ESSA Bancorp, Inc. Announces Operating Results for the Third Fiscal Quarter of 2008.STROUDSBURG, Pa. -- ESSA ESSA Environmental Science Services Administration ESSA Economic Society of South Africa ESSA English Schools Swimming Association ESSA Emergency Social Services Association ESSA Eastern Shan State Army ESSA European Scientists Sequencing Arabidopsis Bancorp, Inc. (the "Company") (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on Global Market(SM): "ESSA") the holding company for ESSA Bank & Trust (the "Bank") today announced its operating results for the three and nine months ended June June: see month. 30, 2008. The Company reported net income of $2.0 million, or $0.12 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, for the three months ended June 30, 2008, as compared to a net loss of $9.0 million for the corresponding 2007 period. The net loss of $9.0 million for the three months ending June 30, 2007, was primarily due to a one time allocation The apportionment or designation of an item for a specific purpose or to a particular place. In the law of trusts, the allocation of cash dividends earned by a stock that makes up the principal of a trust for a beneficiary usually means that the dividends will be treated as of $12.7 million made by the Company to the ESSA Bank & Trust Foundation (the "Foundation"), in conjunction with the Company's stock offering which was consummated con·sum·mate tr.v. con·sum·mat·ed, con·sum·mat·ing, con·sum·mates 1. a. To bring to completion or fruition; conclude: consummate a business transaction. b. on April 3, 2007. For the nine months ended June 30, 2008, the Company reported net income of $5.3 million, or $0.33 per diluted share, as compared to a net loss of $6.8 million for the comparable period in 2007. The primary reason for the increase in net income for the nine month period was the Company's contribution to the Foundation during the prior period. In addition, increases in average net earning assets Earning Assets Any income-earning asset owned by a company. Notes: These assets are generally interest-bearing accounts, bonds, and securities available for sale. See also: Asset, Asset Valuation, Earnings, Net Interest Margin added to net income during the current period. Average net earning assets increased $95.7 million, average loans outstanding increased $76.3 million and average investments and mortgage-backed securities Mortgage-backed securities (MSBs) Securities backed by a pool of mortgage loans. increased $80.3 million for the nine months ended June 30, 2008, as compared to the comparable period in 2007. "It has been a successful and eventful e·vent·ful adj. 1. Full of events: an eventful week. 2. Important; momentous: an eventful decision. quarter for the Company and our stockholders," noted Gary Gary, city (1990 pop. 116,646), Lake co., NW Ind., a port of entry on Lake Michigan; inc. 1909. Gary was founded by the U.S. Steel Corporation, which purchased the land in 1905 and landscaped it for a city. S. Olson Olson may refer to:
tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: the repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. of up to 15% of the Company's outstanding stock and declared a $.04 per share dividend which was paid on June 30, 2008." Mr. Olson continued, "Our operating results were strong as our net interest spread improved from the previous quarter and we continued to grow our Company through prudent loan originations The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. . Our asset quality remains strong, as evidenced by our low ratio of non-performing assets to total assets." Net Interest Income: Net interest income increased $548,000, or 8.7%, to $6.9 million for the three months ended June 30, 2008, from $6.3 million for the comparable period in 2007. The increase was primarily attributable to an increase in average net earning assets of $15.4 million, offset in part by a one basis point decrease in the Company's interest rate spread to 2.18% for the three months ended June 30, 2008, from 2.19% for the comparable period in 2007. Net interest income increased $4.0 million, or 25.4%, to $19.5 million for the nine months ended June 30, 2008, from $15.5 million for the comparable period in 2007. The increase was primarily attributable to an increase in average net earning assets of $95.7 million to $204.8 million for the nine months ended June 30, 2008, from $109.1 million for the comparable period in 2007 and was offset in part by a 20 basis point decrease in the Company's interest rate spread to 2.04% for the nine months ended June 30, 2008, from 2.24% for the comparable period in 2007. NonInterest Income: Noninterest income was unchanged in the 2008 period compared to the 2007 period, remaining at $1.4 million for the three months ended June 30, 2008 and 2007, respectively. Noninterest income increased $62,000, or 1.5%, to $4.2 million for the nine months ended June 30, 2008, from $4.1 million for the comparable period in 2007. Increases in service charges and fees on loans, trust and investment fees and earnings on bank-owned life insurance were offset, in part, by decreases in service fees on deposit accounts, net gain on sale of loans and other income. NonInterest Expense: Noninterest expense decreased $12.3 million, or 69.7%, to $5.3 million for the three months ended June 30, 2008, from $17.6 million for the comparable period in 2007. The primary reason for the decrease was the Company's contribution of $12.7 million to the Foundation in April 2007. Excluding the contribution, noninterest expense increased $444,000 or 9.1%. The primary reasons for the increase excluding the contribution were increases in compensation and employee benefits of $341,000 and professional fees of $101,000. Compensation and employee benefits increased primarily as a result of normal compensation increases of $168,000 in addition to an expense of $191,000 related to the Company's equity incentive plan. As previously announced, the Company's stockholders approved the ESSA Bancorp, Inc. 2007 Equity Incentive Plan at the 2008 Annual Meeting of Stockholders on May 8, 2008. Awards granted under the Equity Incentive Plan were made on May 23, 2008. Professional fees increased primarily as a result of increased legal, accounting and regulatory fees associated with being a public reporting company and included approximately $72,000 related to the Company's compliance with section 404 of the Sarbanes-Oxley Act See SOX. . Noninterest expense decreased $10.8 million, or 40.9%, to $15.5 million for the nine months ended June 30, 2008, from $26.3 million for the comparable period in 2007. The primary reason for the nine-month decrease was the $12.7 million contribution to the Foundation. Excluding the contribution, noninterest expense increased $1.9 million or 14.2%. The primary reasons for the increase excluding the contribution were increases in compensation and employee benefits of $1.2 million, occupancy and equipment of $157,000, professional fees of $481,000 and other expenses of $142,000. Compensation and employee benefits increased primarily as a result of normal compensation increases of $574,000, along with an increase in the expense related to the Employee Stock Ownership Plan of $264,000 and the additional expense of $191,000 related to the Equity Incentive Plan. Occupancy and equipment costs increased primarily as a result of increases in rental costs of $49,000, along with increases in depreciation expense of $58,000. Professional fees increased primarily as a result of increased legal, accounting and regulatory fees associated with being a public reporting company, including approximately $216,000 related to the Company's compliance with Section 404 of the Sarbanes-Oxley Act. Other expense increased primarily due to increased loan processing costs related to increased volume. Balance Sheet Total assets increased $74.5 million, or 8.2%, to $984.9 million at June 30, 2008, compared to $910.4 million at September September: see month. 30, 2007. The primary reasons for the increase in assets were increases in certificates of deposit of $3.8 million, net loans receivable of $66.8 million and an increase in cash and cash equivalents of $3.1 million. The increase in net loans receivable included net increases in residential loans of $53.8 million, commercial loans of $14.3 million and a decrease in consumer loans of $1.3 million. Retail deposits decreased $5.0 million and brokered certificates of deposit decreased $9.0 million at June 30, 2008, compared to September 30, 2007. Borrowed funds increased during the same time period by $79.4 million. Stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. increased $3.2 million to $207.9 million at June 30, 2008, compared to $204.7 million at September 30, 2007. Asset Quality: Nonperforming assets Nonperforming asset An asset that is not effectively producing income, such as an overdue loan. nonperforming asset An asset that produces no income. totaled $1.1 million or 0.11% of total assets at June 30, 2008, compared to $555,000, or 0.06%, of total assets at September 30, 2007. The Company, in response to continued loan growth, made a provision for loan losses of $150,000 for the three months ended June 30, 2008, as compared to a provision of $90,000 for the comparable three-month period in 2007. The Company made a provision for loan losses of $450,000 for the nine months ended June 30, 2008, as compared to a provision of $270,000 for the comparable nine month period in 2007. The allowance for loan losses was $4.5 million, or 0.65%, of loans outstanding at June 30, 2008, compared to $4.2 million, or 0.67%, of loans outstanding at September 30, 2007. ESSA Bank & Trust, a wholly-owned subsidiary of ESSA Bancorp, Inc., has total assets of over $919 million and is the leading service-oriented Different ideas of service-orientation are found in different domains.
Please [ improve this article] or discuss the issue on the talk page. . ESSA Bancorp, Inc. stock trades on The NASDAQ Global Market(SM) under the symbol "ESSA." Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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 regulatory fees and capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. , 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, which may be made to any forward-looking statements to reflect events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. [TABLE OMITTED] [TABLE OMITTED] |
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