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 three and six months ended June 30, 2018.
For the three months ended June 30, 2018, Elmer Bancorp reported net income of $463,000, or $0.41 per common share compared to $390,000, or $0.34 per common share for the quarter ended June 30, 2017, an increase of $73,000, or 18.7%. For the six months ended June 30, 2018 net income totaled $925,000, or $0.81 per common share compared to $698,000, or $0.61 per common share, an increase of $227,000, or 32.5%.
Net interest income increased $327,000, or 13.2%, and $599,000, or 12.4%, over the second quarter and six months ended June 30, 2017, respectively. These increases primarily result from a higher level of loans in 2018. This positive impact for both periods was partially offset by an increase in operating expenses primarily related to the Company’s growth and an increase in the provision for loan losses of $44,000 for the six months ended June 30, 2018 to support the increase in loans outstanding.
Elmer Bancorp’s total assets at June 30, 2018 totaled $283.4 million, an increase of $24.5 million from the June 30, 2017 level of $258.9 million. Total loans increased 11.8%, or $25.6 million, to $242.7 million at June 30, 2018 from $217.1 million at June 30, 2017. Total deposits were $257.4 million at June 30, 2018 compared to $233.6 million at June 30, 2017, an increase of $23.8 million, or 10.2%. Stockholders’ equity totaled $24.3 million at June 30, 2018. The Company and the Bank met all regulatory capital requirements at June 30, 2018.
Brian W. Jones, President and Chief Executive Officer, stated, “We are proud to report another strong quarter of earnings with very solid financial metrics. As we celebrate the bank’s 115th anniversary, our six-month growth and income figures reflect our efforts to gain market share and augment shareholder equity. Our new website has begun to drive new business to the bank and increase market awareness of our institution. Our results are very encouraging as we discharge our strategic plan by broadening and strengthening our management team and continuing our investment in new technologies.”
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).