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Essa Bancorp, Inc. (ESSA) SEC Filing 10-K Annual report for the fiscal year ending Monday, September 30, 2013

Essa Bancorp, Inc.

CIK: 1382230 Ticker: ESSA

Exhibit 99.1

 

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Date:    October 23, 2013
Contact:    Gary S. Olson, President & CEO
Corporate Office:    200 Palmer Street
   Stroudsburg, Pennsylvania 18360
Telephone:    (570) 421-0531

ESSA BANCORP, INC. ANNOUNCES FISCAL FOURTH QUARTER EARNINGS RESULTS AND RECORD NET INCOME FOR 2013

Stroudsburg, Pennsylvania, October 23, 2013 — ESSA Bancorp, Inc. (NASDAQ Global MarketSM: ESSA), the holding Company for ESSA Bank & Trust, a $1.4 billion asset institution providing full service retail and commercial banking, financial and investment services, today announced its operating results for the fiscal three months and year ended September 30, 2013. The record results for the year ended September 30, 2013, reflect the effects of ESSA’s acquisition of First Star Bancorp on July 31, 2012.

The Company reported net income of $2.0 million, or $0.19 per diluted share, for the three months ended September 30, 2013, compared with a net loss of $2.1 million, or $(0.18) per diluted share, for the Company’s fourth fiscal quarter 2012. The Company’s return on average assets (ROAA) and return on average equity (ROAE), respectively, were 0.59% and 4.95%, compared with (0.64)% and (4.90)%, in the corresponding period of fiscal 2012.

For the twelve months ended September 30, 2013, the Company reported record net income of $8.8 million, or $0.76 per diluted share, compared with net income of $215,000, or $0.02 per diluted share, for the corresponding 2012 period. The Company’s ROAA, and ROAE, respectively, were 0.64% and 5.12% for the 2013 period, compared with 0.02% and 0.13%, in the corresponding period of 2012.

Gary S. Olson, President and CEO, commented: “Fiscal 2013 was a momentous period in ESSA’s history. We concluded our first full year of operations following ESSA’s acquisition of First Star Bancorp in the Lehigh Valley, Pennsylvania. ESSA has transformed into a commercial-focused banking organization with the capital resources, scale, talent, and visibility necessary to build substantial value for shareholders over time. Our expansion into the Lehigh Valley was prudent, as Lehigh County continues to demonstrate growth on several fronts and offers a one hour commute to Philadelphia and less than two hours to New York City. We believe this market has very attractive long-term demographic characteristics given its proximity to these two major metropolitan markets, and its healthy and diverse economy.

“Our top and bottom line performance improved markedly, this year over last year. We expect the dilution to tangible book value payback period to be approximately eighteen months for the First Star acquisition, an accomplishment we are particularly proud of, and one that reflects the sound nature of our strategic growth plan.”

“We continue to believe our stock is undervalued and have taken action that reflects this belief. In conjunction with our ongoing stock repurchase program, ESSA repurchased 1.26 million shares of ESSA common stock at a weighted average purchase price of $11.07 during the twelve months ended September 30, 2013.”


The following information was filed by Essa Bancorp, Inc. (ESSA) on Monday, October 28, 2013 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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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 (loss)
Consolidated Statement Of Income
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income - Activity In Accumulated Other Comprehensive Income (detail)
Accumulated Other Comprehensive Income - Activity In Accumulated Other Comprehensive Income (parenthetical) (detail)
Commitments
Commitments (tables)
Commitments - Additional Information (detail)
Commitments - Components Of Off Balance Sheet Commitments (detail)
Deposits
Deposits (tables)
Deposits - Additional Information (detail)
Deposits - Schedule Of Depositsand 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)
Deposits - Summary Of Interest Expense On Deposits (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 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 Company's Stock Option Activity (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 - Summary Of The Status Of The Company's Restricted Stock (detail)
Employee Benefits - The Bank's Defined Benefit Pension Plan Weighted-average Asset Allocations (detail)
Fair Value Measurement - Schedule Of Changes In Fair Value Of Level Iii Investments (detail)
Fair Value Measurement - Summary Of Additional Quantitative Information About Assets Measured At Fair Value On A Nonrecurring Basis (detail)
Fair Value Measurements
Fair Value Measurements (tables)
Fair Value Measurements - Additional Information (detail)
Fair Value Measurements - Schedule Of Securities, Other Real Estate Owned And Impaired Loans Measured At Fair Value (detail)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (tables)
Fair Value Of Financial Instruments - Schedule Of Fair Values Of The Company's Financial Instruments (detail)
Income Taxes
Income Taxes (tables)
Income Taxes - Additional Information (detail)
Income Taxes - Provision For Income Taxes (detail)
Income Taxes - Schedule Of Changes In Significant Portions Of The Deferred Tax Assets And Deferred Tax Liabilities (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 - Summary Of Amortized Cost And Fair Value Of Investment Securities Available For Sale (detail)
Lease Commitments And Total Rental Expense
Lease Commitments And Total Rental Expense (tables)
Lease Commitments And Total Rental Expense - Additional Information (detail)
Lease Commitments And Total Rental Expense - Future Minimum Lease Payments By Year And In The Aggregate (detail)
Loans Receivable
Loans Receivable (tables)
Loans Receivable - Accounting Adjustments Related To The Purchased Impaired Loans (detail)
Loans Receivable - Additional Information (detail)
Loans Receivable - Changes In Yield For Accretable Purchased Credit-impaired Loans (detail)
Loans Receivable - Classes Of Loan Portfolio, Internal Risk Rating System (detail)
Loans Receivable - Classes Of The Loan Portfolio Summarized By The Aging Categories (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 Impaired Loans (detail)
Loans Receivable - Summary Of Loans Receivable (detail)
Loans Receivable - Summary Of Primary Segments Of All (detail)
Loans Receivable - Summary Of Troubled Debt Restructuring Granted (detail)
Loans Receivable - Summary Of Troubled Debt Restructurings Subsequently Defaulted Within One Year Of Modification (detail)
Other Borrowings
Other Borrowings (tables)
Other Borrowings - Additional Information (detail)
Other Borrowings - Contractual Maturities Of Fhlb Long-term Advances And Securities Sold Under Agreements To Repurchase (detail)
Other Borrowings - Maturities Of Fhlb Long-term Advances And Securities Sold Under Agreements To Repurchase (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 Capital Requirements - Reconciliation Of Bank's Capital Under U.s. Generally Accepted Accounting Principles To Regulatory Capital (detail)
Regulatory Restrictions
Regulatory Restrictions - Additional Information (detail)
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)
Subsequent Event - Additional Information (detail)
Subsequent Events
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 - Components Of Accumulated Other Comprehensive Income (loss), Net Of Tax (detail)
Summary Of Significant Accounting Policies - Estimated Amortization Expense (detail)
Unrealized Losses On Securities
Unrealized Losses On Securities (tables)
Unrealized Losses On Securities - Schedule Of Gross Unrealized Losses And Fair Value (detail)
Ticker: ESSA
CIK: 1382230
Form Type: 10-K Annual Report
Accession Number: 0001193125-13-474578
Submitted to the SEC: Mon Dec 16 2013 4:09:48 PM EST
Accepted by the SEC: Mon Dec 16 2013
Period: Monday, September 30, 2013
Industry: Savings Institutions Not Federally Chartered

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