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. (OTCQX: ESBS), the holding company for Empire State Bank, regularly issues detailed financial updates that are of interest to investors following regional banks and savings institutions. Company news is released primarily through quarterly and annual earnings announcements, as well as occasional corporate updates related to tax credits and funding.
On this page, readers can review ESBS news covering net income trends, net interest margin movements, loan and deposit balances, and changes in non-interest income and expenses. The Company’s releases often include sections such as “Key Quarterly Financial Data,” “Selected Balance Sheet Information,” and “Financial Performance Overview,” which explain how factors like deposit mix, borrowing costs, and loan portfolio performance affect results.
News items also describe asset quality metrics, including nonperforming assets, nonaccrual loans, and the allowance for credit losses on loans, as well as commentary on capital ratios and the Bank’s status relative to “well-capitalized” regulatory benchmarks. In addition, ES Bancshares has reported on the receipt of Employee Retention Tax Credits and related impacts on non-interest income and tax accounting.
Investors and analysts can use this ESBS news feed to follow developments in Empire State Bank’s commercial real estate lending, SBA and other commercial lending activities, one-to-four-family residential mortgage lending, and deposit gathering in New York. For ongoing insight into ES Bancshares’ financial performance and balance sheet trends, this page aggregates the Company’s recent press releases in one place.
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.
ES Bancshares, Inc. (OTCQX: ESBS) reported a net income of $1.1 million for the quarter ended June 30, 2021, a significant increase from $372 thousand in the same period last year. Earnings per share rose to $0.16 from $0.06. Key drivers included a $700 thousand rise in net interest income and a $630 thousand reduction in loan loss provisions. The net interest margin improved to 3.43% from 2.94%. Year-to-date earnings also saw growth, totaling $2.1 million for the first half of 2021, up from $277 thousand in 2020.
ES Bancshares, Inc. has successfully upgraded to the OTCQX® Best Market from the Pink® market, commencing trading under the symbol 'ESBS.' This shift aims to enhance visibility and transparency for shareholders and investors. The OTCQX® market is known for its high financial standards and corporate governance, enhancing the company's credibility. CEO Philip Guarnieri expressed optimism about the benefits of this transition, emphasizing improved investor communication.
ES Bancshares, Inc. reported a net income of $1.0 million, or $0.15 per share, for the quarter ended March 31, 2021, a significant turnaround from a $95 thousand loss in the same period of 2020. Key drivers included a $1.3 million increase in net interest income and a $561 thousand reduction in loan loss provisions. The net interest margin improved to 3.48% from 3.02% year-over-year, influenced by a decline in borrowing costs. Total assets rose to $528 million, while loans increased by 24.3%.
Empire State Bank has experienced significant growth during the pandemic, focusing on customer relationships and participation in federal relief programs. Total Business Checking deposits surged by over $75 million, reaching $161 million in February 2021, nearly 100% increase from February 2020. The bank has also distributed approximately $110 million through around 1,200 PPP loans. Empire State Bank emphasizes technology to enhance personal customer service, setting it apart from competitors.
ES Bancshares, Inc. (OTC Pink: ESBS) announced the retirement of directors Albert Pagano, David Freer, and David Mesches. Freer's retirement took effect on March 16, 2021, while Pagano's and Mesches' retirements will be effective May 18, 2021. CEO Philip Guarnieri highlighted their contributions as founding board members since 2004 and acknowledged their significance to the communities served by Empire State Bank.
ES Bancshares, Inc. (OTC Pink: ESBS) announced plans for a new Banking Center at Corporate Commons Three, Staten Island, expected to open in Q2 2021. This center will be the sole financial institution serving a 530,000 square foot office space. CEO Philip Guarnieri emphasized the potential for strong banking relationships with local tenants. Additionally, the Bank's New Dorp office, holding $150 million in deposits, will relocate to a larger facility at 2212 Hylan Blvd. by Q3 2021. This new location offers enhanced visibility and amenities, aimed at fostering customer relationships.