ES Bancshares, Inc. Provides Earnings Guidance for the Six Months Ending June 30, 2017
June 20, 2017 at 07:45 pm IST
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ES Bancshares, Inc. provided earnings guidance for the six months ending June 30, 2017. The net income for the six months ending June 30, 2017 is expected to range from $700,000 to $850,000 compared with $214,000 for the six months ended June 30, 2016. The increase was primarily due to the previously announced June 2017 sale of its New Paltz branch office as well as increases in net interest income and noninterest income arising from the continued expansion of the company's core banking operations.
ES Bancshares, Inc. serves as the holding company for Empire State Bank (the Bank). The Bank is a New York state chartered bank and provides a variety of financial services to meet the needs of communities in its market area. The Bankâs principal business is attracting commercial and retail deposits in New York and investing those deposits primarily in loans, consisting of commercial real estate loans, and other commercial loans, including small business administration (SBA) and mortgage loans secured by one-to-four-family residences. In addition, the Bank invests in mortgage-backed securities (MBS), securities issued by the United States government and agencies thereof, corporate securities and other investments. The Bank operates from its five banking center locations and two Loan Production offices. The Bankâs loan production offices are located in Queens and Staten Island, New York. The Bankâs subsidiaries include Iron Creek LLC and North Plank Realty II Inc.
ES BANCSHARES, INC. 
