ESSA Bancorp, Inc. Announces Authorization of Stock Repurchase Program

Rhea-AI Summary

ESSA Bancorp has approved a stock repurchase program for up to 500,000 shares of its common stock. The buyback will be executed through open market purchases and privately negotiated transactions, depending on market conditions and other factors. ESSA Bancorp currently has total assets of $1.9 billion and operates 21 community offices in Pennsylvania. The program aims to enhance shareholder value, though there are no guarantees on the number of shares repurchased. The company is subject to market conditions and various risks that could affect its performance and stock price.

Positive

• Approval of stock repurchase program for up to 500,000 shares, potentially boosting shareholder value.
• Total assets of $1.9 billion indicate a stable financial foundation.

Negative

• No guarantees on the number of shares that will be repurchased may cause uncertainty among investors.
• Market conditions and alternative investments could limit the effectiveness of the buyback program.

STROUDSBURG, PA / ACCESSWIRE / June 6, 2022 / ESSA Bancorp, Inc. (NASDAQ Global Market^SM:ESSA), the holding company for ESSA Bank & Trust, today announced that its Board of Directors has approved a stock repurchase program for up to 500,000 shares of its common stock. The Company may repurchase the shares from time to time through open market purchases, privately negotiated stock transactions or in any other manner that is compliant with applicable securities laws.

The stock repurchase program does not obligate the Company to purchase shares. There is no guarantee as to the exact number of shares that will be repurchased by the Company pursuant to this program, which is subject to market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate.

About the Company ESSA Bancorp, Inc. is the holding company for its wholly owned subsidiary, ESSA Bank & Trust which was formed in 1916. The Company has total assets of $1.9 billion. Headquartered in Stroudsburg, Pennsylvania, the Company has two regional offices in Bethlehem and Radnor, and operates 21 community offices throughout the greater Pocono, Lehigh Valley, Scranton/Wilkes-Barre, and suburban Philadelphia areas. ESSA Bank & Trust offers a full range of commercial and retail banking services, employee benefits, investment services and asset management and trust capabilities. ESSA Bancorp Inc. stock trades on the NASDAQ Global Market (SM) under the symbol "ESSA".

Forward-Looking Statements

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, the availability of and costs associated with sources of liquidity and the effects of any pandemic, including COVID-19, and those risk factors described in the Company's most recent Annual Report on Form 10-K and subsequent Quarterly Reports filed on Form 10-Q.

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.

CONTACT:

Contact: Gary S. Olson, President & CEO
Corporate Office: 200 Palmer Street
Stroudsburg, Pennsylvania 18360
Telephone: (570) 421-0531

SOURCE: ESSA Bancorp, Inc.

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FAQ

What is the purpose of ESSA's stock repurchase program?

The purpose of the stock repurchase program is to enhance shareholder value by buying back up to 500,000 shares of common stock.

When was the stock repurchase program announced?

The stock repurchase program was announced on June 6, 2022.

What is the stock symbol for ESSA Bancorp?

The stock symbol for ESSA Bancorp is 'ESSA', and it trades on the NASDAQ Global Market.

How many shares does ESSA intend to repurchase?

ESSA intends to repurchase up to 500,000 shares of its common stock.

What factors could affect ESSA's stock repurchase program?

Factors include market conditions, costs, liquidity, and availability of alternative investment opportunities.