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Elmer Bancorp, Inc. reported its first quarter 2024 financial results, showing a net income of $631,000, or $0.55 per average diluted common share, a decrease from the previous year. The net interest income decreased due to lower interest income on overnight investments, while non-interest income increased slightly. Total assets decreased to $360.6 million, with loans increasing but deposits decreasing. Stockholders' equity was $33.1 million, meeting regulatory capital requirements. The bank declared a cash dividend of $0.20 per common share and announced its Annual Meeting of Shareholders.
Elmer Bancorp, Inc. ha presentato i risultati finanziari del primo trimestre del 2024, registrando un utile netto di 631.000 dollari, pari a 0,55 dollari per azione comune diluita media, con un calo rispetto all'anno precedente. Il reddito netto da interessi è diminuito a causa di minori entrate sugli investimenti overnight, mentre i ricavi non derivanti da interessi sono leggermente aumentati. Gli asset totali sono scesi a 360,6 milioni di dollari, con un aumento dei prestiti, ma una diminuzione dei depositi. Il patrimonio netto degli azionisti era di 33,1 milioni di dollari, in linea con i requisiti di capitale regolamentari. La banca ha dichiarato un dividendo in contanti di 0,20 dollari per azione ordinaria e ha annunciato l'Assemblea Annuale degli Azionisti.
Elmer Bancorp, Inc. reportó los resultados financieros del primer trimestre de 2024, mostrando un ingreso neto de $631,000 o $0.55 por acción común diluida promedio, lo cual representa una disminución respecto al año anterior. El ingreso neto por intereses disminuyó debido a menores ingresos por inversiones overnight, aunque los ingresos no provenientes de intereses aumentaron levemente. Los activos totales se redujeron a $360.6 millones, con un aumento en préstamos pero una disminución en depósitos. El patrimonio de los accionistas fue de $33.1 millones, cumpliendo con los requisitos de capital regulatorio. El banco declaró un dividendo en efectivo de $0.20 por acción ordinaria y anunció su Reunión Anual de Accionistas.
엘머 밴코프, 인크.는 2024년 1분기 재무 결과를 발표했습니다. 순이익은 63만 1천 달러, 평균 희석된 보통주당 0.55달러로 전년 대비 감소하였습니다. 단기 투자에서 발생하는 이자 수입이 감소하면서 순이자 수입이 줄었지만 비이자 수입은 소폭 증가하였습니다. 총 자산은 3억 6,060만 달러로 감소하였으며, 대출은 증가했지만 예금은 감소했습니다. 주주 자본은 3,310만 달러로, 규제 자본 요건을 충족하였습니다. 은행은 보통주당 0.20달러의 현금 배당을 선언했고, 주주총회를 공고하였습니다.
Elmer Bancorp, Inc. a publié ses résultats financiers pour le premier trimestre de 2024, affichant un bénéfice net de 631 000 dollars, soit 0,55 dollar par action ordinaire diluée moyenne, une baisse par rapport à l'année précédente. Le revenu net d'intérêts a diminué en raison d'un revenu d'intérêt plus faible sur les investissements de nuit, tandis que le revenu non issu des intérêts a légèrement augmenté. Les actifs totaux sont tombés à 360,6 millions de dollars, avec une augmentation des prêts mais une diminution des dépôts. Les capitaux propres des actionnaires s'élevaient à 33,1 millions de dollars, répondant aux exigences en matière de capital réglementaire. La banque a déclaré un dividende en espèces de 0,20 dollar par action ordinaire et a annoncé son Assemblée Annuelle des Actionnaires.
Elmer Bancorp, Inc. berichtete über die Finanzergebnisse des ersten Quartals 2024, mit einem Nettogewinn von 631.000 Dollar oder 0,55 Dollar pro durchschnittlich verwässerter Stammaktie, einem Rückgang gegenüber dem Vorjahr. Das Nettozinseneinkommen sank aufgrund geringerer Zinseinkünfte aus Overnight-Investitionen, während das Nichtzinseneinkommen leicht stieg. Die Gesamtaktiva verringerten sich auf 360,6 Millionen Dollar, wobei die Kredite zunahmen, aber die Einlagen abnahmen. Das Eigenkapital der Aktionäre betrug 33,1 Millionen Dollar, was den regulatorischen Kapitalanforderungen entspricht. Die Bank erklärte eine Bardividende von 0,20 Dollar pro Stammaktie und kündigte ihre Jahreshauptversammlung der Aktionäre an.
Positive
Elmer Bancorp reported a net income of $631,000 for the first quarter of 2024, a decrease from the previous year.
Net interest income decreased to $3.612 million, primarily due to lower interest income on overnight investments.
Non-interest income increased slightly, with total assets decreasing to $360.6 million.
Loans increased to $298.2 million, but deposits decreased to $325.3 million.
Stockholders' equity was $33.1 million, meeting regulatory capital requirements.
The bank declared a cash dividend of $0.20 per common share and announced its Annual Meeting of Shareholders.
Negative
Net income decreased from the previous year.
Net interest income decreased due to lower interest income on overnight investments.
Deposits decreased to $325.3 million.
The bank's total assets decreased to $360.6 million.
ELMER, N.J.--(BUSINESS WIRE)--
ELMER BANCORP, INC. (“Elmer Bancorp” or the “Company”) (OTC Pink: ELMA), the parent company of The First National Bank of Elmer (the “Bank”), announces its operating results for the quarter ended March 31, 2024.
For the three months ended March 31, 2024, Elmer Bancorp reported net income of $631,000, or $0.55 per average diluted common share, compared to $823,000, or $0.72 per average diluted common share for the quarter ended March 31, 2023.
Net interest income for the three months ended March 31, 2024 totaled $3.612 million, a decrease of $94,000 from $3.706 million in the first quarter of 2023. This decrease in net interest income is related to lower interest income on our overnight investments and higher interest paid on deposits partially offset by higher interest and fees on loans resulting from core loan growth year-over-year. Non-interest income increased $10,800 primarily resulting from increases in the cash surrender value of Bank Owned Life Insurance (“BOLI”) and higher premiums on sold mortgages. Non-interest expenses were $106,600 higher in the first quarter of this year compared to the same period last year. Higher employment costs, data processing costs, and other operating expenses were partially offset by a reduction in loan-related expenses and professional fees. The loan loss provision was $42,600 for the three months ended March 31, 2024 compared to a reduction in the loan loss provision of $40,900 in the first quarter of 2023. The allowance for loan losses was 1.38% of total loans at March 31, 2024 compared to 1.41% of total loans at March 31, 2023.
Elmer Bancorp’s total assets at March 31, 2024 were $360.6 million, a decrease of $10.5 million from the March 31, 2023 level of $371.1 million. Loans totaled $298.2 million at March 31, 2024, an increase of $10.9 million from the March 31, 2023 total of $287.3 million. The increase in loans was more than offset by a decrease in overnight investments of $18.2 million and a decrease in time deposits with other banks of $2.0 million. Deposits totaled $325.3 million at March 31, 2024, a $12.7 million decrease over the March 31, 2023 total of $338.0 million. This decrease in deposits is the result of the extremely competitive interest rate environment as well as deposit totals re-adjusting back towards pre-pandemic levels. Stockholders’ equity totaled $33.1 million at March 31, 2024. The book value per common share at March 31, 2024 was $28.94 compared to $26.68 per share at March 31, 2023. The Bank met all regulatory capital requirements to be classified as a well-capitalized institution as of March 31, 2024.
Brian W. Jones, President and Chief Executive Officer stated, “We are happy to report that our core earnings remain strong for the first quarter, reflecting a net income figure of $631,000. Our balance sheet continues to moderate toward a more typical level. This resulted in a reduction of interest income due to a decrease in our overnight investments. This, in conjunction with an extremely competitive interest rate and deposit gathering market, decreased our net interest income in the first quarter. We have continued to make headway in our market penetration on the loan side of the balance sheet. This has resulted in the bank reporting total loan balances of over $298 million as of March 31, 2024. This is the highest outstanding loan balance the bank has achieved in its 121 year history. This increase in loan balances will support future interest income and will help offset future interest expense. Although interest rates remain high, we fully expect that there will be some moderation in these rates, although the timing of such continues to be quite unpredictable. The bank remains in a strong position, both from an income and balance sheet standpoint, to respond to changing market conditions on a go-forward basis. We remain extremely grateful to our loyal customers, shareholders and employees, and wish to thank them for their continued support. We look forward to another successful year.”
As previously reported, on April 1, 2024 the Company’s Board of Directors declared a cash dividend in the amount of $0.20 per common share, payable on May 1, 2024 to shareholders of record as of the close of business on April 15, 2024.
Also, on April 1, 2024, the Company announced that the Annual Meeting of Shareholders will be held at The Grove at Centerton located at 1022 Almond Road, Pittsgrove, New Jersey on Tuesday, June 4, 2024 at 11:00 a.m. Eastern Time. The record date for shareholders to vote at the Annual Meeting is April 10, 2024.
The First National Bank of Elmer, a nationally chartered bank headquartered in Elmer, New Jersey, has a long history of serving the community since its beginnings in 1903. We are a community bank focused on providing deposit and loan products to retail customers and to small and mid-sized businesses from our six full-service branch offices located in Cumberland, Gloucester and Salem Counties, New Jersey, including our main office located at 10 South Main Street in Elmer, New Jersey. Deposits at The First National Bank of Elmer are insured up to the legal maximum amount by the Federal Deposit Insurance Corporation (FDIC).
For more information about Elmer Bank and its products and services, please visit our website at www.ElmerBank.com or call toll free 1-856-358-7000.
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.
ELMER BANCORP, INC. AND SUBSIDIARIES
SELECTED FINANCIAL DATA
(unaudited)
Three Months Ended
Three Months Ended
3/31/2024
12/31/2023
9/30/2023
6/30/2023
3/31/2023
Statement of Income Data:
(dollars in thousands, except per share data)
Interest income
$
4,198
$
4,235
$
4,061
$
4,146
$
3,947
Interest expense
586
459
373
320
241
Net interest income
3,612
3,776
3,688
3,826
3,706
Provision for loan losses
43
(8
)
78
(24
)
(41
)
Net interest income after provision for loan losses
Cynthia L. Volk
Senior Vice President
Chief Financial Officer
1-856-358-8141
Source: Elmer Bancorp, Inc.
FAQ
What was Elmer Bancorp's net income for the first quarter of 2024?
Elmer Bancorp reported a net income of $631,000 for the first quarter of 2024.
How did the net interest income change in the first quarter of 2024 compared to the previous year?
The net interest income decreased to $3.612 million in the first quarter of 2024, primarily due to lower interest income on overnight investments.
What was the total assets of Elmer Bancorp at the end of March 31, 2024?
Elmer Bancorp's total assets were $360.6 million at the end of March 31, 2024.
What was the amount of the cash dividend declared per common share by Elmer Bancorp?
Elmer Bancorp declared a cash dividend of $0.20 per common share.
Where is the Annual Meeting of Shareholders of Elmer Bancorp scheduled to be held?
The Annual Meeting of Shareholders of Elmer Bancorp will be held at The Grove at Centerton located at 1022 Almond Road, Pittsgrove, New Jersey on Tuesday, June 4, 2024 at 11:00 a.m. Eastern Time.
