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ESB Financial Corporation Announces Record Earnings For 2010 Year End

ESB Financial Corporation (NASDAQ: ESBF), the parent company of ESB Bank, today announced earnings of $1.18 per diluted share on net income of $14.2 million for the year ended December 31, 2010, which represents an 18.0% increase in net income per diluted share as compared to earnings of $1.00 per diluted share on net income of $12.0 million for the year ended December 31, 2009. The Company’s return on average assets and return on average equity were 0.73% and 8.26%, respectively, for the year ended December 31, 2010 and 0.61% and 7.66%, respectively, for the year ended December 31, 2009.

For the three months ended December 31, 2010 the Company announced earnings of $0.28 per diluted share on net income of $3.4 million, which represents a 40.0% increase in net income per diluted share as compared to earnings of $0.20 per diluted share on net income of $2.3 million for the quarter ended December 31, 2009. The Company’s annualized return on average assets and return on average equity were 0.71% and 7.86%, respectively, for the quarter ended December 31, 2010 and 0.48% and 5.55%, respectively, for the quarter ended December 31, 2009.

Commenting on the quarter and year end results, Charlotte A. Zuschlag, President and Chief Executive Officer of the Company, stated, “The Board of Directors, senior management and I are pleased with the record earnings for the year ended December 31, 2010. Over the past few years we have challenged our employees to actively pursue new customers through commercial, public and personal checking account relationships. The results have been outstanding. This effort has resulted in overall savings growth for the year ended December 31, 2010 of $68.3 million, or 7.23%, when compared to December 31, 2009. Included in the $68.3 million is growth of approximately $51.2 million in core deposits. The increase in these lower rate core deposits has fueled the improvement to our net interest margin, which improved 33 basis points to 2.62% when compared to 2.29% for the year ended December 31, 2009. 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 investment and growth opportunities that will provide a sound investment return to our shareholders, such as the recent relocation of the Zelienople branch office from a strip mall to a free standing full service office and our expansion plans with the construction of our 25 th office in Cranberry Township, Butler County, which is scheduled to open in the fourth quarter of 2011.”

Consolidated net income for the year ended December 31, 2010 increased $2.2 million or 18.5% to $14.2 million from $12.0 million as compared to the year ended December 31, 2009. This increase was a result of a decrease in interest expense of $12.5 million as well as an increase in noninterest income of $872,000, partially offset by a decrease in interest income of $7.6 million and increases in provision for loan losses, noninterest expense, provision for income taxes and noncontrolling interest of $492,000, $1.0 million, $1.2 million and $780,000, respectively.

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