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
ESB FINANCIAL CORPORATION
______________________________________________________________________________
(Exact name of registrant specified in its charter)
Pennsylvania 0-19345 25-1659846
______________________________________________________________________________
(State or other jurisdiction (Commission File Number) (I.R.S. Employer
incorporation or organization) Identification Number)
600 Lawrence Avenue
Ellwood City, Pennsylvania 16117
________________________________________ __________
(Address of principal executive offices) (Zip Code)
(724) 758-5584
______________________________________________________________________________
(Registrant's telephone number, including area code)
ESB Financial Corporation
Form 8-K
Page 2
Item 5. Other Events
The information to be reported herein is incorporated by reference from
the press release, dated April 18, 2000, filed as Exhibit 99 to this Form 8-K.
Item 7. Financial Statements and Exhibits
(a) Not applicable.
(b) Not applicable.
(c) Exhibits.
99 Press release dated April 18, 2000.
ESB Financial Corporation
Form 8-K
Page 3
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
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(Registrant)
Date: April 18, 2000 By: /s/ Charlotte A. Zuschlag
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Charlotte A. Zuschlag
President & Chief Executive Officer
(Principal Executive Officer)
EXHIBIT 99
PRESS RELEASE
[ESB FINANCIAL CORPORATION LOGO]
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P R E S S R E L E A S E
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RELEASE DATE: CONTACT:
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April 18, 2000 CHARLES P. EVANOSKI
GROUP SENIOR VICE PRESIDENT
CHIEF FINANCIAL OFFICER
(724) 758-5584
FOR IMMEDIATE RELEASE
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ESB FINANCIAL CORPORATION ANNOUNCES RECORD FIRST
QUARTER EARNINGS, 10% STOCK DIVIDEND
AND INCREASE IN CASH DIVIDENDS
Ellwood City, Pennsylvania, April 18, 2000 - ESB Financial Corporation
(Nasdaq: ESBF), the parent company of ESB Bank, F.S.B. and Spring Hill Savings
Bank, F.S.B., today announced record consolidated net income of $1.9 million
or $0.37 per diluted share for the quarter ended March 31, 2000, which
represented a 42.3% increase in net income per diluted share, as compared to
consolidated net income of $1.4 million or $0.26 per diluted share for the
same period in the prior year. The Company's annualized return on average
assets and average equity were 0.71% and 14.39%, respectively, for the quarter
ended March 31, 2000.
In connection with announcing record earnings, the Company reported that the
Board of Directors declared a 10% stock dividend. This stock dividend is
payable May 31, 2000, to stockholders of record at the close of business on
May 17, 2000. As a result of the stock dividend, the number of outstanding
shares of the Company's common stock will increase to 6.1 million shares from
5.5 million shares. In addition, the Company reported that the Board of
Directors changed the Company's dividend policy with the intention of
increasing the current quarterly cash dividend per share of $0.09 to $0.10
per share effective with the quarter ending June 30, 2000.
Charlotte A. Zuschlag, President and Chief Executive Officer of the Company,
stated, "The Board of Directors, senior management and I are quite pleased
with the first quarter results and the Company's earnings and the integration
of Spring Hill Savings Bank's operations into the operations of the
consolidated Company. The 10% stock dividend is a reflection of the Company's
favorable financial results and will reward stockholders by facilitating
greater trading activity or float in our stock." Ms. Zuschlag further stated,
"By changing the dividend policy, the Company expects to increase the
quarterly cash dividend effective with the quarter ending June 30, 2000, to
$0.10 per share after the stock dividend has been paid, thereby increasing the
cash payout to our stockholders by over 20%." The Company has paid regular
quarterly cash dividends since going public in 1990.
Press Release
Page 2 of 3
April 18, 2000
Consolidated net income for the first quarter of 2000 as compared to the first
quarter of 1999 increased primarily because of an increase in net interest
income and a recovery of loan losses partially offset by increases in
noninterest expense and the provision for income taxes and a decrease in
noninterest income. Net interest income increased $917,000 while the
provision for loan losses decreased $455,000 due to a $605,000 recovery
recorded in January associated with the Company's Bennett Lease Pools, offset
by the increases in noninterest expense and the provision for income taxes and
a decrease in noninterest income of $376,000, $356,000 and $72,000,
respectively. Without the recovery related to the Bennett Lease Pools,
consolidated net income would have been $1.6 million or $0.30 per diluted
share, which represents a 15.4% increase in net income per diluted share
compared to the $1.4 million or $0.26 per diluted share for the same period in
the prior year.
As a result of the SHS Bancorp, Inc. acquisition on February 10, 2000, the
Company's consolidated total assets increased $112.2 million or 10.9% to $1.1
billion at March 31, 2000, from $1.0 billion at December 31, 1999. Net loans
receivable increased $77.7 million or 19.7% to $471.6 million at March 31,
2000, from $393.9 million at December 31, 1999. Securities increased $28.3
million or 5.0% to $589.4 million at March 31, 2000, from $561.1 million at
December 31, 1999. Total deposits increased $66.5 million or 15.4% to $498.3
million at March 31, 2000 from $431.8 million at December 31, 1999, and
borrowed funds increased $31.6 million or 5.8% to $575.2 million at March 31,
2000, from $543.6 million at December 31, 1999.
Total stockholders' equity increased $9.8 million or 19.6% to $59.7 million at
March 31, 2000, from $49.9 million at December 31, 1999, as a result of the
SHS Bancorp, Inc. acquisition. Average stockholders' equity to average assets
was 4.92%, and book value per share was $10.77 at March 31, 2000.
ESB Financial Corporation is the parent holding company of ESB Bank, F.S.B.
and Spring Hill Savings Bank, F.S.B. 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".
Press Release
Page 3 of 3
April 18, 2000
ESB FINANCIAL CORPORATION AND SUBSIDIARIES
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Financial Highlights
(Dollars in Thousands - Except Per Share Amounts)
OPERATIONS DATA:
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Three Months
Ended March 31,
2000 1999
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Interest income $ 18,387 $ 15,431
Interest expense 13,655 11,616
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Net interest income 4,732 3,815
(Recovery of) provision for loan losses (452) 3
______ ______
Net interest income after (recovery of)
provision for loan losses 5,184 3,812
Noninterest income 665 737
Noninterest expense 3,348 2,972
______ ______
Income before provision
for income taxes 2,501 1,577
Provision for income taxes 578 222
______ ______
Net income $ 1,923 $ 1,355
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Net income per share:
Basic $0.37 $0.27
Diluted $0.37 $0.26
Annualized return on average assets 0.71% 0.56%
Annualized return on average equity 14.39% 8.68%
FINANCIAL CONDITION DATA:
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As of:
03/31/00 12/31/99
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Total assets $1,144,596 $1,032,445
Cash and cash equivalents 15,897 12,761
Total investment securities 589,393 561,125
Loan receivable, net 471,589 393,929
Customer deposits 498,300 431,783
Borrowed funds (includes subordinated debt) 575,194 543,627
Stockholders' equity 59,664 49,882
Book value per share $10.77 $9.78
Average equity to average assets 4.92% 5.79%
Allowance for loan losses to loans receivable 0.99% 1.16%
Nonperforming assets to total assets 0.32% 0.43%
