New Castle News

October 18, 2012

ESB Financial Corp. reports earnings

By Staff
New Castle News

NEW CASTLE — ESB Financial Corp., the parent company of ESB Bank, has announced no increase in its quarterly earnings.

The company cited earnings of 27 cents per diluted share on net income of $3.9 million for the quarter ending Sept. 30.

That compared to earnings of 27 cents per diluted share on net income of $4 million for the quarter ended Sept. 30, 2011.

The company’s annualized return on average assets and average equity were 0.80 percent and 8.15 percent, respectively, for the quarter ended Sept. 30, compared to 0.80 percent and 8.59 percent, respectively, for the quarter ended Sept. 30, 2011.

“Senior management and I continue to strive to manage the company’s net interest margin during this historic low interest rate environment,” said Charlotte A. Zuschlag, president and chief executive officer.

“Although our net interest margin has decreased slightly in 2012 when compared to 2011, we are encouraged that it remains in line with our expectations given this difficult interest rate environment.”

Deposits grew $36.9 million since December 2011, allowing ESB to decrease its wholesale borrowings and manage its cost of funds, she said.

Net income decreased $30,000, or 0.8 percent, for the third quarter as compared to the third quarter of 2011.

The company’s total assets decreased by $539,000, or 0.03 percent, during the quarter to $1.96 billion at Sept. 30.