ELMER, N.J.--(BUSINESS WIRE)--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 quarter ended March 31, 2018.
For the quarter ended March 31, 2018, Elmer Bancorp reported net income of $462,000, or $0.40 per common share, compared to $308,000, or $0.27 per common share for the quarter ended March 31, 2017, an increase of $154,000, or 50.1%.
Contributing to the operating results for the comparative quarters was a 6.9%, or $171,000 increase in net interest income resulting from higher loan volumes. In addition, the first quarter of 2018 included a gain on the sale of an SBA loan. These positive factors were partially offset by an increase in non-interest expense of $147,000. These increased costs were primarily associated with expenses related to the Company’s growth. In addition, the loan loss provision increased $14,700 over the first quarter of 2017 to support loan volume.
Elmer Bancorp’s total assets at March 31, 2018 totaled $265.9 million, an increase of $6.6 million from the March 31, 2017 level of $259.3 million. Total loans increased 5.8%, or $13.0 million, to $236.9 million at March 31, 2018 from $223.9 million at March 31, 2017. Total deposits were $239.9 million at March 31, 2018, an increase of 2.7% or $6.4 million. Stockholders’ equity totaled $23.8 million at March 31, 2018. The Company and the Bank met all regulatory capital requirements at March 31, 2018.
As previously reported, on March 20, 2018 the Company’s Board of Directors declared a semi-annual cash dividend in the amount of $0.30 per common share payable on May 1, 2018 to stockholders of record as of the close of business on April 16, 2018.
Brian W. Jones, President and Chief Executive Officer, stated “The first quarter of 2018 produced some very solid financial metrics as we continue to channel significant assets into infrastructure and growth. This increase in first quarter earnings is also the result of our ability to further develop new markets and to refine existing income streams. The Tax Reform Act of 2017 will also assist the Bank in building capital as we reinvest back into our future. As we celebrate 115 years of community banking, we thank our customers for their continued loyalty and support.”
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).
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.
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 statements 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 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.