ELMER, N.J.--(BUSINESS WIRE)--Headline of release dated April 21, 2017, should read: Elmer Bancorp, Inc. Announces First Quarter Earnings (instead of Elmer Bancorp, Inc. Announces Record First Quarter Earnings). First paragraph, first sentence should end with: reports first quarter earnings (instead of reported record first quarter earnings).
The corrected release reads:
ELMER BANCORP, INC. ANNOUNCES FIRST QUARTER EARNINGS
Elmer Bancorp, Inc. (OTC Pink: ELMA), (the Company), holding company for The First National Bank of Elmer (the Bank), reports first quarter earnings. For the quarter ended March 31, 2017, net income was $308 thousand, compared to $208 thousand for the quarter ended March 31, 2016, representing an increase of approximately 48.1%.
The increase in the first quarter net income over the prior year’s quarter resulted from a $58 thousand increase in interest income due to higher average loan and investment security balances, a $14 thousand decrease in interest expense driven by lower cost deposits, and a $146 thousand decrease in the provision for loan losses, offset by increases in noninterest expenses. Noninterest income remained relatively flat for the quarter compared to the prior year period. For the quarter ended March 31, 2017, noninterest expense increased $182 thousand, or 9.5%, reaching $2.1 million compared to $1.9 million for the quarter ended March 31, 2016, primarily due to increased operating costs associated with the company’s growth and the continued allocation of capital to support new infrastructure.
Elmer Bancorp’s total assets were $253.6 million at March 31, 2017 compared to $245.8 million at December 31, 2016, an increase of $7.8 million or 3.2%. Total loans reached $213.6 million at March 31, 2017 compared to $205.6 million at December 31, 2016, an increase of $8.0 million or 3.9%. Total deposits were $228.4 million at March 31, 2017 compared to $221.0 million at December 31, 2016, an increase of $7.4 million or 3.3%. Stockholder’s equity remained strong at approximately $23.2 million at March 31, 2017, based on quarterly net income, offset by declaration of the Company’s regular semi-annual dividend to stockholders. At March 31, 2017, the Bank was “well capitalized” under applicable banking regulations.
Brian W. Jones, President and Chief Executive Officer, stated: “We are pleased to be able to report strong earnings in the first quarter of 2017. As part of the Bank’s Strategic Plan, we continue to restructure our balance sheet and modify our mix of loans, focusing on relationship banking. With the anticipated rise in interest rates, the Bank is well positioned to respond to changes in the market. As with any institution that seeks to grow, we look to enter more local markets and identify new income streams. In 2016 we made significant inroads into the Jersey Shore market and SBA lending, which will serve to diversify our client base and augment income. We look forward to a year of continued growth and taking advantage of the opportunity our market affords us.”
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 http://www.elmerbank.com or call toll free 1-877-358-8141.
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.