ES Bancshares Reports Q4 2024 Net Income: A Closer Look
ES Bancshares, Inc., the parent company of Empire State Bank, recently announced its financial results for the quarter ended December 31, 2024. The company reported a net income of $466 thousand, which translates to $0.03 per diluted common share. This figure represents a decrease from the net income of $582 thousand, or $0.08 per diluted common share, reported in the previous quarter.
Key Financial Metrics
The decrease in net income can be attributed to a number of factors. While total assets increased from $1.3 billion in Q3 2024 to $1.32 billion in Q4 2024, total loans declined from $1.04 billion to $1.02 billion. Net interest income also decreased from $5.4 million to $5.1 million. The provision for loan losses increased from $67 thousand to $152 thousand.
Impact on Shareholders
The decrease in net income may have a negative impact on ES Bancshares’ shareholders. With a lower net income, the company’s earnings per share (EPS) have decreased, which could potentially lead to a decrease in the stock price. However, it is important to note that one quarter’s financial results do not necessarily indicate a long-term trend.
Impact on the World
The financial performance of ES Bancshares may have a ripple effect on the broader economy. As a community bank, Empire State Bank plays a role in providing loans to individuals and businesses in the Staten Island, New York area. A decrease in net income could potentially limit the bank’s ability to lend, which could impact economic growth in the region.
Looking Ahead
ES Bancshares will release its full year 2024 financial results on February 28, 2025. Investors and analysts will be closely watching the company’s financial performance to gauge its long-term outlook. In the meantime, the bank will continue to focus on growing its loan portfolio and managing its risk.
- ES Bancshares reported a net income of $466 thousand in Q4 2024, down from $582 thousand in Q3 2024
- Total assets increased slightly, but total loans and net interest income decreased
- The provision for loan losses also increased
- The decrease in net income could negatively impact ES Bancshares’ shareholders
- A decrease in net income could potentially limit the bank’s ability to lend, impacting economic growth in the Staten Island, NY area
- ES Bancshares will release full year 2024 financial results on February 28, 2025
Conclusion
ES Bancshares’ Q4 2024 financial results showed a decrease in net income compared to the previous quarter. While this may negatively impact the bank’s shareholders, it could also limit the bank’s ability to lend and impact economic growth in the Staten Island, NY area. Investors and analysts will be closely watching the bank’s full year 2024 financial results to gauge its long-term outlook.
