ESSA Bancorp, Inc. Announces Fiscal Third Quarter
and Fiscal Nine Months 2024 Financial Results
Stroudsburg, PA. – July 24, 2024 — ESSA Bancorp, Inc. (the “Company”) (NASDAQ:ESSA), the
holding company for ESSA Bank & Trust (the “Bank”), a $2.2 billion asset financial institution providing full service commercial and retail banking, asset management and trust, and investment services in eastern Pennsylvania, today announced
financial results for the fiscal third quarter and fiscal nine months periods ended June 30, 2024.
Net income was $3.9 million, or $0.41 per diluted share, for the three months ended June 30, 2024, compared with $4.4 million, or $0.45
per diluted share, for the three months ended June 30, 2023. For the nine months ended June 30, 2024, net income was $12.8 million, or $1.34 per diluted share,
compared with $13.9 million, or $1.44 per diluted share, for the nine months ended June 30, 2023.
Gary S. Olson, President and CEO, commented: “The Company delivered another quarter of steady earnings and enhanced shareholder value by
focusing on operating efficiently, maintaining asset strength, and managing the diversity and risk characteristics of our loan, deposit and investment portfolios.
“Commercial and residential lending activity generated significant year-over-year interest income growth in the third quarter and year to
date periods. At the same time, higher interest rates have continued to pressure margins, particularly the higher cost of interest-bearing liabilities including borrowings and retail deposits.
“Generating and retaining retail deposits continues to be one of the Bank’s key initiatives. We have selectively adjusted rates on
interest bearing accounts and avoided chasing customers by offering the highest rates. We are committed to maintaining a desirable loan-to-deposit ratio.
“Expense management and asset quality are critical to supporting quality earnings. The 0.56% ratio of non-performing assets to total
assets at June 30, 2024, reflected the ongoing strength of our credit and risk management practices, as did a reduction in the provision for credit losses based on anticipated risk.
“Noninterest expenses, including salaries and benefits, remained relatively flat year-over-year. We are committed to providing attractive
compensation and benefits to retain an outstanding team of banking professionals. They have played a critical role in the Company’s performance, and in providing the financial solutions to our valued customers.”
THIRD QUARTER, NINE MONTHS OF 2024 HIGHLIGHTS
|
•
|
Total interest income increased 17.9% to $25.7 million in the third quarter of 2024 compared with the third quarter of 2023, and in the nine
months of 2024 rose 28.1% to $77.4 million compared with the nine months of 2023, primarily reflecting ongoing repricing of commercial loans and increased yields from investment securities along with growth in total interest earning
assets.
|
|
•
|
Total yield on average interest earning assets increased to 5.02% for the quarter ended June 30, 2024, from 4.60% for the quarter ended June 30,
2023.
|
|
•
|
Total interest expense increased 76.3% to $11.5 million in the third quarter of 2024 compared with the third quarter of 2023, and in the nine
months of 2024 rose 132.4% to $33.5 million compared with the nine months of 2023, primarily reflecting ongoing repricing of deposits and borrowed funds along with growth in total interest-bearing liabilities.
|
|
•
|
Total cost of interest-bearing liabilities increased to 2.80% for the quarter ended June 30, 2024, from 1.75% for the quarter ended June 30, 2023.
|
|
•
|
Net interest income before the provision for credit losses for the third quarter and nine months of 2024 was $14.2 million and $43.9 million,
respectively, compared with $15.2 million and $46.0 million in the 2023 periods, respectively. Both 2024 periods reflected higher interest expenses compared with a year earlier.
|
|
•
|
The provision for credit losses for the three months ended June 30, 2024, was a release of $347,000 compared to a provision of $150,000 for the
three months ended June 30, 2023. The provision for the nine-month period in 2024 was a release of $1.2 million compared to a provision of $450,000 for the same period in 2023.
|
|
•
|
Total net loans at June 30, 2024, increased to $1.71 billion from $1.68 billion at September 30, 2023.
|
|
•
|
Lending activity was highlighted by 3.1% growth in commercial real estate loans to $847.6 million at June 30, 2024, from $822.0 million at
September 30, 2023. Residential mortgages increased $87,000 from September 30, 2023, net of the sales of $15.2 million of mortgage loans during the same period.
|
|
•
|
Asset quality remained strong, with a ratio of nonperforming assets to total assets of 0.56% at June 30, 2024, compared to 0.63% at September 30, 2023. The allowance for credit losses to total loans was 0.89% at June 30, 2024, compared with 1.09% at September 30, 2023. Charge-offs net of recoveries for the nine months ended June 30, 2024, resulted in a net recovery of $137,000.
|
|
•
|
Total deposits were $1.55 billion at June 30, 2024, with lower-cost core deposits (demand, savings and money market accounts) comprising 64% of
total deposits. Total deposits were $1.66 billion at September 30, 2023, with core deposits comprising 70% of total deposits. Uninsured deposits were 26% of total deposits at June 30, 2024, including approximately $149.1 million of fully
collateralized municipal deposits.
|
|
•
|
The Bank continued to demonstrate financial strength, with a Tier 1 capital ratio of 9.8% at June 30, 2024.
|
|
•
|
Measures of shareholder value demonstrated growth. Tangible book value per share at June 30, 2024, increased to $20.89 from $19.80 at September
30, 2023. Total stockholders’ equity increased to $225.5 million at June 30, 2024, from $219.7 million at September 30, 2023. The Company further enhanced
shareholder value by repurchasing 303,609 ESSA shares in the first fiscal quarter of 2024.
|
Fiscal Third quarter and Year-to-date 2024 Income Statement Review
Total interest income increased to $25.7 million for the third quarter of fiscal 2024 compared with $21.8 million a year earlier,
reflecting interest earning asset growth and an increase in the total yield on average interest earning assets to 5.02% from 4.60%.
Total interest income increased to $77.4 million for the nine months ended June 30, 2024, compared with $60.4 million a year earlier,
reflecting interest-earning asset growth and an increase in the total yield on average interest earning assets to 4.96% from 4.38%.
Interest expense was $11.5 million for the third quarter of 2024, compared with $6.5 million for the same period in 2023, reflecting
growth in interest-bearing liabilities and increased interest rates on deposits and short-term borrowings. The Company’s cost of interest-bearing liabilities was 2.80% in the 2024 third quarter compared with 1.75% for the same quarter in 2023.
Interest expense was $33.5 million for the nine months ended June 30, 2024, compared with $14.4 million for the same period in 2023,
reflecting growth in interest-bearing liabilities and increased interest rates on deposits and short-term borrowings. The Company’s cost of interest-bearing liabilities was 2.66% for the nine-month period in fiscal 2024 compared with 1.34% for the
same period in fiscal 2023.
Net interest income before (release of) provision for credit losses was $14.2 million in the third quarter of 2024 compared with net
interest income before provision for credit losses of $15.2 million in the third quarter of 2023. In the nine months of 2024, net interest income before (release of) provision for credit losses was $43.9 million compared with net interest income
before provision for credit losses in the nine months of 2023 of $46.0 million.
The net interest margin for the third quarter of 2024 was
2.77% compared with 3.22% for the comparable period of fiscal 2023. For the three months ended June 30, 2024, the Company’s return on average assets and return on average equity were 0.72% and 6.96%, compared with 0.88% and 7.97%,
respectively, for the comparable period of fiscal 2023.
The net interest margin for the nine months ended June 30,
2024, was 2.81% compared with 3.34% for the comparable period of fiscal 2023. For the nine months ended June 30, 2024, the Company’s return on average assets and return on average equity were 0.78% and 7.68%, compared with 0.96% and 8.52%,
respectively, for the comparable period of fiscal 2023.
The provision for credit losses decreased $497,000 for the third quarter of fiscal 2024 compared to the same fiscal quarter of 2023.
The decrease was primarily driven by a decrease in expected losses in the loan portfolio, including unfunded commitments.
The provision for credit losses decreased $1.7 million for the nine months ended June 30, 2024, compared to the same period in 2023. The
decrease was primarily driven by a decrease in expected losses in the loan portfolio, including unfunded commitments.
Noninterest income was $2.1 million for the third quarter of 2024, compared with $1.9 million a year earlier. The three-month
year-over-year comparison reflected increases in other noninterest income, loan swap fees, gain on loan sales and service fees on loans, offset by decreases in service fees on deposits in addition to a decrease in trust and investment fees.
Noninterest income was $6.1 million for the nine months ended June 30, 2024, compared with $5.9 million a year earlier. The nine-month
year-over-year comparison reflected increases in gain on loan sales and in other noninterest income offset by decreases in service fees on deposits and loans along with a decrease in insurance commissions.
Noninterest expense for the third quarter of 2024 was $11.8
million compared to $11.5 million for the comparable quarter in 2023. Noninterest expense for the nine months ended June 30, 2024, was $35.4 million compared to $34.2
million for the comparable period in 2023.
Balance Sheet, Asset Quality and Capital Adequacy Review
Total assets were $2.2 billion at June 30, 2024,
compared with $2.3 billion at September 30, 2023. The decrease of $59.6 million, or 2.6%, reflects the growth in cash and cash equivalents and total net loans
outstanding, which were more than offset by decreases in investment securities available for sale.
Total net loans were $1.71 billion at June 30, 2024,
up from $1.68 billion at September 30, 2023. Residential real estate loans were $713.4 million at June 30, 2024, compared with $713.3 million at September 30, 2023.
Commercial real estate loans increased to $847.6 million at June 30, 2024, compared with $822.0 million at September 30, 2023. Commercial loans (primarily commercial
and industrial) were $47.7 million compared with $48.1 million at September 30, 2023. Loans to states and political subdivisions were $48.1 million at June
30, 2024, and September 30, 2023. Consumer loans
were $50.0 million at June 30, 2024, compared to $48.2 million at September 30, 2023.
Nonperforming assets were $12.4 million, or 0.56% of total assets at June 30, 2024, compared to $14.4 million or 0.63% at September 30, 2023. The allowance
for credit losses to total loans was 0.89% at June 30, 2024, compared to 1.09% at September 30, 2023. Foreclosed real estate was $3.2 million at June 30, 2024, compared to $3.3 million at September 30, 2023, reflecting one commercial property the
Company is actively marketing.
Total deposits were $1.55 billion at June 30, 2024,
compared with $1.66 billion at September 30, 2023. Core deposits were $989.8 million, or 64% of total deposits, at June 30, 2024, compared to $1.16 billion, or 70% of
total deposits at September 30, 2023.
Noninterest bearing demand accounts at June 30, 2024,
were $261.3 million, down 7% from September 30, 2023. Interest bearing demand accounts declined 16% to $290.6 million and money market accounts declined 22% to $287.3
million at June 30, 2024, from September 30, 2023. The decreases reflect the continuing highly competitive interest rate environment. Certificates of deposit
increased $60.6 million or 12% to $564.5 million at June 30, 2024, compared to September 30, 2023. Included in the certificates of deposit increase is an increase of $29.1 million in brokered certificates of deposit. Total borrowings increased to $406.5 million at June 30, 2024, from $374.7 million at September 30, 2023.
The Bank maintained a strong capital position with a Tier 1 capital ratio of 9.8% at June 30, 2024, exceeding regulatory standards for a well-capitalized institution. Total stockholders’ equity increased $5.8 million to $225.5 million at June 30, 2024, from $219.7 million at September 30, 2023, primarily reflecting
net income growth and a decrease in other comprehensive loss, offset in part by dividends paid to shareholders and the repurchase of 303,609 shares during the fiscal first quarter of 2024. Tangible book value per share at June 30, 2024, was $20.89
compared to $19.80 at September 30, 2023.
About the Company: ESSA Bancorp, Inc. is the holding
company for its wholly owned subsidiary, ESSA Bank & Trust, which was formed in 1916. The Company has total assets of $2.2 billion and has 21 community offices throughout the Lehigh Valley, Greater Pocono, Scranton/Wilkes-Barre, and suburban
Philadelphia areas. ESSA Bank & Trust offers a full range of commercial and retail financial services, asset management and trust services, investment services through Ameriprise Financial Institutions Group and insurance benefit services through
ESSA Advisory Services, LLC. ESSA Bancorp Inc. stock trades on the NASDAQ Global Market (SM) under the symbol “ESSA.”
Forward-Looking Statements
Certain statements contained herein are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. Such forward-looking statements may be identified by reference to a future period or periods, or by the use of forward-looking terminology, such as “may,” “will,” “believe,” “expect,” “estimate,” “anticipate,”
“continue,” or similar terms or variations on those terms, or the negative of those terms. Forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, those related to the economic environment,
particularly in the market areas in which the Company operates, competitive products and pricing, fiscal and monetary policies of the U.S. Government, changes in government regulations affecting financial institutions, including compliance costs and
capital requirements, changes in prevailing interest rates, the recent turmoil in the banking industry , credit risk management, asset-liability management, the financial and securities markets and the availability of and costs associated with
sources of liquidity, and the Risk Factors disclosed in our annual, quarterly and current reports.
The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company
wishes to advise readers that the factors listed above could affect the Company's financial performance and could cause the Company's actual results for future periods to differ materially from any opinions or statements expressed with respect to
future periods in any current statements. The Company does not undertake and specifically declines any obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances
after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
FINANCIAL TABLES FOLLOW
|
ESSA BANCORP, INC. AND SUBSIDIARY
|
|
CONSOLIDATED BALANCE SHEET
|
|
(UNAUDITED)
|
| |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
June 30,
|
|
September 30,
|
| |
|
|
|
|
|
|
|
2024
|
|
2023
|
| |
|
|
|
|
|
|
|
(dollars in thousands)
|
|
ASSETS
|
|
|
|
|
|
|
|
|
| |
Cash and due from banks
|
|
|
|
$
|
55,300
|
$
|
39,008
|
| |
Interest-bearing deposits with other institutions
|
|
|
72,699
|
|
46,394
|
| |
Total cash and cash equivalents
|
|
|
|
127,999
|
|
85,402
|
| |
Investment securities available for sale, at fair value
|
|
|
215,201
|
|
334,056
|
| |
Investment securities held to maturity, at amortized cost
|
|
|
|
|
| |
(net of allowance for credit losses of $0)
|
|
|
48,632
|
|
52,242
|
| |
Loans, held for sale
|
|
|
|
|
140
|
|
250
|
| |
Loans receivable (net of allowance for credit losses
|
|
|
|
|
|
| |
of $15,298 and $18,525)
|
|
|
|
|
1,708,572
|
|
1,680,525
|
| |
Regulatory stock, at cost
|
|
|
|
|
18,758
|
|
17,890
|
| |
Premises and equipment, net
|
|
|
|
11,368
|
|
12,913
|
| |
Bank-owned life insurance
|
|
|
|
|
39,678
|
|
39,026
|
| |
Foreclosed real estate
|
|
|
|
|
3,195
|
|
3,311
|
| |
Intangible assets, net
|
|
|
|
|
—
|
|
91
|
| |
Goodwill
|
|
|
|
|
|
13,801
|
|
13,801
|
| |
Deferred income taxes
|
|
|
|
|
5,797
|
|
6,877
|
| |
Derivative and hedging assets
|
|
|
|
12,289
|
|
19,662
|
| |
Other assets
|
|
|
|
|
|
28,204
|
|
27,200
|
| |
|
|
|
|
|
|
|
|
|
|
| |
|
TOTAL ASSETS
|
|
|
|
$
|
2,233,634
|
$
|
2,293,246
|
| |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
| |
Deposits
|
|
|
|
|
$
|
1,554,300
|
$
|
1,661,016
|
| |
Short-term borrowings
|
|
|
|
|
396,458
|
|
374,652
|
| |
Other borrowings
|
|
|
|
|
10,000
|
|
—
|
| |
Advances by borrowers for taxes and insurance
|
|
|
15,242
|
|
6,550
|
| |
Derivative and hedging liabilities
|
|
|
|
7,565
|
|
9,579
|
| |
Other liabilities
|
|
|
|
|
|
24,574
|
|
21,741
|
| |
|
|
|
|
|
|
|
|
|
|
| |
|
TOTAL LIABILITIES
|
|
|
|
|
2,008,139
|
|
2,073,538
|
| |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
| |
Common stock
|
|
|
|
|
|
181
|
|
181
|
| |
Additional paid-in capital
|
|
|
|
|
182,889
|
|
182,681
|
| |
Unallocated common stock held by the
|
|
|
|
|
|
|
| |
|
Employee Stock Ownership Plan ("ESOP")
|
|
|
(5,670)
|
|
(6,009)
|
| |
Retained earnings
|
|
|
|
|
160,770
|
|
151,856
|
| |
Treasury stock, at cost
|
|
|
|
|
(104,050)
|
|
(99,508)
|
| |
Accumulated other comprehensive loss
|
|
|
|
(8,625)
|
|
(9,493)
|
| |
|
|
|
|
|
|
|
|
|
|
| |
|
TOTAL STOCKHOLDERS' EQUITY
|
|
|
225,495
|
|
219,708
|
| |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| |
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
$
|
2,233,634
|
$
|
2,293,246
|
| |
|
|
|
|
|
|
|
|
|
|
|
ESSA BANCORP, INC. AND SUBSIDIARY
|
|
CONSOLIDATED STATEMENT OF OPERATIONS
|
|
(UNAUDITED)
|
| |
|
|
|
|
|
Three Months Ended June 30,
|
|
Nine Months Ended June 30,
|
| |
|
|
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
| |
|
|
|
|
|
(dollars in thousands, except per share data)
|
|
|
|
INTEREST INCOME
|
|
|
|
|
|
|
|
|
|
| |
Loans receivable, including fees
|
$
|
21,965
|
|
19,132
|
|
65,103
|
|
52,721
|
| |
Investment securities:
|
|
|
|
|
|
|
|
|
|
| |
|
Taxable
|
|
|
|
2,564
|
|
2,161
|
|
9,201
|
|
6,348
|
| |
|
Exempt from federal income tax
|
|
11
|
|
11
|
|
32
|
|
32
|
| |
Other investment income
|
|
|
1,122
|
|
461
|
|
3,066
|
|
1,337
|
| |
|
Total interest income
|
|
25,662
|
|
21,765
|
|
77,402
|
|
60,438
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE
|
|
|
|
|
|
|
|
|
|
| |
Deposits
|
|
|
|
7,973
|
|
4,915
|
|
24,025
|
|
10,733
|
| |
Short-term borrowings
|
|
|
3,380
|
|
1,606
|
|
9,100
|
|
3,691
|
| |
Other borrowings
|
|
|
144
|
|
—
|
|
394
|
|
—
|
| |
|
Total interest expense
|
|
11,497
|
|
6,521
|
|
33,519
|
|
14,424
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME
|
|
|
14,165
|
|
15,244
|
|
43,883
|
|
46,014
|
| |
(Release of) Provision for credit losses
|
|
(347)
|
|
150
|
|
(1,240)
|
|
450
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME AFTER (RELEASE OF) PROVISION
|
|
|
|
|
|
|
| |
FOR CREDIT LOSSES
|
|
|
14,512
|
|
15,094
|
|
45,123
|
|
45,564
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST INCOME
|
|
|
|
|
|
|
|
|
|
| |
Service fees on deposit accounts
|
|
719
|
|
782
|
|
2,089
|
|
2,343
|
| |
Services charges and fees on loans
|
|
356
|
|
288
|
|
981
|
|
985
|
| |
Loan swap fees
|
|
|
53
|
|
-
|
|
127
|
|
138
|
| |
Unrealized loss on equity securities
|
|
(1)
|
|
(1)
|
|
(6)
|
|
(4)
|
| |
Trust and investment fees
|
|
400
|
|
426
|
|
1,211
|
|
1,231
|
| |
Gain on sale of loans, net
|
|
112
|
|
39
|
|
288
|
|
97
|
| |
Earnings on bank-owned life insurance
|
|
220
|
|
196
|
|
652
|
|
582
|
| |
Insurance commissions
|
|
|
133
|
|
145
|
|
395
|
|
459
|
| |
Other
|
|
|
|
127
|
|
64
|
|
347
|
|
92
|
| |
|
Total noninterest income
|
|
2,119
|
|
1,939
|
|
6,084
|
|
5,923
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST EXPENSE
|
|
|
|
|
|
|
|
|
|
| |
Compensation and employee benefits
|
|
6,771
|
|
6,622
|
|
20,190
|
|
20,154
|
| |
Occupancy and equipment
|
|
1,170
|
|
1,068
|
|
3,627
|
|
3,223
|
| |
Professional fees
|
|
|
1,218
|
|
1,223
|
|
3,282
|
|
3,581
|
| |
Data processing
|
|
|
1,364
|
|
1,296
|
|
4,066
|
|
3,697
|
| |
Advertising
|
|
|
|
116
|
|
181
|
|
491
|
|
535
|
| |
Federal Deposit Insurance Corporation ("FDIC")
|
|
|
|
|
|
|
| |
premiums
|
|
|
|
454
|
|
380
|
|
1,309
|
|
748
|
| |
Foreclosed real estate
|
|
|
-
|
|
(1)
|
|
101
|
|
(4)
|
| |
Amortization of intangible assets
|
|
-
|
|
47
|
|
91
|
|
142
|
| |
Other
|
|
|
|
715
|
|
677
|
|
2,222
|
|
2,143
|
| |
|
Total noninterest expense
|
|
11,808
|
|
11,493
|
|
35,379
|
|
34,219
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
4,823
|
|
5,540
|
|
15,828
|
|
17,268
|
|
Income taxes
|
|
|
|
909
|
|
1,144
|
|
3,015
|
|
3,321
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
|
|
|
$
|
3,914
|
$
|
4,396
|
$
|
12,813
|
$
|
13,947
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share:
|
|
|
|
|
|
|
|
|
|
| |
Basic
|
|
|
$
|
0.41
|
$
|
0.45
|
$
|
1.34
|
$
|
1.44
|
| |
Diluted
|
|
|
$
|
0.41
|
$
|
0.45
|
$
|
1.34
|
$
|
1.44
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends per share
|
|
$
|
0.15
|
$
|
0.15
|
$
|
0.45
|
$
|
0.45
|
| |
|
|
|
|
|
| |
For the Three Months
|
|
For the Nine Months
|
| |
Ended June 30,
|
|
Ended June 30,
|
| |
2024
|
2023
|
|
2024
|
2023
|
| |
(unaudited)
|
| |
(dollars in thousands, except per share data)
|
|
CONSOLIDATED AVERAGE BALANCES:
|
|
|
|
|
|
|
Total assets
|
$ 2,171,985
|
$ 2,012,804
|
|
$ 2,199,980
|
$ 1,950,672
|
|
Total interest-earning assets
|
2,056,044
|
1,899,554
|
|
2,085,204
|
1,837,787
|
|
Total interest-bearing liabilities
|
1,649,117
|
1,495,520
|
|
1,682,086
|
1,431,090
|
|
Total stockholders’ equity
|
226,090
|
221,279
|
|
222,873
|
218,894
|
| |
|
|
|
|
|
|
PER COMMON SHARE DATA:
|
|
|
|
|
|
|
Average shares outstanding - basic
|
9,517,948
|
9,734,708
|
|
9,560,306
|
9,716,593
|
|
Average shares outstanding - diluted
|
9,517,948
|
9,734,708
|
|
9,560,306
|
9,716,593
|
|
Book value shares
|
10,131,521
|
10,401,205
|
|
10,131,521
|
10,401,205
|
| |
|
|
|
|
|
|
Net interest rate spread:
|
2.22%
|
2.85%
|
|
2.30%
|
3.04%
|
|
Net interest margin:
|
2.77%
|
3.22%
|
|
2.81%
|
3.34%
|
|
Contact:
|
Gary S. Olson, President & CEO
|
|
Corporate Office:
|
200 Palmer Street
|
| |
Stroudsburg, Pennsylvania 18360
|
|
Telephone:
|
(570) 421-0531
|
| |
|