ESSA Bancorp, Inc. (the “Company”) (NASDAQ Global Market
“ESSA”) the holding company for ESSA Bank & Trust (the “Bank”) today announced its operating results for the three and nine months ended June 30, 2011. The Company reported net income of $1.2 million, or $0.11 per diluted share, for the three months ended June 30, 2011, compared to net income of $1.1 million, or $0.09 per diluted share, for the corresponding 2010 period. For the nine months ended June 30, 2011, the Company reported net income of $3.5 million, or $0.30 per diluted share compared to net income of $3.5 million, or $0.27 per diluted share for the corresponding 2010 period.
“Since our last report, there has been little, if any, improvement in the economy of the markets we serve,” noted Gary S. Olson, President and Chief Executive Officer of the Company. “Given this economic environment, we consider the Company’s operating results for the third quarter and year-to-date periods to be strong. Earnings per share, aided by our stock repurchase programs increased 22% and 11%, respectively when you compare the three- and nine-month periods ended June 30, 2011 with the same periods ended June 30, 2010. While the local and national housing markets remain depressed, our commercial loan growth so far this year has helped us to grow our balance sheet. Our capital position remains strong and our credit quality, which has always exceeded that of our peers and financial industry averages, is improving. Nonperforming assets declined to 1.26% of total assets at June 30, 2011 from 1.41% at March 31, 2011. Also during the third quarter we announced the completion of our third stock repurchase program and the beginning of a fourth repurchase program. The Company also announced the purchase of the benefit consulting insurance business of William S. Harrison II and David P. Lilly. The acquisition underscores our long-term strategy of offering products and services that help to meet all of the financial needs of our customers. We continue to believe that our strong capital position, sound credit quality and underwriting standards, outstanding customer service and knowledge of the markets we serve has positioned us well for continued success.”