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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."
~ Tuesday! $PULB ~ Q2 Earnings expected today or coming soon! In Charts and Links Below!
~ $PULB ~ Earnings expected on Tuesday *
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One or more of many earnings sites has alerted this security has or will be posting earnings on or around the day of this message.
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~ Google Finance: http://www.google.com/finance?q=PULB
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~ Yahoo! Finance ~ Stats: http://finance.yahoo.com/q/ks?s=PULB+Key+Statistics
~ Yahoo! Finance ~ Profile: http://finance.yahoo.com/q/pr?s=PULB
Finviz: http://finviz.com/quote.ashx?t=PULB
~ MarketWatch: http://www.marketwatch.com/investing/stock/PULB/insideractions
<<<<<< http://www.earningswhispers.com/stocks.asp?symbol=PULB >>>>>>
http://investorshub.advfn.com/boards/post_prvt.aspx?user=251916
*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 *
Want more like this? Search Keyword: MACMONEY >>> http://tinyurl.com/MACMONEY <<<
One or more of many earnings sites has alerted this security has or will be posting earnings on or around the day of this message.
http://stockcharts.com/h-sc/ui?s=PULB&p=D&b=3&g=0&id=p88783918276&a=237480049
http://stockcharts.com/h-sc/ui?s=PULB&p=W&b=3&g=0&id=p54550695994
~ Google Finance: http://www.google.com/finance?q=PULB
~ Google Fin Options: hhttp://www.google.com/finance/option_chain?q=PULB#
~ Yahoo! Finance ~ Stats: http://finance.yahoo.com/q/ks?s=PULB+Key+Statistics
~ Yahoo! Finance ~ Profile: http://finance.yahoo.com/q/pr?s=PULB
Finviz: http://finviz.com/quote.ashx?t=PULB
~ BusyStock: http://busystock.com/i.php?s=PULB&v=2
<<<<<< http://www.earningswhispers.com/stocks.asp?symbol=PULB >>>>>>
http://investorshub.advfn.com/boards/post_prvt.aspx?user=251916
*If the earnings date is in error please ignore error. I do my best.
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
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