UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2021 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File No. 001-33384 ESSA Bancorp, Inc. (Exact name of registrant as specified in its charter) Pennsylvania 20-8023072 (State or other jurisdiction of incorp ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended December 31, 2020 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File No. 001-33384 ESSA Bancorp, Inc. (Exact name of registrant as specified in its charter) Pennsylvania 20-8023072 (State or other jurisdiction of inc ...

SECURITIES AND EXCHANGE COMMISSION 100 F Street NE Washington, D.C. 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Fiscal Year Ended September 30, 2020 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | --- | --- | |-------------------------------------------------------------------------------------------------|--------------------------------------------------------| | For the transition period fro ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2020 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File No. 001-33384 ESSA Bancorp, Inc. (Exact name of registrant as specified in its charter) Pennsylvania 20-8023072 (State or other jurisdiction of incorpo ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2020 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File No. 001-33384 ESSA Bancorp, Inc. (Exact name of registrant as specified in its charter) Pennsylvania 20-8023072 (State or other jurisdiction of incorp ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended December 31, 2019 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File No. 001-33384 ESSA Bancorp, Inc. (Exact name of registrant as specified in its charter) Pennsylvania 20-8023072 (State or other jurisdiction of inc ...

SECURITIES AND EXCHANGE COMMISSION 100 F Street NE Washington, D.C. 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Fiscal Year Ended September 30, 2019 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File No. 001-33384 ESSA Bancorp, Inc. (Exact name of registrant as specified in its charter) Pennsylvania 20-8023072 (State or other jurisdiction of incorpor ...

Part I. Financial Information [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Unaudited consolidated financial statements for June 30, 2019, reflect a slight asset decrease and increased net income, influenced by a prior-year tax charge [Consolidated Balance Sheet](index=3&type=section&id=Consolidated%20Balance%20Sheet) The balance sheet as of June 30, 2019, shows a slight decrease in total assets to $1.80 billion, with liabilities decreasing and equity increasing Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2019 | September 30, 2018 | | :--- | :--- | :--- | | **Total Assets** | **$1,800,024** | **$1,833,790** | | Net Loans Receivable | $1,326,623 | $1,305,071 | | Investment Securities | $325,327 | $371,438 | | Total Deposits | $1,331,583 | $1,336,855 | | **Total Liabilities** | **$1,611,947** | **$1,654,604** | | **Total Stockholders' Equity** | **$188,077** | **$179,186** | [Consolidated Statement of Operations](index=4&type=section&id=Consolidated%20Statement%20of%20Operations) Net income for Q3 2019 increased to $3.0 million, while nine-month net income surged to $8.9 million, largely due to a prior-year tax charge Key Operating Results (in thousands, except per share data) | Metric | Three Months Ended June 30, 2019 | Three Months Ended June 30, 2018 | Nine Months Ended June 30, 2019 | Nine Months Ended June 30, 2018 | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $11,715 | $12,562 | $35,332 | $36,265 | | Provision for Loan Losses | $400 | $975 | $1,876 | $3,075 | | **Net Income** | **$3,047** | **$2,821** | **$8,915** | **$3,446** | | Diluted EPS | $0.29 | $0.26 | $0.83 | $0.32 | [Consolidated Statement of Cash Flows](index=8&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) For the nine months ended June 30, 2019, operating cash flow was $16.8 million, investing activities provided $35.3 million, and financing activities used $55.0 million Cash Flow Summary (Nine Months Ended June 30, in thousands) | Activity | 2019 | 2018 | | :--- | :--- | :--- | | Net cash provided by operating activities | $16,827 | $18,206 | | Net cash provided by (used for) investing activities | $35,326 | $(64,882) | | Net cash (used for) provided by financing activities | $(54,994) | $42,900 | | **Decrease in cash and cash equivalents** | **$(2,841)** | **$(3,776)** | [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes detail accounting policies, investment and loan portfolios, credit quality, and fair value measurements, including a disclosure on a legal proceeding - The Company adopted **ASU 2016-01** on October 1, 2018, requiring equity investments to be measured at **fair value** with changes recognized in **net income**, resulting in a **cumulative effect adjustment** from accumulated other comprehensive loss to retained earnings[36](index=36&type=chunk) - The upcoming adoption of **ASU 2016-13 (Credit Losses)** is expected to result in a **one-time cumulative effect adjustment** to the **allowance for loan losses**, though the magnitude is not yet determined[40](index=40&type=chunk) - The Bank is a defendant in a **class action lawsuit** alleging a previously acquired bank received **unearned fees** in violation of the **Real Estate Settlement Procedures Act**; litigation is proceeding, and **potential exposure is not currently estimable**[153](index=153&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=41&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q3 net income growth, a nine-month surge due to a prior-year tax charge, and changes in assets, loans, and non-performing assets [Financial Condition Analysis (June 30, 2019 vs. Sept 30, 2018)](index=41&type=section&id=Financial%20Condition%20Analysis) Total assets decreased by **1.8%** to **$1.80 billion**, driven by reduced investment securities, while net loans and stockholders' equity increased - Total assets decreased by **1.84%** to **$1.80 billion**[165](index=165&type=chunk) - Net loans increased by **1.7%** to **$1.33 billion**, led by a **$46.2 million** increase in commercial real estate loans[167](index=167&type=chunk) - Investment securities available for sale decreased by **12.4%** to **$325.3 million**, mainly due to sales of **$45.7 million**[168](index=168&type=chunk) - Stockholders' equity increased by **5.0%** to **$188.1 million**, aided by net income and reduced AOCI loss, despite the repurchase of **405,384 shares** for **$6.5 million**[172](index=172&type=chunk) [Results of Operations](index=45&type=section&id=Results%20of%20Operations) Q3 2019 net income rose **8.0%** to **$3.1 million**, while nine-month net income surged **158.7%** to **$8.9 million**, influenced by a prior-year tax charge - **Q3 2019 vs Q3 2018:** Net income increased by **$226,000** (**8.0%**) to **$3.1 million**[183](index=183&type=chunk) - **Nine Months 2019 vs 2018:** Net income increased by **$5.5 million** (**158.7%**) to **$8.9 million**, with the prior year impacted by a **$3.7 million** one-time charge due to the Tax Cuts and Jobs Act of 2017[192](index=192&type=chunk) - **Net interest income decreased** in both periods, primarily due to a decline in the **interest rate spread** to **2.49%** and **2.51%**, respectively[184](index=184&type=chunk)[193](index=193&type=chunk) - The **provision for loan losses decreased** to **$400,000** for the quarter (from **$975,000**) and to **$1.9 million** for the nine months (from **$3.1 million**)[187](index=187&type=chunk)[196](index=196&type=chunk) [Asset Quality](index=47&type=section&id=Asset%20Quality) Non-performing assets significantly increased to **$19.1 million**, raising the ratio to total assets to **1.06%**, primarily due to one commercial loan participation Non-Performing Assets (in thousands) | Metric | June 30, 2019 | September 30, 2018 | | :--- | :--- | :--- | | Total non-performing loans | $18,618 | $10,511 | | **Total non-performing assets** | **$19,133** | **$11,668** | | Ratio of non-performing assets to total assets | 1.06% | 0.64% | - The increase in non-performing assets was primarily due to **one commercial loan participation relationship** totaling **$8.3 million** being placed on **non-accrual status**[201](index=201&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=50&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate risk, managed by the Board and asset/liability committee, with no material changes since September 30, 2018 - The company's primary market risk is **interest rate risk** due to its **asset/liability structure**, where assets have longer maturities than liabilities[225](index=225&type=chunk) - Management **actively manages interest rate risk** to minimize exposure to earnings and capital, with oversight from the Board and an asset/liability committee, and **no material changes** to this risk profile occurred since the last fiscal year-end[225](index=225&type=chunk)[226](index=226&type=chunk) [Controls and Procedures](index=50&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were deemed effective by management, with no material changes to internal controls over financial reporting during the quarter - Management, including the CEO and CFO, concluded that disclosure controls and procedures were **effective** as of June 30, 2019[227](index=227&type=chunk) - **No material changes** were made to the company's internal controls over financial reporting during the quarter[228](index=228&type=chunk) Part II. Other Information [Legal Proceedings](index=51&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in ongoing legal proceedings regarding alleged unearned fees by a previously acquired bank, with potential exposure not currently estimable - The Bank is a defendant in a **lawsuit** alleging violations of the **Real Estate Settlement Procedures Act** by a previously acquired bank[231](index=231&type=chunk) - A district court's **dismissal reversed** by an appellate court on April 26, 2019, and the **litigation is ongoing**, with the **potential financial impact not currently estimable**[231](index=231&type=chunk) [Risk Factors](index=51&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the risk factors previously disclosed in the Annual Report on Form 10-K for the fiscal year ended September 30, 2018 - **No material changes** to risk factors were reported for the quarter[232](index=232&type=chunk)

[Part I. Financial Information](index=3&type=section&id=Part%20I.%20Financial%20Information) [Financial Statements (unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements) The unaudited consolidated financial statements for ESSA Bancorp, Inc. as of March 31, 2019, show total assets of $1.84 billion and net income of $5.9 million for the six months ended March 31, 2019 [Consolidated Balance Sheet](index=3&type=section&id=Consolidated%20Balance%20Sheet) Total assets increased slightly to $1.836 billion, driven by a $30.1 million rise in net loans receivable, partially offset by decreased investment securities Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2019 | September 30, 2018 | | :--- | :--- | :--- | | **Total Assets** | **$1,835,814** | **$1,833,790** | | Net Loans Receivable | $1,335,197 | $1,305,071 | | Investment Securities Available for Sale | $348,617 | $371,438 | | Total Deposits | $1,293,883 | $1,336,855 | | **Total Liabilities** | **$1,652,177** | **$1,654,604** | | **Total Stockholders' Equity** | **$183,637** | **$179,186** | [Consolidated Statement of Operations](index=4&type=section&id=Consolidated%20Statement%20of%20Operations) Net income increased significantly for both the three and six-month periods, primarily due to a one-time tax expense in the prior year Key Operating Results (in thousands, except per share data) | Metric | Three Months Ended Mar 31, 2019 | Three Months Ended Mar 31, 2018 | Six Months Ended Mar 31, 2019 | Six Months Ended Mar 31, 2018 | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $11,732 | $11,935 | $23,617 | $23,703 | | Provision for Loan Losses | $600 | $1,100 | $1,476 | $2,100 | | **Net Income** | **$2,859** | **$2,263** | **$5,868** | **$625** | | **Diluted EPS** | **$0.26** | **$0.21** | **$0.54** | **$0.06** | | Dividends per share | $0.10 | $0.09 | $0.20 | $0.18 | [Consolidated Statement of Cash Flows](index=8&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) Net cash provided by operating activities was $7.9 million, while investing and financing activities resulted in a net decrease in cash and cash equivalents Six Months Ended March 31 (in thousands) | Cash Flow Activity | 2019 | 2018 | | :--- | :--- | :--- | | Net cash provided by operating activities | $7,885 | $10,877 | | Net cash used for investing activities | ($1,594) | ($57,553) | | Net cash (used for) provided by financing activities | ($8,671) | $39,797 | | **Decrease in cash and cash equivalents** | **($2,380)** | **($6,879)** | [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Detailed notes cover accounting policies, new standard adoptions, portfolio breakdowns, fair value measurements, and legal contingencies - The company's primary business involves taking deposits and granting loans in several Pennsylvania counties, operating as a bank holding company for ESSA Bank & Trust[25](index=25&type=chunk) - The company adopted ASU 2014-09 (Revenue from Contracts with Customers) and ASU 2016-01 (Financial Instruments) on October 1, 2018, with ASU 2016-01 resulting in a **$4,000 cumulative effect adjustment** to retained earnings[32](index=32&type=chunk)[33](index=33&type=chunk) - Upcoming accounting standards include ASU 2016-13 (Credit Losses), effective for periods beginning after December 15, 2019, which will change the impairment model for financial assets[38](index=38&type=chunk) Loan Portfolio by Type (in thousands) | Loan Type | March 31, 2019 | September 30, 2018 | | :--- | :--- | :--- | | Residential Real Estate | $595,116 | $580,561 | | Commercial Real Estate | $458,292 | $416,573 | | Auto Loans | $111,899 | $146,220 | | Commercial | $58,720 | $49,479 | | Other | $123,559 | $123,926 | | **Total Loans** | **$1,347,586** | **$1,316,759** | - The company is a defendant in a class action lawsuit alleging unearned fees and kickbacks in violation of RESPA by a previously acquired bank, which was remanded back to district court for litigation[151](index=151&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=42&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses stable financial condition, increased net income, and trends in assets, liquidity, and critical accounting policies [Comparison of Financial Condition (March 31, 2019 vs. September 30, 2018)](index=42&type=section&id=Comparison%20of%20Financial%20Condition) Total assets increased to $1.84 billion, driven by loan growth, while deposits decreased and stockholders' equity rose - Net loans increased by **$30.1 million (2.3%)**, primarily due to a **$41.7 million increase in commercial real estate loans** and a **$14.6 million increase in residential loans**, partially offset by a **$34.4 million decrease in auto loans**[165](index=165&type=chunk) - Deposits decreased by **$43.0 million (3.2%)**, mainly due to a decrease in municipal deposits and a **$42.7 million drop in interest-bearing demand accounts**[168](index=168&type=chunk) - Stockholders' equity increased by **$4.5 million**, reflecting **$5.9 million in net income** and a **$6.6 million positive change in AOCI**, offset by a **$6.2 million stock repurchase**[170](index=170&type=chunk) [Comparison of Operating Results](index=46&type=section&id=Comparison%20of%20Operating%20Results) Net income significantly increased for both periods, primarily due to a prior-year one-time tax charge, while net interest income slightly declined Operating Results Comparison (Three Months Ended March 31) | Metric (in thousands) | 2019 | 2018 | Change | Change % | | :--- | :--- | :--- | :--- | :--- | | Net Income | $2,859 | $2,263 | $596 | 26.3% | | Net Interest Income | $11,732 | $11,935 | ($203) | -1.7% | | Provision for Loan Losses | $600 | $1,100 | ($500) | -45.5% | | Non-interest Expense | $9,711 | $9,988 | ($277) | -2.8% | Operating Results Comparison (Six Months Ended March 31) | Metric (in thousands) | 2019 | 2018 | Change | Change % | | :--- | :--- | :--- | :--- | :--- | | Net Income | $5,868 | $625 | $5,243 | 838.9% | | Net Interest Income | $23,617 | $23,703 | ($86) | -0.4% | | Provision for Loan Losses | $1,476 | $2,100 | ($624) | -29.7% | | Non-interest Expense | $19,363 | $20,270 | ($907) | -4.5% | - The significant increase in six-month net income was primarily due to a **one-time charge of $3.7 million to income tax expense** in the prior year period related to the Tax Cuts and Jobs Act of 2017[191](index=191&type=chunk)[198](index=198&type=chunk) [Non-performing Assets](index=48&type=section&id=Non-performing%20Assets) Total non-performing assets decreased by $1.4 million to $10.3 million, improving the ratio to total assets to 0.56% Non-Performing Assets (in thousands) | Metric | March 31, 2019 | September 30, 2018 | | :--- | :--- | :--- | | Total non-performing loans | $9,572 | $10,511 | | Foreclosed real estate | $665 | $1,141 | | **Total non-performing assets** | **$10,253** | **$11,668** | | Ratio of non-performing assets to total assets | 0.56% | 0.64% | - Troubled debt restructurings (TDRs) decreased to a principal balance of **$3.5 million** from **$4.4 million** at September 30, 2018[202](index=202&type=chunk) [Liquidity and Capital Resources](index=48&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains adequate liquidity through deposits, loan repayments, and FHLB advances, with $41.2 million in cash - Primary sources of liquidity include deposits, loan and security repayments, and FHLB advances[206](index=206&type=chunk) - At March 31, 2019, the company had access to total FHLB advances of approximately **$659.2 million**, with **$338.0 million outstanding**[207](index=207&type=chunk) - The company had **$203.3 million in outstanding loan commitments** and **$327.3 million in certificates of deposit** maturing within one year[209](index=209&type=chunk) [Critical Accounting Policies](index=49&type=section&id=Critical%20Accounting%20Policies) Critical accounting policies involve significant judgment, including Allowance for Loan Losses, Goodwill, and Fair Value Measurements - The Allowance for Loan Losses is considered a critical policy due to the high degree of judgment in estimating inherent credit losses[211](index=211&type=chunk) - Goodwill is tested for impairment annually in the fourth quarter using market capitalization and multiples of tangible book value methods, with no impairment recorded in 2019 or 2018[215](index=215&type=chunk) - Fair value measurements for assets without active markets (Level 3) require significant management judgment and the use of unobservable inputs[219](index=219&type=chunk)[221](index=221&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=51&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate risk, actively monitored by management, with no material changes reported - The company's primary market risk is interest rate risk due to its assets having longer maturities than its liabilities[226](index=226&type=chunk) - The Asset/Liability Committee meets quarterly to review policies and the interest rate risk position, with no material changes reported since September 30, 2018[226](index=226&type=chunk)[227](index=227&type=chunk) [Controls and Procedures](index=51&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes to internal controls during the quarter - Management, including the CEO and CFO, evaluated disclosure controls and procedures and found them to be effective as of the end of the quarter[228](index=228&type=chunk) - There were no changes in internal controls over financial reporting that have materially affected, or are reasonably likely to materially affect, these controls during the period[229](index=229&type=chunk) [Part II. Other Information](index=52&type=section&id=Part%20II.%20Other%20Information) [Legal Proceedings](index=52&type=section&id=Item%201.%20Legal%20Proceedings) The company is defending a class action lawsuit alleging RESPA violations by a previously acquired bank, remanded for continued litigation - The Bank is a defendant in a lawsuit alleging RESPA violations by a previously acquired bank, with an appellate court reversing a prior dismissal, and the case continuing in district court[234](index=234&type=chunk) [Risk Factors](index=52&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the risk factors disclosed in the company's Annual Report on Form 10-K were reported - No material changes in risk factors were reported since the last Annual Report on Form 10-K[235](index=235&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=52&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased 405,384 shares of common stock at an average price of $16.13 per share during the quarter Company Purchases of Common Stock (Quarter Ended March 31, 2019) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | January 31, 2019 | — | — | | February 28, 2019 | 405,384 | $16.13 | | March 31, 2019 | — | — | | **Total** | **405,384** | **$16.13** | - The purchases were made under the seventh stock repurchase program, authorized on August 1, 2018, for up to **400,000 shares**[236](index=236&type=chunk) [Defaults Upon Senior Securities](index=52&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This section is not applicable to the company's current reporting requirements - Not applicable[237](index=237&type=chunk) [Mine Safety Disclosures](index=52&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section is not applicable to the company's current reporting requirements - Not applicable[238](index=238&type=chunk) [Other Information](index=52&type=section&id=Item%205.%20Other%20Information) This section is not applicable to the company's current reporting requirements - Not applicable[239](index=239&type=chunk) [Exhibits](index=53&type=section&id=Item%206.%20Exhibits) The report includes CEO/CFO certifications and interactive data files, with other corporate documents incorporated by reference - Exhibits filed with the report include CEO/CFO certifications under Sarbanes-Oxley Sections 302 and 906[244](index=244&type=chunk) - Interactive data files (XBRL) are included as Exhibit 101[243](index=243&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended December 31, 2018 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | --- | --- | |---------------------------------------------------------------------------------------------------|--------------------------------------------------------| | | | | For the transiti ...