ESB Financial Corporation (Nasdaq: ESBF), the parent company of
ESB Bank, today announced earnings for the quarter ended September
30, 2014 of $0.26 per diluted share on net income of $4.6 million
compared to earnings of $0.23 per diluted share on net income of
$4.0 million for the quarter ended September 30, 2013, a 13.0%
increase in net income per diluted share. The Company’s annualized
return on average assets and average equity were 0.94% and 8.97%,
respectively, for the quarter ended September 30, 2014, compared to
0.84% and 8.69%, respectively, for the quarter ended September 30,
2013.
For the nine month period ended September 30, 2014, the Company
realized earnings of $0.77 per diluted share on net income of $13.6
million as compared to earnings of $0.66 per diluted share on net
income of $11.6 million for the same period in the prior year, a
16.7% increase in net income per diluted share. The Company’s
annualized return on average assets and average equity were 0.93%
and 9.11%, respectively, for the nine months ended September 30,
2014, compared to 0.81% and 8.10%, respectively, for the nine
months ended September 30, 2013.
Charlotte A. Zuschlag, President and Chief Executive Officer of
the Company, stated, “The Board of Directors, senior management and
I are pleased with the earnings for the quarter and nine month
period ended September 30, 2014. We have been successful and
prudent in managing our net interest rate margin during this
difficult interest rate environment while protecting our asset
quality and our future earnings potential. We continue to
experience growth in our core deposits which assists in reducing
our cost of funds. Our deposits have grown $114.0 million, or 9.3%,
since December 31, 2013. This growth has allowed us to decrease our
wholesale borrowings and manage our cost of funds which has
declined 26 basis points since December 31, 2013.” Ms. Zuschlag
continued by stating, “Management will continue to strive to pursue
opportunities that will provide a sound investment return to our
shareholders.” She added, “Our philosophy is to continue 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 $614,000, or 15.5%, to $4.6
million for the quarter ended September 30, 2014, compared to $4.0
million for the same period in the prior year. This increase was
primarily the result of an increase in net interest income of $1.1
million and a decrease in net income attributable to noncontrolling
interest of $182,000, partially offset by a decrease in noninterest
income of $125,000 and increases in noninterest expense and
provision for taxes of $207,000 and $362,000, respectively. The
increase in net interest income for the period ended September 30,
2014 was primarily the result of a decrease in interest expense of
$1.0 million, as well as an increase in interest income of
$102,000.
Consolidated net income for the nine month period ended
September 30, 2014, as compared to the nine month period ended
September 30, 2013 increased $2.1 million, or 17.9%, to $13.6
million compared to $11.6 million for the same period in the prior
year. This increase was primarily the result of an increase in net
interest income of $3.6 million and decreases in provision for loan
losses and net income attributable to noncontrolling interest of
$165,000 and $368,000, respectively, partially offset by a decrease
in noninterest income of $770,000 and increases in noninterest
expense and provision for taxes of $442,000 and $857,000,
respectively. The increase in net interest income for the period
ended September 30, 2014 was primarily the result of a decrease in
interest expense of $3.4 million, as well as an increase in
interest income of $162,000.
Noninterest income for the quarter ended September 30, 2014, as
compared to September 30, 2013 decreased by $125,000, or 7.73%,
primarily due to decreases in income from real estate joint
ventures and other income of $177,000, or 52.8%, and $89,000, or
34.5%, partially offset by an increase in net realized gain on
derivatives between the periods of $209,000, or 125.9%. Noninterest
expense for the quarter ended September 30, 2014, as compared to
the quarter ended September 30, 2013, increased by $207,000, or
2.8%, primarily due to increases in compensation and employee
benefits of $188,000.
Noninterest income for the nine month period ended September 30,
2014, as compared to the nine months ended September 30, 2013,
decreased by $770,000, or 14.2%. The decrease was primarily the
result of a decrease in net realized gain on the sale of securities
of $237,000, as well as a decrease in the fair value of the
Company’s interest rate caps of approximately $448,000 when
compared to the nine month period ended September 30, 2013.
Additionally the Company incurred impairment losses on investment
securities of $193,000 for the nine months ended September 30,
2014.
Noninterest expense for the nine month period ended September
30, 2014, as compared to the nine months ended September 30, 2013,
increased by $442,000, or 2.0%, primarily due to increases in
compensation and employee benefits of $649,000, which was partially
offset by decreases in premises and equipment, federal deposit
insurance premiums, data processing and amortization of intangible
asset of $79,000, $68,000, $38,000, and $45,000, respectively.
The Company’s total assets increased by $38.5 million, or 2.0%,
during the nine month period ended September 30, 2014 to $1.95
billion. This increase resulted primarily from increases to cash
and cash equivalents, securities available for sale, loans
receivable, real estate acquired through foreclosure (REO) and
securities receivable of $5.5 million, or 33.9%, $31.5 million, or
3.0%, $10.8 million, or 1.6%, $192,000, or 9.7% and $145,000, or
22.2%, respectively. These increases were partially offset by
decreases in FHLB Stock, premises and equipment, real estate held
for investment, intangible assets, bank owned life insurance and
prepaid expenses and other assets of $2.2 million, or 14.3%,
$499,000, or 3.8%, $2.4 million, or 30.9%, $90,000, or 70.9%,
$211,000, or 0.7%, and $4.3 million, or 32.7%, respectively. Total
non-performing assets increased slightly to $10.9 million at
September 30, 2014 compared to $10.8 million at December 31, 2013
and non-performing assets to total assets were 0.56% at September
30, 2014 and December 31, 2013. The increase in non-performing
assets of approximately $150,000, or 1.4%, was primarily the result
of increases in REO, repossessed vehicles and troubled debt
restructuring of $192,000, $62,000 and $69,000, respectively,
partially offset by a decrease in nonperforming loans of $173,000.
The Company’s total liabilities increased $19.1 million, or 1.1%,
to $1.74 billion at September 30, 2014 from $1.72 billion at
December 31, 2013. This increase resulted primarily from increases
to deposits and accrued expenses and other liabilities of $114.0
million, or 9.3%, and $1.5 million, or 8.6%, respectively, these
increases were partially offset by decreases to borrowed funds,
advance payments by borrowers for taxes and insurance and accounts
payable for land development of $94.9 million, or 19.9%, $1.1
million, or 41.8%, and $361,000, or 26.1%, respectively. Total
stockholders’ equity increased $19.4 million, or 10.4%, to $205.2
million at September 30, 2014 from $185.8 million at December 31,
2013. The increase to stockholders’ equity was primarily the result
of increases in additional paid in capital, retained earnings and
accumulated other comprehensive income (AOCI) of $209,000, or 0.2%,
$8.2 million, or 8.4%, and $9.5 million, or 204.8%, partially
offset by decreases in decreases in treasury stock and unearned
employee stock ownership plan of $834,000, or 4.8%, and $730,000,
or 34.4%, respectively. The increase to AOCI is a reflection of an
increase of $8.9 million in unrealized gain on securities as a
result of a decrease of approximately 54 basis points in the rate
on ten year Treasury securities for the nine months ended September
30, 2014. Average stockholders’ equity to average assets was
10.23%, and book value per share was $11.53 at September 30, 2014
compared to 9.96% and $10.48, respectively, at December 31,
2013.
ESB Financial Corporation is the parent holding company of ESB
Bank and offers a wide variety of financial products and services
through 23 offices in the contiguous counties of Allegheny,
Lawrence, Beaver and Butler in Pennsylvania. The common stock of
the Company is traded on The Nasdaq Stock Market under the symbol
“ESBF.” We make available on our website, which is located at
http://www.esbbank.com, our annual report on Form 10-K, quarterly
reports on Form 10-Q and current reports on Form 8-K, on the date
which we electronically file these reports with the Securities and
Exchange Commission. Investors are encouraged to access these
reports and the other information about our business and operations
on our website.
This news release contains certain forward-looking statements
with respect to the financial condition, results of operations and
business of the Company. Forward-looking statements are subject to
various factors which could cause actual results to differ
materially from these estimates. These factors include, but are not
limited to, changes in general economic conditions, interest rates,
deposit flows, loan demand, competition, legislation or regulation
and accounting principles, policies or guidelines, as well as other
economic, competitive, governmental, regulatory and accounting and
technological factors affecting the Company’s operations.
ESB FINANCIAL CORPORATION AND SUBSIDIARIES Financial
Highlights (Dollars in Thousands - Except Per Share Amounts)
(unaudited)
OPERATIONS
DATA: Three Months Nine Months Ended September
30, Ended September 30, 2014 2013
2014 2013 Interest income $ 16,180 $ 16,078 $
48,674 $ 48,512 Interest expense 4,222 5,246
13,477 16,915 Net
interest income 11,958 10,832 35,197 31,597 Provision for loan
losses 75 75 135
300
Net interest income after provision for
loan losses
11,883 10,757 35,062 31,297 Noninterest income 1,492 1,617 4,657
5,427 Noninterest expense 7,707 7,500
22,609 22,167
Income before provision for income
taxes
5,668 4,874 17,110 14,557 Provision for income taxes 1,125
763 3,387 2,530
Net income 4,543 4,111 13,723 12,027 Less: Net (loss) income
attributable to noncontrolling interest (42 ) 140
98 466 Net income attributable
to ESB Financial Corporation $ 4,585 $ 3,971 $ 13,625
$ 11,561 Net income per share: Basic $
0.26 $ 0.23 $ 0.77 $ 0.67 Diluted $ 0.26 $ 0.23 $ 0.77 $ 0.66
Net interest margin 2.85 % 2.69 % 2.80 % 2.62 % Annualized
return on average assets 0.94 % 0.84 % 0.93 % 0.81 % Annualized
return on average equity 8.97 % 8.69 % 9.11 % 8.10 %
FINANCIAL
CONDITION DATA:
As
of:
09/30/14
12/31/13
Total assets $ 1,945,398 $ 1,906,917 Cash and cash
equivalents 21,714 16,214 Total investment securities 1,094,549
1,063,016 Loans receivable, net 706,469 695,636 Customer deposits
1,336,747 1,222,767 Borrowed funds (includes subordinated debt)
382,336 477,227 Stockholders' equity 205,236 185,843 Book value per
share $ 11.53 $ 10.48 Average equity to average assets 10.23
% 9.96 % Allowance for loan losses to total loans 0.93 % 0.95 %
Non-performing assets to total assets 0.56 % 0.56 % Non-performing
loans to total loans 1.19 % 1.22 %
ESB Financial CorporationCharles P. Evanoski, 724-758-5584Group
Senior Vice PresidentChief Financial Officer
Esb Financial (NASDAQ:ESBF)
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