Elmer Bancorp, Inc. Announces Fourth Quarter and 2024 Annual Financial Results

Rhea-AI Summary

Elmer Bancorp (OTC Pink: ELMA) reported its Q4 and full-year 2024 financial results. Q4 net income reached $715,000 ($0.63 per share), up from $638,000 ($0.56 per share) in Q4 2023. Full-year 2024 net income was $2.851 million ($2.50 per share), compared to $3.181 million ($2.77 per share) in 2023.

Total assets increased to $380.7 million, up $16.1 million from 2023. Loans grew to $314.4 million, a $24.7 million increase, while deposits rose to $343.5 million, up $13.4 million. The bank's book value per share improved to $30.91 from $28.62.

The company opened a new loan processing office in Burlington County and successfully completed a money market and CD promotion that increased deposits by over $20 million. The 2024 net income represents the second-best year of earnings in the bank's history.

Positive

• Q4 net income increased 12% YoY to $715,000
• Total loans grew by $24.7 million to record $314.4 million
• Core deposits increased by $27.8 million
• Book value per share improved to $30.91 from $28.62
• Successful deposit promotion raised over $20 million

Negative

• Full-year net income decreased 10.4% to $2.851 million from $3.181 million
• Net interest income declined by $411,000 to $14.585 million
• Non-interest expenses increased by $312,000 for the full year
• Allowance for loan losses ratio decreased to 1.28% from 1.41%

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 fourth quarter and full year ended December 31, 2024.

For the three months ended December 31, 2024, Elmer Bancorp reported net income of $715,000, or $0.63 per common share compared to $638,000, or $0.56 per common share for the quarter ended December 31, 2023. For the twelve months ended December 31, 2024, net income totaled $2.851 million, or $2.50 per common share compared to $3.181 million, or $2.77 per common share for the twelve months ended December 31, 2023.

Net interest income for the three months ended December 31, 2024 totaled $3.699 million, a decrease of $77,000 from the three months ended December 31, 2023 total of $3.776 million. For the twelve months ended December 31, 2024, net interest income totaled $14.585 million, a decrease of $411,000 from the twelve months ended December 31, 2023 total of $14.996 million. This decrease in net interest income for the three and twelve month periods results from higher interest income on loans resulting from core loan growth year-over-year partially offset by lower interest income on our overnight investments and higher interest paid on deposits. The loan loss provision was increased by $20,000 for the three months and reduced by $47,000 for the twelve months ended December 31, 2024 compared to a reduction of $8,000 for the three months ended December 31, 2023 and an increase of $5,000 for the twelve months ended December 31, 2023. The variances in the loan loss provision are the result of the loan loss calculation under the Current Expected Credit Loss (“CECL”) model which was implemented in 2023. The allowance for loan losses was 1.28% of total core loans at December 31, 2024 compared to 1.41% of total core loans at December 31, 2023.

Non-interest income for the three months ended December 31, 2024 was $24,000 higher than the same three-month period a year ago and $67,000 higher than the twelve-month period last year. Increases in the cash surrender value of Bank Owned Life Insurance (“BOLI”), increases in Visa credit card commissions and increases in service fee income accounted for the increase in the three and twelve-month period.

Non-interest expenses for the three months ended December 31,2024 were $156,000 lower than the same three-month period a year ago and $312,000 higher than the twelve-month period last year. For the three-month period, the decrease was the result of no write-down on assets (as previously reported, in December 2023, a parcel of bank-owned, undeveloped land was written down to its appraised value) and lower professional fees partially offset by increases in employment costs, data processing costs, and occupancy and equipment expenses. For the twelve-month period, the increase was the result of higher employment costs, data processing costs and other operating costs partially offset by no write-down on assets and lower professional fees.

Elmer Bancorp’s total assets at December 31, 2024 totaled $380.7 million, an increase of $16.1 million from the December 31, 2023 level of $364.6 million. Excluding $14.4 million in overnight funds from a large temporary deposit in December 2023, total core assets increased $30.5 million. Total loans were $314.4 million at December 31, 2024, an increase of $24.7 million from the December 31, 2023 total of $289.7 million. The increase in loans was partially offset by a decrease in overnight investments of $9.1 million.

Deposits totaled $343.5 million at December 31, 2024, an increase of $13.4 million from the December 31, 2023 level of $330.1 million. Excluding the December 31, 2023 large temporary deposit of $14.4 million, total core deposits increased $27.8 million. The positive variance from December 31, 2023 resulted from increases in certificates of deposit ($28.2 million) and money market accounts ($8.9 million) partially offset by decreases in interest-bearing checking accounts ($15.1 million), savings deposits ($5.4 million), demand deposits ($3.9 million) and IRA accounts ($893,000). This increase in deposits is the result of a money market and CD promotion to obtain new deposits. The Bank will continue to evaluate the current deposit environment and adjust, as appropriate, to maintain its strong deposit base. Stockholders’ equity totaled $35.4 million at December 31, 2024 compared to $32.7 million at December 31, 2023, an increase of $2.7 million. Elmer Bancorp’s book value per common share at December 31, 2024 was $30.91 per share compared to $28.62 per share at December 31, 2023. The Company and the Bank met all regulatory capital requirements at December 31, 2024.

Brian W. Jones, President and Chief Executive Officer, commented, “We are very pleased to announce that our 2024 net income of $2.851 million was the second-best year of earnings in the history of the bank. We ended the year with $314.4 million in loans, an increase of $24.7 million year-over-year, the highest total in bank history. To fund our loan demand, we ran a very successful money market and CD promotion in March which increased our deposits in excess of $20.0 million. Our continued growth in the local southern New Jersey market has allowed the bank to open a new loan processing office (LPO) in Burlington County. This office will facilitate our efforts to remain focused on our core target markets and expand into the contiguous counties that we currently serve. I remain very proud of the bank’s ability to adapt to an ever-evolving economic environment and to our dedicated employees. As a community centric institution, our goal is to continue to supply our clients with unparalleled service through a strong commitment to our local communities. I want to thank our Board of Directors and our loyal clients for their continued faith in our institution.”

Chairman, P. Scott Boyer, stated, “This past year proved to be yet another great year for the Bank. I appreciate all the hard work and dedication that our employees have shown and thank them for making this year such a success.”

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 legally 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 1-877-358-8141.

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, whether as a result 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)
		Twelve Months Ended								Three Months Ended
		12/31/2024				12/31/2023				12/31/2024				9/30/2024				6/30/2024				3/31/2024
Statement of Income Data:		(dollars in thousands, except per share data)
Interest income		$	18,270			$	16,389			$	4,742			$	4,749			$	4,581			$	4,198
Interest expense			3,685				1,393				1,043				1,104				952				586
Net interest income			14,585				14,996				3,699				3,645				3,629				3,612
Provision for loan losses			(47	)			5				20				-				(111	)			43
Net interest income after provision
for loan losses			14,632				14,991				3,679				3,645				3,740				3,569
Non-interest income			1,093				1,026				286				280				271				253
Non-interest expense			11,871				11,559				3,000				2,963				2,964				2,943
Income before income tax expense			3,854				4,458				965				962				1,047				879
Income tax expense			1,003				1,277				250				250				254				248
Net income		$	2,851			$	3,181			$	715			$	712			$	793			$	631
Earnings per share:
Basic		$	2.50			$	2.77			$	0.63			$	0.62			$	0.69			$	0.55
Diluted		$	2.50			$	2.77			$	0.63			$	0.62			$	0.69			$	0.55
Weighted average basic shares outstanding			1,141,063				1,147,986				1,141,241				1,141,113				1,141,002				1,141,543
Weighted average diluted shares outstanding			1,141,661				1,149,225				1,142,358				1,141,859				1,141,277				1,142,931
Book value per share		$	30.91			$	28.62			$	30.91			$	30.77			$	29.53			$	28.94
Statement of Condition Data (Period End):		12/31/2024				12/31/2023				12/31/2024				9/30/2024				6/30/2024				3/31/2024
Cash & due from banks		$	30,246			$	39,252			$	30,246			$	44,332			$	47,233			$	27,138
Total investments			23,053				23,518				23,053				23,640				23,019				23,115
Total gross loans			314,365				289,739				314,365				300,872				300,283				298,151
Allowance for loan losses			(4,035	)			(4,083	)			(4,035	)			(4,014	)			(4,011	)			(4,125	)
Accrued interest receivable			949				834				949				892				899				882
Premises & equipment, net			3,764				3,838				3,764				3,794				3,771				3,811
Other real estate owned			1,134				1,269				1,134				1,249				1,269				1,269
Bank owned life insurance			8,101				7,371				8,101				8,039				7,480				7,423
Other assets			3,148				2,845				3,148				2,938				3,075				2,887
Total assets		$	380,725			$	364,583			$	380,725			$	381,742			$	383,018			$	360,551
Total deposits		$	343,459			$	330,062			$	343,459			$	344,375			$	347,291			$	325,290
Accrued interest payable			190				64				190				204				249				140
Other liabilities			1,693				1,735				1,693				1,944				1,674				1,992
Total liabilities		$	345,342			$	331,861			$	345,342			$	346,523			$	349,214			$	327,422
Total stockholders' equity		$	35,383			$	32,722			$	35,383			$	35,219			$	33,804			$	33,129
Total liabilities & stockholders' equity		$	380,725			$	364,583			$	380,725			$	381,742			$	383,018			$	360,551

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250130717967/en/

Cynthia L. Volk

Senior Vice President

Chief Financial Officer

1-856-358-8141

Source: Elmer Bancorp, Inc.

FAQ

What was Elmer Bancorp's (ELMA) net income for Q4 2024?

Elmer Bancorp reported a net income of $715,000 ($0.63 per share) for Q4 2024, compared to $638,000 ($0.56 per share) in Q4 2023.

How much did ELMA's total loans grow in 2024?

ELMA's total loans increased by $24.7 million to $314.4 million in 2024, reaching the highest total in bank history.

What was ELMA's book value per share as of December 31, 2024?

ELMA's book value per share was $30.91 as of December 31, 2024, up from $28.62 at the end of 2023.

How did ELMA's deposits perform in 2024?

Core deposits increased by $27.8 million in 2024, with total deposits reaching $343.5 million, driven by increases in certificates of deposit and money market accounts.

What was the impact of ELMA's money market and CD promotion in 2024?

The money market and CD promotion was successful, increasing deposits by over $20 million during 2024.