Elmer Bancorp, Inc. Announces Third Quarter 2023 Financial Results
- Elmer Bancorp reports increased net income and net interest income for Q3 2023 compared to Q3 2022. Stockholders' equity has also increased. The Bank is well-capitalized.
- Total assets and deposits have decreased for Elmer Bancorp compared to September 2022.
For the three months ended September 30, 2023, Elmer Bancorp reported net income of
Net interest income for the three months ended September 30, 2023 totaled
Non-interest income for the three months ended September 30, 2023 was
Non-interest expenses were higher for the three and nine months ended September 30, 2023 versus the prior year periods by
Elmer Bancorp’s total assets at September 30, 2023 totaled
Deposits totaled
Brian W. Jones, President and Chief Executive Officer stated, “The third quarter proved to be yet another quarter of strong earnings. The increase in interest earned on our overnight investments as well as the increase in our loan balances of
The First National Bank of
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) | ||||||||||||||||||
Nine Months Ended | Three Months Ended | |||||||||||||||||
9/30/2023 |
9/30/2022 |
9/30/2023 |
6/30/2023 |
9/30/2022 |
||||||||||||||
Statement of Income Data: | (dollars in thousands, except per share data) | |||||||||||||||||
Interest income | $ |
12,154 |
$ |
9,661 |
|
$ |
4,061 |
$ |
4,146 |
|
$ |
3,518 |
|
|||||
Interest expense |
|
934 |
|
586 |
|
|
373 |
|
320 |
|
|
186 |
|
|||||
Net interest income |
|
11,220 |
|
9,075 |
|
|
3,688 |
|
3,826 |
|
|
3,332 |
|
|||||
Provision for loan losses |
|
13 |
|
(87 |
) |
|
78 |
|
(24 |
) |
|
(87 |
) |
|||||
Net interest income after provision for loan losses |
|
11,207 |
|
9,162 |
|
|
3,610 |
|
3,850 |
|
|
3,419 |
|
|||||
Non-interest income |
|
764 |
|
790 |
|
|
263 |
|
258 |
|
|
258 |
|
|||||
Non-interest expense |
|
8,403 |
|
7,772 |
|
|
2,790 |
|
2,776 |
|
|
2,618 |
|
|||||
Income before income tax expense |
|
3,568 |
|
2,180 |
|
|
1,083 |
|
1,332 |
|
|
1,059 |
|
|||||
Income tax expense |
|
1,024 |
|
601 |
|
|
312 |
|
383 |
|
|
300 |
|
|||||
Net income | $ |
2,544 |
$ |
1,579 |
|
$ |
771 |
$ |
949 |
|
$ |
759 |
|
|||||
Earnings per share: | ||||||||||||||||||
Basic | $ |
2.22 |
$ |
1.38 |
|
$ |
0.67 |
$ |
0.83 |
|
$ |
0.66 |
|
|||||
Diluted | $ |
2.21 |
$ |
1.37 |
|
$ |
0.67 |
$ |
0.83 |
|
$ |
0.66 |
|
|||||
Weighted average basic shares outstanding |
|
1,148,361 |
|
1,147,588 |
|
|
1,149,295 |
|
1,149,200 |
|
|
1,149,771 |
|
|||||
Weighted average diluted shares outstanding |
|
1,149,550 |
|
1,149,513 |
|
|
1,150,641 |
|
1,150,220 |
|
|
1,151,600 |
|
|||||
Statement of Condition Data (Period End): | 9/30/2023 |
9/30/2022 |
9/30/2023 |
6/30/2023 |
9/30/2022 |
|||||||||||||
Total investments | $ |
23,323 |
$ |
24,469 |
|
$ |
23,323 |
$ |
23,963 |
|
$ |
24,469 |
|
|||||
Total gross loans | $ |
286,457 |
$ |
267,090 |
|
$ |
286,457 |
$ |
287,074 |
|
$ |
267,090 |
|
|||||
Allowance for loan losses | $ |
4,091 |
$ |
4,466 |
|
$ |
4,091 |
$ |
4,013 |
|
$ |
4,466 |
|
|||||
Total assets | $ |
353,678 |
$ |
385,630 |
|
$ |
353,678 |
$ |
361,079 |
|
$ |
385,630 |
|
|||||
Total deposits | $ |
320,072 |
$ |
355,365 |
|
$ |
320,072 |
$ |
328,273 |
|
$ |
355,365 |
|
|||||
Total stockholders' equity | $ |
31,628 |
$ |
28,350 |
|
$ |
31,628 |
$ |
31,119 |
|
$ |
28,350 |
|
|||||
Book value per share | $ |
27.44 |
$ |
24.63 |
|
$ |
27.44 |
$ |
27.00 |
|
$ |
24.63 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20231026870479/en/
Cynthia L. Volk
Senior Vice President
Chief Financial Officer
1-856-358-8141
Source: Elmer Bancorp, Inc.
FAQ
What is Elmer Bancorp's net income for Q3 2023?
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