ESB Financial Corp. (ESBF, Financial) filed Quarterly Report for the period ended 2010-06-30.
Esb Financial Corp. has a market cap of $171.44 million; its shares were traded at around $14.25 with a P/E ratio of 12.95 and P/S ratio of 1.78. The dividend yield of Esb Financial Corp. stocks is 2.81%. Esb Financial Corp. had an annual average earning growth of 0.3% over the past 10 years.
Earnings Summary. The Company recorded net income of $4.0 million for the three months ended June 30, 2010 as compared to $3.1 million for the same period in the prior year. The $843,000, or 27.0%, increase in net income for the quarter ended June 30, 2010 as compared to the same period in the prior year was primarily due to an increase in net interest income after provision for loan losses of $1.5 million and a decrease in non-interest expense of $552,000, partially offset by a decrease in non-interest income of $518,000 and increases in the net income attributable to noncontrolling interest and provision for income taxes of $313,000 and $403,000, respectively.
The Company recorded net income of $7.3 million for the six months ended June 30, 2010, as compared to net income of $6.2 million for the same period in the prior year. The $1.2 million, or 19.3% increase in net income for the six months ended June 30, 2010, as compared to the same period in the prior year was primarily attributable to increases in net interest income after provision for loan losses of $3.4 million and a decrease in non-interest expense of $127,000, partially offset by a decrease in non-interest income of $1.7 million and increases in non-controlling interest and provision for income taxes of $49,000 and $626,000, respectively.
Net interest income increased $1.5 million, or 16.4%, to $10.8 million for the three months ended June 30, 2010, compared to $9.3 million for the same period in the prior year. This increase in net interest income was the result of an decrease in interest expense of $3.3 million, partially offset by a decrease in interest income of $1.8 million.
Net interest income increased by $3.5 million, or 19.2%, to $21.6 million for the six months ended June 30, 2010 compared to $18.1 million for the same period in the prior year. This increase in net interest income was the result of interest expense decreasing by $6.8 million, partially offset by a decrease to interest income of $3.4 million.
Interest earned on loans receivable decreased $315,000, or 3.2%, for the three months ended June 30, 2010, compared to the same period in the prior year. This decrease was primarily attributable to a decrease in the yield on the portfolio of 15 basis points to 5.66% for the three months ended June 30, 2010, compared to 5.81% for the same period in the prior year as well as a decrease in the average balance of loans outstanding of $5.5 million, or 0.8%, to $676.6 million for the three months ended June 30, 2010, compared to $682.1 million for the same period in the prior year.
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Esb Financial Corp. has a market cap of $171.44 million; its shares were traded at around $14.25 with a P/E ratio of 12.95 and P/S ratio of 1.78. The dividend yield of Esb Financial Corp. stocks is 2.81%. Esb Financial Corp. had an annual average earning growth of 0.3% over the past 10 years.
Highlight of Business Operations:
During the three months ended June 30, 2010 the Company reported net income of $4.0 million, an increase of approximately $843,000, or 27.0%, over the same period last year. The Company realized a decrease to interest income of approximately $1.8 million over the same quarter last year. However, interest expense decreased by approximately $3.3 million during the same period. The result was an increase of $1.5 million in net interest income and an increase of 41 basis points to the Companys net interest margin.Earnings Summary. The Company recorded net income of $4.0 million for the three months ended June 30, 2010 as compared to $3.1 million for the same period in the prior year. The $843,000, or 27.0%, increase in net income for the quarter ended June 30, 2010 as compared to the same period in the prior year was primarily due to an increase in net interest income after provision for loan losses of $1.5 million and a decrease in non-interest expense of $552,000, partially offset by a decrease in non-interest income of $518,000 and increases in the net income attributable to noncontrolling interest and provision for income taxes of $313,000 and $403,000, respectively.
The Company recorded net income of $7.3 million for the six months ended June 30, 2010, as compared to net income of $6.2 million for the same period in the prior year. The $1.2 million, or 19.3% increase in net income for the six months ended June 30, 2010, as compared to the same period in the prior year was primarily attributable to increases in net interest income after provision for loan losses of $3.4 million and a decrease in non-interest expense of $127,000, partially offset by a decrease in non-interest income of $1.7 million and increases in non-controlling interest and provision for income taxes of $49,000 and $626,000, respectively.
Net interest income increased $1.5 million, or 16.4%, to $10.8 million for the three months ended June 30, 2010, compared to $9.3 million for the same period in the prior year. This increase in net interest income was the result of an decrease in interest expense of $3.3 million, partially offset by a decrease in interest income of $1.8 million.
Net interest income increased by $3.5 million, or 19.2%, to $21.6 million for the six months ended June 30, 2010 compared to $18.1 million for the same period in the prior year. This increase in net interest income was the result of interest expense decreasing by $6.8 million, partially offset by a decrease to interest income of $3.4 million.
Interest earned on loans receivable decreased $315,000, or 3.2%, for the three months ended June 30, 2010, compared to the same period in the prior year. This decrease was primarily attributable to a decrease in the yield on the portfolio of 15 basis points to 5.66% for the three months ended June 30, 2010, compared to 5.81% for the same period in the prior year as well as a decrease in the average balance of loans outstanding of $5.5 million, or 0.8%, to $676.6 million for the three months ended June 30, 2010, compared to $682.1 million for the same period in the prior year.
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