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ESB Financial Corp. Nets $2.4 Million
ELLWOOD CITY, Pa. -- ESB Financial Corp., the parent company of ESB Bank, reports earnings of 23 cents per diluted share on net income of $2.4 million for the quarter ended March 31. This represents an increase of 4.5% in net income per diluted share as compared to earnings of 22 cents per diluted share on net income of $2.4 million for the same period in the prior year.The company's annualized return on average assets and average equity were 0.71% and 9.73%, respectively, for the quarter ended March 31, 2004.The net interest margin showed strong improvement, which is a reflection of the recent retraction of interest rates from the 50-year lows experienced in 2003. "The net interest margin was further enhanced by the restructuring and call of a significant portion of the company's trust preferred securities early in the first quarter of 2004," notes Charlotte A. Zuschlag, president and chief executive officer. "These factors coupled with the increase in noninterest income resulted in favorable first quarter earnings. The company continues to pursue strategies to grow and provide a sound investment return to our shareholders."Net income for the first quarter of 2004, as compared to the first quarter of 2003, increased by $74,000 as a result of increases in net interest income after provision for loan losses and noninterest income of $565,000 and $492,000, respectively, and a decrease to provision for income taxes of $36,000. Included in the increase to noninterest income were increases to fees and service charges and gain on securities available for sale of $190,000 and $508,000, respectively, partially offset by decreases to net gain on sale of loans of $103,000 and other income, primarily related to title fees, of $93,000.Total assets increased by $6.4 million, or 0.5%, to $1.4 billion at March 31. This increase resulted primarily from increases to loans receivable of $8.8 million, or 2.7%, to $331.3 million and Federal Home Loan Bank Stock of $1.1 million, or 3.5%, to $31.8 million, partially offset by a decrease to securities available for sale of $3.4 million, or 0.4%, to $925.5 million.Average stockholders' equity to average assets was 7.33%, and book value per share was $9.36 at March 31 compared to 7.22% and $8.98 at Dec. 31, 2003.ESB Financial Corp. offers a wide variety of financial products and services through 16 offices in the contiguous counties of Allegheny, Lawrence, Beaver and Butler in Pennsylvania. Visit ESB Bank: www.esbbank.com"