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Essa Bancorp, Inc. (ESSA) SEC Filing 10-K Annual Report for the fiscal year ending Thursday, September 30, 2021

Essa Bancorp, Inc.

CIK: 1382230 Ticker: ESSA

Exhibit 99.1

 

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ESSA Bancorp, Inc. Announces Fiscal 2021 Fourth Quarter,

Twelve Months Ended September 30, 2021 Financial Results

Stroudsburg, PA. – October 27, 2021 — ESSA Bancorp, Inc. (the “Company”) (NASDAQ:ESSA), the holding company for ESSA Bank & Trust (the “Bank”), a $1.9 billion asset financial institution providing full service commercial and retail banking, financial, and investment services in eastern Pennsylvania, today announced financial results for the fiscal fourth quarter and twelve months ended September 30, 2021.

Net income was $3.9 million, or $0.40 per diluted share, for the three months ended September 30, 2021, up from $3.8 million, or $0.38 per diluted share, for the three months ended September 30, 2020. Net income increased 13.9% to $16.4 million, or $1.65 per diluted share, for the twelve months ended September 30, 2021, compared with $14.4 million, or $1.39 per diluted share, for the twelve months ended September 30, 2020.

Gary S. Olson, President and CEO, commented: “Earnings growth, strong and improving asset quality, and increased shareholder value highlighted the Company’s annual and fourth quarter financial performance. Our earnings per share for the fourth quarter increased 5.3% compared to last year’s quarter and increased 18.7% for the fiscal year compared to last year. The progress made during a time of public health and economic challenges reflects our team’s exceptional dedication and commitment to meeting our communities’ financial and banking needs while maintaining safe, secure and efficient operations.”

“Conditions during the past year have challenged us to enhance our digital customer communication and service capabilities while maintaining the personalized community bank service that has long characterized ESSA. We believe our fiscal 2021 financial performance reflects success in providing superior service and operational strength.”

“Improving asset quality has enabled the Company to reduce its provision for loan losses compared to the prior year. Levels of loans in forbearance due to the Pandemic declined significantly at September 30, 2021 compared with a year earlier.”

“Our participation in the Paycheck Protection Program (PPP) played a critical role in helping hundreds of businesses. While the execution and administration of the program required considerable time and energy, we used the opportunity to enhance relationships with commercial clients. We have had the opportunity to prove the value of ESSA’s electronic cash management services and full-service banking capabilities to help customers effectively manage their finances and maintain their financial health.”

“As PPP winds down and economic and public health recovery continues throughout our served communities, we are working with customers to prepare for more normalized operating conditions and growth opportunities. We have a robust commercial loan pipeline. Commercial real estate and construction lending, which has been active throughout the pandemic period, continues to demonstrate strength. Strong residential mortgage loan originations reflected active homebuying in our served markets.”

“The signs of economic and health recovery throughout our region are encouraging. We remain prudent and vigilant as the nation continues transitioning to more normalized conditions. We are maintaining a strong allowance for loan losses to account for remaining risks and uncertainties, although to-date, strong asset quality has characterized the loan portfolio.”

“We have entered our new fiscal year with confidence that the Company is positioned for growth, prepared to respond to challenges, and will continue to build value for customers and shareholders.”


The following information was filed by Essa Bancorp, Inc. (ESSA) on Thursday, October 28, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Essa Bancorp, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheet
Consolidated Balance Sheet (Parenthetical)
Consolidated Statement Of Cash Flows
Consolidated Statement Of Changes In Stockholders' Equity
Consolidated Statement Of Changes In Stockholders' Equity (Parenthetical)
Consolidated Statement Of Comprehensive Income
Consolidated Statement Of Income
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) (Tables)
Accumulated Other Comprehensive Income (Loss) - Summary Of Activity In Accumulated Other Comprehensive Income (Loss) (Detail)
Accumulated Other Comprehensive Income (Loss) - Summary Of Activity In Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail)
Accumulated Other Comprehensive Income (Loss) - Summary Of Reclassification Out Of Accumulated Other Comprehensive Income (Loss) (Detail)
Commitments And Contingent Liabilities
Commitments And Contingent Liabilities (Tables)
Commitments And Contingent Liabilities - Additional Information (Detail)
Commitments And Contingent Liabilities - Components Of Off Balance Sheet Commitments (Detail)
Deposits
Deposits (Tables)
Deposits - Additional Information (Detail)
Deposits - Schedule Of Deposits And Respective Weighted-Average Interest Rates By Major Classifications (Detail)
Deposits - Scheduled Maturities Of Certificates Of Deposit (Detail)
Deposits - Scheduled Maturities Of Certificates Of Deposit In Denominations (Detail)
Derivative And Hedging Activities
Derivatives And Hedging Activities (Tables)
Derivatives And Hedging Activities - Additional Information (Detail)
Derivatives And Hedging Activities - Schedule Of Effect Of Cash Flow Hedge Accounting On Accumulated Other Comprehensive Income (Detail)
Derivatives And Hedging Activities - Schedule Of Fair Value Of Derivative Financial Instruments As Well As Their Classification On Consolidated Balance Sheet (Detail)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Additional Information (Detail)
Earnings Per Share - Composition Of The Weighted-Average Common Shares (Denominator) Used In The Basic And Diluted Earnings Per Share Computation (Detail)
Employee Benefits
Employee Benefits (Tables)
Employee Benefits - Additional Information (Detail)
Employee Benefits - Components Of The Esop Shares (Detail)
Employee Benefits - Schedule Of Assumptions Used To Determine Net Periodic Benefit Cost (Detail)
Employee Benefits - Schedule Of Nonvested Restricted Stock Option Activity (Detail)
Employee Benefits - Schedule Of Weighted-Average Assumptions (Detail)
Employee Benefits - Summary Of Change In Plan Assets And Benefit Obligation (Detail)
Employee Benefits - Summary Of Estimated Future Benefit Payments (Detail)
Employee Benefits - Summary Of The Components Of Net Periodic Benefit Cost (Detail)
Employee Benefits - Summary Of The Components Of Net Periodic Pension Cost (Detail)
Employee Benefits - Summary Of The Plan's Financial Assets At Fair Value, Within The Fair Value Hierarchy (Detail)
Employee Benefits - The Bank's Defined Benefit Pension Plan Weighted-Average Asset Allocations (Detail)
Fair Value
Fair Value (Tables)
Fair Value - Additional Information (Detail)
Fair Value - Schedule Of Assets And Liabilities Not Required To Be Measured And Reported At Fair Value (Detail)
Fair Value - Schedule Of Changes In Fair Value Of Level Iii Investments (Detail)
Fair Value - Schedule Of Fair Value For Assets Required To Be Measured And Reported At Fair Value On A Nonrecurring Basis (Detail)
Fair Value - Schedule Of Fair Value For Assets Required To Be Measured And Reported At Fair Value On A Recurring Basis (Detail)
Fair Value - Summary Of Additional Quantitative Information About Assets Measured At Fair Value On Nonrecurring Basis (Detail)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Detail)
Income Taxes - Schedule Of Changes In Significant Portions Of The Deferred Tax Assets And Deferred Tax Liabilities (Detail)
Income Taxes - Schedule Of Provision For Income Taxes (Detail)
Income Taxes - Schedule Of Reconciliation Of The Federal Statutory Rate And The Effective Income Tax Rate (Detail)
Investment Securities
Investment Securities (Tables)
Investment Securities - Additional Information (Detail)
Investment Securities - Schedule Of Amortized Cost And Fair Value Of Debt Securities By Contractual Maturity (Detail)
Investment Securities - Schedule Of Gross Unrealized Losses And Fair Value (Detail)
Investment Securities - Summary Of Amortized Cost, Gross Unrealized Gains And Losses, And Fair Value Of Investment Securities Available For Sale (Detail)
Investment Securities - Summary Of Unrealized And Realized Gains Losses Recognized In Net Income On Equity Securities (Detail)
Leases
Leases (Tables)
Leases - Additional Information (Detail)
Leases - Summary Of Balance Sheet Operating Lease Right-Of-Use Assets And Lease Liabilities (Detail)
Leases - Summary Of Components Of Lease Cost (Detail)
Leases - Summary Of Future Minimum Lease Payments (Detail)
Leases - Summary Of Lease Term And Discount Rate (Detail)
Loans Receivable
Loans Receivable (Tables)
Loans Receivable - Additional Information (Detail)
Loans Receivable - Classes Of Loan Portfolio Summarized By Aging Categories (Detail)
Loans Receivable - Classes Of Loan Portfolio, Internal Risk Rating System (Detail)
Loans Receivable - Schedule Of Investment And Unpaid Principal Balances For Impaired Loans (Detail)
Loans Receivable - Schedule Of Loans Evaluated For Impairment (Detail)
Loans Receivable - Schedule Of Performing Or Nonperforming Loans (Detail)
Loans Receivable - Summary Of Additional Information Regarding Loans Acquired And Accounted (Detail)
Loans Receivable - Summary Of Loans Receivable (Detail)
Loans Receivable - Summary Of Primary Segments Of All (Detail)
Loans Receivable - Summary Of Troubled Debt Restructurings Granted (Detail)
Other Borrowings
Other Borrowings - Additional Information (Detail)
Parent Company
Parent Company (Tables)
Parent Company - Condensed Balance Sheet (Detail)
Parent Company - Condensed Statement Of Cash Flows (Detail)
Parent Company - Condensed Statement Of Income (Detail)
Premises And Equipment
Premises And Equipment (Tables)
Premises And Equipment - Additional Information (Detail)
Premises And Equipment - Composition Of Premises And Equipment (Detail)
Regulatory Capital Requirements
Regulatory Capital Requirements (Tables)
Regulatory Capital Requirements - Additional Information (Detail)
Regulatory Capital Requirements - Bank's Actual Capital Ratios (Detail)
Regulatory Restrictions
Regulatory Restrictions - Additional Information (Detail)
Revenue Recognition
Selected Quarterly Data (Unaudited)
Selected Quarterly Data (Unaudited) (Tables)
Selected Quarterly Data (Unaudited) - Summary Of Selected Quarterly Data (Detail)
Short-Term Borrowings
Short-Term Borrowings (Tables)
Short-Term Borrowings - Additional Information (Detail)
Short-Term Borrowings - Schedule Of Short-Term Borrowings (Detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Additional Information (Detail)
Summary Of Significant Accounting Policies - Amortizable Intangible Assets (Detail)
Summary Of Significant Accounting Policies - Carrying Amount Of Goodwill And Intangible Assets (Detail)
Summary Of Significant Accounting Policies - Estimated Future Amortization Expense (Detail)
Ticker: ESSA
CIK: 1382230
Form Type: 10-K Annual Report
Accession Number: 0001564590-21-060332
Submitted to the SEC: Tue Dec 14 2021 5:25:53 PM EST
Accepted by the SEC: Tue Dec 14 2021
Period: Thursday, September 30, 2021
Industry: Savings Institutions Not Federally Chartered

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