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, 2018.
For the quarter ended March 31, 2018, Elmer Bancorp reported net income
of $462,000, or $0.40 per common share, compared to $308,000, or $0.27
per common share for the quarter ended March 31, 2017, an increase of
$154,000, or 50.1%.
Contributing to the operating results for the comparative quarters was a
6.9%, or $171,000 increase in net interest income resulting from higher
loan volumes. In addition, the first quarter of 2018 included a gain on
the sale of an SBA loan. These positive factors were partially offset by
an increase in non-interest expense of $147,000. These increased costs
were primarily associated with expenses related to the Company’s growth.
In addition, the loan loss provision increased $14,700 over the first
quarter of 2017 to support loan volume.
Elmer Bancorp’s total assets at March 31, 2018 totaled $265.9 million,
an increase of $6.6 million from the March 31, 2017 level of $259.3
million. Total loans increased 5.8%, or $13.0 million, to $236.9 million
at March 31, 2018 from $223.9 million at March 31, 2017. Total deposits
were $239.9 million at March 31, 2018, an increase of 2.7% or $6.4
million. Stockholders’ equity totaled $23.8 million at March 31, 2018.
The Company and the Bank met all regulatory capital requirements at
March 31, 2018.
As previously reported, on March 20, 2018 the Company’s Board of
Directors declared a semi-annual cash dividend in the amount of $0.30
per common share payable on May 1, 2018 to stockholders of record as of
the close of business on April 16, 2018.
Brian W. Jones, President and Chief Executive Officer, stated “The first
quarter of 2018 produced some very solid financial metrics as we
continue to channel significant assets into infrastructure and growth.
This increase in first quarter earnings is also the result of our
ability to further develop new markets and to refine existing income
streams. The Tax Reform Act of 2017 will also assist the Bank in
building capital as we reinvest back into our future. As we celebrate
115 years of community banking, we thank our customers for their
continued loyalty and support.”
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180424006576/en/
Contacts:
Elmer Bancorp, Inc.
Matthew A. Swift
Senior Vice President and
Chief
Financial Officer
1-877-358-8141
Source: Elmer Bancorp, Inc.
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