Es Bancshares - ESBS STOCK NEWS

ES Bancshares reported Q3 2024 net income of $582,000 ($0.08 per diluted share), up from $158,000 ($0.02 per share) in Q2 2024. The company's net interest margin improved to 2.30% from 2.21% in Q2. Total revenues reached $8.6 million, marking eight consecutive quarters of growth. The company repurchased $2 million of sub-debt and replaced $56 million of higher-cost wholesale funding with lower-cost organic deposits. Total assets were $633.2 million, down 0.9% from December 2023. Nonperforming assets increased to $5.1 million (0.81% of total assets) from $1.4 million in December 2023.

ES Bancshares, Inc. (OTCQX: ESBS) reported a net income of $158,000 or $0.02 per diluted common share for Q2 2024, compared to a net loss of $103,000 in Q1 2024. Key highlights include:

• 10% increase in retail deposits from December 31, 2023
• Net interest margin expansion to 2.21% from 2.12% in Q1 2024
• Replacement of $30 million high-cost wholesale funding with lower-cost organic deposits
• 7% increase in total revenues to $8.4 million compared to Q1 2024

The company's focus on realigning the deposit portfolio and bringing in core low-cost deposits has shown progress. Total assets increased by 2% to $651.7 million, while loans receivable decreased slightly by 0.7%. The Allowance for Credit Losses on Loans stood at 0.90% of gross loans.

ES Bancshares (OTCQX: ESBS) reported its first-quarter 2024 results, showing a net loss of $103 thousand or $0.02 per diluted share, compared to a net income of $84 thousand or $0.01 per diluted share in the previous quarter. Key metrics include a 3.4% growth in average deposits and a stable average loan balance. Non-interest expenses decreased by $295 thousand or 8%, while net interest margin narrowed to 2.12% from 2.28%. Non-performing loans and assets ratios remained low at 0.24% and 0.21%, respectively. Total assets decreased by $10.1 million to $628.6 million, primarily due to the repayment of wholesale funding. The bank's capital ratios remained strong, with a Tier 1 capital leverage ratio of 9.52%. No shares were repurchased under the stock repurchase program. Book value per share decreased slightly to $6.75.

ES Bancshares, Inc. reported a net loss of $103 thousand for Q1 2024, compared to net income of $84 thousand for Q4 2023. The company reduced wholesale funding, grew average deposits by 3.4%, and saw a decrease in non-interest expenses by 8%. Net interest margin narrowed to 2.12%, and non-performing asset ratios remained favorable. Total assets decreased by 1.6%, total liabilities decreased by $10.4 million, and the company maintained strong capital ratios. The company did not repurchase shares in Q1 2024.

ES Bancshares, Inc. (ESBS) announced financial results for Q4 2023, reporting a net income of $84,000, or $0.01 per diluted share, compared to $133,000 or $0.02 per diluted share in Q3 2023. The return on average assets, common equity, and tangible common equity decreased significantly year-over-year. However, the company saw increases in average loans and total deposits. Net interest margin narrowed from the previous year. Non-performing loans and assets ratios improved. The CEO expressed dedication to adapting and implementing strategies to ensure a positive trajectory for the company.

ES Bancshares, Inc. (OTCQX: ESBS) appoints Tom Thiel, a principal at JWTT, Inc., to the boards of directors of ES Bancshares Inc. and Empire State Bank. Mr. Thiel brings extensive experience in bank stock investing, trading, and investment banking, aiming to enhance the organization's ability to build value for stockholders.

ES Bancshares, Inc. announced financial results for Q3 2023. Net income was $133k or $0.02 per diluted share, compared to $655k or $0.10 per diluted share in Q2 2023. Net interest income decreased to $3.98 million, non-interest income decreased to $256k, and non-interest expense increased to $4 million in Q3 2023. The bank's total assets increased to $630.3 million, loans receivable increased to $557.9 million, and deposits increased to $470.9 million as of September 30, 2023.