Business
Elmer Bancorp, Inc. Announces Fourth Quarter and 2024 Annual Financial Results
Elmer Bancorp, Inc. Announces Fourth Quarter and 2024 Annual 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 fourth quarter and full year ended December 31, 2024.\n\n\nFor the three months ended December 31, 2024, Elmer Bancorp reported net income of $715,000, or $0.63 per common share compared to $638,000, or $0.56 per common share for the quarter ended December 31, 2023. For the twelve months ended December 31, 2024, net income totaled $2.851 million, or $2.50 per common share compared to $3.181 million, or $2.77 per common share for the twelve months ended December 31, 2023.\n\n\nNet interest income for the three months ended December 31, 2024 totaled $3.699 million, a decrease of $77,000 from the three months ended December 31, 2023 total of $3.776 million. For the twelve months ended December 31, 2024, net interest income totaled $14.585 million, a decrease of $411,000 from the twelve months ended December 31, 2023 total of $14.996 million. This decrease in net interest income for the three and twelve month periods results from higher interest income on loans resulting from core loan growth year-over-year partially offset by lower interest income on our overnight investments and higher interest paid on deposits. The loan loss provision was increased by $20,000 for the three months and reduced by $47,000 for the twelve months ended December 31, 2024 compared to a reduction of $8,000 for the three months ended December 31, 2023 and an increase of $5,000 for the twelve months ended December 31, 2023. The variances in the loan loss provision are the result of the loan loss calculation under the Current Expected Credit Loss (“CECL”) model which was implemented in 2023. The allowance for loan losses was 1.28% of total core loans at December 31, 2024 compared to 1.41% of total core loans at December 31, 2023.\n\n\nNon-interest income for the three months ended December 31, 2024 was $24,000 higher than the same three-month period a year ago and $67,000 higher than the twelve-month period last year. Increases in the cash surrender value of Bank Owned Life Insurance (“BOLI”), increases in Visa credit card commissions and increases in service fee income accounted for the increase in the three and twelv...