Pulaski Financial Reports Second Quarter 2008 Diluted Earnings Per Share up 19% to...

Pulaski Financial Reports Second Quarter 2008 Diluted Earnings Per Share up 19% to $0.25 Per Share; Appoints New Chief Executive Officer; Elects New Chairmen of Holding Company and Bank Boards

-- Non-Interest Income Increases 43% to $4.1 Million During
Quarter on Growth in Mortgage Revenues and Retail Banking Fees

-- Q2 Net Interest Income Expands 27% to $8.9 Million; Up 23% to
$17.1 Million YTD

-- Core Deposits Up 21% YTD, Aided by Ongoing Growth From New
Bank Locations

-- New Clayton and Downtown St. Louis Branches Are Beating
Earlier Expectations

-- Year-to-Date Earnings Per Share Up 13% to $0.52

-- Strong Performance Realized Despite Rise In Non-Performing
Assets and Charge-offs Due to Declining Property Values;
Appropriately Reserved for Market Conditions

-- New President and CEO and New Holding Company Chairman Bring
Successful Long-term Track Records in Financial Services to
New Roles
ST. LOUIS--(Business Wire)--
Pulaski Financial Corp. (Nasdaq Global Select: PULB), the holding
company ("the Company") for Pulaski Bank ("the Bank"), today announced
net income for the second fiscal quarter ended March 31, 2008 of $2.5
million, or $0.25 per diluted share, compared with earnings of $2.2
million, or $0.21 per diluted share, for the same quarter last year.
For the six months ended March 31, 2008, earnings were $5.3 million,
or $0.52 per diluted share, compared with earnings of $0.46 per
diluted share for the same period a year ago.

Other Financial & Operating Results

Net interest income rose $1.9 million (or 27%) to $8.9 million for
the March quarter compared to the same period a year ago. For the
six-month period, net interest income increased $3.2 million (or
22.9%) to $17.1 million. Results were driven by continued strong
growth in the average balance of loans receivable, which increased
$186.6 million (or 22%) to $1.042 billion during the quarter compared
to the same period a year ago. For the six-month period, the average
balance of loans receivable $183.4 million to $1.018 billion. Loans
retained grew 9% to $1.035 billion over the first six months of the
fiscal year.

The net interest margin remained constant at 3.03% for the three
months ended March 31, 2008, compared to 3.02% for the linked quarter
ended December 31, 2007 and 2.95% for the comparable quarter a year
ago. The Company's balance sheet is in a neutral interest rate
sensitive position, with roughly two thirds of both assets and
liabilities set to pay off or re-price within one year.

The net interest margin remained stable during this period of
rapid growth due to corresponding strong growth in core deposits
(non-interest and interest bearing checking, money market and passbook
accounts), which increased $66.5 million (or 21%) over the first six
months of the year. Growth in core deposits was driven primarily by
increased commercial balances, which are up $50.9 million
year-to-date. As of March 31, 2008, the Company had $33.9 million in
deposit balances at its new Clayton and Downtown St. Louis branches,
well ahead of pro forma projections. Given these more favorable than
expected results, the Company no longer expects these new branches to
dilute earnings for the remainder of the year. The average yield of
interest earning assets declined 64 basis points on a linked quarter
basis from 7.14% in December to 6.50% in March. The average cost of
interest bearing liabilities declined slightly faster, by 75 basis
points on a linked quarter basis from 4.49% in December to 3.74% in
March.

Mortgage revenues rose 49.8% to $2.1 million for the quarter just
ended due to higher loan sales and lower fixed costs in the mortgage
division. Loans sold increased 30.8% to $402.3 million during the
quarter. Loan volumes increased due to favorable interest rates
combined with decreased loan competition from mortgage brokers and
other lenders who have failed or reduced activities in current market
conditions.

Retail banking revenue increased 24%, or $177,000, to $932,000
during the quarter, driven primarily by growth in retail checking
account deposits, particularly at the newest bank locations.

Results for the quarter ended March 31, 2008 included $263,000
from a gain on sale of securities, compared with no gains from that
source in the comparable quarter for the prior year. Year-to-date
results included $317,000 in such gains compared to $144,000 over the
first six months last year.

Net charge-offs for the quarter ended March 31, 2008 increased to
$1.8 million, or 0.63% of average loans outstanding on an annualized
basis, compared with $302,000 (or 0.12% of average loans outstanding
on an annualized basis) for the linked December 2007 quarter, as
losses on second mortgages and home equity loans accelerated due to
continued property value declines in the St. Louis and Kansas City
metropolitan areas. The provision for loan losses was increased to
$1.7 million for the quarter just ended, compared with a provision of
$573,000 for the comparable period last year. Management is actively
reserving and charging-off non-performing second mortgage and home
equity loans and believes that the loan portfolio has been adequately
reserved for anticipated losses.

Asset quality remains sound, despite a rise in non-performing
assets from $13.6 million (or 1.20% of total assets) as of September
30, 2007 to $19.8 million (or 1.57% of total assets) as of March 31,
2008. The Company's largest non-performing asset as of December 31,
2007, was a $2.2 million "other real estate owned" commercial
property, which was acquired through foreclosure in January 2008 and
on which the Company is currently working through lease issues with
its existing tenant.

Additional data on these and other measures is available in the
exhibits attached to this release.

Executive & Board Changes

In addition to these financial results, Board Chairman Lee S.
Wielansky announced today that William A. Donius, President and Chief
Executive Officer, is resigning, effective May 1, 2008. Wielansky
commented, "The entire Board joins me in congratulating Bill for his
incredible accomplishments in transforming Pulaski from a $160 million
thrift into a top-performing, $1.3 billion in assets publicly-traded
community bank. In addition to the results Bill has delivered for
shareholders, he has been and remains an active participant in and
generous contributor to numerous community and charitable
organizations across the St. Louis region, setting the personal
example of how a true community bank should engage with other
organizations, customers and neighbors to make our region work."
Donius will continue to serve as both a consultant to and a director
of the Holding Company and has agreed to serve as Chairman of the
Bank's Board.

Donius said, "I am very proud of the incredible team and
corresponding results we accomplished over the past 16 years at the
bank and my past ten as CEO. We were voted Best Place to Work in St.
Louis and just learned we have been voted one of the Best Community
Banks in St. Louis by Small Business Monthly. I am honored to have
followed both my father, Walter Donius, and grandfather, Michael
Burdzy, who built the bank over the 70 years before me. During my
tenure, our capital grew 10-fold, our total assets 8-fold and our
branch footprint from four locations to twelve while driving
shareholder returns of more than 500% since our initial public
offering in December 1998, while building one of the fastest growing
banks in St. Louis in residential lending and commercial and retail
banking. I look forward to continuing to serve Pulaski in my new
roles."

Wielansky said, "The Board has focused on bringing about an
orderly transition that builds on what the Donius family has
delivered. I am proud to announce that Gary W. Douglass will succeed
Donius as President and Chief Executive Officer of the Holding
Company, effective May 1. 2008. Douglass will also be appointed to the
Boards of Directors of the Holding Company and of the Bank."

Douglass most recently served as Executive Vice President, Finance
and Chief Financial Officer of CPI Corp. (NYSE: CPY), a leading
portrait studio operator in North America, headquartered in St. Louis.
Douglass also previously held the position of Executive Vice President
and Chief Financial Officer of Roosevelt Financial Group, Inc., which
had been the $9 billion bank holding company parent of Roosevelt Bank,
headquartered in St. Louis, before its merger with Mercantile
Bancorporation, Inc. in 1997. Douglass is a certified public
accountant and a former partner with Deloitte, where he headed that
firm's financial institutions practice in St. Louis.

In commenting on Douglass' appointment, Wielansky said, "The Board
is thrilled to welcome someone of Gary's caliber to lead the Holding
Company and the Bank. With a 25-year successful track record in the
financial industry and his most recent role with a public company, we
know that Gary has the experience, leadership, judgment and vision to
take Pulaski to the next level and to generate even greater returns
for our shareholders."

Douglass commented, "I am honored that the Pulaski Financial Board
has selected me to build on the excellent foundation that it has
established. I look forward to working with the Board and management
team to continue to successfully implement strategies to grow our
balance sheet, maintain strong asset quality and emphasize
non-interest income sources to most fully serve both customers and
shareholders."

Chairman Wielansky also announced that Stanley J. Bradshaw will
replace him as Chairman of the Board of the Holding Company, effective
May 1, 2008. Wielansky will retain an active role in oversight as the
Vice Chairman of the Holding Company Board at that time. Bradshaw has
an extensive background in banking, having served as Chairman,
President and Chief Executive Officer of Roosevelt Financial Group and
Roosevelt Bank. During Bradshaw's tenure as CEO of Roosevelt from 1991
to 1997, Roosevelt's assets quadrupled while the value of its stock
grew 18-fold. Bradshaw has been an advisor to Pulaski since 1999, and
a member of its Holding Company Board since 2006, in addition to
serving as the Chairman of the Board of an investment company he
launched in late December 1998. He is also the founding Chairman of
the Board of Square 1 Financial, the holding company of Square 1 Bank,
a $1 billion nationwide bank serving emerging growth companies in the
areas of technology and the life sciences.

In accepting the Chairman's position, Bradshaw stated, "I am
humbled to have been asked to serve. Having worked with Pulaski's
Board since 1999, I join my colleagues in being proud of the many
successes the Bank has achieved during that time and I know that the
Bank is blessed with many talented bankers, a great market position
and a strong balance sheet. I am very confident of the additional
successes that will be achieved in the future. I'm pleased that Bill
Donius has agreed to continue to help build the Bank in his new roles.
And I'm comforted by the fact that Pulaski's team will be led on a
daily basis by Gary Douglass, an accomplished professional with
exacting standards for performance, and someone with whom I am quite
familiar from our prior shared experience. Gary will bring new
perspectives regarding creation of shareholder value while also
creating an environment in which the mortgage, retail and commercial
divisions of the Bank will continue to thrive."

Bradshaw continued, "The Company and its shareholders owe many
thanks to Lee Wielansky, the first non-executive Chairman of the
Company, whose leadership has been outstanding, a continuation of his
many other contributions to Pulaski's success as a director who has
helped build our commercial franchise and helped form our extremely
valuable advisory boards."

Outlook

Commenting on the Company's expectations regarding the balance of
the year, Chairman Wielansky closed by saying, "We are very encouraged
by emerging results so far this year and we are cautiously optimistic
that these trends will continue. We will be recording a one-time after
tax charge of approximately $960,000, or $0.09 per share, during the
third quarter to reflect the Company's payments to Donius under his
employment agreement, which will dampen otherwise expected third
quarter results. But, we believe that the Bank's strong underlying
performance bodes well for overall earnings results in quarters to
come."

Conference Call Monday Morning

Pulaski Financial management will discuss second quarter results
and other developments on Monday, April 14, during a conference call
beginning at 10:30 a.m. Eastern Daylight Time (9:30 a.m. Central
Daylight Time). The call also will be simultaneously web cast and
archived for three months here Participants in
the conference call may dial 877-407-9039 a few minutes before start
time. The call also will be available for replay for three months at
877-660-6853, account number 3055 and conference I.D. 281852.

About Pulaski Financial

Pulaski Financial Corp., operating in its 86th year through its
subsidiary, Pulaski Bank, serves customers throughout the St. Louis
metropolitan area. The bank offers a full line of quality retail and
commercial banking products through 12 full-service branch offices in
St. Louis and three loan production offices in Kansas City and the
Illinois portion of the St. Louis metroplex. The Company's website can
be accessed at www.pulaskibankstl.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, 2007 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.

-0-
*T
PULASKI FINANCIAL CORP.
UNAUDITED CONSOLIDATED FINANCIAL HIGHLIGHTS

SELECTED BALANCE SHEET DATA March 31, December September
31, 30,
(Dollars in thousands except per
share data) 2008 2007 2007
---------- ---------- ----------
Total assets $1,259,708 $1,250,907 $1,131,465
Loans receivable, net 1,035,457 1,025,623 949,826
Allowance for loan losses 11,116 11,151 10,421
Loans held for sale, net 80,301 87,582 58,536
Investment securities (includes
equity securities) 28,720 27,679 16,988
FHLB stock 13,519 12,489 8,306
Mortgage-backed & related securities 2,878 2,937 3,027
Cash and cash equivalents 22,675 23,334 23,675
Deposits 855,762 868,966 835,489
FHLB advances 265,000 252,300 158,400
Subordinated debentures 19,589 19,589 19,589
Stockholders' equity 85,147 83,572 80,804
Book value per share $ 8.44 $ 8.36 $ 8.13

Asset Quality Ratios
Nonperforming loans as a percent of
total loans 1.16% 1.11% 1.03%
Nonperforming assets as a percent of
total assets 1.57% 1.29% 1.20%
Allowance for loan losses as a
percent of total loans 0.99% 0.99% 1.02%
Allowance for loan losses as a
percent of nonperforming loans 84.85% 89.66% 99.44%
*T

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*T
Three Months Six Months
SELECTED OPERATING Ended March 31, Ended March 31,
DATA
----------------------- -----------------------
(Dollars in thousands) 2008 2007 2008 2007
----------- ----------- ----------- -----------
Interest income $ 18,989 $ 16,961 $ 38,359 $ 33,336
Interest expense 10,125 9,981 21,294 19,450
----------- ----------- ----------- -----------

Net interest
income 8,864 6,980 17,065 13,886
Provision for loan
losses 1,728 573 2,761 1,255
----------- ----------- ----------- -----------

Net interest
income after
provision for
loan losses 7,136 6,407 14,304 12,631
----------- ----------- ----------- -----------

Retail banking fees 932 755 1,961 1,537
Mortgage revenues 2,126 1,419 3,445 2,480
Revenue from
investment division
operations 356 133 571 376
Gain on sale of
securities 263 - 317 144
Other 426 573 951 1,003
----------- ----------- ----------- -----------
Total non-interest
income 4,103 2,880 7,245 5,540
----------- ----------- ----------- -----------

Compensation expense 3,199 3,018 6,220 5,450
Occupancy, equipment
and data processing 1,856 1,431 3,453 2,682
Advertising 294 372 634 619
Professional services 425 399 708 661
Real estate
foreclosure expense
and losses, net 155 174 383 321
Loss(gain) on
derivative financial
instruments 58 (141) (64) (314)
Other 1,190 810 2,286 1,727
----------- ----------- ----------- -----------
Total non-interest
expense 7,177 6,063 13,620 11,146
----------- ----------- ----------- -----------

Income before income
taxes 4,062 3,224 7,929 7,025
Income taxes 1,514 1,020 2,649 2,334
----------- ----------- ----------- -----------
Net income $ 2,548 $ 2,204 $ 5,280 $ 4,691
=========== =========== =========== ===========

Performance Ratios
Return on average
assets 0.82% 0.86% 0.88% 0.94%
Return on average
equity 11.85% 10.98% 12.36% 11.78%
Interest rate spread 2.76% 2.61% 2.71% 2.66%
Net interest margin 3.03% 2.95% 3.03% 3.00%

SHARE DATA
Weighted average
shares outstanding-
basic 9,854,302 9,829,899 9,817,014 9,826,841
Weighted average
shares outstanding-
diluted 10,209,176 10,265,321 10,197,921 10,267,214
EPS-basic $ 0.26 $ 0.22 $ 0.54 $ 0.48
EPS-diluted $ 0.25 $ 0.21 $ 0.52 $ 0.46
Dividends $ 0.090 $ 0.085 $ 0.180 $ 0.170
*T

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*T
PULASKI FINANCIAL CORP.
UNAUDITED CONSOLIDATED FINANCIAL HIGHLIGHTS, Continued

LOANS RECEIVABLE March 31, December September
31, 30,
(Dollars in thousands) 2008 2007 2007
---------- ---------- ---------

Real estate mortgage:
One to four family residential $ 323,942 $ 333,047 $ 332,206
Multi-family residential 33,666 33,713 30,219
Commercial real estate 242,226 230,655 200,206
---------- ---------- ---------
Total real estate mortgage 599,834 597,415 562,631
---------- ---------- ---------

Real estate construction and
development:
One to four family residential 46,825 47,079 45,428
Multi-family residential 13,870 13,014 13,899
Commercial real estate 47,695 45,985 39,594
---------- ---------- ---------
Total real estate construction
and development 108,390 106,078 98,921
---------- ---------- ---------

Commercial & Industrial loans 111,474 110,033 77,642
Equity line of credit 222,844 223,270 219,539
Consumer and installment 7,314 7,000 6,918
---------- ---------- ---------
1,049,856 1,043,796 965,651
---------- ---------- ---------
Add (less):
Deferred loan costs 5,145 5,327 5,163
Loans in process (8,428) (12,349) (10,567)
Allowance for loan losses (11,116) (11,151) (10,421)
---------- ---------- ---------
(14,399) (18,173) (15,825)
---------- ---------- ---------
Total $1,035,457 $1,025,623 $ 949,826
========== ========== =========

Weighted average rate at end of period 6.38% 7.29% 7.44%
========== ========== =========
*T

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*T
March 31, 2008 December 31, 2007 September 30,
2007
----------------- ----------------- -----------------
Weighted Weighted Weighted
DEPOSITS Average Average Average
(Dollars in Interest Interest Interest
thousands)
Balance Rate Balance Rate Balance Rate
-----------------------------------------------------
Demand Deposit
Accounts:
Noninterest-
bearing
checking $ 63,962 0.00% $ 63,341 0.00% $ 57,005 0.00%
Interest-
bearing
checking 93,264 1.38% 82,952 1.96% 57,815 1.79%
Money market 198,609 2.33% 196,357 3.76% 173,950 4.05%
Passbook
savings
accounts 28,343 0.28% 29,450 0.29% 28,909 0.29%
-------- -------- --------
Total
demand
deposit
accounts 384,178 1.56% 372,100 2.44% 317,679 2.57%
-------- -------- --------

Certificates of
Deposit: (1)
$100,000 or
less 222,462 4.07% 231,077 4.99% 239,401 5.45%
Greater than
$100,000 249,122 4.28% 265,789 4.73% 278,409 4.73%
-------- -------- --------
Total
certificates
of deposit 471,584 4.18% 496,866 4.85% 517,810 5.06%
-------- -------- --------
Total
deposits $855,762 3.01% $868,966 3.82% $835,489 4.11%
======== ======== ========

(1) Includes
brokered
deposits $157,760 $173,343 $190,445
======== ======== ========
*T

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*T
PULASKI FINANCIAL CORP.
NONPERFORMING ASSETS AND ALLOWANCE FOR LOAN LOSSES
(Unaudited)

NONPERFORMING ASSETS March December September
31, 31, 30,
(In thousands) 2008 2007 2007
-------- -------- ---------
Non-accrual loans:
Residential real estate $ 2,732 $ 1,846 $ 2,082
Commercial and multi-family 1,152 3,786 3,708
Real estate-construction and
development 439 221 -
Commercial and industrial 240 - -
Home equity 726 669 554
Other 186 289 105
-------- -------- ---------
Total non-accrual loans 5,475 6,811 6,449
-------- -------- ---------

Accruing loans past due 90 days or more:
Residential real estate 3,193 3,116 2,564
Commercial and multi-family 457 383 44
Real estate-construction and
development - 227 -
Home equity 1,955 1,106 1,064
Other 5 207 150
-------- -------- ---------
Total accruing loans past due 90
days or more 5,610 5,039 3,822
-------- -------- ---------

Restructured loans 2,016 587 209
-------- -------- ---------
Total non-performing loans 13,101 12,437 10,480
Real estate acquired in settlement of
loans 6,620 3,645 3,090
Other nonperforming assets 43 44 43
-------- -------- ---------
Total non-performing assets $ 19,764 $16,126 $13,613
======== ======== =========

ALLOWANCE FOR LOAN LOSSES Six Months Ended
March 31,
-----------------
(In thousands) 2008 2007
-------- --------
Allowance for loan losses, beginning of
period $ 10,421 $ 7,817
Provision charged to expense 2,761 1,255
Loans charged-off (2,175) (576)
Recoveries of loans previously charged-off 109 14
-------- --------
Allowance for loan losses, end of period $ 11,116 $ 8,510
======== ========
*T

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*T
PULASKI FINANCIAL CORP.
AVERAGE BALANCE SHEETS
(Unaudited)

Three Months Ended
------------------------------
March 31, 2008
----------------------------
Interest Average
(Dollars in thousands) Average and Yield/
Balance Dividends Cost
---------- --------- -------
Interest-earning assets:
Loans receivable $1,041,562 $17,385 6.68%
Loans available for sale 81,205 1,017 5.01%
Other interest-earning assets 45,854 587 5.12%
---------- ---------
Total interest-earning assets 1,168,621 18,989 6.50%
---------
Noninterest-earning assets 81,106
----------
Total assets $1,249,727
==========

Interest-bearing liabilities:
Deposits $ 818,209 $ 7,667 3.75%
Borrowed money 264,513 2,458 3.72%
---------- ---------
Total interest-bearing
liabilities 1,082,722 10,125 3.74%
---------
Noninterest-bearing deposits 61,653
Noninterest-bearing liabilities 19,342
Stockholders' equity 86,010
----------
Total liabilities and
stockholders' equity $1,249,727
==========
Net interest income $ 8,864
=========
Interest rate spread 2.76%
Net interest margin 3.03%

PULASKI FINANCIAL CORP.
AVERAGE BALANCE SHEETS
(Unaudited)

Three Months Ended
-----------------------------
March 31, 2007
-----------------------------
Interest Average
(Dollars in thousands) Average and Yield/
Balance Dividends Cost
----------- --------- -------
Interest-earning assets:
Loans receivable $ 854,965 $15,713 7.35%
Loans available for sale 55,720 826 5.93%
Other interest-earning assets 36,626 422 4.61%
----------- ---------
Total interest-earning assets 947,311 16,961 7.16%
---------
Noninterest-earning assets 74,666
-----------
Total assets $1,021,977
===========

Interest-bearing liabilities:
Deposits $ 701,113 $ 7,583 4.33%
Borrowed money 176,435 2,398 5.44%
----------- ---------
Total interest-bearing
liabilities 877,548 9,981 4.55%
---------
Noninterest-bearing deposits 46,125
Noninterest-bearing liabilities 17,984
Stockholders' equity 80,320
-----------
Total liabilities and
stockholders' equity $1,021,977
===========
Net interest income $ 6,980
=========
Interest rate spread 2.61%
Net interest margin 2.95%
*T

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*T
PULASKI FINANCIAL CORP.
AVERAGE BALANCE SHEETS
(Unaudited)

Six Months Ended
-----------------------------
March 31, 2008
-----------------------------
Interest Average
(Dollars in thousands) Average and Yield/
Balance Dividends Cost
-----------------------------
Interest-earning assets:
Loans receivable $1,017,864 $ 35,600 6.99%
Loans available for sale 66,276 1,744 5.26%
Other interest-earning assets 42,566 1,015 4.77%
---------- ---------
Total interest-earning assets 1,126,706 38,359 6.81%
---------
Noninterest-earning assets 78,703
----------
Total assets $1,205,409
==========

Interest-bearing liabilities:
Deposits $ 790,176 $ 15,869 4.02%
Borrowed money 248,958 5,425 4.36%
---------- ---------
Total interest-bearing
liabilities 1,039,134 21,294 4.10%
---------
Noninterest-bearing deposits 60,666
Noninterest-bearing liabilities 20,183
Stockholders' equity 85,426
----------
Total liabilities and
stockholders' equity $1,205,409
==========
Net interest income $ 17,065
=========
Interest rate spread 2.71%
Net interest margin 3.03%

PULASKI FINANCIAL CORP.
AVERAGE BALANCE SHEETS
(Unaudited)

Six Months Ended
----------------------------
March 31, 2007
--------------------------
Interest Average
(Dollars in thousands) Average and Yield/
Balance Dividends Cost
--------------------------
Interest-earning assets:
Loans receivable $834,468 $30,900 7.41%
Loans available for sale 53,460 1,589 5.95%
Other interest-earning assets 36,739 847 4.61%
-------- ---------
Total interest-earning assets 924,667 33,336 7.21%
---------
Noninterest-earning assets 72,693
--------
Total assets $997,360
========

Interest-bearing liabilities:
Deposits $666,745 $14,319 4.30%
Borrowed money 187,905 5,131 5.46%
-------- ---------
Total interest-bearing
liabilities 854,650 19,450 4.55%
---------
Noninterest-bearing deposits 45,042
Noninterest-bearing liabilities 18,009
Stockholders' equity 79,659
--------
Total liabilities and
stockholders' equity $997,360
========
Net interest income $13,886
=========
Interest rate spread 2.66%
Net interest margin 3.00%
*T

Pulaski Financial Corp.
Lee S. Wielansky, 314-878-2210
Chairman of the Board

Copyright Business Wire 2008