From GlobeNewswire: 2025-01-29 09:00:00

ES Bancshares, Inc. reported net income of $466 thousand for the quarter ending December 31, 2024, with a diluted common share of $0.03, compared to $582 thousand in the previous quarter. The company’s net interest margin improved to 2.50% in Q4, and total revenues increased to $8.4 million. Key financial data showed a positive trend over the last two quarters.

The company sold $3 million in SBA 7a loans during the quarter, resulting in a gain on loan sale. They also replaced $56 million of higher-costing wholesale funding with lower-cost organic deposits in 2024. Total assets as of December 31, 2024, were $636.6 million, slightly lower than the previous year. Loans receivable totaled $559.3 million with an Allowance for Credit Losses of 0.91%.

ES Bancshares’ balance sheet remained strong, with capital ratios exceeding requirements to be deemed “well-capitalized.” The Tier 1 capital leverage ratio was 9.31%, and book value per common share was $6.89. For the twelve months ended December 31, 2024, net income was $1.1 million, down from $1.5 million in 2023, mainly due to increased deposit costs. Net interest income decreased by 11% year over year.

The company’s average total loans were $566,031, and average total deposits were $512,120 for the quarter. Net interest income for Q4 increased to $3.9 million, with a net interest margin of 2.50%. Non-interest income decreased to $372 thousand, while non-interest expenses totaled $3.6 million. The company’s efficiency ratio was 84.58%, and return on average assets was 0.29%.

ES Bancshares operates as the holding company for Empire State Bank, primarily engaging in commercial and retail deposits in New York. The bank’s principal business includes investing deposits in commercial real estate loans and other commercial loans. The company’s annual report, quarterly earnings releases, and press releases are available on their website. Forward-looking statements may be included in their releases, subject to risks and uncertainties.



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