Elmer Bancorp, Inc.Announces Third Quarter 2021 Financial Results

ELMER, New Jersey – (COMMERCIAL THREAD) – ELMER BANCORP, INC. (“Elmer Bancorp” or the “Company”) (OTC Pink: ELMA), the parent company of The First National Bank of Elmer (the “Bank”), reports its operating results for the three and nine months ended 30 September 2021.

For the quarter ended September 30, 2021, Elmer Bancorp reported net income of $ 604,000, or $ 0.53 per common share, compared to $ 183,000, or $ 0.16 per common share for the quarter ended 30 September 2020. For the nine months ended September 30. , 2021 net income totaled $ 1.537 million, or $ 1.34 per common share, compared to $ 1.147 million, or $ 1.00 per common share for the nine-month period ended September 30, 2020.

Net interest income for the quarter ended September 30, 2021 totaled $ 2.971 million, an increase of $ 255,000 from $ 2.716 million in the third quarter of 2020. For the nine months ended September 30, 2021, Net interest income totaled $ 9.075 million compared to $ 8.311 million. for the nine-month period of 2020. The increase in net interest income for the three and nine-month periods results from interest income and net loan commission income recorded on Life Protection Program loans. payroll (“PPP”), higher interest income on real estate loans and residential mortgages and a higher level of interest income on investments. The allowance for loan losses was $ 335,000 lower than the three-month period last year and $ 271,000 lower than the nine-month period last year because we did not recognized as a provision in the third quarter of this year. The allowance for loan losses was 1.81% of total core loans (excluding PPP loans) as at September 30, 2021, compared to 1.52% of total core loans as at September 30, 2020, maintaining the conservative approach of management in the face of the uncertain impact of the economy and the coronavirus on our lending customers.

Non-interest income for the quarter ended September 30, 2021 was $ 36,000 higher than the same three-month period a year ago and $ 65,000 higher than the nine-month period of the last year. Higher service commission revenues and higher gains on the sale of other owned real estate (“OREO”) (compared to OREO’s losses in the three-month period of 2020) explain the increase during the three month period. For the nine-month period, increases in the cash surrender value of bank-owned life insurance (“BOLI”), increased fees on mortgages sold, increased revenue from card fees debit and gains on the sale of OREO (compared to OREO’s losses in the nine months of 2020). -month) more than made up for the drop in overdraft fees.

Non-interest expense was higher for the three and nine month periods ended September 30, 2021 compared to the prior year periods by $ 22,000 and $ 531,000, respectively. Increases in professional fees, salary costs, occupancy and equipment expenses and miscellaneous expenses were partially offset by lower data processing costs, OREO expenses and loan expenses.

Elmer Bancorp’s total assets as at September 30, 2021 were $ 370.8 million, an increase of $ 44.2 million from the level of $ 326.6 million as at September 30, 2020. The Total core assets (excluding P3 assets) totaled $ 361.3 million, an increase of $ 66.4 million from the total of $ 294.9 million as at September 30, 2020 The increase in core assets results mainly from the increase in overnight investments and the investment portfolio.

Loans totaled $ 261.1 million as at September 30, 2021, a decrease of $ 28.0 million from the total of $ 289.1 million as at September 30, 2020. Excluding PPP loan balances of $ 9.5 million, total core loans were $ 251.6 million, down $ 5.8 million from the September 30, 2020 total core loans of $ 257.4 million. dollars. As at September 30, 2021, the allowance for loan losses was 1.81% of total core loans, compared to 1.52% as at September 30, 2020.

Deposits totaled $ 339.4 million as at September 30, 2021, an increase of $ 42.6 million from the total of $ 296.8 million as at September 30, 2020, reflecting increases of $ 29.8 million and of $ 12.8 million in interest-bearing and non-interest-bearing deposits, respectively. Equity amounted to $ 29.4 million as at September 30, 2021. Book value per share as at September 30, 2021 was $ 25.61 compared to $ 24.46 per share as at September 30, 2020 and $ 24.55 per share. share as of December 31, 2020. The Company and the Bank have met all regulatory capital requirements as of September 30, 2021.

Brian W. Jones, President and CEO said: “While we are pleased with the $ 604,000 in net income generated in the third quarter, which exceeded our level of performance in the second quarter, we remain cautious about future results due to uncertainties surrounding the economy, the coronavirus pandemic that appears persist, and the short- and long-term effects on our customers. Low demand for loans, inflation and supply chain issues, among others, all contribute to these uncertainties. Although we did not make an allowance for loan losses in the third quarter of 2021, we continue to maintain a strong allowance for loan losses at 1.81% of total core loans (net of PPP loans). In closing, we apologize for any inconvenience caused to our customers regarding the recent temporary closures of some of our branches. These closures were made out of excess of caution and in the best interests of our staff and customers. As always, we are grateful to our loyal customers, shareholders and team members for their continued support. ”

In addition, as previously announced on October 1, 2021, the Board of Directors declared a dividend of $ 0.20 per common share payable on November 1, 2021 to shareholders of record at the close of business on October 15, 2021. This dividend represents 17.6% increase over the $ 0.17 per common share reported in April 2021.

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 inception in 1903. We are a community bank focused on providing deposit products and lending to retail and small to medium business customers from our six full-service branches 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 legal 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 management of the Company contain express and implied statements regarding our future financial condition, results of operations, credit quality, business 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 they were made, and are subject to many assumptions, risks and uncertainties, all of which may change over time. Actual results could differ materially from those expected or suggested by these forward-looking statements. Risks and uncertainties that could cause our actual results to differ materially and adversely from these forward-looking statements include economic conditions affecting the financial industry: changes in interest rates and the shape of the yield curve, the risk of credit associated with our lending activities, risks related to our market area, significant real estate guarantees and the real estate market, operational, legal and regulatory risks, fiscal and monetary policy, economic, political and competitive forces affecting our business , our ability to identify and manage cybersecurity risks and management’s analysis of those risks and factors is incorrect, and / or the strategies developed to address them are unsuccessful. All statements made which are not historical facts should be regarded as forward-looking statements. You should not place undue reliance on forward-looking statements. We assume no obligation to update any forward-looking statements or to make a public announcement when we believe that forward-looking statements are no longer accurate due to new information about future events, unless applicable law or regulation so requires. required.

ELMER BANCORP, INC. AND SUBSIDIARIES

SELECTED FINANCIAL DATA

(unaudited)

Nine months ended

Three months ended

09/30/2021

09/30/2020

09/30/2021

06/30/2021

09/30/2020

Income statement data:

(in thousands of dollars, except per share data)

Interest income

$

9 729

$

9,019

$

3 185

$

3 176

$

2 941

Interest charges

654

708

214

224

225

Net interest income

9,075

8,311

2 971

2 952

2,716

Allowance for loan losses

300

571

105

335

Net interest income after allowance for loan losses

8 775

7,740

2 971

2,847

2 381

Income other than interest

751

686

256

244

220

Non-interest charges

7,409

6 878

2390

2360

2368

Profit before tax charge

2 117

1,548

837

731

233

Income tax expense

580

401

233

201

50

Net revenue

$

1,537

$

1,147

$

604

$

530

$

183

Earnings per share:
Basic

$

1.34

$

1.00

$

0.53

$

0.46

$

0.16

Diluted

$

1.34

$

1.00

$

0.53

$

0.46

$

0.16

Weighted average of outstanding shares

1,149,574

1,148,271

1,149,927

1,149,927

1,148,677

Status declaration data (end of period):

09/30/2021

09/30/2020

09/30/2021

06/30/2021

09/30/2020

Total investments

$

30,551

$

9,145

$

30,551

$

15 652

$

9,145

Total gross loans

$

261,065

$

289,147

$

261,065

$

267,734

$

289,147

Allowance for loan losses

$

4,548

$

3 922

$

4,548

$

4,468

$

3 922

Total assets

$

370,759

$

326,600

$

370,759

$

371 412

$

326,600

Total deposits

$

339,440

$

296,828

$

339,440

$

340,499

$

296,828

Total equity for shareholders

$

29,449

$

28,092

$

29,449

$

28,900

$

28,092

Book value per share

$

25.61

$

24.46

$

25.61

$

25.13

$

24.46

Source link

About Daisy Rawson

Check Also

Jones Lang LaSalle Incorporated: $ 113.5 million financing organized for the Newark office portfolio

MAJ Capital is a nationally recognized development company focused on creating fair and equitable neighborhoods. …

Leave a Reply

Your email address will not be published. Required fields are marked *