ES Bancshares, Inc. Reports Earnings With a Return on Average Assets and Equity of 0.91% and 11.79%, Respectively, for the Quarter Ended March 31, 2022 Compared to 0.79% and 11.43% for the 2021 Period

NEWBURGH, N.Y., April 27, 2022 (GLOBE NEWSWIRE) -- ES Bancshares, Inc. (OTCQX:ESBS) (the “Company”) the holding company for Empire State Bank, (the “Bank”) today announced net income of $1.2 million, or $0.18 per basic common share and $0.17 per diluted common share for the quarter ended March 31, 2022, as compared to a net income of $1.0 million, or $0.15 per common and diluted common share for the quarter ended March 31, 2021. The increase was largely driven by a $503 thousand decrease in loan loss provision compared to the 2021 period as the Bank’s loan portfolio continues to perform well. Net interest income remained unchanged at $4.4 million, as the decrease in the weighted average yield on earnings assets to 3.95% for the three months ended March 31, 2022, from 4.12% for the 2021 period corresponded to a decrease in the weighted average cost of interest-bearing liabilities to 0.69% for the three months ended March 31, 2022, from 0.95% for the 2021 period. This resulted in a decrease in interest income of $247 thousand that was offset by a $240 thousand decrease in interest expense. The performance of net interest income resulted in a consistent net interest margin of $3.47% for the three months ended March 31, 2022, compared to 3.48% for the comparable 2021 period.