Tue, Jan 28, 9:02 PM (20 days ago)
ESSA Bancorp, Inc. (NASDAQ: ESSA) filed Amendment No. 1 to its Form 10-K for the fiscal year ending September 30, 2024, primarily to include required Part III information due to the delay in filing its definitive proxy statement. The Company reported a net income of $17.0 million ($1.78 per share), down from $18.6 million ($1.91 per share) in the previous year. Total assets decreased to $2.19 billion, while total deposits fell to $1.63 billion. The net interest margin declined to 2.80%, and the efficiency ratio rose to 69.60%. The Company maintains strong asset quality, with nonperforming assets at 0.58%. Strategically, ESSA entered a definitive merger agreement with CNB Financial Corporation, pending approvals. This merger could reshape its market position. Risk factors include economic pressures and interest rate volatility. The financial condition remains stable with a tangible book value per share increase to $21.4. The amendment also includes updated certifications per Sarbanes-Oxley requirements. Overall, the Company emphasizes disciplined risk management and expense control amid a challenging economic landscape.