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| ESSA > SEC Filings for ESSA > Form 8-K on 28-Sep-2012 | All Recent SEC Filings |
28-Sep-2012
Regulation FD Disclosure, Financial Statements and Exhibits
On September 26, 2012, ESSA Bancorp, Inc., (the "Company") reported the prepayment by ESSA Bank & Trust of $37.0 million of longer term borrowings that had a weighted average cost of 4.22% and a weighted average remaining maturity of 45 months. The borrowings were repaid with a combination of cash on hand and additional short term borrowings. The balance sheet restructuring was executed in response to what the Company views as an extended period of low and/or declining interest rates as a result of the Federal Reserve Bank's recently announced QE3 strategy. The restructuring is anticipated to save the Company approximately $5.8 million in interest expense, at current rates, over the next six fiscal years. The Company will realize a prepayment cost, before tax, of $4.6 million, or approximately $3.1 million after tax during the fourth quarter of its fiscal year ending September 30, 2012.
(a) Financial statements of businesses acquired. Not Applicable.
(b) Pro forma financial information. Not Applicable.
(c) Shell company transactions: Not Applicable.
(d) Exhibits. None.
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