ADD to BW0148 PULASKI-FINANCIAL.ADD tables to BW0148 (PULASKI-FINANCIAL). Entire release follows: ST. LOUIS--(BUSINESS WIRE)--Feb. 3, 1999--Pulaski Financial Corporation (Nasdaq National Market - PULB) announced today that net income for the three months ended Dec. 31, 1998 was $488,883 compared to $473,364 for the three months ended Dec. 31, 1997. On Dec. 2, 1998, Pulaski Pulaski (pəlăs`kē), town (1990 pop. 9,985), seat of Pulaski co., SW Va.; inc. 1886. It has industries that manufacture textiles, clothing, machinery, metal products, furniture, and trucks. Financial Corporation became the holding company for Pulaski Bank in connection with the conversion of Pulaski Bancshares, M.H.C., Pulaski Bank's former mutual holding company, to the stock form of organization. In conjunction conjunction, in astronomy conjunction, in astronomy, alignment of two celestial bodies as seen from the earth. Conjunction of the moon and the planets is often determined by reference to the sun. with that transaction, the company sold 2,909,500 shares of its common stock, and exchanged 1,056,003 shares for the outstanding shares of Pulaski Bank held by Pulaski Bank's public stockholders. The net offering proceeds were approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $26 million after deduction deduction, in logic, form of inference such that the conclusion must be true if the premises are true. For example, if we know that all men have two legs and that John is a man, it is then logical to deduce that John has two legs. for conversion costs and Employee Stock Ownership Plan. Fifty percent of the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of the sale of stock was contributed to Pulaski Bank to support expansion of its lending and investment activities, and increase its capital. The remaining net proceeds were retained by the company. Loans receivable (including loans held for sale) grew from $155.2 million at fiscal year end Sept. 30, 1998 to $166.8 at Dec. 31, 1998. Total assets increased 12% from $193.2 million to $216.6 million. Net interest income increased $118,000 over last year, while non-interest income was up $211,000, a 72% increase, and resulted from increased loan sales and service charges on High Performance Checking Account program. Non-interest expense was up $321,000 as a result of increased compensation, installation and operation of 5 ATMs, and advertising costs associated with promoting checking accounts, which involve frequent direct mail advertisement ADVERTISEMENT. A 'notice' published either in handbills or in a newspaper. 2. The law in many instances requires parties to advertise in order to give notice of acts which are to be done; in these cases, the advertisement is in general equivalent to notice. and gifts for new accounts. The number of checking accounts has increased 76% since December December: see month. 1997. Pulaski Bank is an FDIC-insured community oriented o·ri·ent n. 1. Orient The countries of Asia, especially of eastern Asia. 2. a. The luster characteristic of a pearl of high quality. b. A pearl having exceptional luster. 3. financial institution that provides traditional financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. within the City and County of St. Louis Louis, titular duke of Burgundy Louis, 1682–1712, titular duke of Burgundy; grandson of King Louis XIV of France. He became heir to the throne on the death (1711) of his father, Louis the Great Dauphin. , St. Charles Charles, archduke of Austria Charles, 1771–1847, archduke of Austria; brother of Holy Roman Emperor Francis II. Despite his epilepsy, he was the ablest Austrian commander in the French Revolutionary and Napoleonic wars; however, he was handicapped by County, Franklin Franklin, cities, United States Franklin. 1 City (1990 pop. 12,907), seat of Johnson co., S central Ind., inc. 1823. It is a farm trade center. Manufactures include auto parts, aluminum doors and windows, and copper panels. and Jefferson Counties Jefferson County is the name of 25 counties and one parish in the United States. The following are named for Thomas Jefferson, third President of the United States:
PULASKI FINANCIAL CORPORATION
UNAUDITED CONSOLIDATED FINANCIAL HIGHLIGHTS
At Dec. 31, At Sept. 30,
1998 1998 (1)
(in thousands)
SELECTED BALANCE SHEET DATA:
Total Assets . . . . . . . . . . . . . .. 216,554 193,208
Loans receivable, net. . . . . . . . . .. 148,819 141,769
Loans Held for Sale, net . . . . . . . .. 17,965 13,442
Investment Securities . . . . . . . . . . 20,208 21,158
Mortgage-backed & related securities . . 6,402 6,900
Cash and cash equivalents . . . . . . . . 16,588 3,047
Deposits. . . . . . . . . . . . . . . . . 157,137 156,235
FHLB Advances . . . . . . . . . . . . .. 4,900 1,900
Stockholders equity . . . . . . . . . . . 51,594 25,213
Asset Quality Ratios:
Nonperforming loans as a percent of
total loans 0.87% 0.76%
Nonperforming assets as a percent of
total assets 0.71 0.67
Allowance for loan losses as a
percent of total loans 0.48 0.49
Allowance for loan losses as a
percent of nonperforming lns 54.71 64.88
Three Months Ended
Dec. 31
1998 1997 (1)
SELECTED OPERATING DATA: (in thousands except per share data)
Interest income . . . . . . . . . . . . . $3,625 $3,431
Interest expense . . . . . . . . . . . . 1,857 1,781
Net interest income . . . . . . . . . . . 1,768 1,650
Provision for loan losses . . . . . . . . 39 80
Net interest income after provision
for loan losses 1,729 1,570
Non-interest income . . . . . . . . . . 503 292
Non-interest expense. . . . . . . . . . . 1,454 1,133
Income before income taxes 778 729
Income taxes 289 256
Net income . . . . . . . . . . . . . . . $489 $473
PER SHARE DATA
Net income-basic * n/m * n/m
Net income-diluted * n/m * n/m
Dividends $0.09 * n/m
Performance Ratios:
Return on average assets 0.95% 1.03%
Return on average equity * n/m * n/m
Interest rate spread 2.83 3.06
Net interest margin 3.57 3.76
* Not meaningful due to conversion on 12/2/98
(1) Information at September 30, 1998 and for the three months
ended December 31, 1997 is for Pulaski Bank only
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