ES BANCSHARES INC (MD) - ESBS STOCK NEWS

ES Bancshares reported a net income of $843 thousand, or $0.13 per share, for Q4 2022. Key metrics include net revenues of $4.8 million, driven by $4.4 million in net interest income, and a 20% annual increase in average loans. Total assets rose to $588 million, marking a record high. The company recognized a $100 thousand provision for loan losses, contrasting with no provisions in the prior quarter. Despite rising funding costs, the net interest margin remained stable at 3.26%. Noninterest income increased to $357 thousand due to higher loan fees. ES Bancshares maintains a solid capital position, with key ratios exceeding regulatory requirements.

ES Bancshares, Inc. (OTCQX: ESBS) announced that its executive officers and Board members purchased around 27,600 shares between September and November 2022. These shares were bought in open market transactions at an average price of $4.58 per share. CEO Phil Guarnieri emphasized that these purchases indicate the board and executives' confidence in the business, aligning their interests with those of shareholders. The Company mainly operates through its subsidiary, Empire State Bank, focusing on commercial and retail deposits and various investment activities.

ES Bancshares, Inc. (OTCQX: ESBS) reported a net income of $872 thousand, or $0.13 per diluted share, for Q3 2022, a decrease from $2.4 million in Q2 2022. Key highlights include a net interest margin of 3.27% and net revenues of $4.5 million. Average loans rose by 8% quarter-over-quarter, while average deposits fell by 6% due to a branch sale. Total assets increased by 8.9% to $561.8 million. Non-performing assets decreased to $1.7 million, showing strong asset quality. The Company remains optimistic about its growth trajectory despite a tighter net interest margin and reduced non-interest income.

ES Bancshares, Inc. (OTCQX: ESBS) reported a net income of $872 thousand or $0.13 per diluted share for Q3 2022, a decline from $2.4 million in Q2 2022. Total net revenues reached $4.5 million, with net interest income of $4.2 million. Average loans increased by 8%, but average total deposits fell by 6% due to the closure of the Newburgh branch. The company's asset growth was 11.3%, with total assets at $561.8 million. Non-interest income dropped significantly to $266 thousand, primarily due to the prior branch sale. Despite challenges, ES Bancshares maintains strong asset quality and capital ratios.

ES Bancshares, Inc. (OTCQX: ESBS) has appointed Erik Terpstra as Chief Financial Officer. Terpstra, a CPA, previously served as Co-President and CFO of Lincoln Park Bancorp. His extensive experience in finance is expected to enhance the company's corporate strategy and execution. President Thomas Sperzel emphasized the significance of Terpstra's role in increasing shareholder value and reinforcing the bank's core cultural values. ES Bancshares operates Empire State Bank in New York, providing various financial services across the region.

ES Bancshares (OTCQX: ESBS) reported a net income of $2.3 million, or $0.35 per diluted share for Q2 2022, driven by strong loan growth and a gain from the sale of its Newburgh branch. Key metrics include a return on average assets of 1.73% and average total deposits growth of 12% year-over-year. Despite a year-over-year decrease in average loans by 5%, net loans grew 10% year-over-year excluding PPP loans. Total assets fell 2.1% to $505 million, primarily due to the branch sale. The bank remains well-capitalized with solid credit quality.

ES Bancshares, Inc. (OTCQX: ESBS) has successfully completed the sale of its branch at 68 North Plank Road, Newburgh, NY, to Wallkill Valley Federal Savings and Loan Association. The sale includes approximately $10 million in loans and assets and $65 million in customer deposits. CEO Philip Guarnieri stated that this strategic move allows the company to focus on growth in Brooklyn, Staten Island, and Queens. The transaction is expected to be immediately accretive to shareholders while retaining some back-office operations in Newburgh.

ES Bancshares, Inc. (OTCQX: ESBS) reported a net income of $1.2 million or $0.18 per share for the quarter ending March 31, 2022, an increase from $1.0 million or $0.15 per share in 2021. The growth was mainly due to a $503 thousand decrease in loan loss provisions. Total assets rose 5.19% to $542.5 million, while total deposits increased by $23.1 million to $456.8 million. Net interest income stayed steady at $4.4 million, with a consistent net interest margin of 3.47%. The company's return on average assets improved to 0.91%.

ES Bancshares, Inc. (OTCQX: ESBS) announced an expected recognition of approximately $1.5 million in noninterest income from the sale of its Branch at 68 North Plank Road, Newburgh, NY, to Wallkill Valley Federal Savings and Loan Association. This transaction, initially disclosed on December 23, 2021, is projected to close during the second quarter of 2022.

The sale is part of the Company’s ongoing business strategy to optimize its operations and generate income.