Essa Bancorp, Inc. (ESSA) 10-Q Quarterly Report Thu May 09 2019

Stroudsburg, PA. – April 24, 2019 — ESSA Bancorp, Inc. (the “Company”) (NASDAQ:ESSA), the holding company for ESSA Bank & Trust (the “Bank”), a $1.8 billion asset financial institution providing full service retail and commercial banking, financial, and investment services in eastern Pennsylvania, today announced financial results for the three months and six months ended March 31, 2019.

Net income was $2.9 million, or $0.26 per diluted share, for the three months ended March 31, 2019, compared with $2.3 million, or $0.21 per diluted share, for the three months ended March 31, 2018. Net income was $5.9 million, or $0.54 per diluted share, for the six months ended March 31, 2019, compared with $625,000 or $0.06 per diluted share, for the six months ended March 31, 2018. Results for the six months ended March 31, 2018 reflect a one-time charge to income tax expense of $3.7 million recorded in the Company’s first fiscal quarter of 2018 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.

Gary S. Olson, President and CEO, commented: “The Company’s fiscal second quarter and first half 2019 financial performance demonstrated continued progress toward our key goals of generating steady commercial loan growth, growing interest income from loans, expanding our deposit base, and operating with increasing efficiency and productivity. Importantly, a keen focus on maintaining credit quality while growing assets has led to consistently strong asset quality and our lower loan loss provision, which has supported positive earnings performance.”

SECOND QUARTER, FIRST HALF 2019 HIGHLIGHTS

•

Increased earnings reflected the Company’s continuing progress in driving revenue from lending activity, with net income in the fiscal second quarter of 2019 of $2.9 million, up 26.3% from $2.3 million in the fiscal second quarter of 2018. In the first half of fiscal 2019, pre-tax income of $7.0 million rose 33.0% compared with the first half of fiscal 2018. Note that pre-tax income was used in the fiscal first half comparison due to the one-time charge to income tax expense of $3.7 million in the fiscal first half of 2018 as described above.

•

Total interest income increased to $17.1 million in the second quarter of fiscal 2019 from $15.8 million in the second quarter of fiscal 2018, primarily reflecting higher interest income generated by loans.

•

A lower provision for loan losses contributed to year-over-year improvement in net interest income after provision for loan losses, which was $11.1 million in second quarter of fiscal 2019 compared with $10.8 million in second quarter of fiscal 2018, and $22.1 million in the first half of fiscal 2019 compared with $21.6 million in the same period a year earlier.

•

Total net loans at March 31, 2019 increased $30.1 million to $1.3 billion from September 30, 2018, primarily reflecting growth in commercial and commercial real estate loans. Year-to-date, net loan growth of $30.1 million includes a decline of $34.3 million in indirect auto loan balances during the same period. Net loans at March 31, 2019 were up 3.4%, or $43.9 million, compared with net loans at March 31, 2018, primarily reflecting commercial loan growth. The year-over-year decline in indirect auto loan balances outstanding was $66.5 million. Note that as previously disclosed, the Company discontinued indirect auto lending in July 2018.

The following information was filed by Essa Bancorp, Inc. (ESSA) on Thursday, April 25, 2019 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.

Please wait while we load the requested 10-Q report or click the link below:

https://last10k.com/sec-filings/report/1382230/000156459019017895/essa-10q_20190331.htm

View differences made from one quarter to another to evaluate Essa Bancorp, Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ) — *Sample 10-K Year-over-Year (YoY) Comparison*

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were ~~removed~~ , added and changed by Essa Bancorp, Inc..

Continue

Assess how Essa Bancorp, Inc.'s management team is paid from their Annual Proxy

Essa Bancorp, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2019 10-K Annual Report includes:

Voting Procedures
Board Members
Executive Team
Salaries, Bonuses, Perks
Peers / Competitors

Continue

Rating
Learn More

Filter by Sentiment:

All

Positive

Negative

Filter by Category:

All

Financial

Other

Filter by Subcategory:

All

Income

Expense

Other

Inside Essa Bancorp, Inc.'s 10-Q Quarterly Report:

Other - Other Highlight
Our primary sources of cash are principal repayments on loans, proceeds from the maturities of investment securities, principal repayments of mortgage-backed securities and increases in deposit accounts.

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

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

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32: Section 1350 Certification

Ticker: ESSA
CIK: 1382230
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-19-017895
Submitted to the SEC: Thu May 09 2019 11:23:03 AM EST
Accepted by the SEC: Thu May 09 2019
Period: Sunday, March 31, 2019
Industry: Savings Institutions Not Federally Chartered