Pulaski Financial Corp. (PULB)

Pulaski Financial Corp. Announces At-The-Market Equity Offering

ST. LOUIS--(BUSINESS WIRE)--Pulaski Financial Corp. (NASDAQ: PULB) (the “Company”) announced today that it has filed a prospectus supplement under which it may from time to time sell up to $10,000,000 of its common stock pursuant to an “at-the-market” equity offering program. The shares would be offered through Sandler O’Neill & Partners, L.P. as sales agent. Sales, if any, will be made primarily in “at-the-market” offerings, including sales made directly on The Nasdaq Global Select Market or sales made to or through a market maker other than on an exchange or by privately negotiated transactions.

The Company intends to use the proceeds from any sales for general corporate purposes, including but not limited to contributing capital to its subsidiary, Pulaski Bank, redeeming its outstanding shares of preferred stock or supporting organic growth, de novo branching and opportunistic acquisitions, should appropriate acquisition opportunities arise. The Company does not currently have any agreements, arrangements or understandings regarding any possible acquisitions.

The shares of common stock will be offered under the Company’s existing shelf registration statement. A prospectus supplement and related base prospectus describing the terms of the offering have been filed with the Securities and Exchange Commission (the “SEC”). Before you invest, you should read the prospectus supplement and the related base prospectus and other documents the Company has filed with the SEC for more complete information about the Company and the at-the-market offering program. You may obtain the prospectus supplement and the related base prospectus on the SEC website at www.sec.gov or the sales agent will arrange to send you the prospectus supplement and the related base prospectus if you request it by contacting Sandler O’Neill & Partners, L.P., 1251 Avenue of the Americas, 6th Floor, New York, New York 10020, or by phone at 1-866-805-4128.

This press release is for informational purposes only and is not an offer to sell or the solicitation of an offer to sell any security of the Company, nor will there be any sale of any security in any jurisdiction in which such offer, solicitation or sale would be unlawful. The offering may be made only by means of a prospectus supplement and related base prospectus.

About Pulaski Financial

Pulaski Financial Corp., operating in its 91st year through its subsidiary, Pulaski Bank, offers a full line of quality retail and commercial banking products through 13 full-service branch offices in the St. Louis metropolitan area. The Bank also offers residential mortgage loan products through loan production offices in the St. Louis and Kansas City metropolitan areas, mid- Missouri, southwestern Missouri, eastern Kansas, Omaha, Nebraska, and Council Bluffs, Iowa. The Company’s website can be accessed at www.pulaskibank.com.

This news release may contain forward-looking statements about Pulaski Financial Corp., which the Company intends to be covered under the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements. These forward-looking statements cover, among other things, anticipated future revenue and expenses and the future plans and prospects of the Company. These statements often include the words “may,” “could,” “would,” “should,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “targets,” “potentially,” “probably,” “projects,” “outlook” or similar expressions. You are cautioned that forward-looking statements involve uncertainties, and important factors could cause actual results to differ materially from those anticipated, including changes in general business and economic conditions, changes in interest rates, legal and regulatory developments, increased competition from both banks and non-banks, changes in customer behavior and preferences, and effects of critical accounting policies and judgments. For discussion of these and other risks that may cause actual results to differ from expectations, refer to our Annual Report on Form 10-K for the year ended September 30, 2012 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2013, each as on file with the SEC, including the sections entitled “Risk Factors.” These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update them in light of new information or future events.

Contacts

Pulaski Financial Corp.
Paul Milano, 314-317-5046
Chief Financial Officer

Here's an update to the story..

ST. LOUIS, Apr 23, 2013 (BUSINESS WIRE) -- --Earnings growth

--- Diluted EPS $0.29 in 2013 versus $0.08 in 2012

--- Annualized return on average assets 1.09% in 2013 versus 0.42% in 2012

--- Annualized return on average common equity 13.36% in 2013 versus 3.67% in 2012

--66% increase in mortgage revenues

--73% decline in combined provision for loan losses and foreclosure costs

--Linked Quarter Highlights

--5% increase in mortgage revenues

--$18 million, or 3%, increase in commercial loans

--Net interest income declines modestly; strong commercial loan growth only partially offsets impact of market-driven yield declines and expected legacy residential mortgage portfolio runoff

--51% decline in combined provision for loan losses and foreclosure costs

--Continued improvement in asset quality Is B the reason for A to happen and vice versa?

--- Non-performing assets down $7.2 million, or 14%, to 3.3% of total assets from 3.8%

--- Internal adversely classified assets decreased 14%

--- Percentage of loans that were 31 to 89 days past due on payments remained almost constant at approximately 1% of gross loans

Pulaski Financial Corp. (nasdaq global select:PULB) reported net income available to common shares for the quarter ended March 31, 2013 of $3.2 million, or $0.29 per diluted common share, compared with $851,000, or $0.08 per diluted common share, for the quarter ended March 31, 2012. For the six-month periods, the Company reported net income available to common shares of $6.0 million, or $0.54 per diluted common share, in 2013 compared with net income of $3.4 million, or $0.30 per diluted common share, in 2012.

Gary Douglass, President and Chief Executive Officer, commented, "We are very pleased with our second fiscal quarter results, which, when combined with first quarter results, yield an outstanding first half earnings performance. Our ongoing focus on asset quality improvement resulted in meaningful declines in overall credit costs. Despite a challenging and generally low growth environment, our commercial lending team delivered another solid quarter in terms of loan growth. And finally, our mortgage banking operation contributed yet another strong quarter of revenue growth."

Net Interest Income Declines Modestly

Net interest income was $11.5 million for the quarter ended March 31, 2013 compared with $11.8 million in each of the quarters ended December 31, 2012 and March 31, 2012. The decreases were primarily the result of declines in the net interest margin, which was 3.67% for the quarter ended March 31, 2013 compared with 3.87% for the December 2012 quarter and 3.88% for the March 2012 quarter.

Douglass commented, "We continue to be encouraged by our ongoing commercial loan growth, which resulted in the second consecutive quarter of total net loan portfolio growth. However, this loan growth was not quite sufficient to offset the market-driven yield declines we and others are experiencing on new and renewing loans and the expected continued runoff of our legacy residential mortgage loan portfolio. As a result, we reported a modest decline in net interest income for the quarter."

Mortgage Revenues Showed a Substantial Increase on Improved Profit Margins and Higher Loan Sales Volumes

Primarily as the result of increased mortgage revenues, non-interest income increased to $4.6 million for the quarter ended March 31, 2013 compared with $3.6 million for the quarter ended March 31, 2012. Mortgage revenues were $3.1 million on loan sales of $350 million for the quarter ended March 31, 2013 compared with $1.9 million on loan sales of $309 million for the quarter ended March 31, 2012. The Company also saw a 5% increase in linked-quarter mortgage revenues.

Mortgage loans originated for sale totaled $310 million for the quarter ended March 31, 2013 compared with $307 million for the quarter ended March 31, 2012. The low level of market interest rates continued to fuel strong demand for mortgage refinancings during the March 2013 quarter. Also, the Company continued to experience strong demand for loans to finance the purchase of homes. Mortgage loans originated to finance the purchase of homes totaled $123 million, or 40% of total loans originated for sale, during the quarter ended March 31, 2013 compared with $118 million, or 38% of total loans originated for sale, for the quarter ended March 31, 2012.

The net profit margin on loans sold improved to 0.90% for the quarter ended March 31, 2013 compared with 0.61% for the March 31, 2012 quarter and 0.81% for the December 2012 quarter. The increases were primarily the result of improved selling prices realized from the Company's mortgage loan investors and the continued control of costs to originate such loans. Mortgage loans held for sale decreased to $144.0 million at March 31, 2013 compared with $197.9 million at December 31, 2012.

Douglass noted, "We are delighted to report our eighth consecutive quarterly increase in mortgage revenues. We are also encouraged by the recovering housing market that has resulted in increased home purchase activity. While the percentage of loans originated to finance home purchases remained almost constant with the December 2012 quarter at 40% of our total residential origination volume, it is important to note that this percentage grew to 51% in March 2013 and approximately 62% so far in April 2013. Given all that has been written about the projected decline in future refinancing demand, we are pleased to see the pick-up in loan originations related to home purchases that we are currently experiencing."

Non-Interest Expense Declines from Linked Quarter

Total non-interest expense was $9.1 million for the quarter ended March 31, 2013 compared with $9.9 million for the December 2012 quarter and $7.9 million for the March 2012 quarter.

Douglass observed, "We saw non-interest expense levels drop closer to what we expect to be a more representative quarterly run rate going forward. This drop was principally due to significantly lower foreclosure costs compared with the previous two quarters. In those previous quarters, we incurred higher costs as we disposed of and prepared properties for future disposition."

Asset Quality Continued to Improve at an Accelerated Pace

Non-performing assets decreased to $44.9 million, or 3.3% of total assets, at March 31, 2013 from $52.0 million, or 3.8% of total assets, at December 31, 2012. In addition, the balance of internal adversely classified assets decreased approximately 14% from December 31, 2012 to March 31, 2013, resulting in the sixth consecutive quarterly decline in this category.

The provision for loan losses for the three months ended March 31, 2013 was $1.4 million compared with $2.1 million for the three months ended December 31, 2012. The decreased provision was the result of a lower level of net charge-offs combined with the lower level of non-performing and internal adversely classified assets. Net charge-offs for the quarter ended March 31, 2013 totaled $724,000 compared with $1.2 million for the December 2012 quarter.

Other News - Company Announces Updated Shelf Registration and Preferred Share Repurchase

In other news, the Company today announced that it has filed a shelf registration statement with the Securities and Exchange Commission. This replaces the Company's previously filed shelf registration statement, which expired in December 2012, and provides the Company with the ability to offer up to $40.0 million of securities, including common stock, preferred stock, debt securities, depositary shares, warrants or units.

Douglass noted, "Updating our shelf registration is a prudent step to maintain flexibility for the Company to quickly access the capital markets in favorable market conditions if the need arises. We reiterate our commitment not to undertake an offering that is not in the best interest of our existing shareholders."

The Company also announced today that it recently completed another repurchase of its preferred stock from private investors. During April 2013, the Company repurchased $2 million in par value, or approximately 8% of the outstanding shares, of its Fixed Rate Cumulative Perpetual Preferred Stock, Series A, $1,000 per share liquidation preference at an average price of 97%.

Douglass commented, "We were able to fund the additional repurchases using cash from accumulated earnings and excess capital. Since completion of the Treasury's auction to private investors in July 2012, we have repurchased 28% of the original $32.5 million in par value of our preferred securities at an average price of 94%. Subject to earnings and excess capital availability, we expect to continue to implement our capital management strategy by repurchasing additional preferred shares throughout the balance of fiscal 2013."

Conclusion / Outlook

Douglass stated, "Based on the encouraging momentum generated in the first half of fiscal 2013, we expect a strong second half resulting in meaningful year-over-year earnings growth. We expect the second half to be highlighted by additional asset quality improvement resulting in the continuing normalization of credit costs, a continuation of commercial loan growth and a continued focus on increasing residential mortgage market share gains to capitalize on increasing home purchase activity."

Conference Call Tomorrow

Pulaski Financial's management will discuss second fiscal quarter results and other developments tomorrow, April 24 2013, during a conference call beginning at 11 a.m. EDT (10 a.m. CDT). The call will also be simultaneously webcast and archived for three months at: http://pulaskibank.com/corporate-profile.aspx. Participants in the conference call may dial 877-473-3757, conference ID 42939679, a few minutes before the start time. The call will also be available for replay through May 23, 2013 at 855-859-2056 or 404-537-3406, conference ID 42939679.

About Pulaski Financial

Pulaski Financial Corp., operating in its 91st year through its subsidiary, Pulaski Bank, offers a full line of quality retail and commercial banking products through 13 full-service branch offices in the St. Louis metropolitan area. The Bank also offers mortgage loan products through loan production offices in the St. Louis and Kansas City metropolitan areas, mid-Missouri, southwestern Missouri, eastern Kansas, Omaha, Nebraska, and Council Bluffs, Iowa. The Company's website can be accessed at www.pulaskibank.com.

This news release may contain forward-looking statements about Pulaski Financial Corp., which the Company intends to be covered under the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements. These forward-looking statements cover, among other things, anticipated future revenue and expenses and the future plans and prospects of the Company. These statements often include the words "may," "could," "would," "should," "believes," "expects," "anticipates," "estimates," "intends," "plans," "targets," "potentially," "probably," "projects," "outlook" or similar expressions. You are cautioned that forward-looking statements involve uncertainties, and important factors could cause actual results to differ materially from those anticipated, including changes in general business and economic conditions, changes in interest rates, legal and regulatory developments, increased competition from both banks and non-banks, changes in customer behavior and preferences, and effects of critical accounting policies and judgments. For discussion of these and other risks that may cause actual results to differ from expectations, refer to our Annual Report on Form 10-K for the year ended September 30, 2012 on file with the SEC, including the sections entitled "Risk Factors." These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update them in light of new information or future events.








PULASKI FINANCIAL CORP.
CONDENSED STATEMENTS OF INCOME
(Unaudited)
(Dollars in thousands except per share data)
Three Months Ended
---------------------------------------------------------------
March 31, December 31, March 31,
2013 2012 2012
------------------- --------------------- -------------------
Interest income $ 13,176 $ 13,613 $ 14,011
Interest expense 1,687 1,806 2,190
---------- ---------- ----------
Net interest income 11,489 11,807 11,821
Provision for loan losses 1,375 2,065 5,500
---------- ---------- ----------
Net interest income after provision for loan losses 10,114 9,742 6,321
---------- ---------- ----------
Retail banking fees 994 1,153 978
Mortgage revenues 3,148 2,988 1,897
Investment brokerage revenues 264 293 397
Other 230 282 283
---------- ---------- ----------
Total non-interest income 4,636 4,716 3,555
---------- ---------- ----------
Salaries and employee benefits 4,413 4,566 3,781
Occupancy, equipment and data processing expense 2,545 2,360 2,329
Advertising 111 119 105
Professional services 801 554 403
FDIC deposit insurance premium expense 276 434 388
Real estate foreclosure losses and expense, net 240 1,214 441
Other 720 611 495
---------- ---------- ----------
Total non-interest expense 9,106 9,858 7,942
---------- ---------- ----------
Income before income taxes 5,644 4,600 1,934
Income tax expense 1,992 1,472 565
---------- ---------- ----------
Net income after tax 3,652 3,128 1,369
Preferred stock dividends (406) (406) (518)
---------- --- ---------- ---- ---------- ---
Earnings available to common shares $ 3,246 $ 2,722 $ 851
=== ========== ==== ========== === ==========
Annualized Performance Ratios
Return on average assets 1.09 % 0.96 % 0.42 %
Return on average common equity 13.36 % 11.40 % 3.67 %
Interest rate spread 3.55 % 3.73 % 3.74 %
Net interest margin 3.67 % 3.87 % 3.88 %
SHARE DATA
Weighted average shares outstanding - basic 10,916,522 10,815,633 10,659,123
Weighted average shares outstanding - diluted 11,136,801 11,066,355 11,132,612
Basic earnings per common share $0.30 $0.25 $0.08
Diluted earnings per common share $0.29 $0.25 $0.08
Dividends per common share $0.095 $0.095 $0.095










PULASKI FINANCIAL CORP.
CONDENSED STATEMENTS OF INCOME, Continued
(Unaudited)
(Dollars in thousands except per share data)
Six Months Ended March 31,
---------------------------------------------
2013 2012
------------------- ------------------------
Interest income $ 26,789 $ 28,634
Interest expense 3,493 4,699
---------- ----------
Net interest income 23,296 23,935
Provision for loan losses 3,440 8,500
---------- ----------
Net interest income after provision for loan losses 19,856 15,435
---------- ----------
Retail banking fees 2,147 1,980
Mortgage revenues 6,136 3,583
Investment brokerage revenues 557 771
Other 512 636
---------- ----------
Total non-interest income 9,352 6,970
---------- ----------
Salaries and employee benefits 8,979 7,524
Occupancy, equipment and data processing expense 4,905 4,510
Advertising 231 213
Professional services 1,355 829
Real estate foreclosure losses and expenses, net 1,454 1,133
FDIC deposit insurance premiums 710 882
Other 1,330 982
---------- ----------
Total non-interest expense 18,964 16,073
---------- ----------
Income before income taxes 10,244 6,332
Income tax expense 3,464 1,921
---------- ----------
Net income after tax 6,780 4,411
Preferred stock dividends (811) (1,035)
---------- - ---------- ------
Earnings available to common shares $ 5,969 $ 3,376
===== ========== ===== ==========
Annualized Performance Ratios
Return on average assets 1.03 % 0.68 %
Return on average common equity 12.39 % 7.33 %
Interest rate spread 3.64 % 3.76 %
Net interest margin 3.77 % 3.92 %
SHARE DATA
Weighted average shares outstanding - basic 10,865,523 10,632,225
Weighted average shares outstanding - diluted 11,101,194 11,069,306
Basic earnings per common share $0.55 $0.32
Diluted earnings per common share $0.54 $0.30
Dividends per common share $0.190 $0.190










PULASKI FINANCIAL CORP.
BALANCE SHEET DATA
(Unaudited)
(Dollars in thousands)
March 31, December 31, September 30,
2013 2012 2012
------------------ -------------------- --------------------
Total assets $ 1,350,635 $ 1,382,295 $ 1,347,517
Loans receivable, net 1,003,363 987,808 975,728
Allowance for loan losses 18,608 17,957 17,117
Mortgage loans held for sale, net 144,031 197,876 180,575
Investment securities 39,565 26,759 27,578
FHLB stock 4,535 5,336 5,559
Cash and cash equivalents 70,107 74,650 62,335
Deposits 1,094,251 1,116,133 1,081,698
Borrowed Money 97,943 111,245 109,981
Subordinated debentures 19,589 19,589 19,589
Stockholders' equity - preferred 25,152 25,064 24,976
Stockholders' equity - common 97,749 95,178 93,191
Book value per common share $8.60 $8.38 $8.21
Tangible book value per share $8.25 $8.03 $7.86
Regulatory capital ratios - Pulaski Bank only: (1)
Tier 1 leverage capital (to average assets) 9.90 % 9.51 % 9.63 %
Total risk-based capital (to risk-weighted assets) 13.91 % 13.57 % 13.58 %
(1) March 31, 2013 regulatory capital ratios are
estimated.
March 31, December 31, September 30,
2013 2012 2012
------------------ -------------------- --------------------
LOANS RECEIVABLE
Single-family residential:
Residential first mortgage $ 213,685 $ 208,838 $ 211,760
Residential second mortgage 41,455 42,798 42,091
Home equity lines of credit 129,651 136,919 143,931
--------- --------- ---------
Total single-family residential 384,791 388,555 397,782
--------- --------- ---------
Commercial:
Commercial and multi-family real estate 346,678 336,528 323,334
Land acquisition and development 46,350 46,073 47,263
Real estate construction and development 18,617 20,536 21,907
Commercial and industrial 220,414 210,478 197,755
--------- --------- ---------
Total commercial 632,059 613,615 590,259
--------- --------- ---------
Consumer and installment 2,397 2,790 2,674
--------- --------- ---------
1,019,247 1,004,960 990,715
Add (less):
Deferred loan costs 3,024 2,983 3,116
Loans in process (300) (2,178) (986)
Allowance for loan losses (18,608) (17,957) (17,117)
--------- --- --------- ---- --------- ----
Total $ 1,003,363 $ 987,808 $ 975,728
=== ========= ==== ========= ==== =========
Weighted average rate at end of period 4.75 % 4.89 % 4.92 %
========= === ========= ==== ========= ====
March 31, 2013 December 31, 2012 September 30, 2012
----------------------------- ------------------------------- -------------------------------
Weighted Weighted Weighted
Average Average Average
Interest Interest Interest
DEPOSITS Balance Rate Balance Rate Balance Rate
------------------ ---------- -------------------- ---------- -------------------- ----------
Demand Deposit Accounts: (Dollars in thousands)
Non-interest-bearing checking $ 166,943 0.00 % $ 183,185 0.00 % $ 173,374 0.00 %
Interest-bearing checking 262,768 0.10 % 284,436 0.11 % 276,542 0.14 %
Savings accounts 39,492 0.13 % 38,385 0.13 % 37,258 0.14 %
Money market 193,172 0.26 % 172,153 0.25 % 149,194 0.26 %
--------- --------- ---------
Total demand deposit accounts 662,375 0.12 % 678,159 0.12 % 636,368 0.13 %
--------- --------- ---------
Certificates of Deposit:
Retail 352,401 1.04 % 363,869 1.12 % 365,848 1.17 %
CDARS 79,476 0.30 % 74,105 0.32 % 79,483 0.34 %
--------- --------- ---------
Total certificates of deposit 431,877 0.90 % 437,974 0.98 % 445,331 1.02 %
--------- --------- ---------
Total deposits $ 1,094,252 0.43 % $ 1,116,133 0.46 % $ 1,081,699 0.50 %
=== ========= ==== ========= ==== =========










PULASKI FINANCIAL CORP.
NONPERFORMING ASSETS
(Unaudited)
(In thousands)
March 31, December 31, September 30,
NON-PERFORMING ASSETS 2013 2012 2012
------------- -------------- --------------
Non-accrual loans:
Residential real estate first mortgages $ 5,626 $ 7,295 $ 4,248
Residential real estate second mortgages 459 771 610
Home equity lines of credit 2,417 1,834 1,613
Commercial and multi-family real estate 3,178 3,637 6,119
Land acquisition and development 27 27 -
Real estate construction and development 33 99 358
Commercial and industrial 3,580 3,842 4,412
Consumer and other 38 106 102
------ ------ ------
Total non-accrual loans 15,358 17,611 17,462
------ ------ ------
Troubled debt restructured: (1)
Current under the restructured terms:
Residential real estate first mortgages 6,332 9,590 11,809
Residential real estate second mortgages 404 970 1,473
Home equity lines of credit 595 1,528 1,266
Commercial and multi-family real estate 6,358 3,375 6,388
Land acquisition and development 45 46 -
Real estate construction and development - - 34
Commercial and industrial 1,507 1,162 1,186
Consumer and other 36 38 42
------ ------ ------
Total current troubled debt restructurings 15,277 16,709 22,198
------ ------ ------
Past due under restructured terms:
Residential real estate first mortgages 2,645 3,517 5,463
Residential real estate second mortgages 332 334 166
Home equity lines of credit 399 440 542
Commercial and multi-family real estate 2,045 3,757 1,607
Land acquisition and development - - 39
------ ------ ------
Total past due troubled debt restructurings 5,421 8,048 7,817
------ ------ ------
Total troubled debt restructurings 20,698 24,757 30,015
------ ------ ------
Total non-performing loans 36,056 42,368 47,477
------ ------ ------
Real estate acquired in settlement of loans:
Residential real estate 4,624 1,617 2,651
Commercial real estate 4,194 8,056 11,301
------ ------ ------
Total real estate acquired in settlement of loans 8,818 9,673 13,952
------ ------ ------
Total non-performing assets $ 44,874 $ 52,041 $ 61,429
===== ====== ====== ====== ====== ======
(1)
Troubled debt restructured includes non-accrual loans totaling
$20.7 million, $24.8 million and $30.0 million at March 31, 2013,
December 31, 2012 and September 30, 2012, respectively. These
totals are not included in non-accrual loans above.










PULASKI FINANCIAL CORP.
ALLOWANCE FOR LOAN LOSSES AND ASSET QUALITY RATIOS
(Unaudited)
(Dollars in thousands)
Three Months Six Months
Ended March 31, Ended March 31,
--------------------------------- ----------------------------
ALLOWANCE FOR LOAN LOSSES 2013 2012 2013 2012
--------------- ----------------- ----------------- ----------
Allowance for loan losses, beginning of period $ 17,957 $ 25,790 $ 17,117 $ 25,714
Provision charged to expense 1,375 5,500 3,440 8,500
Charge-offs:
Residential real estate loans:
First mortgages 366 4,347 1,602 5,053
Second mortgages 517 1,290 868 1,428
Home equity 635 2,507 1,349 3,837
------ ------ ------ ------
Total residential real estate loans 1,518 8,144 3,819 10,318
------ ------ ------ ------
Commercial loans:
Commercial and multi-family real estate 42 2,822 564 3,606
Land acquisition & development - 262 23 262
Real estate construction and development - 241 260 241
Commercial and industrial loans - 1,234 484 1,234
------ ------ ------ ------
Total commercial loans 42 4,559 1,331 5,343
------ ------ ------ ------
Consumer and other 25 463 59 492
------ ------ ------ ------
Total charge-offs 1,585 13,166 5,209 16,153
------ ------ ------ ------
Recoveries:
Residential real estate loans:
First mortgages 4 3 29 11
Second mortgages 75 7 109 20
Home equity 71 48 157 80
------ ------ ------ ------
Total residential real estate loans 150 58 295 111
------ ------ ------ ------
Commercial loans:
Commercial and multi-family real estate 67 60 1,109 55
Land acquisition & development - - 17 6
Real estate construction and development 628 - 1,797 -
Commercial and industrial 10 8 25 13
------ ------ ------ ------
Total commercial loans 705 68 2,948 74
------ ------ ------ ------
Consumer and other 6 4 17 7
------ ------ ------ ------
Total recoveries 861 130 3,260 193
------ ------ ------ ------
Net charge-offs 724 13,036 1,949 15,960
------ ------ ------ ------
Balance, end of period $ 18,608 $ 18,254 $ 18,608 $ 18,254
=== ====== ==== ====== ==== ====== == ======
March 31, December 31, September 30,
ASSET QUALITY RATIOS 2013 2012 2012
--------------- ----------------- -----------------
Non-performing loans as a percent of total loans 3.54 % 4.22 % 4.79 %
Non-performing loans excluding current troubled debt 2.04 % 2.55 % 2.55 %
restructurings as a percent of total loans
Non-performing assets as a percent of total assets 3.32 % 3.76 % 4.56 %
Non-performing assets excluding current troubled debt 2.19 % 2.56 % 2.91 %
restructurings as a percent of total assets
Allowance for loan losses as a percent of total loans 1.83 % 1.79 % 1.73 %
Allowance for loan losses as a percent of non-performing loans 51.61 % 42.38 % 36.05 %
Allowance for loan losses as a percent of non-performing loans 87.12 % 68.11 % 65.56 %
excluding current troubled debt restructurings and related
allowance for loan losses










PULASKI FINANCIAL CORP.
AVERAGE BALANCE SHEETS
(Unaudited)
(Dollars in thousands)
Three Months Ended
----------------------------------------------------------------------------
March 31, 2013 March 31, 2012
------------------------------------- -------------------------------------
Interest Average Interest Average
Average and Yield/ Average and Yield/
Interest-earning assets: Balance Dividends Cost Balance Dividends Cost
-------------- ------------ --------- -------------- ------------ ---------
Loans receivable $ 1,007,196 $ 11,644 4.62 % $ 1,030,081 $ 12,649 4.91 %
Mortgage loans held for sale 178,783 1,413 3.16 % 138,654 1,277 3.68 %
Other interest-earning assets 66,180 119 0.72 % 50,754 85 0.67 %
--------- ------ --------- ------
Total interest-earning assets 1,252,159 13,176 4.21 % 1,219,489 14,011 4.60 %
------ ------
Non-interest-earning assets 82,207 84,438
--------- ---------
Total assets $ 1,334,366 $ 1,303,927
=== ========= === =========
Interest-bearing liabilities:
Deposits $ 942,363 $ 1,327 0.56 % $ 948,665 $ 1,824 0.77 %
Borrowed money 87,209 360 1.64 % 66,444 366 2.20 %
--------- ------ --------- ------
Total interest-bearing liabilities 1,029,572 1,687 0.66 % 1,015,109 2,190 0.86 %
------ ------
Non-interest-bearing deposits 169,058 150,662
Non-interest-bearing liabilities 13,410 13,723
Stockholders' equity 122,326 124,433
--------- ---------
Total liabilities and stockholders' equity $ 1,334,366 $ 1,303,927
=== ========= === =========
Net interest income $ 11,489 $ 11,821
==== ====== ==== ======
Interest rate spread 3.55 % 3.74 %
Net interest margin 3.67 % 3.88 %
(Dollars in thousands)
Six Months Ended
----------------------------------------------------------------------------
March 31, 2013 March 31, 2012
------------------------------------- -------------------------------------
Interest Average Interest Average
Average and Yield/ Average and Yield/
Interest-earning assets: Balance Dividends Cost Balance Dividends Cost
-------------- ------------ --------- -------------- ------------ ---------
Loans receivable $ 997,061 $ 23,583 4.73 % $ 1,035,594 $ 25,850 4.99 %
Mortgage loans held for sale 181,319 2,982 3.29 % 138,676 2,588 3.73 %
Other interest-earning assets 58,387 224 0.77 % 46,685 196 0.84 %
--------- ------ --------- ------
Total interest-earning assets 1,236,767 26,789 4.33 % 1,220,955 28,634 4.69 %
------ ------
Non-interest-earning assets 84,402 85,870
--------- ---------
Total assets $ 1,321,169 $ 1,306,825
=== ========= === =========
Interest-bearing liabilities:
Deposits $ 926,782 $ 2,761 0.60 % $ 944,090 $ 3,956 0.84 %
Borrowed money 81,984 732 1.79 % 70,644 743 2.10 %
--------- ------ --------- ------
Total interest-bearing liabilities 1,008,766 3,493 0.69 % 1,014,734 4,699 0.93 %
------ ------
Noninterest-bearing deposits 175,869 153,789
Noninterest-bearing liabilities 15,110 14,601
Stockholders' equity 121,424 123,701
--------- ---------
Total liabilities and stockholders' equity $ 1,321,169 $ 1,306,825
=== ========= === =========
Net interest income $ 23,296 $ 23,935
==== ====== ==== ======
Interest rate spread 3.64 % 3.76 %
Net interest margin 3.77 % 3.92 %



http://cts.businesswire.com/ct/CT?id=bwnews&sty=20130423006489r1&sid=cmtx4&distro=nx

SOURCE: Pulaski Financial Corp.

~ Tuesday! $PULB ~ Q2 Earnings expected today or coming soon! In Charts and Links Below!

~ $PULB ~ Earnings expected on Tuesday *
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*If the earnings date is in error please ignore error. I do my best.

~ Tuesday! $PULB ~ Q1 Earnings posted, pending or coming soon! In Charts and Links Below!

~ $PULB ~ Earnings expected on Tuesday *
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Pulaski Financial Corp. is the holding company for Pulaski Bank (the Bank). The Company’s primary assets are its investment in the Bank and cash. The Company also maintains two special-purpose subsidiaries that issue preferred securities. Pulaski Bank provides a range of financial products and services for businesses and retail customers primarily through its 12 full-service offices in the St. Louis metropolitan area and six loan production offices in the St. Louis and Kansas City metropolitan areas. Pulaski Bank is primarily engaged in attracting deposits from individuals and businesses and using these deposits, together with borrowed funds, to originate one- to four-family residential mortgage loans, residential construction loans, home equity lines of credit, multi-family and commercial real estate and commercial and industrial loans within its lending market. In addition, the Bank originates one-to four-family residential mortgage loans in its Kansas City and Wichita markets.

http://www.google.com/finance?q=PULB