Company Website:
http://www.elmerbank.com
ELMER, N.J. -- (Business Wire)
Elmer Bancorp, Inc. (OTC Pink: ELMA), (the Company), holding company for
The First National Bank of Elmer (the Bank), reports fourth quarter
earnings. For the quarter ended December 31, 2017, Net Income was $347
thousand, compared to $235 thousand for the quarter ended December 31,
2016, an increase of $112 thousand or 47.7%. Fourth quarter Net Interest
Income was $2.6 million compared to $2.3 million in the prior year, an
increase of $233 thousand or 9.8%, primarily due to loan growth. For the
quarter ended December 31, 2017, Noninterest Income was $390 thousand,
compared to $198 thousand for the quarter ended December 31, 2016, an
increase of $192 thousand, primarily due to SBA loan opportunities.
Fourth quarter Provision for Loan Loss Reserve was $310 thousand,
compared to $90 thousand in the prior year period, an increase of $220
thousand, which will serve to support continued loan growth. For the
quarter ended December 31, 2017, Noninterest Expense was $2.2 million,
compared to $2.0 million for the quarter ended December 31, 2016, an
increase of $141 thousand or 6.8%.
Elmer Bancorp’s total assets were $259.3 million at December 31, 2017
compared to $261.6 million at September 30, 2017, a decrease of $2.3
million or .9%. Total loans reached $223.8 million at December 31, 2017
compared to $221.5 million at September 30, 2017, an increase of $2.3
million or 1.0%. Total deposits were $223.4 million at December 31, 2017
compared to $236.0 million at September 30, 2017, a decrease of $12.6
million or 5.3%. Stockholder’s equity remained strong at approximately
$23.9 million at December 31, 2017, based on quarterly Net Income,
offset by declaration of the Company’s regular semi-annual dividend to
stockholders.
During the twelve months ended December 31, 2017, Net Interest Income
increased by $588 thousand, or 6.1%, reaching $10.1 million, compared to
$9.5 million for the twelve months ended December 31, 2016. Noninterest
Income totaled $1.1 million for the period ending December 31, 2017
compared to $735 thousand in the prior year period, an increase of $412
thousand or 56.1%. Noninterest Expense increased by $493 thousand, or
6.1%, reaching $8.5 million as of December 31, 2017, compared to $8.0
million for the prior year period. Net Income for the twelve months
ended December 31, 2017 was $1.369 million compared to Net Income of
$1.006 million for the twelve months ended December 31, 2016, an
increase of $363 thousand or 36.1%.
During the twelve months ended December 31, 2017, Total Assets increased
by $13.5 million or 5.5%, reaching $259.3 million. Total loans grew by
$18.2 million or 8.9%, reaching $223.8 million for the twelve months
ended December 31, 2017. Total deposits grew by $2.4 million or 1.1%,
reaching $223.4 million for the twelve months ended December 31, 2017.
At December 31, 2017, the Bank was “well capitalized” under applicable
banking regulations.
Brian W. Jones, President and Chief Executive Officer, stated: “We are
very pleased to report another strong quarter of financial results.
These metrics complete an outstanding year of growth, profitability and
allocation to infrastructure. Consolidated Net Income of $1.369 million
reflects an increase of $363 thousand or a 36.1% increase over our
2016-year figures. This increase in Net Income is a result of our
ability to harness our corporate vision of 'hometown' banking into our
expanding market base. In 2018 we celebrate 115 years of rich banking
history serving the southern New Jersey market. We are extremely
grateful to the communities we serve and to our loyal and growing client
base and look forward to continuing to build market share and
shareholder equity.”
The Bank is headquartered at 10 South Main Street, Elmer, New Jersey and
offers convenient hours and a high level of service for traditional
consumer and commercial products and services. The Bank currently has
six branch offices located in Salem, Cumberland and Gloucester counties.
For more information about the Bank and its products and services,
please visit our website at www.ElmerBank.com
or call 856-358-8141.
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 statement
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 to be 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180202005705/en/
Contacts:
Elmer Bancorp, Inc.
Joanne C Ware, 856-358-8141
jware@ElmerBank.com
Source: Elmer Bancorp, Inc.
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