New Castle News

October 23, 2013

ESB Financial reports earnings increase

By Staff
New Castle News

NEW CASTLE — ESB Financial Corp., parent company of ESB Bank, has announced an increase in earnings for the quarter ended Sept. 30.

The company said earnings were 23 cents per diluted share on net income of $4 million as compared to earnings of 22 cents per diluted share on net income of $3.9 million for the quarter ended Sept. 30, 2012.

It represents a 4.6 percent increase in net income per diluted share.

For the nine-month period ended Sept. 30, the company realized earnings of 66 cents per diluted share on net income of $11.6 million, compared to earnings of 66 cents per diluted share on net income of $11.4 million for the same period in the prior year.

“We continue to experience growth in our core deposits, which assists in reducing our cost of funds,” said Charlotte A. Zuschlag, president and chief executive officer of ESB Financial.

Deposits have grown $54.4 million, or 4.6 percent, since December 2012, she said.

“Our philosophy will continue to manage the net interest margin without compromising asset quality or future earnings potential while continuing to offer quality products to our customers,” Zuschlag said.