[Form 4] ESSA Bancorp, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Dream Finders Homes, Inc. (DFH) has filed a Form 144 indicating that the William Radford Lovett II GST Exempt Trust intends to sell 50,076 Class A common shares through Charles Schwab on or after 24 Jul 2025. Based on the filing’s stated value, the shares are worth roughly $1.40 million. With 35.83 million DFH shares outstanding, the proposed sale represents approximately 0.14 % of the float.

The same trust has already disposed of an aggregate 200,000 DFH shares between 2 Jul 2025 and 22 Jul 2025, generating total gross proceeds of about $5.45 million. All transactions involved Class A common stock and were executed on the NYSE.

While a Form 144 filing does not mandate completion of the trade, continued insider selling after recent sizable dispositions may signal reduced insider conviction and could exert short-term supply pressure on DFH shares.

Positive

• None.

Negative

• Insider trust intends to sell 50,076 DFH shares ($1.4 M) after having already sold 200,000 shares earlier in July, indicating ongoing insider liquidation.
• Combined proposed and recent sales equal roughly 0.7 % of shares outstanding, potentially applying short-term supply pressure to the stock.

Insights

Securities Analyst

TL;DR: Insider trust plans another 50 k-share DFH sale after unloading 200 k shares; signals mild insider bearishness but dilution impact limited.

The filing shows a further intent by the William Radford Lovett II GST Exempt Trust to sell 50,076 DFH shares worth $1.4 million. Coupled with 200,000 shares already sold this month, the total potential disposition equals roughly 0.7 % of outstanding shares. Although the absolute size is modest, serial insider sales can weigh on sentiment and add near-term supply. There is no accompanying operational data, so interpretation hinges solely on trading behavior. Overall impact is slightly negative but unlikely to change the long-term equity story unless selling accelerates.

Corporate Governance Expert

TL;DR: Repeated sales from a trust tied to company insiders raise governance optics but fall within normal Rule 144 limits.

The trust appears affiliated with company leadership, yet the filing confirms no undisclosed adverse information. Form 144 compliance and transparent broker routing mitigate governance risk. However, sustained divestiture could be interpreted by investors as waning insider confidence. Monitoring future filings will be important to assess pattern longevity.

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

X

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Olson Gary S

(Last) (First) (Middle)

200 PALMER STREET

(Street)

STROUDSBURG X1 18360

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
ESSA Bancorp, Inc. [ ESSA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President and CEO

3. Date of Earliest Transaction (Month/Day/Year)
07/15/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/15/2025		F		4,157	D	$20.32	74,079(1)	D
Common Stock	07/23/2025		D		74,079	D	(2)	0	D
Common Stock	07/23/2025		D		43,305	D	(2)	0	I	By 401(k)
Common Stock	07/23/2025		D		130	D	(2)	0	I	By spouse's IRA 1
Common Stock	07/23/2025		D		136	D	(2)	0	I	By spouse's IRA 2
Common Stock	07/23/2025		D		15,120	D	(2)	0	I	By ESOP

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Pursuant to the Agreement and Plan of Merger, dated as of January 9, 2025 (the "Merger Agreement"), between the Issuer and CNB Financial Corporation, each restricted stock award outstanding immediately prior to the effective time of the merger fully vested, and such awards will be exchanged for the merger consideration at the effective time of the merger (as defined in the Merger Agreement).

2. Pursuant to the Agreement and Plan of Merger, dated as of January 9, 2025, between the Issuer and CNB Financial Corporation, each issued and outstanding share of Issuer common stock was converted into the right to receive 0.8547 shares of CNB Financial Corporation common stock (subject to the payment of cash in lieu of fractional shares).

	/s/ Marc P. Levy, pursuant to power of attorney	07/24/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many Dream Finders Homes (DFH) shares are being proposed for sale in this Form 144?

The filing covers 50,076 Class A common shares.

What is the approximate market value of the 50,076 DFH shares?

The aggregate value listed in the filing is about $1.40 million.

When is the planned sale date for the shares?

The filer lists an approximate sale date of 24 July 2025.

Who is the selling shareholder in this DFH Form 144?

The seller is the William Radford Lovett II GST Exempt Trust with William Radford Lovett II as trustee.

How many DFH shares has the trust sold during the past three months?

It has already sold 200,000 Class A shares between 2 July 2025 and 22 July 2025.

What percentage of DFH’s outstanding shares does the proposed sale represent?

Approximately 0.14 % of the 35.83 million shares outstanding.