Es Bancshares Stock Price, News & Analysis

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.

ES Bancshares, Inc. (OTCQX: ESBS) has received approval from the New York Department of Financial Services to relocate its home office from Newburgh to Staten Island. This follows an agreement to sell the Newburgh office, expected to finalize in Q2 2022. CEO Philip Guarnieri emphasized that while Newburgh remains significant, the company is refocusing operations towards Brooklyn, Staten Island, Queens, and nearby areas, aligning with its strategic objectives.

ES Bancshares reported a strong financial performance for the quarter ended December 31, 2021, with a net income of $1.3 million, or $0.20 per share, up from $312 thousand in Q4 2020. Annual earnings reached $4.6 million, significantly surpassing $1.2 million the previous year. Key growth drivers included a 20.9% increase in net interest income to $4.7 million and a higher net interest margin of 3.80%. The company also reported a 15.6% growth in total deposits to $433.7 million.

ES Bancshares, Inc. (OTCQX: ESBS) has announced a definitive agreement to sell its Newburgh branch to Wallkill Valley Federal Savings and Loan Association. The deal involves the sale of approximately $9 million in loans and $67 million in customer deposits. CEO Philip Guarnieri stated this move aligns with the company's strategy to concentrate on economically vibrant areas like Brooklyn and Staten Island. The branch sale, which is expected to finalize in Q2 2022, aims to be immediately accretive to shareholders.

ES Bancshares reported improved financial performance for the quarter and nine months ended September 30, 2021. Quarterly net income reached $1.2 million, or $0.18 per share, up from $616 thousand in the same quarter last year. The net interest margin increased to 3.63% from 3.11%, driven by enhanced interest income and reduced borrowing costs. Nine-month earnings were $3.3 million, or $0.49 per share, compared to $893 thousand a year earlier. Total deposits rose to $415.2 million, marking a 17.4% increase year-over-year.

Empire State Bank has appointed Ralph Branca as Executive Vice President and Chief Credit Officer. Mr. Branca brings over 35 years of community banking experience, particularly in risk management and strategic planning. He previously led Victory State Bank, growing it to a $400 million institution. At Empire State Bank, he will spearhead the lending department, focusing on small to mid-sized businesses. Branca's extensive community involvement positions him to enhance the bank's market presence and support local entrepreneurs.