Profile: ESSA Bancorp Inc (ESSA.OQ)
24 Apr 2015
ESSA Bancorp, Inc., incorporated on November 29, 2006, is a bank holding Company for ESSA Bank & Trust that offers community-oriented savings and loan products and services. The Company provides financial services to individuals, families and businesses through its 26 full-service banking offices, located in Monroe, Northampton and Lehigh counties, Pennsylvania. The Company offers investment services through its relationship with Cetera Investment Services LLC, a third party broker/dealer and investment advisor. It offers insurance benefit consulting services through its wholly owned subsidiary, ESSA Advisory Services, LLC. The Company also offers asset management and trust services. ESSA Bank & Trust has four wholly owned subsidiaries, ESSACOR, Inc., Pocono Investment Company, ESSA Advisory Services, LLC, and Integrated Financial Corporation and its fully owned subsidiary Integrated Abstract Incorporated. ESSACOR, Inc. is a Pennsylvania corporation that has been used to purchase properties at tax sales that represent collateral for delinquent loans of the bank.
The Company’s principal lending activity has been the origination of first mortgage loans for the purchase, construction or refinancing of one-to-four family residential real property. One-to-four family Residential Loans: The Company’s principal lending activity consists of the origination of one-to-four family residential mortgage loans secured primarily by properties located in Monroe and Northampton counties, Pennsylvania. Fixed-rate loans are originated for terms of 10, 15, 20 and 30 years. The Company 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 based on changes in a designated United States Treasury index. Home equity loans and lines of credit are generated almost exclusively by the Company’s branch staff. Eligible properties include primary and vacation homes in northeastern Pennsylvania, with the majority of loans being originated in Monroe County. The Company’s home equity lines of credit typically feature a 10 year draw period with interest-only payments permitted, followed by another 10 years of fully amortizing payments with no further ability to draw funds. Commercial real estate loans are secured by office buildings, mixed-use properties and other commercial properties. The Company originates adjustable rate commercial real estate loans with an initial term of 5 years and a repricing option, and a maximum term of up to 25 years. The Company’s loan portfolio consisted of first mortgage construction loans. Most of its first mortgage construction loans are for the construction of residential properties. The Company offers fixed and adjustable-rate residential first mortgage construction loans. First mortgage construction loans are structured for permanent mortgage financing once the construction is completedThe Company offers various loans that are either unsecured or secured by property other than real estate. These loans include loans secured by deposits, personal loans and automobile loans. As of June 30, 2014 the net loans were $1,050.1 million.
The Company’s investment portfolio includes mortgage-backed securities, obligations of state and political subdivisions, United States Government agency obligations, corporate obligations, trust-preferred securities, other debt securities, and equity securities – financial services. As of June 30, 2014 the total value of investment securities available for sale was $372.5 million.
The Company offers various deposit accounts with a range of interest rates and terms. The Company’s deposit accounts consist of savings accounts, NOW accounts, checking accounts, money market accounts, club accounts, certificates of deposit and IRAs and other qualified plan accounts. The Company provides commercial checking accounts for businesses. Total deposits were $1,143.1 million at June 30, 2014.
ESSA Bancorp Inc
200 Palmer St
STROUDSBURG PA 18360-1645