ESSA Bancorp (ESSA) is currently valued at approximately $21.10 per share based on its merger agreement with CNB Financial, where ESSA shareholders will receive 0.8547 shares of CNB stock per ESSA share. The bull case highlights its strong deposit base, high-quality loan portfolio, and undervaluation at 84% of book value, making it attractive for long-term growth. Additionally, analysts expect the strategic merger to drive EPS accretion of 35%, supporting a positive outlook.