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ESSA Bancorp (ESSA) investor relations material

ESSA Bancorp Q1 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q1 2025 earnings summary30 Jan, 2025

Executive summary

  • Net income for the quarter was $4.0 million, down 8.8% year-over-year, mainly due to higher non-interest expense and lower net interest income.

  • Total assets were $2.2 billion at December 31, 2024, up 0.4% sequentially, driven by higher cash and loans.

  • Deposit growth was strong, rising to $1.70 billion, with core deposits comprising 62% of the total.

  • The planned merger with CNB Financial Corporation is expected to close in the second half of 2025 and generate long-term shareholder value.

  • Asset quality remained robust, with nonperforming assets at 0.54% of total assets and a net recovery of $37,000 in charge-offs.

Financial highlights

  • Net interest income decreased 4.8% year-over-year to $14.1 million; net interest margin was 2.68%–2.69%, down from 2.79% a year ago.

  • Total interest income rose to $26.4 million, while interest expense increased to $12.2 million, reflecting higher rates and deposit repricing.

  • Noninterest income grew to $2.1 million, with gains in loan swap and trust fees offsetting lower deposit service charges and loan sale gains.

  • Noninterest expense was flat at $11.9 million, with higher compensation and data processing costs offset by lower real estate and other expenses.

  • Allowance for credit losses was $15.1 million (0.85% of loans), with a $607,000 release in the quarter.

Outlook and guidance

  • The merger with CNB Financial is subject to regulatory and shareholder approval, with closing anticipated in the second half of 2025.

  • Management expects continued business uncertainties and operational restrictions until the merger is completed.

  • Management aims to maintain operational excellence, expense management, and prudent growth during the merger process.

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Frequently asked questions

ESSA Bancorp, Inc. is the holding company for ESSA Bank & Trust, a Pennsylvania-chartered savings bank. The bank provides a wide range of financial services to individuals, families, and businesses within Pennsylvania. ESSA Bank & Trust offers various deposit products including savings accounts, checking accounts, money market accounts, and certificates of deposit. It also provides a comprehensive suite of loan products such as residential mortgages, commercial real estate loans, home equity loans, and personal loans. Additionally, the company offers insurance services, asset management, and trust services. The company is headquartered in Stroudsburg, Pennsylvania, and its shares are listed on the NASDAQ.

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