ESSA Bancorp, Inc. (the “Company”) (NASDAQ Global Market SM “ESSA”) the holding company for ESSA Bank & Trust (the “Bank”) today announced its operating results for the three and six months ended March 31, 2011. The Company reported net income of $1.2 million, or $0.10 per diluted share, for the three months ended March 31, 2011, as compared to net income of $1.6 million, or $0.12 per diluted share, for the corresponding 2010 period. For the six months ended March 31, 2011, the Company reported net income of $2.2 million, or $0.19 per diluted share as compared to net income of $2.4 million, or $0.18 per diluted share for the corresponding 2010 period.
“Recognizing that our local economy is still under pressure, our second quarter and year-to-date results are in line with our expectations,” noted Gary S. Olson, President and Chief Executive Officer of the Company. “Persistently high unemployment rates and a soft real estate market will continue to impact our results through decreased loan demand. Our total nonperforming assets grew slightly during this quarter compared to last quarter but the rate of growth slowed considerably. Our overall credit quality and capital positions remain strong. We are determined to continue to produce positive results during these difficult times.”
Net Interest Income:
Net interest income increased $138,000, or 1.9%, to $7.3 million for the three months ended March 31, 2011, from $7.2 million for the comparable period in 2010. The increase was primarily attributable to an increase in the Company’s interest rate spread to 2.54% for the three months ended March 31, 2011, from 2.50% for the comparable period in 2010, offset in part by a decrease of $15.7 million in the Company’s average net earning assets.Net interest income decreased $15,000, or 0.1%, to $14.5 million for the six months ended March 31, 2011. The decrease was primarily attributable to a decrease in the Company’s average net earning assets of $16.1 million, offset in part by a slight increase in the Company’s interest rate spread to 2.49% for the six months ended March 31, 2011 from 2.48% for the comparable period in 2010.
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