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ESSA Bancorp, Inc., headquartered in Stroudsburg, Pennsylvania, is a leading financial institution with assets totaling $2.3 billion. As the holding company for ESSA Bank & Trust, established in 1916, the Company operates 21 community offices throughout the Lehigh Valley, Greater Pocono, Scranton/Wilkes-Barre, and suburban Philadelphia areas. The Bank provides a comprehensive suite of financial services, including retail and commercial banking, investment services, asset management, and trust services.
ESSA Bank & Trust is recognized as one of the region's largest mortgage lenders. It offers a diverse range of loan products, such as residential first mortgage loans, commercial real estate loans, home equity loans, and lines of credit, as well as commercial and industrial loans. Additionally, the Bank provides a variety of deposit accounts including checking, savings, and certificates of deposit. Through its subsidiary, ESSA Advisory Services, LLC, the Company also offers insurance benefit consulting services.
The Bank's commitment to customer service is reflected in its robust performance. For the fiscal year ended September 30, 2023, ESSA Bancorp reported net income of $18.6 million, or $1.91 per diluted share. Total interest income increased significantly, demonstrating the Company's effective interest rate management amid a challenging economic environment.
ESSA Bancorp's financial health is underscored by strong asset quality, with nonperforming assets constituting just 0.63% of total assets as of September 30, 2023. The Bank maintains a diverse borrower base, ensuring a stable deposit base and effective risk management. ESSA Bancorp's Tier 1 capital ratio stood at 9.4%, exceeding regulatory standards for well-capitalized institutions, and tangible book value per share increased to $19.80.
The Company's strategic focus includes maintaining high levels of liquidity, asset quality, and operational efficiency. ESSA Bancorp utilizes integrated digital technology to enhance customer experience, providing seamless banking capabilities. Ongoing efforts in credit management and regular stress testing of loan portfolios have fortified the Company's resilience against market fluctuations.
Looking ahead, ESSA Bancorp is poised for continued growth, focusing on expanding its loan portfolio, managing interest rate fluctuations, and enhancing shareholder value through prudent financial management and strategic investments.
CNB Financial (NASDAQ: CCNE) has announced a definitive agreement to acquire ESSA Bancorp in an all-stock transaction valued at $214 million. The merger, expected to close in 3Q25, will expand CNB's Pennsylvania footprint, particularly in the Greater Lehigh Valley and Scranton markets.
The acquisition will add approximately $2 billion in assets to CCNE's balance sheet, resulting in proforma $8 billion in total assets, $6 billion in loans, and $7 billion in deposits, along with 20 additional branch locations. The combined entity will become the seventh-largest Pennsylvania-headquartered bank by deposit market share.
The merger projects $20.5 million in pre-tax cost savings, with 50% realized in 2025. Additional earnings benefits include $94 million in loan portfolio interest rate marks and $14 million in investment portfolio marks. The proforma CET1 ratio is expected to decline from 11.6% to 10.7% at closing but should rebuild to peer group levels by YE26.
ESSA Bancorp (NASDAQ:ESSA) announced that its Board of Directors has declared a quarterly dividend of $0.15 per share. The dividend will be paid on December 30, 2024, to shareholders of record as of December 16, 2024. This announcement comes from the holding company of ESSA Bank & Trust.
ESSA Bancorp reported fiscal Q4 2024 net income of $4.2 million ($0.44 per share), down from $4.6 million ($0.47 per share) in Q4 2023. Full-year 2024 net income was $17.0 million ($1.78 per share), compared to $18.6 million ($1.91 per share) in 2023. Total net loans increased 3.8% to $1.74 billion, with commercial real estate loans growing 7.6% to $884.6 million. Asset quality remained strong with nonperforming assets at 0.58% of total assets. Total deposits were $1.63 billion, with core deposits comprising 64.3%. The Bank maintained a strong capital position with a Tier 1 ratio of 10.01% and increased tangible book value per share to $21.40.
ESSA Bancorp, Inc. (NASDAQ: ESSA), the holding company for ESSA Bank & Trust, has announced a quarterly dividend of $0.15 per share. This dividend will be payable to shareholders of record as of September 16, 2024, with the payment date set for September 30, 2024. The declaration of this dividend by the Board of Directors demonstrates the company's commitment to providing returns to its shareholders and may indicate confidence in the company's financial stability and future prospects.
ESSA Bancorp, Inc. (NASDAQ:ESSA) reported its fiscal third quarter and nine months 2024 financial results. Net income for Q3 2024 was $3.9 million ($0.41 per diluted share), compared to $4.4 million ($0.45 per diluted share) in Q3 2023. For the nine months ended June 30, 2024, net income was $12.8 million ($1.34 per diluted share), down from $13.9 million ($1.44 per diluted share) in the same period of 2023.
Total interest income increased 17.9% to $25.7 million in Q3 2024, while total interest expense rose 76.3% to $11.5 million. The net interest margin decreased to 2.77% in Q3 2024 from 3.22% in Q3 2023. Total net loans increased to $1.71 billion, and total deposits were $1.55 billion as of June 30, 2024. The company maintained strong asset quality with a nonperforming assets to total assets ratio of 0.56%.
ESSA Bancorp, the holding company for ESSA Bank & Trust, announced a quarterly dividend of $0.15 per share. The dividend will be paid to shareholders of record as of June 14, 2024, on June 28, 2024.
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