ESB Financial Corporation Announces Increased Second Quarter Earnings
ESB Financial Corporation (Nasdaq: ESBF), the parent company of ESB Bank, today announced earnings for the quarter ended June 30, 2010 of $0.33 per diluted share on net income of $4.0 million as compared to earnings of $0.26 per diluted share on net income of $3.1 million for the quarter ended June 30, 2009, a 26.9% increase in net income per diluted share. The Company’s annualized return on average assets and average equity were 0.82% and 9.30%, respectively, for the quarter ended June 30, 2010, compared to 0.64% and 8.23%, respectively, for the quarter ended June 30, 2009.
For the six month period ended June 30, 2010, the Company realized earnings of $0.61 per diluted share on net income of $7.3 million compared to earnings of $0.51 per diluted share on net income of $6.2 million for the same period in the prior year, a 19.6% increase in net income per diluted share. The Company’s annualized return on average assets and average equity were 0.75% and 8.65%, respectively, for the six-month period ended June 30, 2010, compared to 0.62% and 8.30%, respectively, for the six months ended June 30, 2009.
Income for the quarter and six months ended June 30, 2009 was negatively affected by the Federal Deposit Insurance Corporation’s decision to establish a special assessment of five basis points on all FDIC-insured financial institutions. The assessment of $900,000 was recorded in the second quarter of 2009.
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 and six months ended June 30, 2010. The last several years have presented a challenging time for the banking industry and the challenges have continued into 2010. We have been successful and prudent in managing and improving our net interest rate margin while protecting our asset quality and our future earnings potential. Our net interest rate margin has improved 32 basis points since December 31, 2009. This improvement is largely fueled by the growth in our deposits of $48.4 million, or 5.1% since December 31, 2009. The primary source of the deposit growth has been lower rate core deposits which increased approximately $34.3 million, or 13.1% in the same period. This steadfast policy in managing and growing our interest rate margin has minimized the effect of impairment related charges on securities and joint ventures on our net income in 2010.” Ms. Zuschlag concluded by stating, “Management will continue to strive to pursue growth opportunities that will provide a sound investment return to our shareholders.”
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 + 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