ES Bancshares, Inc. Announces Third Quarter 2024 Results; Continues Trend of Net Interest Margin Expansion and Revenue Growth
ES BANCSHARES INC (MD) (ESBS)
NASDAQ:AMEX Investor Relations:
bank34.com/investor-relations
Company Research
Source: GlobeNewswire
STATEN ISLAND, N.Y., Oct. 30, 2024 (GLOBE NEWSWIRE) -- ES Bancshares, Inc. (OTCQX: ESBS) (the “Company”) the holding company for Empire State Bank, (the “Bank”) today reported net income of $582 thousand, or $0.08 per diluted common share, for the quarter ended September 30, 2024, compared to a net income of $158 thousand or $0.02 per diluted common share for the quarter ended June 30, 2024. Key Quarterly Financial Data2024 HighlightsPerformance Metrics3Q242Q243Q23 • The Cost of Funds for the three months ended September 30, 2024, improved to 3.02% from 3.17% in the prior linked quarter.• For 3 months ended September 30, 2024, the Company’s net interest margin increased to 2.30% compared to 2.21% for the 3 months ended June 30, 2024.• The Company repurchased $2million of its sub-debt during the quarter, resulting in a gain on extinguishment.• The Company has replaced $56 million of higher-costing wholesale funding with lower cost organic deposits over the nine-mon
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