ESSA Bancorp, Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended December 31, 2017
January 25, 2018 at 09:23 pm IST
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ESSA Bancorp, Inc. announced unaudited consolidated earnings results for the first quarter ended December 31, 2017. For the quarter, the company reported total interest income was $15,376,000 against $14,650,000 a year ago. The primary driver was growth in interest income from loans to $12.8 million in fiscal first quarter 2017, up from $12.3 million a year earlier. Net interest income was $11,768,000 against $11,632,000 a year ago. Income before income taxes was $2,455,000 against $2,337,000 a year ago. Net loss was $1,638,000 against net income of $1,937,000 a year ago. Diluted loss per share were $0.15 against earnings of $0.18 a year ago. For the fiscal first quarter of 2018, the company’s return on average assets and return on average equity were negative 0.36% and negative 3.53%, compared with positive 0.43% and positive 4.37%, respectively, in the corresponding period of fiscal 2017. The returns in the fiscal first quarter of 2018 primarily reflected the impact of the one-time charge to income tax expense.
ESSA Bancorp, Inc. is a holding company for ESSA Bank & Trust (the Bank). The Bank is a chartered savings bank. The Bank has two regional offices in Allentown and Devon, and operates 21 community offices throughout the greater Pocono, Lehigh Valley, Scranton/Wilkes-Barre and suburban Philadelphia areas. The Bankâs primary business consists of the taking of deposits and granting of loans to customers generally in Monroe, Northampton, Lehigh, Delaware, Chester, Montgomery, Lackawanna and Luzerne Counties, Pennsylvania. Its personal banking services include personal checking, personal savings, certificates of deposit, money market account, individual retirement accounts (IRAs), online banking, mobile banking, mobile deposit, online bill pay, e-statements, Zelle, Debit Mastercard and others. Its business banking services include business checking, IOLTA checking, government checking, commercial and industrial loans, commercial real estate loans, government financing and credit and others.