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Essa Bancorp, Inc. (ESSA) SEC Filing 10-K Annual report for the fiscal year ending Saturday, September 30, 2017

Essa Bancorp, Inc.

CIK: 1382230 Ticker: ESSA

Exhibit 99.1

 

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ESSA Bancorp, Inc. Announces Fiscal 2017 Fourth Quarter and Full-Year Financial Results

Commercial Banking Leads Growth

Stroudsburg, PA. – October 25, 2017 ESSA Bancorp, Inc. (the “Company”) (NASDAQ: ESSA) today announced financial results for fiscal three and twelve months ended September 30, 2017. The Company is the holding company for ESSA Bank & Trust (the “Bank”), a $1.78 billion asset institution, which provides full service retail and commercial banking, financial, and investment services from 25 locations in eastern Pennsylvania, including the Poconos, Lehigh Valley, Scranton/Wilkes-Barre and suburban Philadelphia.

The Company reported net income of $2.0 million, or $0.19 per diluted share, for the fourth quarter ended September 30, 2017, compared with net income of $1.5 million, or $0.14 per diluted share, for the same quarter last year. For the year ended September 30, 2017, the Company reported net income of $7.3 million or $0.69 per diluted share, compared to $7.7 million or $0.73 per diluted share for the comparable period in 2016.

“Our focus on growing commercial banking relationships generated positive results in fiscal 2017, including $35 million year-over-year growth in the Company’s commercial loan portfolio, and an increase in noninterest bearing deposits that are often linked to commercial banking relationships,” said Gary Olson, President and CEO. “We originated a Company record $160 million of commercial loans and added $17 million of noninterest bearing deposits during the year.

“Our fiscal fourth quarter results, in particular, reflected the initiatives we are implementing to increase operational productivity and efficiency. Even as we have invested in building ESSA’s team of experienced producers, we are becoming more productive. A meaningful reduction of noninterest expense contributed to the year-over-year growth in fourth quarter earnings, and we expect these positive trends will continue.”

HIGHLIGHTS

 

    Total interest income in the fourth quarter of 2017 was $14.9 million, up from $14.7 million for the three months ended September 30, 2016. Total interest income for the year ended September 30, 2017 was $58.3 million compared to $58.4 million for the fiscal year ended September 30, 2016.

 

    Low interest rates and a flattening yield curve continued to put pressure on the Bank’s net interest margin and contributed to net interest income of $11.4 million in the fourth quarter of 2017 down from $11.7 million for the comparable period in 2016. Net interest income for the 2017 year was $45.5 million compared to $46.9 million for the comparable period in 2016.

 

    Core deposits (noninterest bearing demand accounts, savings and money market accounts) rose to 60% of total deposits at September 30, 2017, compared with 58% of total deposits at September 30, 2016.

 

    Total net loans at September 30, 2017 were $1.24 billion, up 1.4% from September 30, 2016.

 

    Total commercial loans (commercial & industrial, commercial real estate, and government), increased 9% to $420.53 million at fiscal year-end 2017, compared to $385.35 million a year earlier.

 

    With total assets increasing to $1.79 billion at September 30, 2017 from $1.77 billion at September 30, 2016, asset quality remained strong. Non-performing assets declined to 0.88% of total assets at September 30, 2017 from 1.24% at September 30, 2016.

 

    Average interest-earning assets increased to $1.64 billion for the year ended September 30, 2017 from $1.62 billion for the year ended September 30, 2016. Retained earnings increased to $91.1 million at year-end 2017, from $87.6 million at year-end 2016. Total stockholders’ equity grew to $182.7 million at September 30, 2017 from $176.3 million at September 30, 2016.


The following information was filed by Essa Bancorp, Inc. (ESSA) on Thursday, October 26, 2017 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
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)
Acquisitions
Acquisitions (tables)
Acquisitions - Additional Information (detail)
Acquisitions - Condensed Statement Reflecting Values Assigned To Net Assets (detail)
Acquisitions - Pro Forma Selected Information (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 Fair Value Of Derivative Financial Instruments As Well As Their Classification On Consolidated Balance Sheet (detail)
Derivatives And Hedging Activities - Schedule Of Pre-tax Net Gains (losses) Of Cash Flow Hedges (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 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 Measurements
Fair Value Measurements (tables)
Fair Value Measurements - Additional Information (detail)
Fair Value Measurements - Schedule Of Changes In Fair Value Of Level Iii Investments (detail)
Fair Value Measurements - Schedule Of Securities, Real Estate Owned And Impaired Loans Measured At Fair Value (detail)
Fair Value Measurements - Summary Of Additional Quantitative Information About Assets Measured At Fair Value On Nonrecurring Basis (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 - 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)
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 - Additional Information (detail)
Loans Receivable - Changes In Accretable Yield For Purchased Credit-impaired Losses (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 (tables)
Other Borrowings - Additional Information (detail)
Other Borrowings - Contractual Maturities Of Fhlb Long-term Advances (detail)
Other Borrowings - Maturities Of Fhlb Long-term Advances (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)
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: 0001564590-17-024937
Submitted to the SEC: Thu Dec 14 2017 4:39:37 PM EST
Accepted by the SEC: Thu Dec 14 2017
Period: Saturday, September 30, 2017
Industry: Savings Institutions Not Federally Chartered

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