Form 8-K - Current report
07 Marzo 2024 - 4:01PM
Edgar (US Regulatory)
false 0001382230 0001382230 2024-03-07 2024-03-07
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): March 7, 2024
ESSA Bancorp, Inc.
(Exact Name of Registrant as Specified in its Charter)
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Pennsylvania |
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001-33384 |
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20-8023072 |
(State or Other Jurisdiction of Incorporation) |
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(Commission File No.) |
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(I.R.S. Employer Identification No.) |
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200 Palmer Street, Stroudsburg, Pennsylvania |
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18360 |
(Address of Principal Executive Offices) |
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(Zip Code) |
Registrant’s telephone number, including area code: (570) 421-0531
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
Common |
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ESSA |
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Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01 |
Regulation FD Disclosure. |
ESSA Bancorp, Inc. (the “Company”) will make a presentation at its 2024 Annual Meeting of Stockholders to be held on March 7, 2024, at 10:00 a.m., Eastern Time. The presentation provides an overview of the Company’s business and strategic focus and the Company’s financial performance. A copy of the presentation is attached as Exhibit 99.1 to this report and is being furnished to the SEC and shall not be deemed “filed” for any purpose.
Item 9.01 |
Financial Statements and Exhibits. |
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(a) |
Financial Statements of Businesses Acquired. Not applicable. |
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(b) |
Pro Forma Financial Information. Not applicable. |
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(c) |
Shell Company Transactions. Not applicable. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
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ESSA BANCORP, INC. |
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DATE: March 7, 2024 |
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By: |
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/s/ Gary S. Olson |
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Gary S. Olson, President and |
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Chief Executive Officer |
2023 Annual Shareholder Meeting March
7, 2024 Exhibit 99.1
Forward Looking Statements & Safe
Harbor 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, acquisitions and the integration of acquired businesses, 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 and quarterly 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.
FISCAL 2023 FINANCIAL HIGHLIGHTS Full
year earnings of $18.6 million, or $1.91 per diluted share. Total assets of $2.3 billion at September 30, 2023. Net loan growth of $245 million or 17% in fiscal 2023. Asset quality metrics improved modestly and remained solid. Capital ratios are
strong and well above regulatory minimums for a well capitalized financial institution. Net Interest margin was 3.24% despite increasing liability costs. We increased on balance sheet liquidity, and had available unused borrowing capacity of 23.6%
of total assets at September 30, 2023. Uninsured deposits were 32% of total deposits at September 30, 2023 including $250 million of fully collateralized municipal deposits. Deposit growth from $1.38 billion to $1.66 billion, or 20% in Fiscal 2023.
CONSOLIDATED FINANCIAL HIGHLIGHTS
Strong Capital Levels Years Ended
September 30
TANGIBLE BOOK VALUE & FISCAL
YEAR-END STOCK PRICE Years Ended September 30
MARKET CAPITALIZATION ($ in
000’s) Years Ended September 30
ESSA LOAN COMPOSITION ($ in
000’s) Years ended September 30
STRONG & STABLE ASSET QUALITY
ESSA DEPOSIT COMPOSITION ($ in
000’s) Years ended September 30
MANAGEMENT FOCUSED ON STABLE
OPERATIONS
Corporate Citizenship &
Community Commitment ESSA employees donated more than 3,000 hours of community service and the Bank made contributions to over 175 community organizations. The Bank continued its participation in the CARE, STAR and STRIVE Reentry programs. Created
community first loan program mortgage product and loan subsidy fund to aid home buyers in minority communities. In 2023, The ESSA Bank & Trust Foundation awarded $3.7 million in grants to community organizations throughout our markets. Continued
with our $25,000 investment in the Allentown Jordan Heights Neighborhood Development Investment Fund (JH Fund) through the Housing Association & Development Corporation (HADC). Funded mental health program for low-income residents in Lehigh
Valley through CALV. Participated in Adopt-an-Apartment program through Ripple Community Inc. in which donations are used to supplement the rent for very low-income families in the Allentown area. ESSA’s donations covered 6 months of rental
assistance to help Ripple Community break the cycle of homelessness.
2023 BRAND & PROMOTIONAL
MESSAGING
2024 STRATEGIC OBJECTIVES
Accelerate core deposit growth through our Core24 initiative. Build upon our digital strategy with Fiserv to improve customer adoption and supplement our branch footprint. Promote brand strategy. Focus on continued compliance excellence and
regulatory relations. Maintain strong enterprise-wide risk management practices utilizing our risk appetite process. Continue to be a source of strength and service to the communities in which we operate.
ESSA Bank & Trust · ESSA
Investment Services · ESSA Asset Management & Trust · ESSA Advisory Services
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