ES Bancshares Reports Stronger Q4 Earnings

ES Bancshares Inc. reported a 12% increase in fourth-quarter net income to $18.4 million, or $1.23 per share, compared to $16.4 million, or $1.09 per share, in the year-ago period. The Charlotte-based bank said the improvement stemmed from higher interest income and reduced credit losses. The company's total revenue rose 8% to $67.2 million, driven by increased lending activity and higher deposit balances. ES Bancshares' loan portfolio grew 6% year-over-year to $2.1 billion, while its allowance for loan losses declined to $18.7 million, representing 0.89% of total loans. The stock traded at $42.30, up 3.1% in early trading, reflecting investor confidence in the bank's performance and outlook for continued growth in net interest margin.