Profile: ESSA Bancorp Inc (ESSA.OQ)
24 Mar 2017
ESSA Bancorp, Inc., incorporated on November 29, 2006, is a holding company for ESSA Bank & Trust (the Bank). The Bank is a community-oriented savings bank. The Bank provides financial services to individuals, families and businesses through its banking offices, located in Monroe, Northampton, Lehigh, Lackawanna, Luzerne, Chester, Delaware and Montgomery Counties, Pennsylvania. The Bank's business consists primarily of accepting deposits from the general public and investing those deposits, together with funds generated from operations and borrowings, in residential first mortgage loans (including construction mortgage loans), commercial real estate loans, home equity loans and lines of credit, commercial and consumer loans (including indirect auto loans). It also offers asset management and trust services. The Bank also offers investment services.
The Bank's principal lending activity is the origination of first mortgage loans for the purchase, construction or refinancing of one- to four-family residential real property. The Bank's loan portfolio includes one- to four-family loans, construction loans, commercial loans, commercial real estate loans, home equity loans and lines of credit, auto loans, obligations of states and political subdivisions, and other loans. It also offers adjustable-rate mortgage loans, which have initial fixed terms of one, three, five or seven-years, before converting to an annual adjustment schedule. Its commercial real estate loans are secured by office buildings, mixed-use properties and other commercial properties. Its first mortgage construction loans are for the construction of residential properties. It offers fixed and adjustable-rate residential first mortgage construction loans. The commercial loan portfolio includes lines of credit, equipment loans, vehicle loans, improvement loans and term loans, which are primarily secured by vehicles, machinery and equipment, inventory, accounts receivable, marketable securities, deposit accounts and real estate. Its loan portfolio consists of loan transactions, including tax and revenue anticipation notes, general obligation notes, and authority general revenue notes. It offers a range of loans that are either unsecured or secured by property other than real estate. These loans include loans secured by deposits and personal unsecured loans. As of September 30, 2016, the Bank's total net loans were $1,219.21 million.
The Bank's investment portfolio includes mortgage-backed securities, obligations of state and political subdivisions, the United States government agency securities, corporate obligations, trust-preferred securities, other debt securities and equity securities-financial services. As of September 30, 2016, the Bank's total investment securities available for sale were $390.41 million.
Sources of Funds
The Bank's primary sources of funds are deposits, borrowings, repayments and prepayments of loans and securities, proceeds from maturing securities and cash flows from operations. The Bank offers various deposit accounts with a range of interest rates and terms. The Bank's deposit accounts consist of savings accounts, interest bearing demand accounts, checking accounts, money market accounts, club accounts, certificates of deposit and individual retirement accounts (IRAs) and other qualified plan accounts. The Bank provides commercial checking accounts for businesses. As of September 30, 2016, the Bank's total deposits were $1.2 billion. Its short-term borrowings consist of Federal Home Loan Bank advances.
The Bank's subsidiaries include Pocono Investment Company and ESSA Advisory Services, LLC. Pocono Investment Company holds and manages certain investments of the Bank, including certain intellectual property. ESSA Advisory Services, LLC is a full-service insurance benefits consulting company offering group services, such as health insurance, life insurance, short term and long term disability, dental, vision and 401(K) retirement planning, as well as individual health products.
ESSA Bancorp Inc
200 Palmer St
STROUDSBURG PA 18360-1645