ESSA Bancorp, Inc. - $ESSA STOCK NEWS

ESSA Bancorp, Inc. reported financial results for the fiscal second quarter and first half of 2024, showing net income of $4.6 million for the quarter and $8.9 million for the half. The company focused on managing interest income and expenses amidst challenging interest rate conditions. Total interest income increased by 27.9% to $25.7 million in the second quarter, with a total yield on average interest earning assets of 4.95%. Net interest income after provision for credit losses was $15.4 million in the second quarter. The company emphasized maintaining asset quality and capital strength, with a Tier 1 capital ratio of 9.5% at March 31, 2024. Measures of shareholder value demonstrated growth, with tangible book value per share increasing to $20.70. The company adopted the CECL accounting standard, impacting the allowance for credit losses. Noninterest income remained stable, while noninterest expense increased slightly. Total assets decreased to $2.2 billion, with total net loans at $1.71 billion. Overall, ESSA Bancorp, Inc. showed resilience in managing financial performance and shareholder value.