ELMER, N.J.--(BUSINESS WIRE)--Please replace the release dated February 2, 2018 with the following corrected version due to multiple revisions.
The corrected release reads:
ELMER BANCORP, INC. ANNOUNCES FOURTH QUARTER EARNINGS AND 2017 YEAR END FINANCIAL RESULTS
Elmer Bancorp, Inc. (OTC Pink: ELMA), (the Company), holding company for The First National Bank of Elmer (the Bank), reports fourth quarter earnings. For the quarter ended December 31, 2017, Net Income was $347 thousand, compared to $235 thousand for the quarter ended December 31, 2016, an increase of $112 thousand or 47.7%. Fourth quarter Net Interest Income was $2.6 million compared to $2.3 million in the prior year, an increase of $233 thousand or 9.8%, primarily due to loan growth. For the quarter ended December 31, 2017, Noninterest Income was $390 thousand, compared to $198 thousand for the quarter ended December 31, 2016, an increase of $192 thousand, primarily due to SBA loan opportunities. Fourth quarter Provision for Loan Loss Reserve was $310 thousand, compared to $90 thousand in the prior year period, an increase of $220 thousand, which will serve to support continued loan growth. For the quarter ended December 31, 2017, Noninterest Expense was $2.2 million, compared to $2.0 million for the quarter ended December 31, 2016, an increase of $141 thousand or 6.8%.
Elmer Bancorp’s total assets were $259.3 million at December 31, 2017 compared to $261.6 million at September 30, 2017, a decrease of $2.3 million or 1.0%. Total loans reached $223.8 million at December 31, 2017 compared to $221.5 million at September 30, 2017, an increase of $2.3 million or 1.0%. Total deposits were $233.4 million at December 31, 2017 compared to $236.0 million at September 30, 2017, a decrease of $2.6 million or 1.1%. Stockholder’s equity remained strong at approximately $23.9 million at December 31, 2017, based on quarterly Net Income, offset by declaration of the Company’s regular semi-annual dividend to stockholders.
During the twelve months ended December 31, 2017, Net Interest Income increased by $588 thousand, or 6.1%, reaching $10.2 million, compared to $9.6 million for the twelve months ended December 31, 2016. Noninterest Income totaled $1.1 million for the period ending December 31, 2017 compared to $735 thousand in the prior year period, an increase of $412 thousand or 56.1%. Noninterest Expense increased by $493 thousand, or 6.1%, reaching $8.5 million as of December 31, 2017, compared to $8.0 million for the prior year period. Net Income for the twelve months ended December 31, 2017 was $1.369 million compared to Net Income of $1.006 million for the twelve months ended December 31, 2016, an increase of $363 thousand or 36.1%.
During the twelve months ended December 31, 2017, Total Assets increased by $13.5 million or 5.5%, reaching $259.3 million. Total loans grew by $18.3 million or 8.9%, reaching $223.8 million for the twelve months ended December 31, 2017. Total deposits grew by $12.4 million or 5.6%, reaching $233.4 million for the twelve months ended December 31, 2017. At December 31, 2017, the Bank was “well capitalized” under applicable banking regulations.
Brian W. Jones, President and Chief Executive Officer, stated: “We are very pleased to report another strong quarter of financial results. These metrics complete an outstanding year of growth, profitability and allocation to infrastructure. Consolidated Net Income of $1.369 million reflects an increase of $363 thousand or a 36.1% increase over our 2016-year figures. This increase in Net Income is a result of our ability to harness our corporate vision of 'hometown' banking into our expanding market base. In 2018 we celebrate 115 years of rich banking history serving the southern New Jersey market. We are extremely grateful to the communities we serve and to our loyal and growing client base and look forward to continuing to build market share and shareholder equity.”
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 856-358-8141.
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.