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ESSA Bancorp Inc. (ESSA-0.84%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing reports total assets of $2.2 billion, marking an increase of $8.4 million from September 30, 2024. This increase is attributed to rises in cash equivalents and loans receivable, partially offset by decreases in investment securities available for sale and other assets.
Net loans rose by $11.9 million to $1.76 billion, with residential loans increasing by $9.4 million and construction loans by $1.4 million. Commercial real estate loans decreased by $9.0 million.
Deposits increased by $70.9 million to $1.70 billion, driven by growth in certificates of deposit and money market accounts.
Stockholders' equity increased by $3.8 million to $234.2 million, primarily due to net income of $4.0 million and other comprehensive income of $773,000, offset by dividends.
Net income for the quarter was $3.956 million, a decrease from $4.337 million in the previous year. This decline was primarily due to increased non-interest expenses and decreased net interest income.
Interest income for the quarter was $26.372 million, with a slight increase from the previous year, despite a decrease in average interest-earning assets.
Interest expense rose to $12.228 million from $11.226 million in the previous year, reflecting higher interest rates and repricing of deposits.
The allowance for credit losses was $15.082 million, representing 0.85% of total loans, compared to 0.87% at September 30, 2024.
Non-performing assets totaled $11.789 million, a decrease from $12.221 million at the end of the previous quarter.
ESSA Bancorp Inc. continues to focus on managing interest rate risk and maintaining liquidity, with $52.9 million in cash and cash equivalents and $225.0 million in borrowings from the FHLB.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the ESSA Bancorp Inc. quarterly 10-Q report dated February 10, 2025. To report an error, please email earnings@qz.com.