of fiscal 2009 as a result of the Emergency Economic
Stabilization Act of 2008 not being enacted into law until October 3,
2008.
President
and Chief Executive Officer Edward Seserko stated “The Bank has
rebounded strongly in fiscal year 2009 and proceeded with restoring net
income to normal levels and increased capital in the process. At
September 30, 2009, the Bank had a risk-based capital ratio of over 17%,
which far exceeds regulatory requirements.”
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.
|
|
EUREKA
FINANCIAL CORPORATION |
|
Selected
Financial Data |
|
(Dollars
in thousands except per share data) |
|
|
(Unaudited) |
|
|
September
30, |
September 30,
|
|
2009
|
|
2008
|
|
|
| Total
assets |
|
|
$108,685 |
|
$93,984 |
|
| Cash
and investments |
|
|
9,908 |
|
8,172 |
|
| Loans
receivable, net |
|
|
94,521 |
|
82,651 |
|
| Allowance
for loan losses |
|
|
(801) |
|
(760) |
|
| Deposits |
|
|
91,774 |
|
80,229 |
|
| Total
liabilities |
|
|
94,893 |
|
83,362 |
|
| Stockholders'
equity |
|
|
$13,792 |
|
$10,622 |
|
|
|
|
|
|
|
| Nonaccrual
loans |
|
|
$152 |
|
$321 |
|
| Repossessed
real estate |
|
|
0 |
|
0 |
|
| Total
nonperforming assets |
|
|
$152 |
|
$321 |
|
|
|
|
|
|
| Allowance
for loan losses to nonperforming loans |
|
|
526.97% |
|
236.76% |
|
| Nonperforming
loans to net loans |
|
|
0.16% |
|
0.39% |
|
| Nonperforming
assets to total assets |
|
|
0.14% |
|
0.34% |
|
| Book
value per share |
|
|
$10.94 |
|
$8.58 |
|
| Number
of common shares outstanding |
|
|
1,260,287 |
|
1,237,898 |
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
(Unaudited) |
|
Three
Months Ended |
|
Twelve
Months Ended |
|
September
30, |
|
September
30, |
|
2009
|
|
2008
|
|
2009
|
|
2008
|
|
| Interest
income |
|
$1,516 |
|
$1,438 |
|
$5,989 |
|
$6,075 |
| Interest
expense |
|
552 |
|
672 |
|
2,393 |
|
2,898 |
|
Net interest income |
|
964 |
|
766 |
|
3,596 |
|
3,177 |
| Provision
for loan losses |
|
37 |
|
90 |
|
97 |
|
170 |
|
|
|
|
|
| Net
interest income after provision for loan losses |
927 |
|
676 |
|
3,499 |
|
3,007 |
| Noninterest
income |
|
22 |
|
36 |
|
80 |
|
120 |
| Noninterest
expense |
|
668 |
|
8,457 |
|
2,541 |
|
10,296 |
|
|
|
|
|
| Income
before income taxes |
|
281 |
|
(7,745) |
|
1,038 |
|
(7,169) |
| Income
tax (benefit) expense |
|
110 |
|
(38) |
|
(2,342) |
|
65 |
|
|
|
|
|
| Net
income |
|
$171 |
|
$(7,707) |
|
$3,380 |
|
$(7,234) |
| |
| Information for
inclusion in narrative: |
|
|
|
|
|
|
|
| Net Income |
|
$171 |
$ |
(7,707) |
|
$3,380 |
|
$(7,234) |
|
|
|
|
|
|
|
|
| Earnings Per Share - Basic |
|
$0.14 |
$ |
(12.39) |
|
$2.70 |
|
$(5.84) |
|
|
|
|
|
|
| Earnings Per Share - Diluted |
|
$0.14 |
$ |
(11.88) |
|
$2.69 |
|
$(5.70) |
September
22, 2009
Contact: Gary B.
Pepper
Chief Financial Officer
(412) 681-8400
EUREKA FINANCIAL CORP.
ANNOUNCES
QUARTERLY CASH DIVIDEND
Pittsburgh,
Pennsylvania – September 22, 2009– Edward F. Seserko, President of
Eureka Financial Corp., Pittsburgh, Pennsylvania, announced today
that the Corporation’s Board of Directors approved a regular quarterly
cash dividend of $.15 per share. The $.15 cash dividend will be paid, on
or about October 31, 2009, to stockholders of record as of October 15,
2009.
Eureka Bank, founded in
1886, is a federally chartered stock savings bank and operates two
offices. Eureka Financial Corp’s common stock is traded on the OTC
(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.
July
22, 2009
Contact:
Edward F. Seserko
President and CEO
(412) 681-8400
EUREKA FINANCIAL CORP.
ANNOUNCES EARNINGS
FOR THE THREE AND NINE MONTHS ENDED JUNE 30, 2009
Pittsburgh,
Pennsylvania – 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, 2009. For the three months ended June 30, 2009, the
Company reported net income of $151,000, or $0.12 diluted earnings per
share, as compared to net income of $169,000, or $0.13 diluted earnings
per share, for the three months ended June 30, 2008. For the nine months
ended June 30, 2009, the Company reported net income of $3.2 million, or
$2.56 diluted earnings per share, as compared to net income of $473,000,
or $0.37 diluted earnings per share, for the nine months ended June 30,
2008. The earnings for the nine months ended June 30, 2009, include a
deferred tax benefit of $2.6 million related to an other-than-temporary
impairment charge of $7.8 million on the Company’s Fannie Mae and
Freddie Mac preferred stock holdings at September 30, 2008. This
deferred tax benefit was not recorded until the first quarter of fiscal
2009 as a result of the Emergency Economic Stabilization Act of 2008 not
being enacted into law until October 3, 2008.
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.

June
17, 2009
Contact:
Gary B. Pepper
Chief Financial Officer
(412) 681-8400
EUREKA FINANCIAL
CORP. ANNOUNCES
QUARTERLY CASH DIVIDEND
Pittsburgh,
Pennsylvania – June 17, 2009– Edward F. Seserko, President of Eureka
Financial Corp., Pittsburgh, Pennsylvania, announced today that the
Corporation’s Board of Directors approved a regular quarterly cash
dividend of $.15 per share. The $.15 cash dividend will be paid, on or
about July 31, 2009, to stockholders of record as of July 15, 2009.
Eureka Bank, founded in
1886, is a federally chartered stock savings bank and operates two
offices. Eureka Financial Corp’s common stock is traded on the OTC
(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.
April
23, 2009
Contact:
Edward F. Seserko
President and CEO
(412) 681-8400
EUREKA FINANCIAL CORP.
ANNOUNCES EARNINGS
FOR THE THREE AND SIX MONTHS ENDED MARCH 31, 2009
Pittsburgh,
Pennsylvania – Eureka Financial Corp., (the "Company"), the
parent holding company for Eureka Bank (the Bank), Pittsburgh,
Pennsylvania, today announced earnings for the three and six months
ended March 31, 2009. For the three months ended March 31, 2009, the
Company reported net income of $206,000, or $0.16 diluted earnings per
share, as compared to net income of $158,000, or $0.12 diluted earnings
per share, for the three months ended March 31, 2008. For the six months
ended March 31, 2009, the Company reported net income of $3.1 million,
or $2.44 diluted earnings per share, as compared to net income of
$304,000, or $0.24 diluted earnings per share, for the six months ended
March 31, 2008. The earnings for the six months ended March 31, 2009
include a deferred tax benefit of $2.6 million related to an
other-than-temporary impairment charge of $7.8 million on the Company’s
Fannie Mae and Freddie Mac preferred stock holdings at September 30,
2008. This deferred tax benefit was not recorded until the first quarter
of fiscal 2009 as a result of the Emergency Economic Stabilization Act
of 2008 not being enacted into law until October 3, 2008.
Eureka Bank, founded in
1886, is a federally chartered stock savings bank and operates two
offices. 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.

April
21, 2009
Contact: Gary B.
Pepper
Chief Financial Officer
(412) 681-8400
EUREKA FINANCIAL CORP.
ANNOUNCES
QUARTERLY CASH DIVIDEND
Pittsburgh,
Pennsylvania – April 20, 2009– Edward F. Seserko, President of
Eureka Financial Corp., Pittsburgh, Pennsylvania, announced today
that the Corporation’s Board of Directors approved a regular quarterly
cash dividend of $.15 per share. The $.15 cash dividend will be paid, on
or about April 30, 2009, to stockholders of record as of April 22, 2009.
Eureka Bank, founded in
1886, is a federally chartered stock savings bank and operates two
offices. Eureka Financial Corp’s common stock is traded on the OTC
(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.
January
22, 2009
Contact:
Edward F. Seserko
President and CEO
(412) 681-8400
EUREKA FINANCIAL
CORPORATION ANNOUNCES EARNINGS
FOR THE FIRST QUARTER ENDED DECEMBER 31, 2008
Pittsburgh,
Pennsylvania – Eureka Financial Corporation, (the
"Company"), Pittsburgh, Pennsylvania, announced that
earnings for the quarter ended December 31, 2008, were $2.9 million, or
$2.26 diluted earnings per share, as compared to earnings of $145,000,
or $.11 diluted earnings per share, for the quarter ended December 31,
2007. The earnings for the quarter ended December 31, 2008, included a
deferred tax benefit of $2.6 million. Excluding the deferred tax
benefit, the Company would have earned $205,000, or $.16 diluted
earnings per share. The deferred tax benefit of $2.6 million is related
to the other-than-temporary impairment charge of $7.8 million on Fannie
Mae and Freddie Mac preferred stock holdings at September 30, 2008. This
deferred tax benefit was not recorded until the first quarter as a
result of the Emergency Economic Stabilization Act of 2008 not being
enacted into law until October 3, 2008.
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) |
|
|
|
|
|
December 31 |
|
September 30, |
|
|
|
2008 |
|
2008 |
|
|
|
|
|
|
|
Total assets |
$ |
104,629 |
$ |
93,974 |
|
Cash and investments |
|
9,729 |
|
8,172 |
|
Loans receivable, net |
|
88,925 |
|
82,651 |
|
Allowance for loan losses |
|
(729) |
|
(760) |
|
Deposits |
|
80,184 |
|
80,229 |
|
Total liabilities |
|
91,392 |
|
83,352 |
|
Stockholders' equity |
$ |
13,237 |
$ |
10,622 |
|
|
|
|
|
|
|
Nonaccrual loans |
$ |
317 |
$ |
321 |
|
Repossessed real estate |
|
0 |
|
0 |
|
Total nonperforming assets |
$ |
317 |
$ |
321 |
|
|
|
|
|
|
|
Allowance for loan losses to nonperforming loans |
|
229.97% |
|
236.76% |
|
Nonperforming loans to net loans |
|
0.36% |
|
0.39% |
|
Nonperforming assets to total assets |
|
0.30% |
|
0.34% |
|
Book value per share |
$ |
10.59 |
$ |
8.58 |
|
Number of common shares outstanding |
|
1,250,100 |
|
1,237,898 |
|
|
|
|
|
|
|
Three Months Ended |
|
'December 31, (Unaudited) |
|
|
|
2008 |
|
2007 |
|
|
|
|
|
|
|
Interest income |
$ |
1,489 |
$ |
1,555 |
|
Interest expense |
|
630 |
|
785 |
|
Net interest income |
|
859 |
|
770 |
|
Provision for loan losses |
|
25 |
|
20 |
|
|
|
|
|
|
|
Net interest income after provision for loan losses |
|
834 |
|
750 |
|
Noninterest income |
|
20 |
|
30 |
|
Noninterest expense |
|
599 |
|
604 |
|
|
|
|
|
|
|
Income before income taxes |
|
255 |
|
176 |
|
Income tax (benefit) expense |
|
(2,597) |
|
30 |
|
|
|
|
|
|
|
Net income |
$ |
2,852 |
$ |
146 |
December
31, 2008
Contact: Gary B.
Pepper
Chief Financial Officer
(412) 681-8400
EUREKA FINANCIAL
CORP. ANNOUNCES
QUARTERLY CASH DIVIDEND
Pittsburgh,
Pennsylvania – December 31, 2008– Edward F. Seserko, President of
Eureka Financial Corp., Pittsburgh, Pennsylvania, announced today
that the Corporation’s Board of Directors approved a regular quarterly
cash dividend of $.15 per share. The $.15 cash dividend will be paid to
stockholders of record as of January 15, 2009, on or about January 31,
2009. Eureka Financial Corp’s common stock is traded on the OTC (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.
October
31, 2008
Contact:
Edward F. Seserko
President and CEO
(412) 681-8400
EUREKA FINANCIAL CORP.
ANNOUNCES EARNINGS
FOR THE FOURTH QUARTER AND YEAR ENDED SEPTEMBER 30, 2008
Pittsburgh, Pennsylvania –
Eureka Financial Corp. (the "Company"), the parent holding
company for Eureka Bank (the "Bank"), Pittsburgh,
Pennsylvania, today announced earnings for the fourth quarter and
year ended September 30, 2008. The Company recorded an
other-than-temporary impairment charge on its preferred stock holdings
of Fannie Mae and Freddie Mac of $7.8 million in the quarter ended
September 30, 2008. As a result of the Emergency Economic Stabilization
Act of 2008 ("EESA"), which was enacted into law on October 3,
2008, the Company will record a deferred tax benefit of approximately
$2.6 million in their first fiscal quarter ending December 31, 2008
associated with the other-than-tem
|