Essa Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Ended December 31, 2011
January 25, 2012 at 04:28 pm
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Essa Bancorp, Inc. reported unaudited consolidated earnings results for the ended December 31, 2011. For the quarter, the company reported net income of $886,000 or $0.08 per diluted share compared with $1.0 million or $0.09 per diluted share for the corresponding 2010 period. Net interest income decreased $422,000, or 5.9%, to $6.7 million from $7.1 million for the comparable period in 2010. The decrease was primarily attributable to a decrease in the company's average net earning assets of $13.5 million, and a decrease in the company's interest rate spread to 2.30% for the three months ended December 31, 2011, from 2.44% for the comparable period in 2010. Total interest income was $11 million compared to $11.8 million reported a year ago. Income before income taxes was $1.1 million compared to $1.4 million reported a year ago.
ESSA Bancorp, Inc. is a holding company for ESSA Bank & Trust (the Bank). The Bank is a chartered savings bank. The Bank has two regional offices in Allentown and Devon, and operates 21 community offices throughout the greater Pocono, Lehigh Valley, Scranton/Wilkes-Barre and suburban Philadelphia areas. The Bankâs primary business consists of the taking of deposits and granting of loans to customers generally in Monroe, Northampton, Lehigh, Delaware, Chester, Montgomery, Lackawanna and Luzerne Counties, Pennsylvania. Its personal banking services include personal checking, personal savings, certificates of deposit, money market account, individual retirement accounts (IRAs), online banking, mobile banking, mobile deposit, online bill pay, e-statements, Zelle, Debit Mastercard and others. Its business banking services include business checking, IOLTA checking, government checking, commercial and industrial loans, commercial real estate loans, government financing and credit and others.