ESSA Bancorp, Inc. Releases Financial Results for Fiscal First Quarter 2025

ESSA Bancorp, Inc. (NASDAQ: ESSA), the parent company of ESSA Bank & Trust, recently disclosed its financial performance in a press release for the fiscal first quarter ending December 31, 2024. The company reported a net income of $4.0 million, translating to $0.41 per diluted share. This compares to the previous year where earnings stood at $4.3 million, or $0.45 per diluted share, for the corresponding period through December 31, 2023.

Gary S. Olson, President and CEO of ESSA Bancorp, mentioned that the company continued to deliver robust earnings supported by the growth in commercial loans and a solid credit management strategy. He highlighted the year-over-year expansion in commercial, commercial real estate, and residential mortgage loan portfolios. Despite the challenges posed by a flat yield curve, ESSA maintained a stable net interest margin in the fiscal first quarter of 2025 compared to the same period in 2024.

The organization demonstrated its commitment to maintaining operational excellence and driving shareholder value. Moreover, ESSA’s planned merger with CNB Financial Corporation is anticipated to bring substantial long-term value for its shareholders.

In terms of financial highlights for the first quarter of 2025:
– Total net loans increased to $1.76 billion from $1.74 billion by December 31, 2024.
– Commercial loans experienced a notable 23.7% growth to $45.5 million during the same period.
– Asset quality remained strong, with nonperforming assets accounting for 0.54% of total assets by the end of December.
– Total deposits reached $1.70 billion, with core deposits constituting 62% of the total.
– Total yield on average interest-earning assets rose to 5.01% for the quarter ended December 31, 2024, compared to 4.89% a year earlier.
– Net interest margin stood at 2.68% for the first quarter of 2025.

ESSA Bancorp, Inc., founded in 1916, oversees assets worth $2.2 billion and maintains 20 community offices across various regions within Pennsylvania. The company provides a comprehensive array of financial services, including commercial and retail banking, trusts, investment services, and insurance benefits.

The press release also contained forward-looking statements cautioning readers about potential risks and uncertainties, particularly concerning the proposed merger with CNB Financial Corporation. ESSA Bancorp emphasized monitoring factors that could impact the company’s financial performance and warned against placing undue reliance on forward-looking statements.

For further reference, detailed financial statements and performance metrics for ESSA Bancorp, Inc. are available for review above.

Contact:
Gary S. Olson, President & CEO
Corporate Office: 200 Palmer Street, Stroudsburg, Pennsylvania 18360
Telephone: (570) 421-0531

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read ESSA Bancorp’s 8K filing here.

About ESSA Bancorp

ESSA Bancorp, Inc operates as a bank holding company for ESSA Bank & Trust that provides a range of financial services to individuals, families, and businesses in Pennsylvania. The company accepts savings accounts, interest bearing demand accounts, checking accounts, money market accounts, club accounts, certificates of deposit and IRAs, and other qualified plan accounts, as well as commercial checking accounts.