-----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, IiymlVTrc8LD0rBdM8NMG6lXucBtLEnxFaYk0JhlwWLDjKo0rU1qXkiXWAswv76N mRIx7iSf8mww3gsB3eocRg== 0001065407-07-000297.txt : 20070419 0001065407-07-000297.hdr.sgml : 20070419 20070419123531 ACCESSION NUMBER: 0001065407-07-000297 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070417 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070419 DATE AS OF CHANGE: 20070419 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: 07775484 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 UNITED STATES 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 Date of Report (Date of earliest event reported) April 17, 2007 ________________________ 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) Registrant's telephone number, including area code (724) 758-5584 __________________________ Not Applicable _____________________________________________________________________________ (Former name, former address and former fiscal year, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 2.02 Results of Operations and Financial Condition _____________________________________________ On April 17, 2007, ESB Financial Corporation issued a press release announcing its results of operations for the quarter ended March 31, 2007. A copy of the press release is included as Exhibit 99 and is incorporated herein by reference. Item 9.01 Financial Statements and Exhibits _________________________________ (a) Not applicable. (b) Not applicable. (c) The following exhibit is included with this Report: Exhibit No. Description ___________ ___________ 99 Press Release, dated April 17, 2007 This information, including the press release filed as Exhibit 99, 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 Date: April 17, 2007 3 EX-99 2 pr.txt PRESS RELEASE Exhibit 99 ================================================================= P R E S S R E L E A S E ================================================================= RELEASE DATE: CONTACT: _____________ ________ April 17, 2007 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 17, 2007 - ESB Financial Corporation (Nasdaq: ESBF), the parent company of ESB Bank, today announced earnings of $0.15 per diluted share on net income of $1.9 million for the quarter ended March 31, 2007, compared to earnings of $0.22 per diluted share on net income of $2.8 million for the quarter ended March 31, 2006. The Company's annualized return on average assets and average equity were 0.40% and 5.96%, respectively, for the quarter ended March 31, 2007. Charlotte A. Zuschlag, President and Chief Executive Officer of the Company, stated, "The first quarter results reflect continued pressure to the net interest margin due to the continued effects of an inverted yield curve. This environment offers significant challenges to financial institutions whose income is derived primarily from its net interest margin. While the challenges of this rate environment continue to affect our net interest income, and that of our peers, it is the intent of management to pursue opportunities to grow non-interest income, reduce operating expenses and improve our products while attempting to stabilize our net interest margin and provide a sound investment return to our shareholders." The effect of the inverted yield curve is clearly reflected in the Company's first quarter earnings that were impacted by interest expense increasing approximately $3.1 million, which exceeded the increase in interest income of $1.9 million, resulting in a net decrease of $1.3 million, or 16.1%, to net interest income. Additionally, provision for loan losses and noninterest expense increased approximately $133,000 and $281,000, respectively, partially offset by an increase of $438,000 in noninterest income and a decrease in provision for income taxes of $373,000. The Company's total assets decreased by $17.7 million, or 0.92%, during the quarter to $1.9 billion at March 31, 2007. This decrease resulted primarily from a decrease to securities available for sale of $19.7 million, or 1.7%, to $1.1 billion which was partially offset by an increase to loans receivable of $5.1 million, or 0.87%, to $594.8 million. The Company's total liabilities decreased by $20.2 million, or 1.1%, to $1.8 billion at March 31, 2007. This decrease in total liabilities was primarily the result of a decrease in borrowed funds of $27.9 million, or 2.9%, to $923.2 million, partially offset by an increase to deposits of $7.6 million, or 0.92%, to $831.2 million. Total stockholders' equity increased $2.6 million, or 2.0%, to Press Release Page 2 of 3 April 17, 2007 $131.1 million at March 31, 2007, from $128.5 million at December 31, 2006. The increase to stockholders' equity was primarily the result of decreases in accumulated other comprehensive loss and unearned employee stock ownership plan of approximately $2.1 million and $239,000, respectively, and an increase in retained earnings of approximately $528,000. This increase was partially offset by a net increase to treasury stock of approximately $333,000. Average stockholders' equity to average assets was 6.79%, and book value per share was $10.23 at March 31, 2007 compared to 6.57% and $10.00, respectively, at December 31, 2006. 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 April 17, 2007 Three Months Ended March 31, 2007 2006 ____ ____ Interest income $ 24,314 $ 22,455 Interest expense 17,764 14,646 _________ _________ Net interest income 6,550 7,809 Provision for loan losses 326 193 _________ _________ Net interest income after provision for loan losses 6,224 7,616 Noninterest income 1,816 1,378 Noninterest expense 5,998 5,717 _________ _________ Income before provison for income taxes 2,042 3,277 Provision for income taxes 109 482 _________ _________ Net income $ 1,933 $ 2,795 ========= ========= Net income per share: Basic $0.15 $0.22 Diluted $0.15 $0.22 Annualized return on average assets 0.40% 0.60% Annualized return on average equity 5.96% 8.88% FINANCIAL CONDITION DATA: _________________________ As of: 03/31/07 12/31/06 ________ ________ Total assets $1,905,083 $1,922,722 Cash and cash equivalents 20,100 22,701 Total investment securities 1,124,269 1,143,924 Loans receivable, net 594,767 589,642 Customer deposits 831,210 823,644 Borrowed funds (includes subordinated debt) 923,247 951,153 Stockholders' equity 131,112 128,535 Book value per share $10.23 $10.00 Average equity to average assets 6.79% 6.57% Allowance for loan losses to loans receivable 0.86% 0.84% Nonperforming assets to total assets 0.23% 0.22% -----END PRIVACY-ENHANCED MESSAGE-----