Elmer Bancorp, Inc. Announces Third Quarter 2024 Financial Results
Elmer Bancorp (OTC Pink: ELMA) reported Q3 2024 net income of $712,000 ($0.62 per share), down from $771,000 ($0.67 per share) in Q3 2023. Nine-month net income was $2.136 million ($1.87 per share), compared to $2.544 million ($2.21 per share) in 2023. Total assets increased to $381.7 million, with loans reaching $300.9 million and deposits growing to $344.4 million. The bank's net interest income decreased due to higher deposit costs, though loan growth was positive at 5.0% year-over-year. Book value per share improved to $30.77 from $27.44 year-over-year.
Elmer Bancorp (OTC Pink: ELMA) ha riportato un utile netto per il terzo trimestre 2024 di $712.000 ($0,62 per azione), in calo rispetto ai $771.000 ($0,67 per azione) del terzo trimestre 2023. L'utile netto nei nove mesi è stato di $2,136 milioni ($1,87 per azione), rispetto ai $2,544 milioni ($2,21 per azione) nel 2023. Il totale degli attivi è aumentato a $381,7 milioni, con prestiti che hanno raggiunto $300,9 milioni e depositi che sono cresciuti a $344,4 milioni. Il reddito netto da interessi della banca è diminuito a causa dei costi più elevati dei depositi, anche se la crescita dei prestiti è stata positiva, con un aumento del 5,0% su base annua. Il valore contabile per azione è migliorato a $30,77 rispetto ai $27,44 dell'anno precedente.
Elmer Bancorp (OTC Pink: ELMA) informó un ingreso neto del tercer trimestre de 2024 de $712,000 ($0.62 por acción), una disminución desde los $771,000 ($0.67 por acción) en el tercer trimestre de 2023. El ingreso neto acumulado en nueve meses fue de $2.136 millones ($1.87 por acción), en comparación con $2.544 millones ($2.21 por acción) en 2023. El total de activos aumentó a $381.7 millones, con préstamos alcanzando $300.9 millones y depósitos creciendo a $344.4 millones. Los ingresos netos por intereses del banco disminuyeron debido a los mayores costos de los depósitos, aunque el crecimiento de los préstamos fue positivo con un aumento del 5.0% interanual. El valor contable por acción mejoró a $30.77 desde $27.44 en el año anterior.
엘머 뱅코프 (OTC Pink: ELMA)는 2024년 3분기 순이익이 $712,000($0.62 주당)으로 2023년 3분기 $771,000($0.67 주당)에서 감소했다고 보고했습니다. 9개월 누적 순이익은 $2.136백만($1.87 주당)으로, 2023년의 $2.544백만($2.21 주당)과 비교됩니다. 총 자산은 $381.7백만으로 증가했으며, 대출은 $300.9백만, 예금은 $344.4백만으로 성장했습니다. 은행의 순이자 수익은 높은 예금 비용으로 감소했지만, 대출 성장률은 전년 대비 5.0%로 긍정적이었습니다. 주당 순 자산 가치는 전년 대비 $30.77로 개선되었으며, 이전에는 $27.44였습니다.
Elmer Bancorp (OTC Pink: ELMA) a annoncé un bénéfice net pour le troisième trimestre 2024 de 712 000 $ (0,62 $ par action), en baisse par rapport aux 771 000 $ (0,67 $ par action) du troisième trimestre 2023. Le bénéfice net sur neuf mois était de 2,136 millions de dollars (1,87 $ par action), comparé à 2,544 millions de dollars (2,21 $ par action) en 2023. Le total des actifs a augmenté pour atteindre 381,7 millions de dollars, les prêts atteignant 300,9 millions de dollars et les dépôts croissant à 344,4 millions de dollars. Le revenu net d'intérêts de la banque a diminué en raison des coûts de dépôt plus élevés, même si la croissance des prêts était positive à 5,0 % d'une année sur l'autre. La valeur comptable par action a été améliorée à 30,77 $ contre 27,44 $ l'année précédente.
Elmer Bancorp (OTC Pink: ELMA) hat für das dritte Quartal 2024 einen Nettoertrag von $712.000 ($0,62 pro Aktie) gemeldet, was einen Rückgang gegenüber $771.000 ($0,67 pro Aktie) im dritten Quartal 2023 bedeutet. Der Nettoertrag für neun Monate betrug $2,136 Millionen ($1,87 pro Aktie), im Vergleich zu $2,544 Millionen ($2,21 pro Aktie) im Jahr 2023. Die Gesamtsumme der Aktiva stieg auf $381,7 Millionen, während die Kredite $300,9 Millionen erreichten und die Einlagen auf $344,4 Millionen wuchsen. Die Nettozinsmarge der Bank sank aufgrund höherer Einlagekosten, selbst wenn das Kreditwachstum mit 5,0% im Jahresvergleich positiv war. Der Buchwert pro Aktie verbesserte sich im Jahresvergleich auf $30,77 von $27,44.
- Total assets increased by $28.0 million to $381.7 million
- Loan portfolio grew by $14.4 million (5.0%) year-over-year
- Deposits increased by $24.3 million (7.6%) to $344.4 million
- Book value per share improved to $30.77 from $27.44
- Bank maintains well-capitalized regulatory status
- Q3 2024 net income decreased to $712,000 from $771,000 year-over-year
- Nine-month net income declined to $2.136M from $2.544M year-over-year
- Net interest income decreased by $43,000 in Q3 2024
- Non-interest expenses increased by $173,000 in Q3 and $468,000 for nine months
- Non-interest bearing deposits decreased by $3.4 million
For the three months ended September 30, 2024, Elmer Bancorp reported net income of
Net interest income for the three months ended September 30, 2024 totaled
Non-interest income for the three months ended September 30, 2024 was
Non-interest expenses were higher for the three and nine months ended September 30, 2024 versus the prior year periods by
Elmer Bancorp’s total assets at September 30, 2024 totaled
Deposits totaled
Brian W. Jones, President and Chief Executive Officer stated, “As we prepare for another year-end, we are pleased that our earnings have remained strong through the end of the third quarter. Loans increased
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 | ||||||||||||||||
9/30/2024 | 9/30/2023 | 9/30/2024 | 6/30/2024 | 9/30/2023 | |||||||||||||
Statement of Income Data: | (dollars in thousands, except per share data) | ||||||||||||||||
Interest income | $ |
13,528 |
|
$ |
12,154 |
$ |
4,749 |
$ |
4,581 |
|
$ |
4,061 |
|||||
Interest expense |
|
2,642 |
|
|
934 |
|
1,104 |
|
952 |
|
|
373 |
|||||
Net interest income |
|
10,886 |
|
|
11,220 |
|
3,645 |
|
3,629 |
|
|
3,688 |
|||||
Provision for loan losses |
|
(68 |
) |
|
13 |
|
- |
|
(111 |
) |
|
78 |
|||||
Net interest income after provision | |||||||||||||||||
for loan losses |
|
10,954 |
|
|
11,207 |
|
3,645 |
|
3,740 |
|
|
3,610 |
|||||
Non-interest income |
|
805 |
|
|
764 |
|
280 |
|
271 |
|
|
263 |
|||||
Non-interest expense |
|
8,871 |
|
|
8,403 |
|
2,963 |
|
2,964 |
|
|
2,790 |
|||||
Income before income tax expense |
|
2,888 |
|
|
3,568 |
|
962 |
|
1,047 |
|
|
1,083 |
|||||
Income tax expense |
|
752 |
|
|
1,024 |
|
250 |
|
254 |
|
|
312 |
|||||
Net income | $ |
2,136 |
|
$ |
2,544 |
$ |
712 |
$ |
793 |
|
$ |
771 |
|||||
Earnings per share: | |||||||||||||||||
Basic | $ |
1.87 |
|
$ |
2.22 |
$ |
0.62 |
$ |
0.69 |
|
$ |
0.67 |
|||||
Diluted | $ |
1.87 |
|
$ |
2.21 |
$ |
0.62 |
$ |
0.69 |
|
$ |
0.67 |
|||||
Weighted average basic shares outstanding |
|
1,140,995 |
|
|
1,148,361 |
|
1,141,113 |
|
1,141,002 |
|
|
1,149,295 |
|||||
Weighted average diluted shares outstanding |
|
1,141,498 |
|
|
1,149,550 |
|
1,141,859 |
|
1,141,277 |
|
|
1,150,641 |
|||||
Statement of Condition Data (Period End): | 9/30/2024 | 9/30/2023 | 9/30/2024 | 6/30/2024 | 9/30/2023 | ||||||||||||
Total investments | $ |
23,640 |
|
$ |
23,323 |
$ |
23,640 |
$ |
23,019 |
|
$ |
23,323 |
|||||
Total gross loans | $ |
300,872 |
|
$ |
286,457 |
$ |
300,872 |
$ |
300,283 |
|
$ |
286,457 |
|||||
Allowance for loan losses | $ |
4,014 |
|
$ |
4,091 |
$ |
4,014 |
$ |
4,011 |
|
$ |
4,091 |
|||||
Total assets | $ |
381,742 |
|
$ |
353,678 |
$ |
381,742 |
$ |
383,018 |
|
$ |
353,678 |
|||||
Total deposits | $ |
344,375 |
|
$ |
320,072 |
$ |
344,375 |
$ |
347,291 |
|
$ |
320,072 |
|||||
Total stockholders' equity | $ |
35,219 |
|
$ |
31,628 |
$ |
35,219 |
$ |
33,804 |
|
$ |
31,628 |
|||||
Book value per share | $ |
30.77 |
|
$ |
27.44 |
$ |
30.77 |
$ |
29.53 |
|
$ |
27.44 |
|||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20241024615419/en/
Cynthia L. Volk
Senior Vice President
Chief Financial Officer
1-856-358-8141
Source: ELMER BANCORP, INC.
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