ESSA Bancorp, Inc. Announces Fiscal Second Quarter 2014 Financial
Results
STROUDSBURG, PA--(Marketwired - Apr 23, 2014) - ESSA
Bancorp, Inc. (NASDAQ: ESSA), the holding Company for ESSA Bank
& Trust, a $1.58 billion asset institution providing full
service retail and commercial banking, financial and investment
services, today announced results for fiscal second quarter and
fiscal first half, 2014.
The Company reported net income of $1.5 million, or $0.14 per
diluted share, for the three months ended March 31, 2014, compared
with net income of $2.0 million, or $0.17 per diluted share, for
the three months ended March 31, 2013. For the six months ended
March 31, 2014, ESSA reported net income of $3.5 million, or $0.32
per diluted share, compared to net income of $4.9 million, or $0.41
per diluted share, for the corresponding 2013 period. Results
for the three and six month periods ended March 31, 2014 reflect
declines in the accretion of the fair market adjustments that
resulted from the Company's acquisition of First Star Bancorp along
with declines in gains from the sales of investments and loans
compared to the comparable periods in 2013.
The Company's first half 2014 results included $346,000 in
merger-related costs. Following the close of the fiscal second
quarter, the Company completed its acquisition of Franklin Security
Bancorp on April 4, 2014, adding approximately $219.5 million in
total assets, $155.5 million in loans and $163.1 million in
deposits not reflected in the Company's balance sheet totals as of
March 31, 2014.
Gary S. Olson, President and CEO, commented: "We are excited to
continue building the ESSA Bank & Trust franchise with this
latest acquisition. Not only does the merger open the door to
new geographical markets -- it broadens and diversifies our revenue
mix and growth opportunities, particularly with Franklin's strength
in government lending and indirect auto lending. Additionally,
we have the opportunity to build the commercial banking business in
the markets served by Franklin, and introduce ESSA's mortgage
lending capabilities to serve the Wilkes-Barre and Scranton
markets."
The Company's pre-tax core earnings, excluding the accretion of
the fair market adjustments that resulted from the Company's
acquisition of First Star Bancorp, gains on the sale of securities
and loans, and the Franklin merger related expenses, were $3.9
million in fiscal first half 2014 compared with $3.7 million in
fiscal first half 2013. In fiscal second quarter 2014, core
earnings were $1.7 million compared with $1.3 million in fiscal
second quarter 2013.
"We believe our core operating results reflect a growth strategy
that is consistently adding value for the Company and its
shareholders," Olson explained. "Total stockholders' equity
increased to $167.7 million at March 31, 2014 compared to $166.5
million at the beginning of our fiscal year, and the Company's
tangible book value was $13.08 per share at March 31, 2014, up from
$12.73 a year ago. We also enhanced shareholder value as our
board authorized an increased cash dividend on common shares in the
second quarter, and we utilized a portion of our capital to
repurchase shares." During the three months ended March 31, 2014,
the Company repurchased 41,625 shares at an average cost of $11.39
per share, and during the three months ended December 31, 2013,
repurchased 17,600 shares at an average cost of $11.14 per share
for a total of 59,225 shares repurchased during the fiscal first
half 2014.
"In our core market, we continue our focus on executing our
business plan, while exploring additional opportunities that we
believe may facilitate continued growth of the franchise and drive
accelerating value for shareholders over time," Olson
explained.
Income Statement Review
Net interest income decreased $946,000, or 9.57%, to $8.9
million for the three months ended March 31, 2014, from $9.9
million for the comparable period in 2013. The change primarily
reflected a decrease in the Company's interest rate spread to 2.79%
for the three months ended March 31, 2014, from 2.97% for the
comparable period in 2013, the decline in the accretion of fair
market value adjustments and a decrease in the Company's average
net earning assets of $12.1 million.
Net interest income decreased $2.2 million, or 10.55%, to $18.4
million for the six months ended March 31, 2014, from $20.6 million
for the comparable period in 2013. The decline was primarily
attributable to a decrease in the Company's interest rate spread to
2.83% for the six months ended March 31, 2014 from 3.06% for the
comparable period in 2013, the decline in the accretion of fair
market value adjustments and a decrease in the Company's average
net earning assets of $7.4 million.
The net interest margin was 2.89% for the three months ended
March 31, 2014 compared to a net interest margin of 3.08% for the
comparable period in 2013. The net interest margin was 2.93% for
the six months ended March 31, 2014 compared to a net interest
margin of 3.17% for the comparable period in 2013. The Company's
net interest rate spread was 2.88% and the net interest margin was
2.98% for the quarter ended December 31, 2013.
The provision for loan losses decreased to $750,000 for the
three months ended March 31, 2014, compared to $850,000 for the
three months ended March 31, 2013. Net loan charge-offs in fiscal
second quarter 2014 were $456,000 compared to $734,000 in the
fiscal second quarter 2013. The provision for loan losses decreased
to $1.5 million for the six months ended March 31, 2014, compared
to $1.9 million for the six months ended March 31, 2013. Net loan
chargeoffs for the year-to-date 2014 period were $901,000 compared
to chargeoffs of $1.5 million for the comparable 2013 period.
Noninterest income decreased 28.72% to $1.8 million for the
three months ended March 31, 2014, compared to the three months
ended March 31, 2013, primarily reflecting a decrease in the gains
on sale of investments of $472,000 and decreased service charges
and fees on loans of $164,000. Noninterest income decreased $1.1
million, or 24.64% to $3.4 million for the six months ended March
31, 2014 from $4.5 million for the comparable period in 2013. The
primary reasons for the decline were decreases in services charges
and fees on loans of $208,000, gain on sale of investments of
$502,000 and gain on sale of loans of $415,000, respectively.
Noninterest expense declined 10.31% to $7.9 million for the
three months ended March 31, 2014 compared to $8.8 million for the
comparable period in 2013, primarily reflecting lower compensation
and employee benefits expenses of $711,000 for the three months
ended March 31, 2014 compared to the three months ended March 31,
2013. Decreases in the cost of the Company's stock based
incentive plan and retirement costs were the primary reasons for
the decline in compensation and employees benefits.
Noninterest expense declined 4.07% to $15.6 million for the six
month period ended March 31, 2014 compared to $16.3 million for the
comparable period in 2013. Declines in compensation and benefits of
$959,000 and other expenses of $311,000 were partially offset by a
decrease in the gain on foreclosed real estate of $347,000 and an
increase in merger related expenses of $346,000 related to the
Company's acquisition of Franklin Security Bancorp, which was
completed on April 4, 2014.
Balance Sheet, Asset Quality and Capital Adequacy
Total assets decreased $6.9 million, or 0.50%, to $1.37 billion
at March 31, 2014, compared to $1.37 billion at September 30,
2013.
Loans receivable, net of an $8.7 million allowance for loan
losses, were $906.4 million at March 31, 2014 compared to loans
receivable, net of an $8.1 million allowance for loan losses, of
$928.2 million at September 30, 2013.
Total deposits decreased $42.6 million, or 4.09%, to $998.4
million at March 31, 2014, from $1.04 billion at September 30,
2013. Included in the deposit decrease was a decrease of $31.5
million in brokered certificates of deposit. During the same
period, borrowings increased $31.3 million. Olson explained that in
fiscal 2014, FHLB borrowings have been attractively priced compared
to brokered certificates.
Nonperforming assets totaled $24.9 million, or 1.83%, of total
assets at March 31, 2014, compared with $26.0 million, or 1.89%, of
total assets at September 30, 2013. The decrease in nonperforming
assets of $1.1 million at March 31, 2014 compared to September 30,
2013 was due primarily to a decline in nonperforming residential
mortgages of $2.1 million offset by a $1.0 million increase in
nonperforming commercial loans.
The allowance for loan losses was $8.7 million, or 0.95%, of
loans outstanding at March 31, 2014, compared to $8.1 million, or
0.86%, of loans outstanding at September 30, 2013.
The Bank continued to demonstrate financial strength, with a
tier 1 leverage ratio of 11.38%, exceeding accepted regulatory
standards for a well-capitalized institution. The Company also
maintains a tangible equity to total assets ratio of 11.27%.
Stockholders' equity increased $1.3 million to $167.7 million at
March 31, 2014, from $166.4 million at September 30, 2013. During
the three months ended March 31, 2014, the Company repurchased
41,625 shares at an average cost of $11.39 per share. Tangible book
value per share at March 31, 2014 increased to $13.08 compared with
$12.73 at March 31, 2013.
The Company's return on average assets and return on average
equity, respectively, were 0.44% and 3.56% for the three months
ended March 31, 2014 compared with 0.59% and 4.64% for the
corresponding period of fiscal 2013. The Company's return on
average assets and return on average equity, respectively, were
0.52% and 4.17% for the six months ended March 31, 2014 compared to
0.70% and 5.57% for the comparable period in fiscal
2013. Return on average assets and return on average equity,
respectively, were 0.59% and 4.77% for the quarter ended December
31, 2013.
Olson concluded: "While economic conditions in Northeastern
Pennsylvania continue to present challenges. we feel ESSA Bank
& Trust is effectively competing for quality commercial and
retail business and tapping into new opportunities available to us
as a larger institution with a broader market footprint. We
believe we have prudently leveraged our strong capital position to
build ESSA Bancorp and to generate value for our shareholders in
the process."
ESSA Bank & Trust, a wholly-owned subsidiary of ESSA
Bancorp, Inc., has total assets of more than $1.5 billion and is
the leading service-oriented financial institution headquartered in
Stroudsburg, Pennsylvania. ESSA Bank & Trust maintains its
corporate headquarters in downtown Stroudsburg, Pennsylvania and
has 27 community offices throughout the Greater Pocono, Lehigh
Valley, Scranton and Wilkes-Barre markets in Pennsylvania. In
addition to being one of the region's largest mortgage lenders,
ESSA Bank & Trust offers a full range of retail, commercial
financial services, and financial advisory and asset management
capabilities. ESSA Bancorp, Inc. stock trades on The NASDAQ Global
Select Market(SM) under the symbol "ESSA."
Forward-Looking Statements
Certain statements contained herein are "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
Such forward-looking statements may be identified by reference to a
future period or periods, or by the use of forward-looking
terminology, such as "may," "will," "believe," "expect,"
"estimate," "anticipate," "continue," or similar terms or
variations on those terms, or the negative of those terms.
Forward-looking statements are subject to numerous risks and
uncertainties, including, but not limited to, those related to the
economic environment, particularly in the market areas in which the
Company operates, competitive products and pricing, fiscal and
monetary policies of the U.S. Government, changes in government
regulations affecting financial institutions, including compliance
costs and capital requirements, changes in prevailing interest
rates, acquisitions and the integration of acquired businesses,
credit risk management, asset-liability management, the financial
and securities markets and the availability of and costs associated
with sources of liquidity.
The Company wishes to caution readers not to place undue
reliance on any such forward-looking statements, which speak only
as of the date made. The Company wishes to advise readers that the
factors listed above could affect the Company's financial
performance and could cause the Company's actual results for future
periods to differ materially from any opinions or statements
expressed with respect to future periods in any current statements.
The Company does not undertake and specifically declines any
obligation to publicly release the result of any revisions, that
may be made to any forward-looking statements to reflect events or
circumstances after the date of such statements or to reflect the
occurrence of anticipated or unanticipated events.
NON-GAAP Disclosures
This press release contains both financial measures based on
accounting principles generally accepted in the United States
(GAAP) and non-GAAP based financial measures, which are used where
management believes it to be helpful in understanding the Company's
results of operations or financial position. Where non-GAAP
financial measures are used, the comparable GAAP financial measure,
as well as the reconciliation to the comparable GAAP financial
measure, can be found in this press release. These disclosures
should not be viewed as a substitute for operating results
determined in accordance with GAAP, nor are they necessarily
comparable to non-GAAP performance measures that may be presented
by other companies.
FINANCIAL TABLES FOLLOW
|
|
|
|
ESSA BANCORP, INC. AND SUBSIDIARY |
|
CONSOLIDATED BALANCE SHEET |
|
(UNAUDITED) |
|
|
|
|
|
March 31, 2014 |
|
|
September 30, 2013 |
|
|
|
(dollars in thousands) |
|
ASSETS |
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
12,895 |
|
|
$ |
22,393 |
|
|
Interest-bearing deposits with other institutions |
|
|
27,767 |
|
|
|
4,255 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
cash and cash equivalents |
|
|
40,662 |
|
|
|
26,648 |
|
|
Certificates of deposit |
|
|
1,767 |
|
|
|
1,767 |
|
|
Investment securities available for sale |
|
|
314,329 |
|
|
|
315,622 |
|
|
Loans receivable (net of allowance for loan losses of
$8,662 and $8,064) |
|
|
906,356 |
|
|
|
928,230 |
|
|
Regulatory stock, at cost |
|
|
10,353 |
|
|
|
9,415 |
|
|
Premises and equipment, net |
|
|
17,055 |
|
|
|
15,747 |
|
|
Bank-owned life insurance |
|
|
29,250 |
|
|
|
28,797 |
|
|
Foreclosed real estate |
|
|
2,168 |
|
|
|
2,111 |
|
|
Intangible assets, net |
|
|
1,992 |
|
|
|
2,466 |
|
|
Goodwill |
|
|
10,259 |
|
|
|
8,817 |
|
|
Deferred income taxes |
|
|
11,350 |
|
|
|
11,183 |
|
|
Other assets |
|
|
19,853 |
|
|
|
21,512 |
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
1,365,394 |
|
|
$ |
1,372,315 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
Deposits |
|
$ |
998,430 |
|
|
$ |
1,041,059 |
|
|
Short-term borrowings |
|
|
38,000 |
|
|
|
23,000 |
|
|
Other borrowings |
|
|
145,550 |
|
|
|
129,260 |
|
|
Advances by borrowers for taxes and insurance |
|
|
8,870 |
|
|
|
4,962 |
|
|
Other liabilities |
|
|
6,810 |
|
|
|
7,588 |
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES |
|
|
1,197,660 |
|
|
|
1,205,869 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
Common stock |
|
|
181 |
|
|
|
181 |
|
|
Additional paid in capital |
|
|
182,586 |
|
|
|
182,440 |
|
|
Unallocated common stock held by the Employee Stock
Ownership Plan |
|
|
(10,306 |
) |
|
|
(10,532 |
) |
|
Retained earnings |
|
|
73,912 |
|
|
|
71,709 |
|
|
Treasury stock, at cost |
|
|
(76,793 |
) |
|
|
(76,117 |
) |
|
Accumulated other comprehensive loss |
|
|
(1,846 |
) |
|
|
(1,235 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
STOCKHOLDERS' EQUITY |
|
|
167,734 |
|
|
|
166,446 |
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
$ |
1,365,394 |
|
|
$ |
1,372,315 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ESSA BANCORP, INC. AND SUBSIDIARY |
|
CONSOLIDATED STATEMENT OF INCOME |
|
(UNAUDITED) |
|
|
|
|
|
|
|
For the Three Months Ended March 31 |
|
For the Six Months Ended March 31 |
|
|
2014 |
|
2013 |
|
2014 |
|
2013 |
|
|
(dollars in thousands) |
|
|
|
|
|
INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable |
$ |
9,843 |
|
$ |
11,041 |
|
$ |
20,366 |
|
$ |
23,278 |
|
|
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
1,523 |
|
|
1,558 |
|
|
3,050 |
|
|
3,188 |
|
|
|
Exempt from federal income tax |
|
71 |
|
|
73 |
|
|
144 |
|
|
127 |
|
|
Other investment income |
|
85 |
|
|
18 |
|
|
144 |
|
|
47 |
|
|
|
Total
interest income |
|
11,522 |
|
|
12,690 |
|
|
23,704 |
|
|
26,640 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
1,906 |
|
|
1,848 |
|
|
3,894 |
|
|
3,819 |
|
|
Short-term borrowings |
|
27 |
|
|
46 |
|
|
50 |
|
|
82 |
|
|
Other borrowings |
|
651 |
|
|
912 |
|
|
1,331 |
|
|
2,136 |
|
|
|
Total
interest expense |
|
2,584 |
|
|
2,806 |
|
|
5,275 |
|
|
6,037 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME |
|
8,938 |
|
|
9,884 |
|
|
18,429 |
|
|
20,603 |
|
|
Provision for loan losses |
|
750 |
|
|
850 |
|
|
1,500 |
|
|
1,850 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME AFTER PROVISION FOR LOAN
LOSSES |
|
8,188 |
|
|
9,034 |
|
|
16,929 |
|
|
18,753 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
Service fees on deposit accounts |
|
722 |
|
|
711 |
|
|
1,514 |
|
|
1,518 |
|
|
Services charges and fees on loans |
|
104 |
|
|
268 |
|
|
289 |
|
|
497 |
|
|
Trust and investment fees |
|
230 |
|
|
196 |
|
|
441 |
|
|
411 |
|
|
Gain on sale of investments, net |
|
236 |
|
|
708 |
|
|
236 |
|
|
738 |
|
|
Gain on sale of loans, net |
|
- |
|
|
81 |
|
|
- |
|
|
415 |
|
|
Earnings on Bank-owned life insurance |
|
225 |
|
|
248 |
|
|
453 |
|
|
474 |
|
|
Insurance commissions |
|
227 |
|
|
232 |
|
|
420 |
|
|
407 |
|
|
Other |
|
8 |
|
|
14 |
|
|
26 |
|
|
24 |
|
|
|
Total
noninterest income |
|
1,752 |
|
|
2,458 |
|
|
3,379 |
|
|
4,484 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and employee benefits |
|
4,357 |
|
|
5,068 |
|
|
8,665 |
|
|
9,624 |
|
|
Occupancy and equipment |
|
1,065 |
|
|
1,030 |
|
|
1,983 |
|
|
1,979 |
|
|
Professional fees |
|
498 |
|
|
592 |
|
|
907 |
|
|
904 |
|
|
Data processing |
|
769 |
|
|
805 |
|
|
1,449 |
|
|
1,468 |
|
|
Advertising |
|
114 |
|
|
145 |
|
|
220 |
|
|
255 |
|
|
Federal Deposit Insurance Corporation Premiums |
|
235 |
|
|
293 |
|
|
464 |
|
|
478 |
|
|
Loss (Gain) on foreclosed real estate |
|
(93 |
) |
|
(172 |
) |
|
(51 |
) |
|
(398 |
) |
|
Merger related costs |
|
88 |
|
|
- |
|
|
346 |
|
|
- |
|
|
Amortization of intangible assets |
|
237 |
|
|
249 |
|
|
474 |
|
|
499 |
|
|
Other |
|
614 |
|
|
780 |
|
|
1,175 |
|
|
1,486 |
|
|
|
Total
noninterest expense |
|
7,884 |
|
|
8,790 |
|
|
15,632 |
|
|
16,295 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
2,056 |
|
|
2,702 |
|
|
4,676 |
|
|
6,942 |
|
|
Income taxes |
|
554 |
|
|
662 |
|
|
1,170 |
|
|
2,023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
1,502 |
|
$ |
2,040 |
|
$ |
3,506 |
|
$ |
4,919 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.14 |
|
$ |
0.17 |
|
$ |
0.32 |
|
$ |
0.41 |
|
|
Diluted |
$ |
0.14 |
|
$ |
0.17 |
|
$ |
0.32 |
|
$ |
0.41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
|
For the Six Months Ended March 31, |
|
|
|
2014 |
|
|
2013 |
|
|
2014 |
|
|
2013 |
|
|
|
(dollars in thousands) |
|
|
(dollars in thousands) |
|
CONSOLIDATED AVERAGE BALANCES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets |
|
$ |
1,355,618 |
|
|
$ |
1,393,004 |
|
|
$ |
1,358,326 |
|
|
$ |
1,395,870 |
|
|
Total
interest-earning assets |
|
|
1,256,273 |
|
|
|
1,300,283 |
|
|
|
1,260,595 |
|
|
|
1,302,189 |
|
|
Total
interest-bearing liabilities |
|
|
1,110,095 |
|
|
|
1,142,032 |
|
|
|
1,115,335 |
|
|
|
1,149,526 |
|
|
Total
stockholders' equity |
|
|
168,610 |
|
|
|
175,697 |
|
|
|
168,334 |
|
|
|
176,517 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON SHARE DATA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shares outstanding - basic |
|
|
10,859,518 |
|
|
|
11,763,581 |
|
|
|
10,875,856 |
|
|
|
11,932,539 |
|
|
Average shares outstanding - diluted |
|
|
10,859,702 |
|
|
|
11,763,581 |
|
|
|
10,884,070 |
|
|
|
11,932,539 |
|
|
Book
value shares |
|
|
11,885,778 |
|
|
|
12,589,699 |
|
|
|
11,885,778 |
|
|
|
12,589,699 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest rate spread |
|
|
2.79 |
% |
|
|
2.97 |
% |
|
|
2.83 |
% |
|
|
3.06 |
% |
Net interest margin |
|
|
2.89 |
% |
|
|
3.08 |
% |
|
|
2.93 |
% |
|
|
3.17 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL
MEASURES: |
|
For the Three Months Ended March 31, |
|
For the Six Months Ended March 31, |
|
|
2014 |
|
2013 |
|
2014 |
|
2013 |
|
|
(dollars in thousands) |
|
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
$ |
2,056 |
|
$ |
2,702 |
|
$ |
4,676 |
|
$ |
6,942 |
|
Deduct: accretion of fair market value adjustments from First Star
acquisition |
|
|
222 |
|
|
653 |
|
|
852 |
|
|
2,052 |
|
Deduct: Gains from sales of loans and investments |
|
|
236 |
|
|
789 |
|
|
236 |
|
|
1,153 |
|
Add: Merger related costs |
|
|
88 |
|
|
- |
|
|
346 |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax core earnings: |
|
$ |
1,686 |
|
$ |
1,260 |
|
$ |
3,934 |
|
$ |
3,737 |
|
|
|
|
|
|
|
|
|
|
|
|
|
ESSA Bancorp (NASDAQ:ESSA)
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From Jun 2024 to Jul 2024
ESSA Bancorp (NASDAQ:ESSA)
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From Jul 2023 to Jul 2024