ES Bancshares Q2 net income falls on higher taxes

ES BANCSHARES INC

ES BANCSHARES INC

ESBS

0.00


Overview

  • U.S. community bank's Q2 net income and EPS declined from prior quarter

  • Net income fell due to higher income taxes, partly offset by lower non-interest expense

  • Company repurchased 40,000 shares


Outlook

  • Company did not provide specific guidance for the current quarter or full year


Result Drivers

  • HIGHER TAXES - Co said net income declined from Q1 due to higher income taxes

  • LOWER INTEREST EXPENSE - Net interest margin rose to 3.10% from 3.06% due to a decrease in interest expense on deposits

  • LOWER SERVICE FEES - Non-interest income fell due to lower service charges and fees on loans


Company press release: ID:nGNX6ytj7y


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q2 EPS

$0.13

Q2 Net Income

$882,000

Q2 Net Interest Income

$4.67 mln

Q2 Net Interest Margin

3.10%


Reuters Recommended Reads

  • July 22 - United Bancshares Q2 net income drops on one-time securities loss

  • July 22 - Enterprise Financial Q2 profit falls on lower noninterest income

  • July 21 - TrustCo Bank Q2 net interest income rises driven by loan repricing


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