Eureka Financial Corp. Announces Earnings For The Three Months Ended December 31, 2012

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, 2012 of $333,000, or $0.25 diluted earnings per share, as compared to net income of $388,000, or $0.31 diluted earnings per share, for the three months ended December 31, 2011. The decrease in net income was primarily attributable to an increase in noninterest expense and, to a lesser extent, an increase in the provision for loan losses and a decrease in net interest income. The increase in noninterest expense was primarily due to increases in regular operational activities. The decrease in net interest income resulted from a decrease in interest income on investment securities that was partially offset by an increase in interest income on loans. The decrease in interest income on securities was primarily the result of called securities and lower rates available on investments available for purchase. The decrease in interest income was partially offset by a decrease in interest expense, primarily due to the low interest rate environment.

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.
December 31, September 30,
2012 2012
Total assets $ 141,111 $ 138,489
Cash and investments 22,589 22,502
Loans receivable, net 114,934 112,440
Allowance for loan losses (1,182) (1,142)
Deposits 116,670 114,497
Total liabilities 118,572 116,103
Stockholders' equity $ 22,539 $ 22,386
Nonaccrual loans $ 1,044 $ 660
Repossessed assets 30 100
Total nonperforming assets $ 1,074 $ 760
Allowance for loan losses to total loans 1.03% 1.02%
Nonperforming loans to net loans 0.91% 0.59%
Nonperforming assets to total assets 0.76% 0.55%
Book value per share $ 17.10 $ 16.89
Number of common shares outstanding 1,317,897 1,325,397
Three Months Ended
December 31,
2012 2011
Interest income $ 1,683 $ 1,727
Interest expense 312 344
Net interest income 1,371 1,383
Provision for loan losses 40 20
Net interest income after provision for loan losses 1,331 1,363
Noninterest income 36 20
Noninterest expense 861 754
Income before income taxes 506 629
Income tax expense 173 241
Net income $ 333 $ 388
Earnings per share-basic and diluted $ 0.25 $ 0.31

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