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ES Bancshares, Inc. reports recurring developments as the Maryland holding company for Empire State Bank, an OTCQX-traded bank holding company that conducts its material business through the Bank. Company news centers on quarterly earnings, net interest margin, deposit trends, cost of funds, loan-portfolio activity, credit-loss allowance changes, non-interest income from service charges and loan sales, and book value per common share.
Updates also address bank regulatory capital ratios, asset quality, stock repurchase activity, subordinated debt actions, and tax-credit receipts. The Company is regulated by the Board of Governors of the Federal Reserve System, while Empire State Bank is supervised primarily by the New York State Department of Financial Services.
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.
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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.