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Empire State Bank, member FDIC, is a community-oriented bank providing businesses and customers with a full range of products and services throughout New York. The bank offers simple, customizable, and convenient financial management solutions. ES Bancshares, Inc. serves as the holding company for Empire State Bank, focusing on customer-centric strategies to drive growth in loans and deposits.
As of December 31, 2023, total assets were $639.0 million, demonstrating an increase of $51.1 million, or 8.7%, compared to the previous year. The bank’s strong financial position is highlighted by a Tier 1 capital leverage ratio of 9.45% and well-capitalized ratios across the board. With a focus on providing innovative products and exceptional service, ES Bancshares, Inc. is dedicated to serving the banking needs of local communities.
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.
On March 14, 2023, ES Bancshares (OTCQX: ESBS) announced that its executive officers and Board members collectively purchased around 16,000 shares of common stock. The shares were acquired in open market transactions at an average price of $4.67 per share. This significant insider buying indicates management's confidence in the company's future. ES Bancshares is the holding company for Empire State Bank, which operates primarily in New York, focusing on commercial and retail deposits and offering various loans, including commercial real estate and mortgage loans.
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