ESSA Bancorp Inc. (ESSA, Financial) filed Quarterly Report for the period ended 2012-03-31.
Essa Bancorp has a market cap of $121.1 million; its shares were traded at around $10.15 with a P/E ratio of 23.3 and P/S ratio of 2.3. The dividend yield of Essa Bancorp stocks is 2%. Essa Bancorp had an annual average earning growth of 22.7% over the past 5 years.
assets. The average yield on interest earning assets was 4.22% for the three months ended March 31, 2012, as compared to 4.63% for the comparable 2011 period as the Companys interest earning assets continued to re-price downward throughout the period. Loans decreased on average $7.1 million between the two periods along with decreases in the average balance of mortgage backed securities of $4.4 million. In addition, Federal Home Loan Bank stock decreased $3.6 million. These decreases were offset in part by increases in the average balances of total investment securities of $2.7 million and other investments of $11.4 million. The primary reasons for the decrease in average loan balances were declines in one-four family residential loans, commercial loans and home equity loans and lines of credit which were offset in part by increases in commercial real estate loans and obligations of states and political subdivisions. Average FHLBank Pittsburgh stock declined $3.6 million as a result of repurchases by the FHLB of stock. The increase in other interest earning assets was primarily due to an increase in the average balance of cash held at FHLBank Pittsburgh.
Net Interest Income. Net interest income decreased $993,000, or 6.9%, to $13.5 million for the six months ended March 31, 2012 from $14.5 million for the comparable period in 2011. The decrease was primarily attributable to a decrease in the Companys interest rate spread to 2.34% for the six months ended March 31, 2012 from 2.49% for the comparable period in 2011 and a decrease of $9.8 million in the Companys average net earning assets.
Interest Income. Interest income decreased $1.9 million, or 7.9%, to $21.9 million for the six months ended March 31, 2012 from $23.7 million for the comparable 2011 period. The decrease resulted primarily from a 40 basis point decrease in average yield on interest earning assets partially offset by a $7.4 million increase in average interest-earning assets. The average yield on interest earning assets was 4.23% for the six months ended March 31, 2012, as compared to 4.62% for the comparable 2011 period. Loans increased on average $702,000 between the two periods along with increases in the average balance of other investment securities of $15.8 million. These increases were offset in part by a decrease in the average balances of total investment securities of $5.0 million and capital stock of FHLBank Pittsburgh of $3.7 million. The primary reason for the increase in other interest earning assets was due to an increase in the average balance of cash held at the FHLBank Pittsburgh. Total investment securities decreased primarily due to a decrease in the average balance of U.S. government agency securities. Average FHLBank Pittsburgh stock declines as a result of repurchases by the FHLBank of their stock.
Non-interest Income. Non-interest income increased $489,000, or 18.4%, to $3.1 million for the six months ended March 31, 2012 from $2.7 million for the comparable period in 2011. The primary reasons for the increase were increases in insurance commissions of $386,000 and earnings on bank owned life insurance of $126,000, which were partially offset by decreases in service fees on deposit accounts of $103,000. The Companys purchase of ESSA Advisory Services during the quarter ended June 30, 2011 is the primary reason for the increase in insurance commission income. The Companys purchase of $7.0 million in bank owned life insurance during the quarters ended March 31, 2011 and June 30, 2011 was the principle reason for the increase in bank owned life insurance income during the period.
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Essa Bancorp has a market cap of $121.1 million; its shares were traded at around $10.15 with a P/E ratio of 23.3 and P/S ratio of 2.3. The dividend yield of Essa Bancorp stocks is 2%. Essa Bancorp had an annual average earning growth of 22.7% over the past 5 years.
Highlight of Business Operations:
Net Interest Income. Net interest income decreased $571,000, or 7.8%, to $6.8 million for the three months ended March 31, 2012 from $7.3 million for the comparable period in 2011. The decrease was primarily attributable to a decrease in the Companys interest rate spread to 2.36% for the three months ended March 31, 2012, from 2.54% for the comparable period in 2011, and a decrease of $6.0 million in the Companys average net earnings assets.assets. The average yield on interest earning assets was 4.22% for the three months ended March 31, 2012, as compared to 4.63% for the comparable 2011 period as the Companys interest earning assets continued to re-price downward throughout the period. Loans decreased on average $7.1 million between the two periods along with decreases in the average balance of mortgage backed securities of $4.4 million. In addition, Federal Home Loan Bank stock decreased $3.6 million. These decreases were offset in part by increases in the average balances of total investment securities of $2.7 million and other investments of $11.4 million. The primary reasons for the decrease in average loan balances were declines in one-four family residential loans, commercial loans and home equity loans and lines of credit which were offset in part by increases in commercial real estate loans and obligations of states and political subdivisions. Average FHLBank Pittsburgh stock declined $3.6 million as a result of repurchases by the FHLB of stock. The increase in other interest earning assets was primarily due to an increase in the average balance of cash held at FHLBank Pittsburgh.
Net Interest Income. Net interest income decreased $993,000, or 6.9%, to $13.5 million for the six months ended March 31, 2012 from $14.5 million for the comparable period in 2011. The decrease was primarily attributable to a decrease in the Companys interest rate spread to 2.34% for the six months ended March 31, 2012 from 2.49% for the comparable period in 2011 and a decrease of $9.8 million in the Companys average net earning assets.
Interest Income. Interest income decreased $1.9 million, or 7.9%, to $21.9 million for the six months ended March 31, 2012 from $23.7 million for the comparable 2011 period. The decrease resulted primarily from a 40 basis point decrease in average yield on interest earning assets partially offset by a $7.4 million increase in average interest-earning assets. The average yield on interest earning assets was 4.23% for the six months ended March 31, 2012, as compared to 4.62% for the comparable 2011 period. Loans increased on average $702,000 between the two periods along with increases in the average balance of other investment securities of $15.8 million. These increases were offset in part by a decrease in the average balances of total investment securities of $5.0 million and capital stock of FHLBank Pittsburgh of $3.7 million. The primary reason for the increase in other interest earning assets was due to an increase in the average balance of cash held at the FHLBank Pittsburgh. Total investment securities decreased primarily due to a decrease in the average balance of U.S. government agency securities. Average FHLBank Pittsburgh stock declines as a result of repurchases by the FHLBank of their stock.
Non-interest Income. Non-interest income increased $489,000, or 18.4%, to $3.1 million for the six months ended March 31, 2012 from $2.7 million for the comparable period in 2011. The primary reasons for the increase were increases in insurance commissions of $386,000 and earnings on bank owned life insurance of $126,000, which were partially offset by decreases in service fees on deposit accounts of $103,000. The Companys purchase of ESSA Advisory Services during the quarter ended June 30, 2011 is the primary reason for the increase in insurance commission income. The Companys purchase of $7.0 million in bank owned life insurance during the quarters ended March 31, 2011 and June 30, 2011 was the principle reason for the increase in bank owned life insurance income during the period.
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