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Essa Bancorp, Inc. (ESSA) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

SEC Filings

ESSA Quarterly Reports

Essa Bancorp, Inc.

CIK: 1382230 Ticker: ESSA

Exhibit 99.1

 

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ESSA Bancorp, Inc. Announces Fiscal 2022

Second Quarter, First Half Financial Results

Stroudsburg, PA. – April 27, 2022 — 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 fiscal second quarter and first half ended March 31, 2022.

Net income was $4.6 million, or $0.47 per diluted share, for the three months ended March 31, 2022, up from $4.3 million, or $0.43 per diluted share, for the three months ended March 31, 2021. For the six months of 2022, net income was $9.2 million, or $0.94 per diluted share compared with $8.5 million, or $0.84 per diluted share, for the six months ended March 31, 2021.

Gary S. Olson, President and CEO, commented: “A Companywide focus on productivity, efficiency and asset quality characterized the second quarter and first half of fiscal 2022, leading to steady year-over-year net income growth and increased shareholder value. Earnings per share in the second quarter increased 9.3% from a year earlier and rose 11.9% in in the first half of 2022 compared with the first half of 2021.

“While the second quarter marked a nearly complete transition from the pandemic-influenced operating conditions of the past two years, the finely tuned operation that supported our profitable activity continues. Returns on average assets and equity have improved significantly, while increased net margin and interest spread reflected diligent interest expense management and responsive pricing adjustments of interest earning assets in a rising rate environment.

“Loan quality improved during the quarter, with reduced levels of nonperforming loans and foreclosed real estate. Based on the quality of retained loans, the Company had no provision for loan losses in the second quarter of 2022 or in the first half of 2022 compared with a year earlier.

“Commercial real estate (“CRE”) lending remained healthy and reflected growth of owner-occupied and non owner-occupied CRE loans. Our commercial pipeline remains robust providing confidence for growth opportunities in future quarters. Paycheck Protection Program (“PPP”) loans and pandemic related commercial loans in forbearance have decreased to minimal levels.

“Residential mortgage originations continued at a good pace, although rate increases during the second quarter did cause a slowing of refinancings. Improved pricing power created by higher interest rates for residential mortgages prompted the Company to retain a significant number of originated residential mortgages that might have otherwise been sold to the secondary market in prior quarters.

“As we enter the second half of our year, we are well positioned to fund growth in commercial and retail lending, and have a robust loan pipeline. The Company’s liquidity and cash position provide funding resources and support minimal borrowings, which has been particularly important for expense management as rates have continued to rise.

“Strong financial performance has supported ongoing growth of shareholder value. We remain focused on quality operation that enables us to provide value for our customers, employees and shareholders.”

 

 


The following information was filed by Essa Bancorp, Inc. (ESSA) on Thursday, April 28, 2022 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 2022 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 (Unaudited)
Consolidated Statement Of Operations (Unaudited)
Accounting Pronouncements
Accounting Pronouncements (Policies)
Accounting Pronouncements - Additional Information (Details)
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 (Detail)
Investment Securities - Summary Of Unrealized And Realized Gains Losses Recognized In Net Income On Equity Securities (Detail)
Leases
Leases (Tables)
Leases - Additional Information (Detail)
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 Restructurings 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
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: 0001564590-22-020358
Submitted to the SEC: Mon May 16 2022 3:33:58 PM EST
Accepted by the SEC: Mon May 16 2022
Period: Thursday, March 31, 2022
Industry: Savings Institutions Not Federally Chartered

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