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Associated Press
18-04-2025
- Business
- Associated Press
ES Bancshares, Inc. Announces First Quarter 2025 Results; Continues Positive Trend of Net Income and Net Interest Margin Expansion
STATEN ISLAND, N.Y., April 18, 2025 (GLOBE NEWSWIRE) -- ES Bancshares, Inc. (OTCQX: ESBS) (the 'Company') the holding company for Empire State Bank, (the 'Bank') today reported net income of $546 thousand, or $0.08 per diluted common share, for the quarter ended March 31, 2025, compared to a net income of $466 thousand, or $0.07 per diluted common share for the quarter ended December 31, 2024. Phil Guarnieri, Director, and Chief Executive Officer of ES Bancshares said, 'The first quarter of 2025 showed continued growth in net income, which is a result of management's focus on interest rates and our containment of non-interest expenses. The recent turmoil in the market due to the uncertainty of tariffs is causing unforeseen challenges but our flexibility allows us to adapt to these changing economic conditions.' Selected Balance Sheet Information: March 31, 2025 vs. December 31, 2024 As of March 31, 2025, total assets were $631.5 million, a decrease of $5.2 million, or 0.8%, as compared to total assets of $636.7 million on December 31, 2024. The decrease can be attributed to a slightly smaller loan portfolio. Loans receivable, net of Allowance for Credit Losses on Loans totaled $561.4 million, an increase of 0.4% from December 31, 2024. As of March 31, 2025, the Allowance for Credit Losses on Loans as a percentage of gross loans was 0.91%. Nonperforming assets, which includes nonaccrual loans and foreclosed real estate were $5.5 million or 0.86% of total assets, as of March 31, 2025, increasing from $5.3 million or 0.84% of total assets at December 31, 2024. The ratio of nonaccrual loans to loans receivable was 0.96%, as of March 31, 2025, and 0.94% for December 31, 2024. The increase from December 31, 2024, was primarily due to two commercial loans being placed on non-accrual status. One loan has a SBA guaranty and the other loan has a 50% loss sharing agreement. Total liabilities decreased $6.0 million to $583.2 million at March 31, 2025, from $589.2 million at December 31, 2024. The decrease can be attributed to a decrease in core deposits partially offset by overnight Federal Home Loan (FHLB) borrowings and growth in brokered deposits. The reduction in deposits was driven by a decrease in interest-bearing deposits, specifically 1031 exchange accounts as those deposits are short-term in nature. As of March 31, 2025, the Bank's Tier 1 capital leverage ratio, common equity tier 1 capital ratio, Tier 1 capital ratio and total capital ratios were 9.46%, 13.81%, 13.81% and 15.06%, respectively, all in excess of the ratios required to be deemed 'well-capitalized.' During the first quarter of 2025 the Company did not repurchase shares under its stock repurchase program. Book value per common share was $6.97 at March 31, 2025 compared to $6.89 at December 31, 2024. Tangible common book value per share (which represents common equity less goodwill, divided by the number of shares outstanding) was $6.89 at March 31, 2025 compared to $6.81 at December 31, 2024. Financial Performance Overview: Three Months Ended March 31, 2025, vs. December 31, 2024 For the three months ended March 31, 2025, the Company net income totaled $546 thousand compared to a net income of $466 thousand for the three months ended December 31, 2024. The increase can be attributed to higher net interest income partially offset by lower non-interest income and higher non-interest expenses, quarter over quarter. Net interest income for the three months ended March 31, 2025, increased $236 thousand, to $4.1 million from $3.9 million at three months ended December 31, 2024. The Company's net interest margin widened by eighteen basis points to 2.68% for the three months ended March 31, 2025, as compared to 2.50% for the three months ended December 31, 2024. The increase in margin can be attributed to a reduction of 12 basis points in the Company's average cost for its interest-bearing liabilities. There was a $30 thousand reversal for credit losses taken for the three months ended March 31, 2025, compared to a provision for credit losses of $2 thousand for the three months ended December 31, 2024. The reversal for credit losses was due to lower ACL for investments and off-balance sheet positions, partially offset by an increase in the ACL for loans. Non-interest income decreased $23 thousand, to $349 thousand for the three months ended March 31, 2025, compared with non-interest income of $372 thousand for the three months ended December 31, 2024. The majority of the decreases can be attributed to lower service charges and fees and lower gain on loan sales. Non-interest expenses totaled $3.7 million for the three months ended March 31, 2025, compared to $3.6 million for the three months ended December 31, 2024. The largest fluctuations quarter over quarter were due to a $88 thousand increase in professional fees, due to larger legal expenses, an increase in compensation and benefits due to additional hires, and increased advertising expenses, partially offset by $47 thousand decrease in other expenses. About ES Bancshares Inc. ES Bancshares, Inc. (the 'Company') is incorporated under Maryland law and serves as the holding company for Empire State Bank (the 'Bank'). The Company is subject to regulation by the Board of Governors of the Federal Reserve System while the Bank is primarily subject to regulation and supervision by the New York State Department of Financial Services. Currently, the Company does not transact any material business other than through the Bank, its subsidiary. The Bank was organized under federal law in 2004 as a national bank regulated by the Office of the Comptroller of the Currency. The Bank's deposits are insured up to legal limits by the FDIC. In March 2009, the Bank converted its charter to a New York State commercial bank charter. The Bank's principal business is attracting commercial and retail deposits in New York and investing those deposits primarily in loans, consisting of commercial real estate loans, and other commercial loans including SBA and mortgage loans secured by one-to-four-family residences. In addition, the Bank invests in mortgage-backed securities, securities issued by the U.S. Government and agencies thereof, corporate securities and other investments permitted by applicable law and regulations. We operate from our five Banking Center locations, a Loan Production Office and our Corporate Headquarters located in Staten Island, New York. The Company's website address is The Company's annual report, quarterly earnings releases and all press releases are available free of charge through its website, as soon as reasonably practicable. Forward-Looking Statements This release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. For this purpose, any statements contained in this release that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, words such as 'may', 'will', 'expect', 'believe', 'anticipate', 'estimate' or 'continue' or comparable terminology, are intended to identify forward-looking statements. These statements by their nature involve substantial risks and uncertainties, and actual results may differ materially depending on a variety of factors, many of which are not within ES Bancshares, Inc's. control. The forward-looking statements included in this release are made only as of the date of this release. We have no intention, and do not assume any obligation, to update these forward-looking statements. Investor Contact: Peggy Edwards, Corporate Secretary (845) 451-7825
Associated Press
11-02-2025
- General
- Associated Press
Most Famous Cold Case Mystery in Texas History—What Really Happened to David Crockett
Dallas, TX February 11, 2025 --( In this newly released book, 'David Crockett Went Down Fighting: How We Know It,' researchers Phil Guarnieri and Richard L. Range employ modern-day forensic investigative techniques to tackle the most famous cold case in Texas history: how David Crockett died at the Alamo. The question of whether Crockett died fighting or was captured and executed by order of General Santa Anna has spawned a lively and contentious four-decade-long debate. The authors examine the genesis and evolution of the Crockett execution story and conduct a thorough and detailed dissection weighing the extant evidence left by witnesses from both sides of the battle. They then introduce two new critical points of evidence that have never been previously scrutinized throughout the long course of this heated controversy. The evidence, arguments, and conclusions derived in this illuminating analysis make Crockett's execution highly unlikely—if not impossible. If you are interested in history or in cold case crime mysteries, you will find this book both intriguing and compelling. From the book's Foreword: 'If you believe Crockett surrendered and was executed at the Alamo, after reading this book I promise you will at least have very serious doubts about the surrender narrative, and more likely conclude as I did, 'I was wrong, Davy Crockett died fighting.'' — JERRY E. PATTERSON, Former Texas State Senator Former Texas General Land Office Commissioner Lt. Col. USMCR, Ret. 'David Crockett Went Down Fighting: How We Know It' is hardcover, fully illustrated with diagrams showing where the key events took place, and is printed on top-quality paper in full 12-point easily readable print. It is available for purchase on [email protected] and/or 214-335-8321 and provide an address to which it should be mailed. Contact Information: Save The Alamo Committee 214-335-8321
