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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.
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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