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ESSA Bancorp Exhibit 99.1 ESSA Bancorp , Inc. Announces Fiscal 2021 Second Quarter , First Half Financial Results Stroudsburg , PA . - April 28 , 2021 - ESSA Bancorp , Inc. ( the " Company " ) ( NASDAQ : ESSA ) , the holding company for ESSA Bank & Trust ( the " Bank ” ) , a $ 2.0 billion asset financial institution providing full service commercial and retail banking , financial , and investment services in eastern Pennsylvania , today announced financial results for the fiscal second quarter and first half of 2021 . Net income was $ 4.3 million , or $ 0.43 per diluted share , for the three months ended March 31 , 2021 , up 27 % compared with $ 3.4 million , or $ 0.33 per diluted share , for the three months ended March 31 , 2020. Net income increased 24 % to $ 8.5 million , or $ 0.84 per diluted share , for the six months ended March 31 , 2021 , compared with $ 6.8 million , or $ 0.65 per diluted share , for the six months ended March 31 , 2020 . Gary S. Olson , President and CEO , commented : “ The Company's earnings reflected stable commercial banking activity , the ability to maximize the value of opportunities presented by strong demand for residential mortgage originations , Paycheck Protection Program ( PPP ) lending and interest expense management . " Noninterest income growth made a significant contribution to earnings in the quarter and first half , reflecting brisk residential mortgage originations and subsequent gains on the sales of longer - term low - interest loans to the secondary market , a strategy consistent with the Company's commitment to serve retail customers while supporting our strategy of being a commercially - focused institution . Our active participation in PPP lending generated processing fee income as PPP loans were repaid or forgiven . The Company also generated income from commercial loan interest rate swaps " . " Responding to the prevailing low interest rate environment , the Company considerably lowered interest expense through timely repricing of deposits , roll - off of higher - cost borrowings and strong balance sheet management . These actions partially offset lower period - over - period interest income from loans and investment securities . Although deposits have steadily increased , the growth was in higher levels of low - cost core deposits . " Considering the overall slowdown in commercial lending that reflected pandemic- and economic - related uncertainties for many businesses , we were satisfied with the continuing stability of our total commercial loan portfolio . Commercial real estate loans grew significantly compared with the past several quarters reflecting new loans in our Philadelphia market . Our focus in commercial banking has been to provide customers the financial solutions and support they need to help them navigate challenges . " Asset quality and nonperforming loan to total loan ratios remain sound . However , because of the potential risk and uncertainties that remain , the Company has maintained strong cash reserves and increased the provision for loan losses . Management's continued focus on managing expenses and efficient operations contributed to increased return on average assets and return on average equity . " The Company delivered shareholder value through growth in equity , retained earnings and tangible book value per share . The strong earnings enabled the Company to increase the quarterly dividend per share for the second quarter of 2021 . " Throughout the period , we continued to operate with the highest concern for the health and safety of our employees and customers . Our increased use of digital capabilities has enabled our team to effectively and safely provide superior service with less reliance on physical facilities and interaction .