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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended December 31, 2020

OR

Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from                  to                 

Commission File No. 001-33384

 

ESSA Bancorp, Inc.

(Exact name of registrant as specified in its charter)

 

 

Pennsylvania

20-8023072

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification Number)

 

 

200 Palmer Street, Stroudsburg, Pennsylvania

18360

(Address of Principal Executive Offices)

(Zip Code)

(570) 421-0531

(Registrant’s telephone number)

N/A

(Former name or former address, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common

ESSA

Nasdaq Stock Market LLC

 

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such requirements for the past 90 days.    Yes ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted  pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes     No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filers,” “accelerated filers,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

   ☐

Accelerated filer

 

 

 

 

Non-accelerated filer

   ☒

Smaller reporting company

 

 

 

 

Emerging growth company

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No  ☒

As of February 8, 2021, there were 10,820,816 shares of the Registrant’s common stock, par value $0.01 per share, outstanding.

 

 


 

 

ESSA Bancorp, Inc.

FORM 10-Q

Table of Contents

 

 

 

Page

 

Part I. Financial Information

 

 

 

 

 

 

Item 1.

Financial Statements (unaudited)

 

2

 

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

34

 

 

 

 

Item 3

Quantitative and Qualitative Disclosures About Market Risk

 

41

 

 

 

 

Item 4

Controls and Procedures

 

41

 

 

 

 

 

Part II. Other Information

 

 

 

 

 

 

Item 1.

Legal Proceedings

 

42

 

 

 

 

Item 1A.

Risk Factors

 

42

 

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

42

 

 

 

 

Item 3.

Defaults Upon Senior Securities

 

43

 

 

 

 

Item 4.

Mine Safety Disclosures

 

43

 

 

 

 

Item 5.

Other Information

 

43

 

 

 

 

Item 6.

Exhibits

 

44

 

 

 

 

Signature Page

 

45

 

 

 


 

 

Part I. Financial Information

Item 1.

Financial Statements

ESSA BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED BALANCE SHEET

(UNAUDITED)

 

 

 

December 31,

 

 

September 30,

 

 

 

2020

 

 

2020

 

 

 

(dollars in thousands)

 

ASSETS

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

157,574

 

 

$

101,447

 

Interest-bearing deposits with other institutions

 

 

59,640

 

 

 

54,470

 

Total cash and cash equivalents

 

 

217,214

 

 

 

155,917

 

Investment securities available for sale, at fair value

 

 

174,076

 

 

 

212,484

 

Loans held for sale

 

 

623

 

 

 

208

 

Loans receivable (net of allowance for loan losses of $16,141 and $15,400)

 

 

1,375,295

 

 

 

1,417,974

 

Regulatory stock, at cost

 

 

3,641

 

 

 

7,344

 

Premises and equipment, net

 

 

14,186

 

 

 

14,230

 

Bank-owned life insurance

 

 

36,903

 

 

 

40,546

 

Foreclosed real estate

 

 

365

 

 

 

269

 

Intangible assets, net

 

 

723

 

 

 

791

 

Goodwill

 

 

13,801

 

 

 

13,801

 

Deferred income taxes

 

 

5,685

 

 

 

5,993

 

Other assets

 

 

26,306

 

 

 

23,958

 

TOTAL ASSETS

 

$

1,868,818

 

 

$

1,893,515

 

LIABILITIES

 

 

 

 

 

 

 

 

Deposits

 

$

1,630,334

 

 

$

1,543,696

 

Short-term borrowings

 

 

569

 

 

 

111,713

 

Other borrowings

 

 

14,164

 

 

 

14,164

 

Advances by borrowers for taxes and insurance

 

 

8,749

 

 

 

7,858

 

Other liabilities

 

 

20,849

 

 

 

24,687

 

TOTAL LIABILITIES

 

 

1,674,665

 

 

 

1,702,118

 

STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Preferred Stock ($0.01 par value; 10,000,000 shares authorized, none issued)

 

 

 

 

 

 

Common stock ($0.01 par value; 40,000,000 shares authorized, 18,133,095 issued;

   10,820,816 and 10,876,869 outstanding at December 31, 2020 and September 30,

   2020, respectively)

 

 

181

 

 

 

181

 

Additional paid in capital

 

 

181,199

 

 

 

181,487

 

Unallocated common stock held by the Employee Stock Ownership Plan (ESOP)

 

 

(7,237

)

 

 

(7,350

)

Retained earnings

 

 

115,645

 

 

 

112,612

 

Treasury stock, at cost; 7,312,279 and 7,256,226 shares outstanding at

   December 31, 2020 and September 30, 2020, respectively

 

 

(92,338

)

 

 

(91,477

)

Accumulated other comprehensive loss

 

 

(3,297

)

 

 

(4,056

)

TOTAL STOCKHOLDERS’ EQUITY

 

 

194,153

 

 

 

191,397

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

 

$

1,868,818

 

 

$

1,893,515

 

 

See accompanying notes to the unaudited consolidated financial statements.

2


 

ESSA BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENT OF OPERATIONS

(UNAUDITED)

 

 

 

For the Three Months Ended

 

 

 

December 31,

 

 

 

2020

 

 

2019

 

 

 

(dollars in thousands, except per

share data)

 

INTEREST INCOME

 

 

 

 

 

 

 

 

Loans receivable, including fees

 

$

13,760

 

 

$

14,190

 

Investment securities:

 

 

 

 

 

 

 

 

Taxable

 

 

997

 

 

 

1,957

 

Exempt from federal income tax

 

 

40

 

 

 

48

 

Other investment income

 

 

115

 

 

 

318

 

Total interest income

 

 

14,912

 

 

 

16,513

 

INTEREST EXPENSE

 

 

 

 

 

 

 

 

Deposits

 

 

1,772

 

 

 

3,333

 

Short-term borrowings

 

 

189

 

 

 

505

 

Other borrowings

 

 

39

 

 

 

849

 

Total interest expense

 

 

2,000

 

 

 

4,687

 

NET INTEREST INCOME

 

 

12,912

 

 

 

11,826

 

Provision for loan losses

 

 

900

 

 

 

375

 

NET INTEREST INCOME AFTER PROVISION FOR LOAN

   LOSSES

 

 

12,012

 

 

 

11,451

 

NONINTEREST INCOME

 

 

 

 

 

 

 

 

Service fees on deposit accounts

 

 

789

 

 

 

827

 

Services charges and fees on loans

 

 

425

 

 

 

533

 

Loan swap fees

 

 

211

 

 

 

 

Realized and unrealized gain on equity securities

 

 

7

 

 

 

1

 

Trust and investment fees

 

 

331

 

 

 

318

 

Gain on sale of investment securities available for sale, net

 

 

 

 

 

221

 

Gain on sale of loans, net

 

 

818

 

 

 

 

Earnings on Bank-owned life insurance

 

 

343

 

 

 

241

 

Insurance commissions

 

 

168

 

 

 

208

 

Other

 

 

43

 

 

 

77

 

Total noninterest income

 

 

3,135

 

 

 

2,426

 

NONINTEREST EXPENSE

 

 

 

 

 

 

 

 

Compensation and employee benefits

 

 

6,396

 

 

 

6,238

 

Occupancy and equipment

 

 

1,067

 

 

 

1,067

 

Professional fees

 

 

533

 

 

 

459

 

Data processing

 

 

1,082

 

 

 

1,017

 

Advertising

 

 

101

 

 

 

116

 

Federal Deposit Insurance Corporation (FDIC) premiums

 

 

273

 

 

 

133

 

Gain on foreclosed real estate

 

 

(19

)

 

 

(20

)

Amortization of intangible assets

 

 

68

 

 

 

72

 

Other

 

 

677

 

 

 

681

 

Total noninterest expense

 

 

10,178

 

 

 

9,763

 

Income before income taxes

 

 

4,969

 

 

 

4,114

 

Income taxes

 

 

834

 

 

 

704

 

NET INCOME

 

$

4,135

 

 

$

3,410

 

Earnings per share

 

 

 

 

 

 

 

 

Basic

 

$

0.41

 

 

$

0.33

 

Diluted

 

$

0.41

 

 

$

0.33

 

Dividends per share

 

$

0.11

 

 

$

0.11

 

 

See accompanying notes to the unaudited consolidated financial statements.

3


 

ESSA BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(UNAUDITED)

 

 

 

For the Three Months Ended

 

 

 

December 31,

 

 

 

2020

 

 

2019

 

 

 

(dollars in thousands)

 

Net income

 

$

4,135

 

 

$

3,410

 

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

Investment securities available for sale:

 

 

 

 

 

 

 

 

Unrealized holding loss

 

 

(225

)

 

 

(21

)

Tax effect

 

 

47

 

 

 

5

 

Reclassification of gains recognized in net income

 

 

 

 

 

(221

)

Tax effect

 

 

 

 

 

46

 

Net of tax amount

 

 

(178

)

 

 

(191

)

Derivative and hedging activities adjustments:

 

 

 

 

 

 

 

 

Changes in unrealized holding gains on derivatives included in net income

 

 

516

 

 

 

219

 

Tax effect

 

 

(107

)

 

 

(46

)

Reclassification adjustment for losses (gains) on derivatives included in net income

 

 

667

 

 

 

(68

)

Tax effect

 

 

(139

)

 

 

14

 

Net of tax amount

 

 

937

 

 

 

119

 

Total other comprehensive income (loss)

 

 

759

 

 

 

(72

)

Comprehensive income

 

$

4,894

 

 

$

3,338

 

 

See accompanying notes to the unaudited consolidated financial statements.

 

4


 

 

ESSA BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY

(UNAUDITED)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unallocated

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

Common Stock

 

 

Additional

 

 

Common

 

 

 

 

 

 

 

 

 

 

Other

 

 

Total

 

 

 

Number of

 

 

 

 

 

 

Paid In

 

 

Stock Held by

 

 

Retained

 

 

Treasury

 

 

Comprehensive

 

 

Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

the ESOP

 

 

Earnings

 

 

Stock

 

 

Loss

 

 

Equity

 

 

 

(dollars in thousands except share data)

 

Balance, September 30, 2019

 

 

11,321,417

 

 

$

181

 

 

$

181,161

 

 

$

(7,803

)

 

$

102,465

 

 

$

(85,216

)

 

$

(1,280

)

 

$

189,508

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,410

 

 

 

 

 

 

 

 

 

 

 

3,410

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(72

)

 

 

(72

)

Cash dividends declared ($0.11 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,153

)

 

 

 

 

 

 

 

 

 

 

(1,153

)

Change in accounting principal for adoption of ASU 2016-02

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

290

 

 

 

 

 

 

 

 

 

 

 

290

 

Stock based compensation

 

 

 

 

 

 

 

 

 

 

240

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

240

 

Allocation of ESOP stock

 

 

 

 

 

 

 

 

 

 

75

 

 

114

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

189

 

Allocation of treasury shares to incentive plan

 

 

33,134

 

 

 

 

 

 

 

(420

)

 

 

 

 

 

 

 

 

 

416

 

 

 

 

 

 

 

(4

)

Purchase of common stock

 

 

(64,100

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,045

)

 

 

 

 

 

 

(1,045

)

Balance, December 31, 2019

 

 

11,290,451

 

 

$

181

 

 

$

181,056

 

 

$

(7,689

)

 

$

105,012

 

 

$

(85,845

)

 

$

(1,352

)

 

$

191,363

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unallocated

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

Common Stock

 

 

Additional

 

 

Common

 

 

 

 

 

 

 

 

 

 

Other

 

 

Total

 

 

 

Number of

 

 

 

 

 

 

Paid In

 

 

Stock Held by

 

 

Retained

 

 

Treasury

 

 

Comprehensive

 

 

Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

the ESOP

 

 

Earnings

 

 

Stock

 

 

Loss

 

 

Equity

 

 

 

(dollars in thousands except share data)

 

Balance, September 30, 2020

 

 

10,876,869

 

 

$

181

 

 

$

181,487

 

 

$

(7,350

)

 

$

112,612

 

 

$

(91,477

)

 

$

(4,056

)

 

$

191,397

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,135

 

 

 

 

 

 

 

 

 

 

 

4,135

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

759

 

 

 

759

 

Cash dividends declared ($