ESB Financial Corporation Announces An Increase To First Quarter Earnings
ESB Financial Corporation (Nasdaq: ESBF), the parent company of ESB Bank, today announced earnings of $0.28 per diluted share on net income of $3.4 million for the quarter ended March 31, 2010, which represents a 12.0% increase in net income per diluted share as compared to earnings of $0.25 per diluted share on net income of $3.0 million for the quarter ended March 31, 2009. The Company’s annualized return on average assets and average equity were 0.69% and 7.99%, respectively, for the quarter ended March 31, 2010.
Charlotte A. Zuschlag, President and Chief Executive Officer of the Company, stated, “The Board of Directors, senior management and I are pleased with the improvement in earnings for the quarter ended March 31, 2010. The last several years have presented a challenging time for the banking industry. Our philosophy has been, and continues to be, to manage the net interest margin without compromising asset quality or future earnings potential while continuing to offer quality products to our customers. We were pleased to see the results of these efforts reflected in 2009 and now excited to have this trend continue into 2010. Our net interest margin improved approximately 29 basis points since December 31, 2009, earnings improved 11.5% over the quarter ended March 31, 2009 and our deposits grew $34.7 million since December 2009, primarily in core deposits. This growth in lower rate core deposits continues to assist in the enhancement of the net interest margin.” Ms. Zuschlag concluded by stating, “Management will continue to strive to pursue growth opportunities that will provide a sound investment return to our shareholders.”
Net income for the first quarter of 2010, as compared to the first quarter of 2009, increased by $348,000, or 11.5%, due to an increase in net interest income after provision for loan losses of $1.9 million and a decrease to the net income attributable to noncontrolling interest of $264,000, partially offset by a decrease in non-interest income of $1.2 million, as well as increases in non-interest expense and provision for income taxes of $426,000 and $223,000, respectively.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV