-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, IOyxT/Lpkueerx/OLudSirD0uAvdh5g2f83F7Yd6F53fdQUNOp9g0Rd2hKpgT0rJ eGjuTrh8xpfiYShI3hZCDw== 0001065407-04-000191.txt : 20040420 0001065407-04-000191.hdr.sgml : 20040420 20040419174852 ACCESSION NUMBER: 0001065407-04-000191 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040419 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040420 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ESB FINANCIAL CORP CENTRAL INDEX KEY: 0000872835 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 251659846 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-19345 FILM NUMBER: 04741386 BUSINESS ADDRESS: STREET 1: 600 LAWRENCE AVE CITY: ELLWOOD CITY STATE: PA ZIP: 16117 BUSINESS PHONE: 7247585584 MAIL ADDRESS: STREET 1: 600 LAWRENCE AVENUE CITY: ELLWOOD CITY STATE: PA ZIP: 16117 FORMER COMPANY: FORMER CONFORMED NAME: PENNFIRST BANCORP INC DATE OF NAME CHANGE: 19960126 FORMER COMPANY: FORMER CONFORMED NAME: PENNWEST BANCORP INC DATE OF NAME CHANGE: 19910328 8-K 1 form8k.txt FORM 8-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 April 19, 2004 ______________________________________________________________________________ (Date of earliest event reported) ESB Financial Corporation ______________________________________________________________________________ (Exact name of registrant as specified in its charter) Pennsylvania 0-19345 25-1659846 ______________________________________________________________________________ (State or other jurisdiction (Commission File Number) (IRS Employer of incorporation) Identification No.) 600 Lawrence Avenue Ellwood City, Pennsylvania 16117 ______________________________________________________________________________ (Address of principal executive offices) (Zip Code) (724) 758-5584 ______________________________________________________________________________ (Registrant's telephone number, including area code) Not Applicable ______________________________________________________________________________ (Former name, former address and former fiscal year, if changed since last report) Item 7. Financial Statements, Pro Forma Financial Information and Exhibits ------------------------------------------------------------------ (a) Not applicable. (b) Not applicable. (c) The following exhibit is included with this Report: Exhibit No. Description ----------- ----------- 99.1 Press Release, dated April 19, 2004 Item 12. Results of Operations and Financial Condition --------------------------------------------- On April 19, 2004, ESB Financial Corporation issued a press release announcing its results of operations for the quarter ended March 31, 2004. A copy of the press release is included as Exhibit 99.1 and is incorporated herein by reference. This information, including the press release filed as Exhibit 99.1, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933. 2 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. ESB Financial Corporation By: /s/ Charlotte A. Zuschlag ---------------------------- Name: Charlotte A. Zuschlag Title: President and Chief Executive Officer (Principal Executive Officer) Date: April 19, 2004 3 EX-99.1 3 pr.txt PRESS RELEASE EXHIBIT 99.1 ============================================================================== P R E S S R E L E A S E ============================================================================== RELEASE DATE: CONTACT: - ------------- -------- April 19, 2004 CHARLES P. EVANOSKI GROUP SENIOR VICE PRESIDENT CHIEF FINANCIAL OFFICER (724) 758-5584 FOR IMMEDIATE RELEASE --------------------- ESB FINANCIAL CORPORATION ANNOUNCES FIRST QUARTER EARNINGS Ellwood City, Pennsylvania, April 19, 2004 - ESB Financial Corporation (Nasdaq: ESBF), the parent company of ESB Bank, today announced earnings of $0.23 per diluted share on net income of $2.4 million for the quarter ended March 31, 2004, which represents an increase of 4.5% in net income per diluted share as compared to earnings of $0.22 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. Charlotte A. Zuschlag, President and Chief Executive Officer of the Company, stated, "The Board of Directors, senior management and I are pleased with the strong improvement to the net interest margin 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. 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 due to 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. Partially offsetting the increases to income was an increase in noninterest expense of $1.0 million, primarily resulting from the $844,000 charge for the deferred debt issuance costs associated with the redemption of a portion of the Company's subordinated debt in the first quarter of 2004. Press Release Page 2 of 3 April 19, 2004 The Company's total assets increased by $6.4 million, or 0.5%, to $1.4 billion at March 31, 2004. 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. The Company's total liabilities increased by $2.1 million, or 0.2%, to $1.3 billion at March 31, 2004. This increase in total liabilities was primarily the result of an increase in borrowed funds of $22.4 million, or 3.4%, partially offset by a decrease in deposits of $19.8 million, or 3.3%. Total stockholders' equity increased $4.3 million, or 4.4%, to $101.2 million at March 31, 2004, from $96.9 million at December 31, 2003. The increase to stockholders' equity was the result of increases to accumulated other comprehensive income and retained earnings of $3.1 million and $579,000, respectively, as well as decreases to treasury stock and unearned employee stock ownership plan shares of $326,000 and $250,000, respectively. The increase to accumulated other comprehensive income was a result of the market value adjustment to the Company's securities available for sale portfolio. Average stockholders' equity to average assets was 7.33%, and book value per share was $9.36 at March 31, 2004 compared to 7.22% and $8.98 at December 31, 2003. ESB Financial Corporation is the parent holding company of ESB Bank and offers a wide variety of financial products and services through 16 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 April 19, 2004 ESB FINANCIAL CORPORATION AND SUBSIDIARIES ------------------------------------------ Financial Highlights (Dollars in Thousands - Except Per Share Amounts) OPERATIONS DATA: - ---------------- Three Months Ended March 31, 2004 2003 ---- ---- Interest income $ 15,200 $ 16,748 Interest expense 8,729 11,043 ------ ------ Net interest income 6,471 5,705 Provision for (recovery of) loan losses 19 (182) ------ ------ Net interest income after provision for (recovery of) loan losses 6,452 5,887 Noninterest income 1,922 1,430 Noninterest expense 5,415 4,396 ------ ------ Income before provision for income taxes 2,959 2,921 Provision for income taxes 521 557 ------ ------ Net income $ 2,438 $ 2,364 ====== ====== Net income per share: Basic $0.24 $0.23 Diluted $0.23 $0.22 Annualized return on average assets 0.71% 0.71% Annualized return on average equity 9.73% 9.54% FINANCIAL CONDITION DATA: - ------------------------- As of: 03/31/04 12/31/03 -------- -------- Total assets $ 1,372,168 $1,365,780 Cash and cash equivalents 18,085 15,330 Total investment securities 925,506 928,936 Loans receivable, net 331,286 322,454 Customer deposits 583,241 603,046 Borrowed funds (includes subordinated debt) 674,932 652,489 Stockholders' equity 101,178 96,871 Book value per share $9.36 $8.98 Average equity to average assets 7.33% 7.22% Allowance for loan losses to loans receivable 1.14% 1.17% Nonperforming assets to total assets 0.21% 0.22% (1) Per share amounts have been restated to reflect a six-for-five stock split paid May 15, 2003 to the stockholders of record at the close of business on May 1, 2003. -----END PRIVACY-ENHANCED MESSAGE-----