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Elmer Bancorp, Inc. reports recurring community-bank developments as the parent company of The First National Bank of Elmer, a nationally chartered bank headquartered in Elmer, New Jersey. The bank provides deposit and loan products to retail customers and small and mid-sized businesses through full-service branches in Cumberland, Gloucester and Salem Counties, with a loan production office serving Burlington County.
Company news commonly covers quarterly and annual operating results, net income and per-share earnings, deposit trends, non-interest income, book value, regulatory capital status, cash and special dividends, and annual shareholder meeting matters. The bank's deposits are insured by the Federal Deposit Insurance Corporation up to applicable legal limits.
Elmer Bancorp (OTC Pink: ELMA) reported its Q4 and full-year 2024 financial results. Q4 net income reached $715,000 ($0.63 per share), up from $638,000 ($0.56 per share) in Q4 2023. Full-year 2024 net income was $2.851 million ($2.50 per share), compared to $3.181 million ($2.77 per share) in 2023.
Total assets increased to $380.7 million, up $16.1 million from 2023. Loans grew to $314.4 million, a $24.7 million increase, while deposits rose to $343.5 million, up $13.4 million. The bank's book value per share improved to $30.91 from $28.62.
The company opened a new loan processing office in Burlington County and successfully completed a money market and CD promotion that increased deposits by over $20 million. The 2024 net income represents the second-best year of earnings in the bank's history.
Elmer Bancorp (OTC Pink: ELMA) reported Q3 2024 net income of $712,000 ($0.62 per share), down from $771,000 ($0.67 per share) in Q3 2023. Nine-month net income was $2.136 million ($1.87 per share), compared to $2.544 million ($2.21 per share) in 2023. Total assets increased to $381.7 million, with loans reaching $300.9 million and deposits growing to $344.4 million. The bank's net interest income decreased due to higher deposit costs, though loan growth was positive at 5.0% year-over-year. Book value per share improved to $30.77 from $27.44 year-over-year.
Elmer Bancorp (OTC Pink: ELMA), parent company of The First National Bank of Elmer, has announced a cash dividend of $0.20 per common share. The dividend will be payable on November 1, 2024 to shareholders of record as of the close of business on October 15, 2024. Brian W. Jones, President and CEO, expressed gratitude for shareholder support as the bank continues to grow and serve local communities.
The First National Bank of Elmer, founded in 1903, is a nationally chartered bank headquartered in Elmer, New Jersey. It operates six full-service branch offices across Cumberland, Gloucester, and Salem Counties, offering deposit and loan products to retail customers and small to mid-sized businesses. Deposits at the bank are insured up to the legally maximum amount by the FDIC.
Elmer Bancorp (OTC Pink: ELMA) reported its Q2 2024 financial results. Net income for Q2 2024 was $793,000 ($0.69 per diluted share), down from $949,000 ($0.83 per diluted share) in Q2 2023. For the first half of 2024, net income was $1.424 million ($1.25 per diluted share), compared to $1.773 million ($1.54 per diluted share) in H1 2023. Net interest income decreased to $3.629 million in Q2 2024 from $3.826 million in Q2 2023. Total assets increased to $383.0 million, up $21.9 million year-over-year. Loans grew to $300.3 million, a $13.2 million increase, while deposits rose by $19.0 million to $347.3 million. The bank maintains a strong capital position, with book value per share increasing to $29.53 from $27.00 a year ago.
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