Business
ELMER BANCORP, INC. Announces First Quarter 2022 Financial Results
ELMER BANCORP, INC. Announces First Quarter 2022 Financial Results.
About this update from Elmer Bancorp, Inc.
[{"type":"text","content":"\nELMER 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, 2022.\n\nFor the three months ended March 31, 2022, Elmer Bancorp reported net income of $311,000, or $0.27 per average diluted common share, compared to $403,000, or $0.35 per average diluted common share for the quarter ended March 31, 2021.\n\nNet interest income for the three months ended March 31, 2022 totaled $2.746 million, a decrease of $406,000 from $3.152 million in the first quarter of 2021. Much of the decrease is related to higher net fee income recognized on Payroll Protection Program loans (“PPP”) in the first quarter of 2021. Non-interest income increased $10,700 primarily resulting from higher overdraft fee income in the current quarter partially offset by lower gains on the sale of OREO and a decline on fee income on sold mortgages. Non-interest expenses were $69,000 lower in the first quarter of this year compared to the same period last year. Higher employment costs, and higher advertising and occupancy expenses were more than offset by a reduction in professional fees and miscellaneous expenses. The loan loss provision was $195,000 for the three months ended March 31, 2021 compared to no loan loss provision in the first quarter of this year.\n\nElmer Bancorp’s total assets at March 31, 2022 were $380.8 million, an increase of $27.6 million from the March 31, 2021 level of $353.2 million. Total core assets (excluding PPP related assets) totaled $377.9 million, an increase of $50.9 million from the March 31, 2021 total of $327.0 million. The increase in total core assets results from increases in investment securities, federal funds sold and core loans.\n\nLoans totaled $263.0 million at March 31, 2022, a decrease of $15.6 million from the March 31, 2021 total of $278.6 million. Excluding PPP loan related balances of $3.0 million at March 31, 2022 and $26.1 million at March 31, 2021, total core loans were $260.0 million and $252.4 million at March 31, 2022 and 2021, respectively, an increase of $7.6 million. At March 31, 2022, the allowance for loan losses was 1.74% of total core loans compared to 1.73% at March 31, 2021.\n\nDeposits totaled $350.5 mill...