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Essa Bancorp, Inc. (ESSA) SEC Filing 10-Q Quarterly report for the period ending Sunday, December 31, 2017

Essa Bancorp, Inc.

CIK: 1382230 Ticker: ESSA

Exhibit 99.1

 

LOGO

ESSA Bancorp, Inc. Announces Fiscal 2018 First Quarter Financial Results

Stroudsburg, PA. – January 24, 2018 — ESSA Bancorp, Inc. (the “Company”) (NASDAQ ESSA) today reported a net loss of $1.6 million, or $(0.15) per diluted share, for the quarter ended December 31, 2017, compared with net income of $1.9 million, or $0.18 per diluted share, for the same quarter last year. Results for the quarter ended December 31, 2017 reflect a

one-time charge to income tax expense of $3.8 million related to the reduction in the carrying value of the Company’s deferred tax assets , which resulted from the reduction in the federal corporate income tax rate under the Tax Cuts and Jobs Act of 2017.

The Company is the holding company for ESSA Bank & Trust (the “Bank”), a $1.8 billion asset institution, which provides full service retail and commercial banking, financial, and investment services from 22 locations in eastern Pennsylvania, including the Poconos, Lehigh Valley, Scranton/Wilkes-Barre and suburban Philadelphia markets.

FIRST QUARTER 2018 HIGHLIGHTS

 

    Loan growth was the primary driver of the 1.2% growth in net interest income to $11.8 million in the fiscal first quarter of 2018 compared with $11.6 million for the comparable period in fiscal 2017.

 

    Total interest income increased to $15.4 million in the fiscal first quarter of 2018 from $14.7 million in the fiscal first quarter of 2017, primarily reflecting higher interest income generated by loans.

 

    Income before income taxes was $2.5 million in the fiscal first quarter of 2018 compared with $2.3 million in the fiscal first quarter of 2017, reflecting earnings growth prior to the impact of income taxes and the one-time charge to income tax expense, described above.

 

    Total net loans at December 31, 2017 increased $39.7 million to $1.28 billion from September 30, 2017, primarily reflecting growth in commercial and commercial real estate lending of $39.9 million. Net loans at December 31, 2017 were up 4.3% compared with net loans at December 31, 2016, primarily reflecting commercial loan growth.

 

    Asset quality remained strong, with non-performing assets of $15.7 million, or 0.86% of total assets, at December 31, 2017 compared to $15.7 million or 0.88% of total assets at September 30, 2017.

 

    Total noninterest expense decreased 1.2% for the quarter ended December 31, 2017 compared to the comparable period in 2017 reflecting decreases in compensation and employee benefits, professional fees and advertising. The Company closed its remaining three supermarket branches on December 29, 2017.

 

    The Company paid a quarterly cash dividend of $0.09 per share on December 30, 2017, its 39th consecutive quarterly cash dividend to shareholders.

Gary S. Olson, President and CEO, commented: “Our first quarter of 2018 reflected continued positive trends in commercial lending that generated higher interest income and higher noninterest fee income from lending activity. We were pleased with the growth in our Asset Management & Trust Services group, which generated a significant year-over-year increase in noninterest income from trust and investment fees.

 

Corporate Center:  200 Palmer Street PO Box L Stroudsburg, PA 18360-0160    570-421-0531    Fax: 570-421-7158


The following information was filed by Essa Bancorp, Inc. (ESSA) on Thursday, January 25, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Essa Bancorp, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheet (unaudited)
Consolidated Balance Sheet (unaudited) (parenthetical)
Consolidated Statement Of Cash Flows (unaudited)
Consolidated Statement Of Changes In Stockholders' Equity (unaudited)
Consolidated Statement Of Changes In Stockholders' Equity (unaudited) (parenthetical)
Consolidated Statement Of Comprehensive Loss (unaudited)
Consolidated Statement Of Operations (unaudited)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (tables)
Accumulated Other Comprehensive Loss - Summary Of Activity In Accumulated Other Comprehensive Income (loss) (detail)
Accumulated Other Comprehensive Loss - Summary Of Reclassification Out Of Accumulated Other Comprehensive Income (loss) (detail)
Contingent Liabilities
Contingent Liabilities - Additional Information (detail)
Deposits
Deposits (tables)
Deposits - Schedule Of Deposits By Major Classifications (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)
Equity Incentive Plan
Equity Incentive Plan (tables)
Equity Incentive Plan - Additional Information (detail)
Equity Incentive Plan - Schedule Of Restricted Stock Option Activity (detail)
Equity Incentive Plan - Schedule Of Stock Option Activity (detail)
Fair Value Measurement
Fair Value Measurement (tables)
Fair Value Measurement - Additional Information (detail)
Fair Value Measurement - Schedule Of Changes In Fair Value Of Level Iii Investments (detail)
Fair Value Measurement - Schedule Of Estimate Of Fair Value Using Methodologies (detail)
Fair Value Measurement - Schedule Of Securities, Derivatives, Other Real Estate Owned And Impaired Loans Measured At Fair Value (detail)
Fair Value Measurement - 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 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)
Loans Receivable, Net And Allowance For Loan Losses
Loans Receivable, Net And Allowance For Loan Losses (tables)
Loans Receivable, Net And Allowance For Loan Losses - Additional Information (detail)
Loans Receivable, Net And Allowance For Loan Losses - Changes In Accretable Yield For Purchased Credit-impaired Losses (detail)
Loans Receivable, Net And Allowance For Loan Losses - Classes Of Loan Portfolio Summarized By Aging Categories (detail)
Loans Receivable, Net And Allowance For Loan Losses - Classes Of Loan Portfolio, Internal Risk Rating System (detail)
Loans Receivable, Net And Allowance For Loan Losses - Schedule Of Investment And Unpaid Principal Balances For Impaired Loans (detail)
Loans Receivable, Net And Allowance For Loan Losses - Schedule Of Loans Evaluated For Impairment (detail)
Loans Receivable, Net And Allowance For Loan Losses - Schedule Of Performing Or Non-performing Loans (detail)
Loans Receivable, Net And Allowance For Loan Losses - Summary Of Additional Information Regarding Loans Acquired And Accounted (detail)
Loans Receivable, Net And Allowance For Loan Losses - Summary Of Loans Receivable (detail)
Loans Receivable, Net And Allowance For Loan Losses - Summary Of Primary Segments Of All (detail)
Loans Receivable, Net And Allowance For Loan Losses - Summary Of Troubled Debt Restructuring Granted (detail)
Nature Of Operations And Basis Of Presentation
Nature Of Operations And Basis Of Presentation - Additional Information (detail)
Net Periodic Benefit Cost-defined Benefit Plan
Net Periodic Benefit Cost-defined Benefit Plan (tables)
Net Periodic Benefit Cost-defined Benefit Plan - Additional Information (detail)
Net Periodic Benefit Cost-defined Benefit Plan - Summary Of The Components Of Net Periodic Benefit Cost (detail)
Recent Accounting Pronouncements
Recent Accounting Pronouncements (policies)
Recent Accounting Pronouncements - Additional Information (detail)
Use Of Estimates In The Preparation Of Financial Statements

Material Contracts, Statements, Certifications & more

Essa Bancorp, Inc. provided additional information to their SEC Filing as exhibits

Ticker: ESSA
CIK: 1382230
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-18-001751
Submitted to the SEC: Fri Feb 09 2018 3:02:10 PM EST
Accepted by the SEC: Fri Feb 09 2018
Period: Sunday, December 31, 2017
Industry: Savings Institutions Not Federally Chartered

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