Welcome to our dedicated page for Es Bancshares news (Ticker: ESBS), a resource for investors and traders seeking the latest updates and insights on Es Bancshares stock.
ES Bancshares, Inc. (ESBS) provides this centralized news resource for stakeholders tracking this New York-focused community bank. Find official press releases and financial updates covering ESBS's deposit strategies, loan portfolio management, and regulatory compliance activities.
This page aggregates essential updates including quarterly earnings reports, regulatory filings, and community banking initiatives. Investors can monitor the company's progress in maintaining low-cost deposit bases and managing commercial real estate loan portfolios while adhering to FDIC guidelines.
Key updates include developments in SBA lending programs, net interest margin optimization, and local community reinvestment efforts. The collection serves as a historical record of ESBS's operational decisions and market positioning within New York regional banking.
Bookmark this page for streamlined access to verified ES Bancshares communications. Check regularly for updates on financial performance metrics, leadership announcements, and strategic initiatives affecting this community-focused financial institution.
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.
ES Bancshares, Inc. (OTCQX: ESBS) announced that its executive officers and Board members purchased approximately 26,400 shares of common stock in December 2022, at an average price of $4.55 per share. CEO Phil Guarnieri highlighted that these insider purchases reflect strong confidence in the company's business fundamentals and growth potential. ES Bancshares operates as the holding company for Empire State Bank, which offers commercial and retail banking services primarily in New York. The bank, chartered in 2004, focuses on commercial real estate and residential loans, ensuring deposits are FDIC insured.
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.
