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Esb Financial Corp (ESBF) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2013

Esb Financial Corp

CIK: 872835 Ticker: ESBF
 


EXHIBIT 99.1
 
 
 
 




 
 
 
 P R E S S R E L E A S E
 
 
 
RELEASE DATE:
CONTACT:
   
January 22, 2014
CHARLES P. EVANOSKI
 
GROUP SENIOR VICE PRESIDENT
 
CHIEF FINANCIAL OFFICER
 
(724) 758-5584
 
 
FOR IMMEDIATE RELEASE
 
ESB FINANCIAL CORPORATION ANNOUNCES
 RECORD EARNINGS FOR 2013

Ellwood City, Pennsylvania, January 22, 2014 – ESB Financial Corporation (NASDAQ: ESBF), the parent company of ESB Bank, today announced earnings of $0.87 per diluted share on net income of $15.3 million for the year ended December 31, 2013, which represents a 1.2% increase in net income per diluted share as compared to earnings of $0.86 per diluted share on net income of $14.9 million for the year ended December 31, 2012. The Company’s return on average assets and return on average equity were 0.81% and 8.09%, respectively, for the year ended December 31, 2013 compared to 0.76% and 7.82%, respectively, for the year ended December 31, 2012.
 
For the three months ended December 31, 2013, the Company announced earnings of $0.21 per diluted share on net income of $3.8 million, which represents a 5.0% increase in net income per diluted share as compared to earnings of $0.20 per diluted share on net income of $3.5 million for the quarter ended December 31, 2012.  The Company’s annualized return on average assets and return on average equity were 0.79% and 8.06%, respectively, for the quarter ended December 31, 2013 compared to 0.72% and 7.13%, respectively, for the quarter ended December 31, 2012.
 
Commenting on the quarter and year end results, Charlotte A. Zuschlag, President and Chief Executive Officer of the Company, stated, “The Board of Directors, senior management and I are pleased with the record earnings for the year ended December 31, 2013. These results make 2013 the fifth consecutive year that the Company has reported record earnings.”  Ms. Zuschlag continued, “We have been successful and prudent in managing our net interest rate margin during this difficult interest rate environment while protecting our asset quality and our future earnings potential. We continue to experience growth in our core deposits which assists in reducing our cost of funds.  Our deposits have grown $44.7 million, or 3.8%, since December 2012. This growth has allowed us to decrease our wholesale borrowings and manage our cost of funds which has declined 37 basis points since December 2012. Ms. Zuschlag concluded by stating, “Management will continue to strive to pursue investment and growth opportunities that will provide a sound investment return to our shareholders.”
 
Consolidated net income for the year ended December 31, 2013 increased $441,000, or 3.0%, to $15.3 million from $14.9 million when compared to the year ended December 31, 2012. This increase was primarily the result of a decreases in provision for loan losses, noninterest expense and net income attributable to noncontrolling interest of $600,000, $425,000 and $409,000, respectively, partially offset by decreases in net interest income and noninterest income of $335,000 and $553,000, respectively, as well as an increase in provision for income taxes of $105,000.  The decrease to noninterest income for the year ended December 31, 2013 was primarily due to impairment charges on investment securities of approximately $310,000 taken during the quarter ended December 31, 2013 and a decrease to income from the Company’s real estate joint ventures of approximately $1.1 million, partially offset by a net realized gain on derivatives between the periods of $565,000.
 
 
 
 

 
Press Release
Page 2 of 3
January 22, 2014

 
Consolidated net income for the quarter ended December 31, 2013 increased $280,000, or 8.0%, to $3.8 million from $3.5 million, as compared to the quarter ended December 31, 2012. This increase was the result of an increase in net interest income of $850,000 as well as decreases in provision for loan losses, noninterest expense and net income attributable to the noncontrolling interest of $50,000, $129,000 and $344,000, respectively.  These increases to income were offset by a decrease in noninterest income of $1.1 million and an increase in provision for income taxes of $10,000.  The decrease to noninterest income for the quarter ended December 31, 2013 was primarily due to impairment charges on investment securities of approximately $310,000 taken during the quarter ended December 31, 2013, as well as a decrease to income from the Company’s real estate joint ventures of $896,000 to a loss of $63,000 for the quarter ended December 31, 2013, as compared to income of $833,000 for the quarter ended December 31, 2012.

The Company’s consolidated total assets decreased $20.7 million, or 1.1%, to $1.91 billion at December 31, 2013, from $1.93 billion at December 31, 2012.  Securities decreased $47.8 million, or 4.3%, to $1.1 billion,  real estate held for investment decreased $2.2 million, or 21.6%, to $7.8 million,  while net loans receivable increased $23.6 million, or 3.5%, to $695.6 million. The Company’s total liabilities decreased $11.7 million, or 0.7%, to $1.72 billion at December 31, 2013 from $1.73 billion at December 31, 2012. Borrowed funds decreased $53.7 million, or 10.1%, $477.2 million, while deposits increased $44.7 million, or 3.8%, to $1.2 billion.

Total stockholders’ equity was $185.8 million or 9.75% of total assets and book value per share was $10.48 at December 31, 2013 compared to $194.8 million or 10.11% of total assets and book value per share of $11.07 at December 31, 2012. The decrease to stockholders’ equity of $9.0 million, or 4.6%, was primarily the result of a decrease in accumulated other comprehensive income of $20.5 million, or 81.6%, partially offset by increases in additional paid in capital and retained earnings of $905,000, or 0.9% and $8.5 million, or 9.6%, respectively and decreases in treasury stock and unearned employee stock ownership plan of $1.3 million, or 7.0%, and $1.0 million, or 32.3%, respectively. The decrease to accumulated other comprehensive income, which includes the fair value adjustment on the securities portfolio, is primarily due to an increase in the interest rate on the ten year Treasury of approximately 127 basis points since December 31, 2012.

The Company also announced that its annual meeting of stockholders will be held on Wednesday, April 16, 2014 at 4:00 p.m. at the Connoquenessing Country Club in Ellwood City, Pennsylvania.

ESB Financial Corporation is the parent holding company of ESB Bank, and offers a wide variety of financial products and services through 23 offices in the contiguous counties of Allegheny, Lawrence, Beaver and Butler in Pennsylvania.  The common stock of the Company is traded on The NASDAQ Stock Market under the symbol “ESBF.” We make available on our web site, which is located at http://www.esbbank.com, our annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, on the date which we electronically file these reports with the Securities and Exchange Commission.  Investors are encouraged to access these reports and the other information about our business and operations on our web site.

This news release contains certain forward-looking statements with respect to the financial condition, results of operations and business of the Company.  Forward-looking statements are subject to various factors which could cause actual results to differ materially from these estimates.  These factors include, but are not limited to, changes in general economic conditions, interest rates, deposit flows, loan demand, competition, legislation or regulation and accounting principles, policies or guidelines, as well as other economic, competitive, governmental, regulatory and accounting and technological factors affecting the Company’s operations.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
Press Release
Page 3 of 3
January 22, 2014

 
ESB FINANCIAL CORPORATION AND SUBSIDIARIES
 
Financial Highlights
 
Unaudited
 
(Dollars in Thousands - Except Per Share Amounts)
 
                         
OPERATIONS DATA:
                       
   
Twelve Months
   
Three Months
 
   
Ended December 31,
   
Ended December 31,
 
   
2013
   
2012
   
2013
   
2012
 
                         
Interest income
  $ 64,754     $ 72,512     $ 16,243     $ 17,109  
Interest expense
    21,977       29,400       5,062       6,778  
                                 
Net interest income
    42,777       43,112       11,181       10,331  
Provision for loan losses
    500       1,100       200       250  
Net interest income after provision for
                               
 loan losses
    42,277       42,012       10,981       10,081  
Noninterest income
    6,772       7,325       1,345       2,427  
Noninterest expense
    29,854       30,279       7,689       7,818  
Income before provision for income taxes
    19,195       19,058       4,637       4,690  
Provision for income taxes
    3,341       3,236       810       799  
Net income
    15,854       15,822       3,827       3,891  
Less: Net income attributable to noncontrolling interest
    510       919       44       388  
Net income attributable to ESB Financial Corporation
  $ 15,344     $ 14,903     $ 3,783     $ 3,503  
                                 
                                 
Net Income per share:
                               
Basic
  $ 0.88     $ 0.87     $ 0.22     $ 0.20  
Diluted
  $ 0.87     $ 0.86     $ 0.21     $ 0.20  
                                 
Net Interest Margin
    2.65 %     2.63 %     2.75 %     2.56 %
Annualized return on average assets
    0.81 %     0.76 %     0.79 %     0.72 %
Annualized return on average equity
    8.09 %     7.82 %     8.06 %     7.13 %
                                 
FINANCIAL CONDITION DATA:
                               
                   
12/31/13
   
12/31/12
 
                                 
Total assets
                  $ 1,906,917     $ 1,927,614  
Cash and cash equivalents
                    16,214       15,064  
Total investment securities
                    1,063,016       1,110,776  
Loans receivable, net
                    695,636       672,086  
Customer deposits
                    1,222,767       1,178,057  
Borrowed funds (includes subordinated debt)
                    477,227       530,949  
Stockholders' equity
                    185,843       194,800  
Book value per share
                  $ 10.48     $ 11.07  
                                 
Average equity to average assets
                    9.96 %     9.67 %
Allowance for loan losses to loans receivable
                    0.95 %     0.97 %
Non-performing assets to total assets
                    0.56 %     0.52 %
Non-performing loans to total loans
                    1.22 %     1.07 %

The following information was filed by Esb Financial Corp (ESBF) on Thursday, January 23, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside this 10-K Annual Report

Document And Entity Information
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' Equity
Consolidated Statements Of Changes In Stockholders' Equity (parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Financial Condition
Consolidated Statements Of Financial Condition (parenthetical)
Consolidated Statements Of Operations
Available For Sale Securities
Available For Sale Securities (tables)
Available For Sale Securities - Additional Information (detail)
Available For Sale Securities - Schedule Of Investments Gross Unrealized Losses And Fair Value (detail)
Available For Sale Securities - Schedule Of The Amounts Recognized In Earnings Related To Credit Losses On Securities (detail)
Available For Sale Securities - Scheduled Maturities Of Securities (detail)
Available For Sale Securities - Summary Of Available For Sale Securities (detail)
Borrowed Funds
Borrowed Funds (tables)
Borrowed Funds - Additional Information (detail)
Borrowed Funds - Summary Of Borrowed Funds (detail)
Commitments And Contingencies
Commitments And Contingencies (tables)
Commitments And Contingencies - Schedule Of Notional Amount Of Company's Off-balance Sheet Financial Instruments (detail)
Deposits
Deposits (tables)
Deposits - Additional Information (detail)
Deposits - Schedule Of Deposits Of Time Deposits Maturity (detail)
Deposits - Schedule Of Interest Expense By Type Of Deposit Account (detail)
Deposits - Summary Of Deposits (detail)
Employee Benefit Plans
Employee Benefit Plans (tables)
Employee Benefit Plans - Additional Information (detail)
Employee Benefit Plans - Schedule Of Changes In The Stock For The Mrp And Rsp (detail)
Employee Benefit Plans - Schedule Of Characteristics Of Issued Stock Options (detail)
Employee Benefit Plans - Schedule Of Net Periodic Pension Cost For Retirement Plan (detail)
Employee Benefit Plans - Schedule Of The Obligation And Funded Status (detail)
Employee Benefit Plans - Schedule Of The Weighted Average Assumptions Used To Determine Benefit Obligations And Net Periodic Pension Cost (detail)
Employee Benefit Plans - Stock Option Activities Under The Option Plans (detail)
Esb Financial Corporation - Condensed Financial Statements (parent Company Only)
Esb Financial Corporation - Condensed Financial Statements (parent Company Only) (tables)
Esb Financial Corporation - Condensed Financial Statements (parent Company Only) - Schedule Of Condensed Statements Of Cash Flows (detail)
Esb Financial Corporation - Condensed Financial Statements (parent Company Only) - Schedule Of Condensed Statements Of Comprehensive Income (detail)
Esb Financial Corporation - Condensed Financial Statements (parent Company Only) - Schedule Of Condensed Statements Of Financial Condition (detail)
Esb Financial Corporation - Condensed Financial Statements (parent Company Only) - Schedule Of Condensed Statements Of Operations (detail)
Fair Value
Fair Value (tables)
Fair Value - Additional Information (detail)
Fair Value - Assets And Liabilities Reported On Consolidated Statements Of Financial Condition At Fair Value On A Recurring Basis (detail)
Fair Value - Changes In Unrealized Gains And Losses Recorded In Earnings For Level Iii Assets And Liabilities (detail)
Fair Value - Fair Value Measurements Using Significant Unobservable Inputs (level Iii) (detail)
Fair Value - Schedule Of Fair Value Level Iii Assets Measured At Fair Value On A Recurring Or Non-recurring Basis (detail)
Financial Instruments
Financial Instruments (tables)
Financial Instruments - Carrying Amount And Fair Value Of The Company's Financial Instruments (detail)
Income Taxes
Income Taxes (tables)
Income Taxes - Additional Information (detail)
Income Taxes - Reconciliation Of Federal Income Tax Rate (detail)
Income Taxes - Schedule Of Income Tax Amounts Recorded To Stockholder's Equity (detail)
Income Taxes - Schedule Of Provision For Income Taxes (detail)
Income Taxes - Tax Effects Of Assets And Liabilities Included In Net Deferred Tax (detail)
Investment Required By Regulation
Investment Required By Regulation - Additional Information (detail)
Loans Receivable
Loans Receivable (tables)
Loans Receivable - Additional Information (detail)
Loans Receivable - Aging Analysis Of Investment Of Past Due Loans Receivable (detail)
Loans Receivable - Average Recorded Investment And Interest Income Recognized On Loans (detail)
Loans Receivable - Changes In Allowance For Loan Losses And Recorded Investment In Loans (detail)
Loans Receivable - Performing And Nonperforming Single Family Residential And Consumer Loans Based On Payment Activity (detail)
Loans Receivable - Recorded Investment And Unpaid Principal Balances For Impaired Loans Receivable (detail)
Loans Receivable - Schedule Of Credit Exposures By Internally Assigned Grades (detail)
Loans Receivable - Schedule Of Loans Receivable (detail)
Loans Receivable - Schedule Of Loans Receivable On Nonaccrual Status (detail)
Loans Receivable - Summary Of Information Relating To Interest Income (detail)
Loans Receivable - Summary Of Information Relating To Troubled Debt Restructuring By Class Of Loans (detail)
Other Comprehensive Income (loss)
Other Comprehensive Income (loss) (tables)
Other Comprehensive Income (loss) - Summary Of Amounts Recognized In Other Comprehensive Income Loss (detail)
Other Comprehensive Income (loss) - Summary Of Comprehensive Income Loss (detail)
Premises And Equipment
Premises And Equipment (tables)
Premises And Equipment - Additional Information (detail)
Premises And Equipment - Schedule Of Major Classifications Of Premises And Equipment (detail)
Quarterly Financial Data (unaudited)
Quarterly Financial Data (unaudited) (tables)
Quarterly Financial Data (unaudited) - Schedule Of Quarterly Financial Data (unaudited) (detail)
Regulatory Matters And Insurance Of Accounts
Regulatory Matters And Insurance Of Accounts (tables)
Regulatory Matters And Insurance Of Accounts - Additional Information (detail)
Regulatory Matters And Insurance Of Accounts - Schedule Of Information Concerning Regulatory Capital Of The Bank (detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (tables)
Summary Of Significant Accounting Policies - Additional Information (detail)
Summary Of Significant Accounting Policies - Schedule Of Fair Value Of Stock Option Granted (detail)
Summary Of Significant Accounting Policies - Summary Of Interest Rate Swap Contract (detail)
Summary Of Significant Accounting Policies - Summary Of Net Income Per Share (detail)
Ticker: ESBF
CIK: 872835
Form Type: 10-K Annual Report
Accession Number: 0001193125-14-100040
Submitted to the SEC: Fri Mar 14 2014 4:13:30 PM EST
Accepted by the SEC: Fri Mar 14 2014
Period: Tuesday, December 31, 2013
Industry: Savings Institution Federally Chartered

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