ES Bancshares Q3 profit rises from prior quarter, margin improves on lower interest expense

By Reuters News


Overview

  • US community bank's Q3 net income and EPS rose from prior quarter

  • Net interest margin increased to 3.21% from 3.10% in Q2

  • Book value per share rose for tenth consecutive quarter


Outlook

  • Company did not provide specific guidance for future quarters or the full year


Result Drivers

  • NET INTEREST INCOME - Co said higher net interest income drove Q3 net income growth despite lower average loan balances

  • INTEREST EXPENSE - Net interest margin rose due to a decrease in interest expense on borrowings

  • NON-INTEREST INCOME - Higher service charges and fees on loans contributed to increased non-interest income


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 EPS

$0.14

Q3 Net Income

$1 mln

Q3 Net Interest Margin

3.21%


Reuters Recommended Reads

  • Oct 19 - Peoples Bancorp of North Carolina Q3 net earnings rise on loan growth

  • Oct 19 - Washington Trust Bancorp Q3 net income rises sequentially on higher net interest income

  • Oct 19 - ServisFirst Bancshares Q3 profit jumps on loan growth, wider interest margin


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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