This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

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, 2011 of $0.29 per diluted share on net income of $4.3 million as compared to earnings of $0.27 per diluted share on net income of $4.0 million for the quarter ended June 30, 2010, a 7.4% increase in net income per diluted share. The Company’s annualized return on average assets and average equity were 0.88% and 9.70%, respectively, for the quarter ended June 30, 2011, compared to 0.82% and 9.30%, respectively, for the quarter ended June 30, 2010.

For the six month period ended June 30, 2011, the Company realized earnings of $0.55 per diluted share on net income of $7.9 million compared to earnings of $0.51 per diluted share on net income of $7.3 million for the same period in the prior year, a 7.8% increase in net income per diluted share. The Company’s annualized return on average assets and average equity were 0.82% and 9.20%, respectively, for the six month period ended June 30, 2011, compared to 0.75% and 8.65%, respectively, for the six months ended June 30, 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 six months ended June 30, 2011. We have continued to manage and grow our interest rate margin primarily through internal deposit growth. We established a program of pursuing personal and business deposit relationships and are pleased to see the positive trends that began in 2010 continue into 2011. Our deposits grew $89.6 million since December 2010. Our net income improved 8.1% over the six month period ended June 30, 2010 and our net interest margin slightly improved since December 31, 2010.” Ms. Zuschlag continued by stating, “Management will continue to strive to pursue growth opportunities that will provide a sound investment return to our shareholders such as 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.” She added, “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.”

Consolidated net income increased $316,000, or 8.0%, to $4.3 million for the quarter ended June 30, 2011, compared to $4.0 million for the same period in the prior year. This increase was primarily the result of increases in net interest income and noninterest income of $416,000 and $93,000, respectively, as well as a decrease in net income attributable to noncontrolling interest of $177,000. These increases were offset by increases in noninterest expense and provision for income taxes of $310,000 and $60,000, respectively. The increase in net interest income for the quarter June 30, 2011 was primarily the result of a decrease in interest expense of $1.6 million, partially offset by a decrease in interest income of $1.2 million.

1 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

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.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,031.14 +43.63 0.26%
S&P 500 1,984.13 -1.41 -0.07%
NASDAQ 4,518.9020 -48.6960 -1.07%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs