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Essa Bancorp, Inc. (ESSA) SEC Filing 10-Q Quarterly report for the period ending Thursday, December 31, 2020

Essa Bancorp, Inc.

CIK: 1382230 Ticker: ESSA

Exhibit 99.1

 

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ESSA Bancorp, Inc. Announces Fiscal 2021 First Quarter Financial Results

Stroudsburg, PA. – January 27, 2021

— ESSA Bancorp, Inc. (the “Company”) (NASDAQ:ESSA), the holding company for ESSA Bank & Trust (the “Bank”), a $1.9 billion asset financial institution providing full service commercial and retail banking, financial, and investment services in eastern Pennsylvania, today announced financial results for the three months ended December 31, 2020.

Net income was $4.1 million, or $0.41 per diluted share, for the three months ended December 31, 2020, up 21% compared with $3.4 million, or $0.33 per diluted share, for the three months ended December 31, 2019.

Gary S. Olson, President and CEO, commented: “The Company’s financial performance in the fiscal first quarter of 2021 reflected the ongoing commitment of ESSA to provide responsive service and personalized financial solutions with increased use of digital capabilities, ensure the health and safety of customers and employees, and maintain a strong balance sheet, asset quality and liquidity.

“Fiscal first quarter earnings results reflected the positive impact of reduced interest expense and increased noninterest income. We continued to maintain increased cash reserves to ensure liquidity and expanded loan loss reserves to address economic and pandemic-related uncertainties.

“Although economic uncertainty and pandemic-related conditions have understandably dampened commercial banking activity, we continued to see relative stability in commercial lending and only a modest year-over-year decline in interest income from loans. Managing interest expense contributed to higher year-over-year net interest income. Strong growth of noninterest income, fueled in part by brisk residential mortgage originations that generated fee income and resulting gains on the sale of mortgages, was an important factor in generating double-digit net income growth. The Company’s financial performance continued to build shareholder value.

“Our bankers continued to efficiently serve customers through a variety of channels from digital delivery to safe personal interactions. We believe fiscal 2021 first quarter results affirmed our commitment to reimagining the future of banking that will incorporate increased digital capabilities, new ways of collaborating with customers, less reliance on physical facilities, and new ways to educate and communicate with customers.

“Although the pandemic continues to impact our served markets, we have been encouraged by the economic health and resilience demonstrated throughout the region. Most customers who requested loan payment deferrals in 2020 are now current, and there have been few requests for relief in recent months. Loans still in forbearance at December 31, 2020 included $28.1 million in commercial real estate, $108,000 in commercial, $3.2 million in mortgage and $160,000 in auto. In total, these loans represent 2.3% of our total outstanding loans at December 31, 2020 compared to 4.5% at September 30, 2020 and 12.4% at June 30, 2020.

“While businesses continue to take a conservative and cautious stance, they are generally holding their own. ESSA has provided the support and services to help clients, including our active participation in the Paycheck Protection Program (“PPP”) last year. We assisted many existing and new customers, and we are participating in the current round of government-guaranteed financing.

“The pandemic and resulting economic uncertainty continue to present challenges. We believe ESSA has demonstrated the ability to effectively address the challenges. We remained focused on maintaining liquidity, an appropriate loan loss reserve, credit quality management, managing interest and noninterest expense, and delivering superior service.”


The following information was filed by Essa Bancorp, Inc. (ESSA) on Thursday, January 28, 2021 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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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 (Unaudited)
Consolidated Statement Of Operations (Unaudited)
Accounting Pronouncements
Accounting Pronouncements (Policies)
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 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 (Loss) (Detail)
Derivatives And Hedging Activities - Schedule Of Fair Value Of Derivative Financial Instruments As Well As Their Classification On Consolidated Balance Sheet (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 Carrying Value And Fair Value For Certain Financial Instruments 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 And Liabilities Required To Be Measured And Reported At Fair Value On A Recurring Basis (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 - 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)
Leases
Leases (Tables)
Leases - Summary Of Balance Sheet Operating Lease Right-Of-Use Assets And Lease Liabilities (Detail)
Leases - Summary Of Components Of Lease Cost (Detail)
Leases - Summary Of Future Minimum Lease Payments (Detail)
Leases - Summary Of Lease Term And Discount Rate (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 Changes In Primary Segments Of All (Detail)
Loans Receivable, Net And Allowance For Loan Losses - Summary Of Loans Receivable (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: 0001564590-21-004933
Submitted to the SEC: Tue Feb 09 2021 3:08:19 PM EST
Accepted by the SEC: Tue Feb 09 2021
Period: Thursday, December 31, 2020
Industry: Savings Institutions Not Federally Chartered

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