Elmer Bancorp, Inc. Announces Second Quarter Earnings

ELMER, N.J.--()--Elmer Bancorp, Inc. (OTC Pink: ELMA), (the Company), holding company for The First National Bank of Elmer (the Bank), reports second quarter earnings. For the quarter ended June 30, 2017, net income remained strong at $390 thousand, compared to $391 thousand for the quarter ended June 30, 2016. Second quarter Net Interest Income increased $18 thousand over the prior year’s quarter due to higher average loan and investment security balances, which offset a $16 thousand increase in the provision for loan losses. For the quarter ended June 30, 2017, noninterest income increased $156 thousand, primarily due to SBA loan opportunities, while noninterest expense totaling $2.1 million, remained relatively flat for the quarter compared to the prior year period.

Elmer Bancorp’s total assets were $258.9 million at June 30, 2017 compared to $253.6 million at March 31, 2017, an increase of $5.3 million or 2.1%. Total loans reached $217.1 million at June 30, 2017 compared to $213.6 million at March 31, 2017, an increase of $3.5 million or 1.6%. Total deposits were $233.5 million at June 30, 2017 compared to $228.4 million at March 31, 2017, an increase of $5.1 million or 2.2%. Stockholder’s equity remained strong at approximately $23.7 million at June 30, 2017, based on quarterly net income. At June 30, 2017, the Bank was “well capitalized” under applicable banking regulations.

During the six months ended June 30, 2017, net interest income increased by $90 thousand, or 1.9%, reaching $4.95 million, compared to $4.86 million for the six months ended June 30, 2016. During the first six months of 2017 noninterest income increased by $186 thousand, or 53.0%, reaching $537 thousand from $351 thousand for the first six months of 2016. During the six months ended June 30, 2017, noninterest expense increased by $198 thousand, or 4.9%, reaching $4.2 million, compared to $4.0 million for the six months ended June 30, 2016. For the six months ended June 30, 2017, the provision for loan losses was $211 thousand, compared to $341 thousand for the six months ended June 30, 2016. Net income for the six months ended June 30, 2017 was $698 thousand compared to net income of $599 thousand for the six months ended June 30, 2016, an increase of $99 thousand or 16.5%.

Brian W. Jones, President and Chief Executive Officer, stated: “As the bank continues to invest into infrastructure, we are pleased to be able to report strong and consistent earnings. Our 6-month financial metrics are reflective of our efforts to build new and lasting relationships with our clients and strive to be the community bank of choice in our market place. Enhancing shareholder equity will continue to drive us to provide outstanding customer service, evolving products and services and financial opportunities to our clients.”

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 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 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.

Contacts

Elmer Bancorp, Inc.
Joanne C Ware, SVP/CFO
856-358-8141
jware@ElmerBank.com

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