UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 11-K

FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS
AND SIMILAR PLANS PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the fiscal year ended December 31, 2019

OR

TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the transition period from _______________ to _______________

Commission File Number 001-33384

A.  Full title of the plan and the address of the plan, if different from that of the issuer named below:

ESSA Bank & Trust 401(k) Plan

B.  Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

ESSA Bancorp, Inc.
200 Palmer Street
Stroudsburg, PA 18360-0160








ESSA BANK & TRUST 401(k) PLAN

STROUDSBURG, PENNSYLVANIA




























AUDIT REPORT

DECEMBER 31, 2019



ESSA BANK & TRUST 401(k) PLAN
DECEMBER 31, 2019


Page
Number
Report of Independent Registered Public Accounting Firm
1-2

 
Statements of Net Assets Available for Benefits
3
   
Statements of Changes in Net Assets Available for Benefits
4


 Notes to Financial Statements
 5-13


Supplemental Schedule
 14

 










REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees, Plan Administrator, and Plan Participants of the ESSA Bank & Trust 401(k) Plan

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of the ESSA Bank & Trust 401(k) Plan (the “Plan”) as of December 31, 2019 and 2018; the related statement of changes in net assets available for benefits for the year ended December 31, 2019; and the related notes to the financial statements (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2019 and 2018, and the changes in net assets available for benefits for the year ended December 31, 2019, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Plan Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan, in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.






1



Supplemental Information

The supplemental information in the accompanying Schedule H, Line 4i – Schedule of Assets (Held at End of Year) as of December 31, 2019, has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is presented for the purpose of additional analysis and is not a required part of the financial statements but includes supplemental information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information in the accompanying schedule, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information in the accompanying schedule is fairly stated in all material respects in relation to the financial statements as a whole.

We have served as the Plan’s auditor since 2005.



/s/ S.R. Snodgrass, P.C.

Cranberry Township, Pennsylvania
June 29, 2020




2


ESSA BANK & TRUST 401(k) PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS


       
December 31,
       
2019
 
2018
             
ASSETS
       
Investments, at fair value
       
 
ESSA Bancorp, Inc. common stock fund
$
     3,912,782
$
     3,963,529
 
Pooled separate accounts
 
    12,816,347
 
    10,113,429
   
Total investments, at fair value
 
    16,729,129
 
    14,076,958
             
Guaranteed investment contract,
       
 
     at contract value
 
     3,538,886
 
     3,788,849
             
   
Total investments
 
    20,268,015
 
    17,865,807
             
Notes receivable from participants
 
          13,288
 
          16,145
             
   
Total assets
 
    20,281,303
 
    17,881,952
             
LIABILITIES
 
             —
 
                 —
             
 
Net assets available for benefits
$
    20,281,303
$
    17,881,952
             





     The accompanying notes are an integral part of these financial statements.
3




ESSA BANK & TRUST 401(k) PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 2019

ADDITIONS TO NET ASSETS ATTRIBUTED TO:
   
   
Investment gain:
     
     
Net appreciation in fair value of investments
$
   2,965,686
     
Interest and dividends on investments
 
      203,369
               
       
Total investment gain
 
   3,169,055
               
   
Interest income on notes receivable from participants
 
            651
               
   
Contributions:
     
   
      Contributions by employees
 
      913,897
   
      Contributions by employer
 
      453,114
   
      Rollover contributions
 
      153,918
   
      Other contributions
 
          1,689
               
       
Total contributions
 
   1,522,618
               
       
Total additions
 
   4,692,324
               
DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:
   
   
Benefits paid to participants
 
   2,276,407
   
Administrative expenses
 
        16,566
               
       
Total deductions
 
   2,292,973
               
   
Net increase
   
   2,399,351
               
NET ASSETS AVAILABLE FOR BENEFITS:
   
   
Beginning of the period
 
 17,881,952
               
   
End of the period
 
$
 20,281,303
               


The accompanying notes are an integral part of these financial statements.
4

ESSA BANK & TRUST 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS


NOTE 1 - DESCRIPTION OF PLAN

The following brief description of the ESSA Bank & Trust 401(k) Plan (the “Plan”) for employees of ESSA Bank & Trust (the “Bank”) is provided for general information purposes only.  Participants should refer to the Plan Document for a more comprehensive description of the Plan’s provisions.

General

The Plan is a defined contribution plan covering the employees of the Bank who have attained the age of 21 and have met the service requirements.  The Plan’s initial service requirements are 166 hours in 60 days.  If the service requirements are not met in the first 60 days, the requirement reverts to 1,000 hours from hire date to anniversary date.  If the service requirements are still not met after the first anniversary year, the requirement switches to 1,000 hours in a plan year (1/1 to 12/31).  An employee is eligible to participate in the first of the quarter (January, April, July, October) coincident with or next following the date that the eligibility requirements are met. The Plan includes a 401(k) before-tax and after-tax savings features, which permits participants to defer compensation under Section 401(k) of the Internal Revenue Code.  It is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended.   The Benefits Committee is responsible for oversight of the Plan.  The Benefits Committee determines the appropriateness of the Plan’s investment offerings, and monitors investment performance.

Contributions

Employees may elect to contribute any amount up to the maximum percentage allowable, not to exceed the limits of Code Sections 401(k), 402(g), 404, and 415.  Participants who have attained age 50 before the end of the Plan year are eligible to make catch-up contributions. The participants may direct their accounts into several different investment options.  Contributions are subject to certain limitations.  The Bank will match 100 percent of the participant’s annual elective deferrals that do not exceed 3 percent of the participant’s compensation, plus 50 percent of the amount of the participant’s annual elective deferrals that exceed 3 percent but that do not exceed 5 percent of the participant’s compensation.

Participant Accounts

Each participant’s account is credited with the participant’s contributions, as well as allocations of Plan earnings based upon participant’s account balances at the beginning of the valuation period.  Participant accounts are charged with an allocation of administrative expenses that are paid by the Plan.  Allocations are based on participant earnings, account balances, or specific participant transactions, as defined.  The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.

Vesting

Participants are immediately vested in their voluntary contributions and actual earnings thereon.  Employer contributions are also immediately vested.


5


ESSA BANK & TRUST 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS


NOTE 1 - DESCRIPTION OF PLAN (Continued)


Payment of Benefits

Upon termination of service due to death, disability, or retirement, participants whose accounts do not exceed $1,000 may receive a lump-sum amount equal to the value of their account.  Participants whose accounts are between $1,000 and $5,000 may receive a lump-sum distribution or may have the balance of their account rolled over into an Individual Retirement Account (“IRA”).  Participants whose vested account balance at the time of termination exceeds $5,000 may receive a lump-sum distribution or may defer payments of benefits until April 1 of the calendar year following the calendar year during which the participant reaches age 70 1/2.  For termination of service for other reasons, a participant may receive the value of the vested interest in his or her account as a lump sum distribution.

Notes Receivable from Participants

Participants may borrow from their fund accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50 percent of their account balance. The loans are secured by the balance in the participant’s account and bear interest ranging from 4.25 to 6.25 percent, which is commensurate with local prevailing rates. Principal and interest are paid ratably through monthly payroll deductions.  Loans may be requested for hardship purposes only.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accounting principles followed by the Plan and the methods of applying these principles conform to U.S. generally accepted accounting principles.  The financial statements of the Plan are prepared on the accrual basis of accounting.

A summary of the significant accounting and reporting policies applied in the presentation of the accompanying financial statements follows:

Use of Estimates

In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts and disclosures.  Actual results could differ from those estimates.

Investment Valuation and Income Recognition

The Plan’s investments are reported at fair value (except for the fully-benefit-responsive guaranteed investment contract, which is reported at contract value).  The fair value of pooled separate accounts is determined using the observable net asset value of the underlying investment.  The fair value of ESSA Bancorp, Inc. common stock fund is determined based on a quoted market price.

Purchases and sales of investments are recorded on a trade-date basis.  Interest income is recorded on the accrual basis.  Dividends are recorded on the ex-dividend date.  The net appreciation in fair value of investments includes investments purchased, sold, and held during the year.

6

ESSA BANK & TRUST 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)


Guaranteed Investment Contract

Guaranteed investment contracts held by a defined-contribution plan are required to be reported at contract value which is the relevant measurement for that portion of the net assets available for benefits of a defined-contribution plan attributable to fully benefit-responsive investment contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan.

Notes Receivable from Participants

Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Delinquent participants’ loans are reclassified as distributions based upon the terms of the Plan Document.  No allowance for credit losses has been recorded as of December 31, 2019 and 2018.

Payment of Benefits

Benefit payments to participants are recorded upon distribution.

Administrative Expenses

Administrative expenses of the Plan relating to investment management and recordkeeping fees are paid by the Plan.  Fees relating to accounting and miscellaneous administrative expenses are paid by the Plan’s sponsor.

Adoption of New Standards

In February 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2017-06, “Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965) Employee Benefit Plan Master Trust Reporting.” This update clarifies presentation requirements and provides more detailed disclosures for a plan’s interest in a Master Trust. The Plan adopted the provisions of this ASU during 2019 and the adoption did not have a material effect on the Plan's financial statements.

Recent Accounting Standards

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, which is part of the FASB disclosure framework project to improve the effectiveness of disclosures in the notes to the financial statements. The amendments in the new guidance remove, modify and add certain disclosure requirements related to fair value measurements covered in Topic 820, Fair Value Measurement." The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted for either the entire standard or only the requirements that modify or eliminate the disclosure requirements, with certain requirements applied prospectively, and all other requirements applied retrospectively to all periods presented. Plan management is to adopt this guidance going forward and does not anticipate a material impact on the Plan's financial position.

7

ESSA BANK & TRUST 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS

NOTE 3 -  GUARANTEED INVESTMENT CONTRACT WITH MASSACHUSETTS MUTUAL LIFE
     INSURANCE COMPANY

The Plan has a benefit-responsive guaranteed investment contract with Massachusetts Mutual Life Insurance Company. Massachusetts Mutual Life Insurance Company maintains the contributions in a general account. The account is credited with earnings on the underlying investments and charged for participant withdrawals and administrative expenses. The guaranteed investment contract issuer is contractually obligated to repay the principal and a specified interest rate that is guaranteed to the Plan. The investment contract is considered a “traditional” contract, meaning that the Plan owns the contract itself and not the underlying assets for the investment contract.

Because the guaranteed investment contract is fully benefit-responsive, contract value is the relevant measurement attribute for that portion of the net assets available for benefits attributable to the guaranteed investment contract. The guaranteed investment contract is presented on the face of the Statement of Net Assets Available for Benefits at contract value in arriving at net assets available for benefits. Contract value, as reported to the Plan by Massachusetts Mutual Life Insurance Company, represents contributions made under the contract, plus earnings, less participant withdrawals and administrative expenses. Participants may ordinarily direct the withdrawal or transfer of all or a portion of their investment at contract value.

There are no reserves against contract value for credit risk of the contract issuer or otherwise. The crediting interest rate is based on a formula agreed upon with the issuer, but it may not be less than 3 percent. Such interest rates are reviewed on a quarterly basis for resetting.
 
Certain events limit the ability of the Plan to transact at contract value with the issuer. Such events include the following: (1) amendments to the Plan documents (including complete or partial Plan termination or merger with another plan); (2) changes to the Plan's prohibition on competing investment options or deletion of equity wash provisions; (3) bankruptcy of the Plan Sponsor or other Plan Sponsor events (for example, divestitures or spin-offs of a subsidiary) that cause a significant withdrawal from the Plan; or (4) the failure of the trust to qualify for exemption from federal income taxes or any required prohibited transaction exemption under ERISA. The Plan Administrator does not believe that any events which would limit the Plan's ability to transact at contract value with participants are probable of occurring.
 
NOTE 4 - PLAN TERMINATION

Although it has not expressed any intent to do so, the Bank has the right under the Plan to terminate the Plan subject to the provisions of ERISA.

8

ESSA BANK & TRUST 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS

NOTE 5 - TAX STATUS

The Plan obtained its latest determination letter on March 31, 2014, in which the Internal Revenue Service stated that the Plan, as then designed, was in compliance with the applicable requirements of the Internal Revenue Code.  The Plan has been amended since receiving the determination letter.  However, the Plan Administrator believes that the Plan is currently designed and being operated in compliance with the applicable requirements of the Internal Revenue Code.

Plan management is required to evaluate tax positions taken by the Plan and recognize a tax liability if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the Internal Revenue Service. The Plan Administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2019, there are no uncertain positions taken or expected to be taken that would require recognition of a liability or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.  The Plan Administrator believes it is no longer subject to income tax examinations for years prior to 2016.

NOTE 6 -RELATED-PARTY TRANSACTIONS AND PARTY-IN-INTEREST TRANSACTIONS

Certain Plan investments, such as pooled separate accounts and the guaranteed investment contract are managed by Massachusetts Mutual Life Insurance Company, the defined trustee of the Plan.  Therefore, related transactions qualify as party-in-interest transactions.

The Plan’s sponsor absorbs fees related to accounting and miscellaneous administrative expenses.  Such costs amounted to $14,550 and $14,300 for the years ended December 31, 2019 and 2018, respectively.

At December 31, 2019 and 2018, the Plan held 221,963 and 240,761 shares, respectively of ESSA Bancorp, Inc. common stock.  Dividends received on these shares in 2019 totaled $97,790.

NOTE 7 - FAIR VALUE MEASUREMENTS

The following disclosures show the hierarchal disclosure framework associated with the level of pricing observations utilized in measuring assets and liabilities at fair value.  The three broad levels of pricing observations are as follows:

Level I:
Quoted prices are available in active markets for identical assets or liabilities as of the reported date.

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.

Level III:
Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

This hierarchy requires the use of observable market data, when available.


9

ESSA BANK & TRUST 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS

NOTE 7 - FAIR VALUE MEASUREMENTS (Continued)


The following table presents the assets reported on the Statement of Net Assets Available for Benefits at their fair value as of December 31, 2019 and 2018, by level within the fair value hierarchy.  Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.


     
December 31, 2019
     
Level I
 
Level II
 
Level III
 
Total
                   
   ESSA Bancorp, Inc. common stock fund
 $
  3,912,782
 $
              —
 $
            —
 $
    3,912,782
   Total assets in the fair value hierarchy
 
  3,912,782
 
              —
 
            —
 
    3,912,782
   Investments measured at net asset
               
        value (1)
 
            —
 
              —
 
            —
 
  12,816,347
                   
Investments at fair value
$
  3,912,782
 $
              —
 $
            —
 $
  16,729,129
                   
     
December 31, 2018
     
Level I
 
Level II
 
Level III
 
Total
                   
   ESSA Bancorp, Inc. common stock fund
 $
  3,963,529
 $
              —
 $
            —
 $
    3,963,529
   Total assets in the fair value hierarchy
 
  3,963,529
 
              —
 
            —
 
    3,963,529
   Investments measured at net asset
               
        value (1)
 
            —
 
              —
 
            —
 
  10,113,429
                   
Investments at fair value
$
  3,963,529
 $
              —
 $
            —
 $
  14,076,958
                   
(1)  In accordance with Subtopic 820-10, certain investments that were measured at net asset value per share
(or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented
in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in
the Statement of Net Assets Available for Benefits.
           
                   

10

ESSA BANK & TRUST 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS

NOTE 7 - FAIR VALUE MEASUREMENTS (Continued)

Following is a description of the valuation methodologies used for assets measured at fair value.  There have been no changes in the methodologies used at December 31, 2019 and 2018.

Common Stock Fund

Valued at the closing price of ESSA Bancorp, Inc.’s common stock reported on the active market on which the individual securities are traded plus the carrying value of the cash component of the fund, which approximates fair value.

11

ESSA BANK & TRUST 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS


Fair Value of Investments in Entities that Use NAV

The following table summarizes investments measured at fair value based on NAV per share as of December 31, 2019 and 2018, respectively.              

December 31, 2019
Fair Value
Unfunded Commitments
Redemption Frequency (if currently eligible)
Redemption Notice Period
Pooled separate accounts:
       
         
Asset Allocation/Lifecycle
 $   3,597,094
N/A
Daily
Daily
High Yield Bond
        115,058
N/A
Daily
Daily
Intermediate Term Bond
        469,714
N/A
Daily
Daily
International/Global Growth
        501,710
N/A
Daily
Daily
International/Global Small/Mid Cap
        228,122
N/A
Daily
Daily
Large Cap Core
     1,728,208
N/A
Daily
Daily
Large Cap Growth
     3,364,871
N/A
Daily
Daily
Mid Cap Growth
        670,072
N/A
Daily
Daily
Multi Sector Bond
        148,752
N/A
Daily
Daily
Small Cap Core
        994,007
N/A
Daily
Daily
Small Cap Growth
        998,739
N/A
Daily
Daily
         
December 31, 2018
Fair Value
Unfunded Commitments
Redemption Frequency (if currently eligible)
Redemption Notice Period
Pooled separate accounts:
       
         
Asset Allocation/Lifecycle
$2,504,094
N/A
Daily
Daily
High Yield Bond
        117,342
N/A
Daily
Daily
Intermediate Term Bond
        465,401
N/A
Daily
Daily
International/Global Growth
        440,204
N/A
Daily
Daily
International/Global Small/Mid Cap
        160,903
N/A
Daily
Daily
Large Cap Core
     1,425,867
N/A
Daily
Daily
Large Cap Growth
     2,852,056
N/A
Daily
Daily
Mid Cap Growth
        551,761
N/A
Daily
Daily
Multi Sector Bond
        134,923
N/A
Daily
Daily
Small Cap Core
        704,581
N/A
Daily
Daily
Small Cap Growth
        756,297
N/A
Daily
Daily
         

NOTE 8 - RISKS AND UNCERTAINTIES

The Plan invests in various investment securities.  Investment securities are exposed to various risks such as interest rate, market, and credit risks.  Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the Statement of Net Assets Available for Benefits.

12

ESSA BANK & TRUST 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS


NOTE 9 – SUBSEQUENT EVENTS

In March 2020, the World Health Organization categorized Coronavirus Disease 2019 (“COVID-19”) as a pandemic, and the President of the United States declared the COVID-19 outbreak a national emergency. The COVID-19 pandemic has led to extreme volatility in financial markets and has affected, and may continue to affect, the market price of ESSA Bancorp, Inc. common stock and other Plan assets. The potential economic impact brought by, and the duration of, COVID-19 is difficult to assess or predict and will depend on future developments that are highly uncertain and cannot be predicted.

The Plan is in the process of operationally being amended to implement certain changes permitted by the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) and the Setting Every Community Up for Retirement Enhancement Act of 2019 (the SECURE Act), which laws change the Plan to, among others, allow certain eligible individuals to receive coronavirus-related distributions, suspend required minimum distributions, and delay the commencement date for required minimum distributions. Written amendments to the Plan to reflect these operational changes will be adopted at a later date in accordance with applicable law and IRS guidance. No other subsequent events were identified through June 29, 2020, the date these financial statements were issued.
13





ESSA BANK & TRUST 401(k) PLAN
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
EMPLOYER IDENTIFICATION NUMBER 24-0568185
PLAN NUMBER - 002
DECEMBER 31, 2019


       
(c)  Description of Investment,
       
   
(b)  Identity of
 
Including Maturity Date,
       
   
Issuer, Borrower,
 
 Rate of Interest, Collateral,
     

(a)
 
Lessor, or Similar Party
 
 Par, or Maturity Value
 
(d) Cost**
  (e)  Current Value
                 
   
Common stock
           
*
 
ESSA Bancorp, Inc.
 
ESSA Bancorp, Inc. common stock fund
$
        —
$
     3,912,782
                 
                 
   
Pooled separate accounts
           
*
 
Massachusetts Mutual Life Insurance Company
 
Premier Core Bond (Barings)
 
        —
 
        469,714
*
 
Massachusetts Mutual Life Insurance Company
 
MM S&P 500 Index (Northern Trust)
 
         —
 
     1,728,208
*
 
Massachusetts Mutual Life Insurance Company
 
SeIect Mid Cap Growth II (TRP/Frontier)
 
        —
 
        670,072
*
 
Massachusetts Mutual Life Insurance Company
 
EuroPacific Growth (American)
 
         —
 
        501,710
*
 
Massachusetts Mutual Life Insurance Company
 
Select TRP/LS Blue Chip Growth
 
         —
 
     2,214,861
*
 
Massachusetts Mutual Life Insurance Company
 
New Horizons (T Rowe Price)
 
         —
 
        998,739
*
 
Massachusetts Mutual Life Insurance Company
 
Washington Mut Invs (American)
 
         —
 
     1,150,010
*
 
Massachusetts Mutual Life Insurance Company
 
Int'l New Discovery (MFS)
 
         —
 
        228,122
*
 
Massachusetts Mutual Life Insurance Company
 
Strategic Income (Loomis Sayles)
 
         —
 
        148,752
*
 
Massachusetts Mutual Life Insurance Company
 
Premier High Yield (Barings)
 
         —
 
        115,058
*
 
Massachusetts Mutual Life Insurance Company
 
Premier Oppenheimer Funds Small Cap Opp II
 
         —
 
        628,929
*
 
Massachusetts Mutual Life Insurance Company
 
Balanced(American)
 
         —
 
        113,785
*
 
Massachusetts Mutual Life Insurance Company
 
Russell 2000 Small Cap Index (Northern Trust)
 
         —
 
        323,993
*
 
Massachusetts Mutual Life Insurance Company
 
Russell 2000 Mid Cap Index (Northern Trust)
 
        —
 
          41,085
*
 
Massachusetts Mutual Life Insurance Company
 
Retirement Balanced (T. Rowe Price)
 
         —
 
        227,568
*
 
Massachusetts Mutual Life Insurance Company
 
Retirement 2015 (T. Rowe Price)
 
         —
 
        280,521
*
 
Massachusetts Mutual Life Insurance Company
 
Retirement 2025 (T. Rowe Price)
 
         —
 
     1,055,446
*
 
Massachusetts Mutual Life Insurance Company
 
Retirement 2035 (T. Rowe Price)
 
         —
 
        483,553
*
 
Massachusetts Mutual Life Insurance Company
 
Retirement 2045 (T. Rowe Price)
 
         —
 
        601,299
*
 
Massachusetts Mutual Life Insurance Company
 
Retirement 2055 (T. Rowe Price)
 
          —
 
          89,101
*
 
Massachusetts Mutual Life Insurance Company
 
Retirement 2030 (T. Rowe Price)
 
         —
 
        269,513
*
 
Massachusetts Mutual Life Insurance Company
 
Retirement 2040 (T. Rowe Price)
 
         —
 
        147,789
*
 
Massachusetts Mutual Life Insurance Company
 
Retirement 2020 (T. Rowe Price)
 
         —
 
        225,289
*
 
Massachusetts Mutual Life Insurance Company
 
Retirement 2050 (T. Rowe Price)
 
         —
 
          74,589
*
 
Massachusetts Mutual Life Insurance Company
 
Retirement 2060 (T. Rowe Price)
 
         —
 
          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
           
**
 
Per ERISA guidelines, the cost of the investments is not required to be included on this schedule.
       
                 



14


SIGNATURES


The Plan.  Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.


   
ESSA BANK & TRUST 401(k) PLAN
     
     
Date: June 29, 2020
By:  
 /s/ Allan A. Muto
   
Allan A. Muto
   
Executive Vice President and Chief Financial Officer
   
ESSA Bank & Trust


15

EXHIBIT INDEX

Exhibit Number
Description





EXHIBIT 23.1




CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM



Trustees of ESSA Bank & Trust 401(k) Plan
Stroudsburg, Pennsylvania

We consent to the incorporation by reference in the Registration Statement Nos. 333-163761 and 333-157524 on Forms S-8 of ESSA Bank & Trust 401(k) Plan of our report dated June 29, 2020, relating to our audit of the financial statements and supplemental schedule, which appears in this Annual Report on Form 11-K of the ESSA Bank & Trust 401(k) Plan for the year ended December 31, 2019.
 
/s/ S.R. Snodgrass, P.C.
Cranberry Township, Pennsylvania
June 29, 2020