☒ |
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
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☐ |
TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
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Page
Number
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Report of Independent Registered Public Accounting Firm
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1-2
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Statements of Net Assets Available for Benefits
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3
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Statements of Changes in Net Assets Available for Benefits
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4 |
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Notes to Financial Statements
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5-13 |
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Supplemental Schedule
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14 |
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December 31,
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||||||
2019
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2018
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|||||
ASSETS
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||||||
Investments, at fair value
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||||||
ESSA Bancorp, Inc. common stock fund
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$
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3,912,782
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$
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3,963,529
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||
Pooled separate accounts
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12,816,347
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10,113,429
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||||
Total investments, at fair value
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16,729,129
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14,076,958
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||||
Guaranteed investment contract,
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||||||
at contract value
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3,538,886
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3,788,849
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||||
Total investments
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20,268,015
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17,865,807
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||||
Notes receivable from participants
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13,288
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16,145
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||||
Total assets
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20,281,303
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17,881,952
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||||
LIABILITIES
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—
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—
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||||
Net assets available for benefits
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$
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20,281,303
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$
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17,881,952
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ADDITIONS TO NET ASSETS ATTRIBUTED TO:
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|||||||
Investment gain:
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|||||||
Net appreciation in fair value of investments
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$
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2,965,686
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|||||
Interest and dividends on investments
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203,369
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||||||
Total investment gain
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3,169,055
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||||||
Interest income on notes receivable from participants
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651
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||||||
Contributions:
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|||||||
Contributions by employees
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913,897
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||||||
Contributions by employer
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453,114
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||||||
Rollover contributions
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153,918
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||||||
Other contributions
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1,689
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||||||
Total contributions
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1,522,618
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||||||
Total additions
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4,692,324
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||||||
DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:
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|||||||
Benefits paid to participants
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2,276,407
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||||||
Administrative expenses
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16,566
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||||||
Total deductions
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2,292,973
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||||||
Net increase
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2,399,351
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NET ASSETS AVAILABLE FOR BENEFITS:
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|||||||
Beginning of the period
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17,881,952
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||||||
End of the period
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$
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20,281,303
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|||||
Level I: |
Quoted prices are available in active markets for identical assets or liabilities as of the reported date.
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Level II: |
Pricing inputs are other than the quoted prices in active markets, which are either directly or indirectly observable as of the reported date. The nature of these assets and liabilities includes items for which quoted prices are
available but traded less frequently and items that are fair-valued using other financial instruments, the parameters of which can be directly observed.
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Level III: |
Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.
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December 31, 2019
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|||||||||
Level I
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Level II
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Level III
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Total
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||||||
ESSA Bancorp, Inc. common stock fund
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$
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3,912,782
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$
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—
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$
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—
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$
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3,912,782
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Total assets in the fair value hierarchy
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3,912,782
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—
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—
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3,912,782
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|||||
Investments measured at net asset
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|||||||||
value (1)
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—
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—
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—
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12,816,347
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|||||
Investments at fair value
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$
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3,912,782
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$
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—
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$
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—
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$
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16,729,129
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December 31, 2018
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|||||||||
Level I
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Level II
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Level III
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Total
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||||||
ESSA Bancorp, Inc. common stock fund
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$
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3,963,529
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$
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—
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$
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—
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$
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3,963,529
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Total assets in the fair value hierarchy
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3,963,529
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—
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—
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3,963,529
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|||||
Investments measured at net asset
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|||||||||
value (1)
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—
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—
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—
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10,113,429
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|||||
Investments at fair value
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$
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3,963,529
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$
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—
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$
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—
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$
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14,076,958
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(1) In accordance with Subtopic 820-10, certain investments that were measured at net asset value per share
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|||||||||
(or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented
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|||||||||
in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in
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|||||||||
the Statement of Net Assets Available for Benefits.
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|||||||||
December 31, 2019
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Fair Value
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Unfunded Commitments
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Redemption Frequency (if currently eligible)
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Redemption Notice Period
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Pooled separate accounts:
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||||
Asset Allocation/Lifecycle
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$ 3,597,094
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N/A
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Daily
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Daily
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High Yield Bond
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115,058
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N/A
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Daily
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Daily
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Intermediate Term Bond
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469,714
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N/A
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Daily
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Daily
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International/Global Growth
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501,710
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N/A
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Daily
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Daily
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International/Global Small/Mid Cap
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228,122
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N/A
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Daily
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Daily
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Large Cap Core
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1,728,208
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N/A
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Daily
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Daily
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Large Cap Growth
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3,364,871
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N/A
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Daily
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Daily
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Mid Cap Growth
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670,072
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N/A
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Daily
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Daily
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Multi Sector Bond
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148,752
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N/A
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Daily
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Daily
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Small Cap Core
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994,007
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N/A
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Daily
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Daily
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Small Cap Growth
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998,739
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N/A
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Daily
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Daily
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December 31, 2018
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Fair Value
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Unfunded Commitments
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Redemption Frequency (if currently eligible)
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Redemption Notice Period
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Pooled separate accounts:
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||||
Asset Allocation/Lifecycle
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$2,504,094
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N/A
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Daily
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Daily
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High Yield Bond
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117,342
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N/A
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Daily
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Daily
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Intermediate Term Bond
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465,401
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N/A
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Daily
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Daily
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International/Global Growth
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440,204
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N/A
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Daily
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Daily
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International/Global Small/Mid Cap
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160,903
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N/A
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Daily
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Daily
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Large Cap Core
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1,425,867
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N/A
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Daily
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Daily
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Large Cap Growth
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2,852,056
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N/A
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Daily
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Daily
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Mid Cap Growth
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551,761
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N/A
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Daily
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Daily
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Multi Sector Bond
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134,923
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N/A
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Daily
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Daily
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Small Cap Core
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704,581
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N/A
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Daily
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Daily
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Small Cap Growth
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756,297
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N/A
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Daily
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Daily
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(c) Description of Investment,
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||||||||
(b) Identity of
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Including Maturity Date,
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|||||||
Issuer, Borrower,
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Rate of Interest, Collateral,
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||||||
(a)
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Lessor, or Similar Party
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Par, or Maturity Value
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(d) Cost**
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(e) Current Value | ||||
Common stock
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||||||||
*
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ESSA Bancorp, Inc.
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ESSA Bancorp, Inc. common stock fund
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$
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—
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$
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3,912,782
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Pooled separate accounts
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||||||||
*
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Massachusetts Mutual Life Insurance Company
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Premier Core Bond (Barings)
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—
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469,714
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*
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Massachusetts Mutual Life Insurance Company
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MM S&P 500 Index (Northern Trust)
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—
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1,728,208
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*
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Massachusetts Mutual Life Insurance Company
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SeIect Mid Cap Growth II (TRP/Frontier)
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—
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670,072
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*
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Massachusetts Mutual Life Insurance Company
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EuroPacific Growth (American)
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—
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501,710
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*
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Massachusetts Mutual Life Insurance Company
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Select TRP/LS Blue Chip Growth
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—
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2,214,861
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*
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Massachusetts Mutual Life Insurance Company
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New Horizons (T Rowe Price)
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—
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998,739
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*
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Massachusetts Mutual Life Insurance Company
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Washington Mut Invs (American)
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—
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1,150,010
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*
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Massachusetts Mutual Life Insurance Company
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Int'l New Discovery (MFS)
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—
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228,122
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||||
*
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Massachusetts Mutual Life Insurance Company
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Strategic Income (Loomis Sayles)
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—
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148,752
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||||
*
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Massachusetts Mutual Life Insurance Company
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Premier High Yield (Barings)
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—
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115,058
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||||
*
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Massachusetts Mutual Life Insurance Company
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Premier Oppenheimer Funds Small Cap Opp II
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—
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628,929
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||||
*
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Massachusetts Mutual Life Insurance Company
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Balanced(American)
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—
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113,785
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||||
*
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Massachusetts Mutual Life Insurance Company
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Russell 2000 Small Cap Index (Northern Trust)
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—
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323,993
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*
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Massachusetts Mutual Life Insurance Company
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Russell 2000 Mid Cap Index (Northern Trust)
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—
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41,085
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*
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Massachusetts Mutual Life Insurance Company
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Retirement Balanced (T. Rowe Price)
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—
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227,568
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||||
*
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Massachusetts Mutual Life Insurance Company
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Retirement 2015 (T. Rowe Price)
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—
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280,521
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||||
*
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Massachusetts Mutual Life Insurance Company
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Retirement 2025 (T. Rowe Price)
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—
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1,055,446
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||||
*
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Massachusetts Mutual Life Insurance Company
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Retirement 2035 (T. Rowe Price)
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—
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483,553
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||||
*
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Massachusetts Mutual Life Insurance Company
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Retirement 2045 (T. Rowe Price)
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—
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601,299
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||||
*
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Massachusetts Mutual Life Insurance Company
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Retirement 2055 (T. Rowe Price)
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—
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89,101
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||||
*
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Massachusetts Mutual Life Insurance Company
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Retirement 2030 (T. Rowe Price)
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—
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269,513
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||||
*
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Massachusetts Mutual Life Insurance Company
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Retirement 2040 (T. Rowe Price)
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—
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147,789
|
||||
*
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Massachusetts Mutual Life Insurance Company
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Retirement 2020 (T. Rowe Price)
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—
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225,289
|
||||
*
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Massachusetts Mutual Life Insurance Company
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Retirement 2050 (T. Rowe Price)
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—
|
74,589
|
||||
*
|
Massachusetts Mutual Life Insurance Company
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Retirement 2060 (T. Rowe Price)
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—
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28,641
|
||||
12,816,347
|
||||||||
*
|
Massachusetts Mutual Life Insurance Company
|
Guaranteed investment contract
|
—
|
3,538,886
|
||||
*
|
Notes receivable from participants
|
Interest rates of 4.25% to 6.25% maturity through 2023
|
—
|
13,288
|
||||
Total
|
$
|
20,281,303
|
||||||
*
|
Indicates party-in-interest to the Plan
|
|||||||
**
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Per ERISA guidelines, the cost of the investments is not required to be included on this schedule.
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|||||||
ESSA BANK & TRUST 401(k) PLAN
|
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Date: June 29, 2020
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By:
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/s/ Allan A. Muto |
Allan A. Muto
|
||
Executive Vice President and Chief Financial Officer
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||
ESSA Bank & Trust
|