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Essa Bancorp, Inc. (ESSA) SEC Filing 10-Q Quarterly report for the period ending Sunday, March 31, 2019

Essa Bancorp, Inc.

CIK: 1382230 Ticker: ESSA

Exhibit 99.1

 

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ESSA Bancorp, Inc. Announces Fiscal 2019

Second Quarter, First Half Financial Results

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.

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

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

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 Income (Loss) (Unaudited)
Consolidated Statement Of Operations (Unaudited)
Accounting Pronouncements
Accounting Pronouncements (Policies)
Accounting Pronouncements - Additional Information (Detail)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (Tables)
Accumulated Other Comprehensive Loss - Summary Of Activity In Accumulated Other Comprehensive 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 Effect Of Cash Flow Hedge Accounting On Accumulated Other Comprehensive Income (Detail)
Derivatives And Hedging Activities - Schedule Of Effect Of Derivative Financial Instruments On Income Statement (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 Gross Presentation, Effects Of Offsetting And Net Presentation Of Derivatives (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)
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)
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)
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 - 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 - Summary Of The Components Of Net Periodic Benefit Cost (Detail)
Revenue Recognition
Revenue Recognition - 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: 0001564590-19-017895
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

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