ELMER BANCORP, INC. Announces First Quarter 2022 Financial Results
Elmer Bancorp reported a net income of $311,000 for Q1 2022, down from $403,000 in Q1 2021, translating to $0.27 per diluted share. The net interest income decreased to $2.746 million, reflecting a drop due to lower fees from Payroll Protection Program loans. However, non-interest income rose slightly by $10,700, primarily from higher overdraft fees. Total assets increased to $380.8 million, and total deposits grew to $350.5 million. The company declared a cash dividend of $0.20 per share, payable on May 2, 2022. Core loans reached $260 million, up by $7.6 million year-over-year.
- Total assets increased by $27.6 million year-over-year to $380.8 million.
- Total core loans reached $260 million, up by $7.6 million from Q1 2021.
- Total deposits increased by $27.9 million to $350.5 million.
- The company maintained a strong allowance for loan losses at 1.74% of total core loans.
- Declaring a cash dividend of $0.20 per share demonstrates financial stability.
- Net income decreased by $92,000 compared to Q1 2021.
- Net interest income dropped by $406,000 due to reduced fees from PPP loans.
For the three months ended
Net interest income for the three months ended
Elmer Bancorp’s total assets at
Loans totaled
Deposits totaled
As previously reported, on
Also, on
The
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Forward-Looking Statements
This press release and other statements made from time to time by the Company’s management contain express and implied statements relating to our future financial condition, results of operations, credit quality, corporate objectives, and other financial and business matters, which are considered forward-looking statements. These forward-looking statements are necessarily speculative and speak only as of the date made, and are subject to numerous assumptions, risks and uncertainties, all of which may change over time. Actual results could differ materially from those expected or implied by such forward-looking statements. Risks and uncertainties which could cause our actual results to differ materially and adversely from such forward-looking statements include economic conditions affecting the financial industry: changes in interest rates and shape of the yield curve, credit risk associated with our lending activities, risks relating to our market area, significant real estate collateral and the real estate market, operating, legal and regulatory risk, fiscal and monetary policy, economic, political and competitive forces affecting our business, our ability to identify and address cyber-security risks, and management’s analysis of these risks and factors being incorrect, and/or the strategies developed to address them being unsuccessful. Any statements made that are not historical facts should be considered forward-looking statements. You should not place undue reliance on any forward-looking statements. We undertake no obligation to update forward-looking statements or to make any public announcement when we consider forward-looking statements to no longer be accurate because of new information of future events, except as may be required by applicable law or regulation.
SELECTED FINANCIAL DATA | ||||||||||||||||
(unaudited) | ||||||||||||||||
Three Months Ended | Three Months Ended |
|||||||||||||||
Statement of Income Data: | ||||||||||||||||
Interest income | $ |
2,948 |
$ |
3,007 |
$ |
3,185 |
$ |
3,176 |
$ |
3,368 |
||||||
Interest expense |
|
202 |
|
209 |
|
214 |
|
224 |
|
216 |
||||||
Net interest income |
|
2,746 |
|
2,798 |
|
2,971 |
|
2,952 |
|
3,152 |
||||||
Provision for loan losses |
|
- |
|
- |
|
- |
|
105 |
|
195 |
||||||
Net interest income after provision | ||||||||||||||||
for loan losses |
|
2,746 |
|
2,798 |
|
2,971 |
|
2,847 |
|
2,957 |
||||||
Non-interest income |
|
262 |
|
282 |
|
256 |
|
244 |
|
251 |
||||||
Non-interest expense |
|
2,589 |
|
2,518 |
|
2,390 |
|
2,360 |
|
2,659 |
||||||
Income before income tax expense |
|
419 |
|
562 |
|
837 |
|
731 |
|
549 |
||||||
Income tax expense |
|
108 |
|
150 |
|
233 |
|
201 |
|
146 |
||||||
Net income | $ |
311 |
$ |
412 |
$ |
604 |
$ |
530 |
$ |
403 |
||||||
Earnings per share: | ||||||||||||||||
Basic | $ |
0.27 |
$ |
0.36 |
$ |
0.53 |
$ |
0.46 |
$ |
0.35 |
||||||
Diluted | $ |
0.27 |
$ |
0.36 |
$ |
0.53 |
$ |
0.46 |
$ |
0.35 |
||||||
Weighted average basic shares outstanding |
|
1,146,867 |
|
1,146,592 |
|
1,146,486 |
|
1,146,393 |
|
1,146,316 |
||||||
Weighted average diluted shares outstanding |
|
1,149,266 |
|
1,148,792 |
|
1,148,448 |
|
1,148,062 |
|
1,148,620 |
||||||
Statement of Condition Data (Period End): | ||||||||||||||||
Total investments | $ |
27,521 |
$ |
29,698 |
$ |
30,551 |
$ |
15,652 |
$ |
7,530 |
||||||
Total gross loans | $ |
262,994 |
$ |
254,021 |
$ |
261,065 |
$ |
267,734 |
$ |
278,560 |
||||||
Allowance for loan losses | $ |
4,532 |
$ |
4,556 |
$ |
4,548 |
$ |
4,468 |
$ |
4,375 |
||||||
Total assets | $ |
380,846 |
$ |
375,693 |
$ |
370,759 |
$ |
371,412 |
$ |
353,154 |
||||||
Total deposits | $ |
350,534 |
$ |
344,527 |
$ |
339,440 |
$ |
340,499 |
$ |
322,615 |
||||||
Total stockholders' equity | $ |
28,640 |
$ |
29,466 |
$ |
29,449 |
$ |
28,900 |
$ |
28,583 |
||||||
Book value per share | $ |
24.88 |
$ |
25.50 |
$ |
25.61 |
$ |
25.13 |
$ |
24.86 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20220428006260/en/
Executive Vice President
Chief Financial Officer and
Chief Operating Officer
1-856-358-7000
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