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

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

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(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.)