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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

☒

Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended December 31, 2022

OR

☐

Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from                  to                 

Commission File No. 001-33384

 

ESSA Bancorp, Inc.

(Exact name of registrant as specified in its charter)

 

 

Pennsylvania

20-8023072

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification Number)

 

 

200 Palmer Street, Stroudsburg, Pennsylvania

18360

(Address of Principal Executive Offices)

(Zip Code)

(570) 421-0531

(Registrant’s telephone number)

N/A

(Former name or former address, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common

ESSA

Nasdaq Stock Market LLC

 

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such requirements for the past 90 days.    Yes ☒    No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted  pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes ☒    No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filers,” “accelerated filers,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

   ☐

Accelerated filer

☐

 

 

 

 

Non-accelerated filer

   ☒

Smaller reporting company

☒

 

 

 

 

Emerging growth company

☐

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes ☐    No ☒

As of February 08, 2023, there were 10,401,870 shares of the Registrant’s common stock, par value $0.01 per share, outstanding.

 

 

 

 

ESSA Bancorp, Inc.

FORM 10-Q

Table of Contents

 

 

 

Page

 

Part I. Financial Information

 

 

 

 

 

 

Item 1.

Financial Statements (unaudited)

 

2

 

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

33

 

 

 

 

Item 3

Quantitative and Qualitative Disclosures About Market Risk

 

40

 

 

 

 

Item 4

Controls and Procedures

 

40

 

 

 

 

 

Part II. Other Information

 

 

 

 

 

 

Item 1.

Legal Proceedings

 

41

 

 

 

 

Item 1A.

Risk Factors

 

41

 

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

41

 

 

 

 

Item 3.

Defaults Upon Senior Securities

 

41

 

 

 

 

Item 4.

Mine Safety Disclosures

 

41

 

 

 

 

Item 5.

Other Information

 

41

 

 

 

 

Item 6.

Exhibits

 

42

 

 

 

 

Signature Page

 

43

 

 

 

 

 

Part I. Financial Information

Item 1.

Financial Statements

ESSA BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED BALANCE SHEET

(UNAUDITED)

 

 

 

December 31,

 

 

September 30,

 

 

 

2022

 

 

2022

 

 

 

(dollars in thousands)

 

ASSETS

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

22,360

 

 

$

19,970

 

Interest-bearing deposits with other institutions

 

 

6,412

 

 

 

7,967

 

Total cash and cash equivalents

 

 

28,772

 

 

 

27,937

 

Investment securities available for sale, at fair value

 

 

205,188

 

 

 

208,647

 

Investment securities held to maturity, at amortized cost

 

 

56,025

 

 

 

57,285

 

Loans receivable (net of allowance for loan losses of $18,741 and $18,528)

 

 

1,504,400

 

 

 

1,435,783

 

Regulatory stock, at cost

 

 

17,104

 

 

 

14,393

 

Premises and equipment, net

 

 

13,105

 

 

 

13,126

 

Bank-owned life insurance

 

 

38,431

 

 

 

38,240

 

Foreclosed real estate

 

 

26

 

 

 

29

 

Intangible assets, net

 

 

234

 

 

 

281

 

Goodwill

 

 

13,801

 

 

 

13,801

 

Deferred income taxes

 

 

5,091

 

 

 

5,375

 

Derivative and hedging assets

 

 

22,510

 

 

 

24,481

 

Other assets

 

 

22,542

 

 

 

22,439

 

TOTAL ASSETS

 

$

1,927,229

 

 

$

1,861,817

 

LIABILITIES

 

 

 

 

 

 

 

 

Deposits

 

$

1,369,984

 

 

$

1,380,021

 

Short-term borrowings

 

 

305,582

 

 

 

230,810

 

Advances by borrowers for taxes and insurance

 

 

12,358

 

 

 

11,803

 

Derivative and hedging liabilties

 

 

8,371

 

 

 

9,176

 

Other liabilities

 

 

14,756

 

 

 

17,670

 

TOTAL LIABILITIES

 

 

1,711,051

 

 

 

1,649,480

 

STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Preferred stock ($0.01 par value; 10,000,000 shares authorized, none issued)

 

 

-

 

 

 

—

 

Common stock ($0.01 par value; 40,000,000 shares authorized, 18,133,095 issued;

   10,401,870 and 10,371,022 outstanding at December 31, 2022 and September 30,

   2022, respectively)

 

 

181

 

 

 

181

 

Additional paid in capital

 

 

182,182

 

 

 

182,173

 

Unallocated common stock held by the Employee Stock Ownership Plan (ESOP)

 

 

(6,349

)

 

 

(6,462

)

Retained earnings

 

 

142,542

 

 

 

139,139

 

Treasury stock, at cost; 7,731,225 and 7,762,073 shares outstanding at

   December 31, 2022 and September 30, 2022, respectively

 

 

(99,401

)

 

 

(99,800

)

Accumulated other comprehensive loss

 

 

(2,977

)

 

 

(2,894

)

TOTAL STOCKHOLDERS’ EQUITY

 

 

216,178

 

 

 

212,337

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

 

$

1,927,229

 

 

$

1,861,817

 

 

See accompanying notes to the unaudited consolidated financial statements.

2

 

ESSA BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENT OF OPERATIONS

(UNAUDITED)

 

 

 

For the Three Months Ended

 

 

 

December 31,

 

 

 

2022

 

 

2021

 

 

 

(dollars in thousands, except per

share data)

 

INTEREST INCOME

 

 

 

 

 

 

 

 

Loans receivable, including fees

 

$

16,085

 

 

$

13,259

 

Investment securities:

 

 

 

 

 

 

 

 

Taxable

 

 

2,091

 

 

 

1,011

 

Exempt from federal income tax

 

 

11

 

 

 

19

 

Other investment income

 

 

432

 

 

 

119

 

Total interest income

 

 

18,619

 

 

 

14,408

 

INTEREST EXPENSE

 

 

 

 

 

 

 

 

Deposits

 

 

2,001

 

 

 

846

 

Short-term borrowings

 

 

958

 

 

 

—

 

Total interest expense

 

 

2,959

 

 

 

846

 

NET INTEREST INCOME

 

 

15,660

 

 

 

13,562

 

Provision for loan losses

 

 

150

 

 

 

—

 

NET INTEREST INCOME AFTER PROVISION FOR LOAN

   LOSSES

 

 

15,510

 

 

 

13,562

 

NONINTEREST INCOME

 

 

 

 

 

 

 

 

Service fees on deposit accounts

 

 

799

 

 

 

783

 

Services charges and fees on loans

 

 

367

 

 

 

417

 

Loan swap fees

 

 

2

 

 

 

147

 

Unrealized gain on equity securities, net

 

 

2

 

 

 

1

 

Trust and investment fees

 

 

402

 

 

 

426

 

Gain on sale of loans, net

 

 

—

 

 

 

219

 

Earnings on bank-owned life insurance

 

 

191

 

 

 

193

 

Insurance commissions

 

 

146

 

 

 

147

 

Other

 

 

6

 

 

 

(5

)

Total noninterest income

 

 

1,915

 

 

 

2,328

 

NONINTEREST EXPENSE

 

 

 

 

 

 

 

 

Compensation and employee benefits

 

 

6,740

 

 

 

6,334

 

Occupancy and equipment

 

 

1,046

 

 

 

1,094

 

Professional fees

 

 

1,243

 

 

 

695

 

Data processing

 

 

1,179

 

 

 

1,180

 

Advertising

 

 

186

 

 

 

93

 

Federal Deposit Insurance Corporation (FDIC) premiums

 

 

188

 

 

 

164

 

Amortization of intangible assets

 

 

47

 

 

 

66

 

Other

 

 

805

 

 

 

678

 

Total noninterest expense

 

 

11,434

 

 

 

10,304

 

Income before income taxes

 

 

5,991

 

 

 

5,586

 

Income taxes

 

 

1,125

 

 

 

973

 

NET INCOME

 

$

4,866

 

 

$

4,613

 

Earnings per share

 

 

 

 

 

 

 

 

Basic

 

$

0.50

 

 

$

0.47

 

Diluted

 

$

0.50

 

 

$

0.47

 

Dividends per share

 

$

0.15

 

 

$

0.12

 

 

See accompanying notes to the unaudited consolidated financial statements.

3

 

ESSA BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(UNAUDITED)

 

 

 

For the Three Months Ended

 

 

 

December 31,

 

 

 

2022

 

 

2021

 

 

 

(dollars in thousands)

 

Net income

 

$

4,866

 

 

$

4,613

 

Other comprehensive (loss) income

 

 

 

 

 

 

 

 

Investment securities available for sale:

 

 

 

 

 

 

 

 

Unrealized holding gains (losses)

 

 

1,061

 

 

 

(1,066

)

Tax effect

 

 

(223

)

 

 

223

 

Net of tax amount

 

 

838

 

 

 

(843

)

Pension plan:

 

 

 

 

 

 

 

 

Changes in unrealized holding gains

 

 

-

 

 

 

965

 

Tax effect

 

 

-

 

 

 

(202

)

Reclassification of items recognized in net income

 

 

-

 

 

 

139

 

Tax effect

 

 

-

 

 

 

(29

)

Net of tax amount

 

 

-

 

 

 

873

 

Derivative and hedging activities adjustments:

 

 

 

 

 

 

 

 

Changes in unrealized holding gains on derivatives included in net income

 

 

668

 

 

 

2,139

 

Tax effect

 

 

(140

)

 

 

(449

)

Reclassification adjustment for (gains) losses on derivatives included in net income

 

 

(1,834

)

 

 

236

 

Tax effect

 

 

385

 

 

 

(49

)

Net of tax amount

 

 

(921

)

 

 

1,877

 

Total other comprehensive (loss) income

 

 

(83

)

 

 

1,907

 

Comprehensive income

 

$

4,783

 

 

$

6,520

 

 

See accompanying notes to the unaudited consolidated financial statements.

 

4

 

 

ESSA BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY

(UNAUDITED)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unallocated

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

Common Stock

 

 

Additional

 

 

Common

 

 

 

 

 

 

 

 

 

 

Other

 

 

Total

 

 

 

Number of

 

 

 

 

 

 

Paid In

 

 

Stock Held by

 

 

Retained

 

 

Treasury

 

 

Comprehensive

 

 

Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

the ESOP

 

 

Earnings

 

 

Stock

 

 

Income

 

 

Equity

 

 

 

(dollars in thousands except share data)

 

Balance, September 30, 2021

 

 

10,461,443

 

 

$

181

 

 

$

181,659

 

 

$

(6,915

)

 

$

124,342

 

 

$

(98,127

)

 

$

682

 

 

$

201,822

 

Net Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,613

 

 

 

 

 

 

 

 

 

 

 

4,613

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,907

 

 

 

1,907

 

Cash dividends declared ($0.12 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,171

)

 

 

 

 

 

 

 

 

 

 

(1,171

)

Stock based compensation

 

 

 

 

 

 

 

 

 

 

262

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

262

 

Allocation of ESOP stock

 

 

 

 

 

 

 

 

 

 

76

 

 

 

113

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

189

 

Allocation of treasury shares to incentive plan

 

 

27,948

 

 

 

 

 

 

 

(363

)

 

 

 

 

 

 

 

 

 

 

360

 

 

 

 

 

 

 

(3

)

Balance, December 31, 2021

 

 

10,489,391

 

 

$

181

 

 

$

181,634

 

 

$

(6,802

)

 

$

127,784

 

 

$

(97,767

)

 

$

2,589

 

 

$

207,619

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unallocated

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

Common Stock

 

 

Additional

 

 

Common

 

 

 

 

 

 

 

 

 

 

Other

 

 

Total

 

 

 

Number of

 

 

 

 

 

 

Paid In

 

 

Stock Held by

 

 

Retained

 

 

Treasury

 

 

Comprehensive

 

 

Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

the ESOP

 

 

Earnings

 

 

Stock

 

 

Loss

 

 

Equity

 

 

 

(dollars in thousands except share data)

 

Balance, September 30, 2022

 

 

10,371,022

 

 

$

181

 

 

$

182,173

 

 

$

(6,462

)

 

$

139,139

 

 

$

(99,800

)

 

$

(2,894

)

 

$

212,337

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,866

 

 

 

 

 

 

 

 

 

 

 

4,866

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(83

)

 

 

(83

)

Cash dividends declared ($0.15 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,463

)

 

 

 

 

 

 

 

 

 

 

(1,463

)

Stock based compensation

 

 

 

 

 

 

 

 

 

 

295