ESSA Bancorp, Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended December 31, 2015; Reports Net Charge Offs for the First Quarter Ended December 31, 2015
January 29, 2016 at 12:50 am IST
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ESSA Bancorp, Inc. announced unaudited consolidated earnings results for the first quarter ended December 31, 2015. For the quarter, the company reported net income of $2.0 million, or $0.19 per diluted share compared with net income of $2.6 million, or $0.25 per diluted share, for the same quarter last year. For the fiscal first quarter of 2016, the company's return on average assets and return on average equity were 0.47% and 4.50%, compared with 0.66% and 6.06%, respectively, in the corresponding period of fiscal 2015. Net interest income increased $42,000, or 0.4%, to $11.1 million for the three months ended December 31, 2015, from $11.1 million for the comparable period in 2014. Total interest income was $13,815,000 compared to $13,708,000 a year ago. Income before income taxes was $2,523,000 compared to $3,448,000 a year ago. Tangible book value per share decreased to $13.52 at December 31, 2015, from $13.72 at December 31, 2014 due to merger related adjustments.
Net loan charge-offs in the first quarter of fiscal 2016 were $262,000 compared to $568,000 in fiscal first quarter of 2015.
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.
ESSA Bancorp, Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended December 31, 2015; Reports Net Charge Offs for the First Quarter Ended December 31, 2015