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 a net income of $322,000 ($0.28 per share) for Q4 2020, down from $581,000 ($0.51 per share) a year earlier. The full year net income dropped to $1.469 million ($1.28 per share) from $2.067 million ($1.80 per share) in 2019. Total assets increased to $330.4 million, up $44.6 million year-over-year. Core loans rose by $12 million, while total loans reached $279.4 million. Deposits grew by $43.2 million, totaling $300.4 million. However, provisions for loan losses increased to $360,000 in Q4 2020.