ESSA Bancorp, Inc. (ESSA) has reported an 1.02 percent fall in profit for the quarter ended Dec. 31, 2016. The company has earned $1.94 million, or $0.18 a share in the quarter, compared with $1.96 million, or $0.19 a share for the same period last year.
Revenue during the quarter grew 3.49 percent to $12.74 million from $12.31 million in the previous year period. Net interest income for the quarter rose 4.87 percent over the prior year period to $11.63 million. Non-interest income for the quarter rose 2.20 percent over the last year period to $1.86 million.
ESSA Bancorp, Inc. has made provision of $0.75 million for loan losses during the quarter, up 25 percent from $0.60 million in the same period last year.
Net interest margin contracted 4 basis points to 2.80 percent in the quarter from 2.84 percent in the last year period.
Gary S. Olson, president and chief executive officer, commented: "We were pleased to begin fiscal 2017 with a first quarter that reflected net loan growth and gains in residential mortgage and commercial lending from the Company’s fiscal 2016 year-end. We feel the investment we have made to expand our commercial and retail lending teams during the past year is making an increasingly positive contribution, and we believe the expanded ESSA team is just now hitting its stride. Increased lending activity also supported higher year-over-year income from lending-related fees. "Maintaining asset quality is paramount, so as we compete for business, we will maintain the highest standards for risk management and underwriting. We feel this commitment has been evident in our asset quality measurements and ability to continue building the Company’s value."
Liabilities outpace assets growth
Total assets stood at $1,778.61 million as on Dec. 31, 2016, up 0.86 percent compared with $1,763.41 million on Dec. 31, 2015. On the other hand, total liabilities stood at $1,607.17 million as on Dec. 31, 2016, up 0.87 percent from $1,593.38 million on Dec. 31, 2015.
Loans, deposits remain almost stable
Net loans stood at $1,224.02 million as on Dec. 31, 2016, down 0.32 percent compared with $1,228.01 million on Dec. 31, 2015. Deposits stood at $1,192.94 million as on Dec. 31, 2016, down 3.81 percent compared with $1,240.17 million on Dec. 31, 2015.
Investments stood at $392.11 million as on Dec. 31, 2016, down 0.37 percent or $1.46 million from year-ago. Shareholders equity stood at $171.44 million as on Dec. 31, 2016, up 0.83 percent or $1.41 million from year-ago.
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