ESSA Bancorp(ESSA) - 2025 Q1 - Quarterly Report

Financial Position - Total assets increased by $8.4 million, or 0.4$2.2 billion at December 31, 2024, primarily due to increases in cash and loans receivable[115]. - Total cash and cash equivalents rose by $4.4 million, or 9.0$52.9 million at December 31, 2024[116]. - Net loans increased by $11.9 million, or 0.7$1.76 billion at December 31, 2024, with residential loans up by $9.4 million to$731.0 million[116][117]. - Deposits increased by $70.9 million, or 4.4$1.70 billion at December 31, 2024, driven by a rise in certificates of deposit and money market accounts[121]. - Stockholders' equity increased by $3.8 million, or 1.6$234.2 million at December 31, 2024, primarily due to net income of $4.0 million[123]. Income and Expenses - Net income decreased by$381,000, or 8.8%, to $4.0 million for the three months ended December 31, 2024, compared to the same period in 2023[127]. - Net interest income decreased by$720,000, or 4.8%, to $14.1 million for the three months ended December 31, 2024[128]. - Total interest income was$26.4 million for the three months ended December 31, 2024, reflecting an increase in the yield on average interest-earning assets to 5.01%[129]. - Noninterest income increased by 5.0% to $2.1 million for the three months ended December 31, 2024, compared to the same period in 2023[132]. - Noninterest expense increased by$77,000, or 0.7%, to $11.9 million for the three months ended December 31, 2024, primarily due to higher compensation and employee benefits[133]. Asset Quality - Total non-performing assets decreased by$432,000 from September 30, 2024, to December 31, 2024, totaling $11.789 million[137]. - The ratio of non-performing loans to total loans was 0.49$3.1 million for the three months ended December 31, 2024, compared to $6.7 million for the same period in 2023[143]. - Net cash used for investing activities was$(6.7) million for the three months ended December 31, 2024[143]. Borrowings and Commitments - Outstanding borrowings from the Pittsburgh FHLB were $225.0 million, with total access to FHLB advances of approximately$872.7 million[140]. - Loan commitments outstanding totaled $380.3 million, including$93.2 million in undisbursed construction loans[142]. Risk Management - The company has no off-balance sheet arrangements that could materially affect its financial condition[151]. - The company has maintained its interest rate risk management strategy without material changes since September 30, 2024[153].