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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.
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ELMER BANCORP, INC. (OTC Pink: ELMA) announced a cash dividend of $0.20 per share on April 3, 2023, payable on May 1, 2023, to shareholders of record by the close of business on April 17, 2023.
Brian W. Jones, President and CEO, emphasized the Board's commitment to sharing success with shareholders while ensuring a strong capital position amid economic conditions. Additionally, the Annual Meeting of Shareholders is scheduled for June 6, 2023, at 11:00 a.m. ET, with a record date for voting on April 12, 2023.
ELMER BANCORP, INC. (OTC Pink: ELMA) declared a special one-time cash dividend of $0.12 per common share on February 15, 2023. The dividend is payable on March 1, 2023 to shareholders on record as of December 31, 2022. This announcement celebrates the Bank's 120 years of service and reflects outstanding performance in 2022. Brian W. Jones, President and CEO, expressed gratitude towards loyal customers, shareholders, and employees. The First National Bank of Elmer offers financial services through six branches across New Jersey and is insured by the FDIC.
Elmer Bancorp, the parent company of The First National Bank of Elmer, reported a record net income of $1.025 million for Q4 2022, up from $412,000 in Q4 2021, translating to $0.89 per share. For the full year, net income reached $2.604 million, or $2.26 per share, compared to $1.949 million in 2021. Key drivers included a $922,000 increase in net interest income for Q4. However, total assets decreased to $371.5 million, and deposits fell to $340.3 million amid runoff from government stimulus programs. Despite economic uncertainties, the company remains committed to community service.
Elmer Bancorp (OTC Pink: ELMA) reported a net income of $759,000, or $0.66 per share, for Q3 2022, up from $604,000, or $0.53 per share, in Q3 2021. For the nine months ended September 30, 2022, net income was $1.579 million, slightly up from $1.537 million in 2021. Net interest income increased to $3.332 million in Q3 2022, while remaining stable at $9.075 million for the nine-month period. Total assets rose to $385.6 million, with deposits at $355.4 million. Despite higher non-interest expenses, the bank's loan loss allowance improved to 1.67% of total core loans.
ELMER Bancorp, Inc. (OTC Pink: ELMA) declared a cash dividend of $0.20 per common share on October 3, 2022, payable on November 1, 2022. Shareholders of record as of October 14, 2022 will receive this dividend. Brian W. Jones, President and CEO, highlighted the Board's commitment to return on investment despite ongoing economic challenges. The First National Bank of Elmer has been serving the community since 1903, focusing on retail and business banking.
The First National Bank of Elmer has announced the retirement of Matthew A. Swift, Executive Vice President, Chief Financial Officer, and Chief Operating Officer. His responsibilities will be taken over by Cynthia L. Volk for accounting and financial areas, while Matthew J. Haines will manage bank operations. Brian W. Jones, President and CEO, acknowledged Swift's contributions to enhancing the bank's efficiency. The bank has been serving the community since 1903 and trades under the stock symbol ELMA.
Elmer Bancorp (OTC Pink: ELMA) reported a net income of $509,000 for Q2 2022, down from $530,000 in Q2 2021. Earnings per diluted share also declined to $0.44 from $0.46. For the first half of 2022, net income totaled $820,000, compared to $933,000 in 2021. The bank's total assets grew to $392.9 million, up $21.5 million year-over-year. While net interest income rose slightly to $2.997 million for Q2, it dropped to $5.743 million for the six-month period. Non-interest expenses also increased by $203,800 in Q2.
Elmer Bancorp reported a net income of $311,000 for Q1 2022, down from $403,000 in Q1 2021, translating to $0.27 per diluted share. The net interest income decreased to $2.746 million, reflecting a drop due to lower fees from Payroll Protection Program loans. However, non-interest income rose slightly by $10,700, primarily from higher overdraft fees. Total assets increased to $380.8 million, and total deposits grew to $350.5 million. The company declared a cash dividend of $0.20 per share, payable on May 2, 2022. Core loans reached $260 million, up by $7.6 million year-over-year.