Business
ELMER BANCORP, INC. Announces Second Quarter 2022 Financial Results
ELMER BANCORP, INC. Announces Second 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 three and six months ended June 30, 2022.\n\nFor the three months ended June 30, 2022, Elmer Bancorp reported net income of $509,000, or $0.44 per average diluted common share, compared to $530,000, or $0.46 per average diluted common share for the three months ended June 30, 2021. For the six months ended June 30, 2022 net income totaled $820,000, or $0.71 per average diluted common share compared to $933,000, or $0.81 per average diluted common share for the six months ended June 30, 2021.\n\nNet interest income for the three months ended June 30, 2022 totaled $2.997 million, an increase of $44,800 from $2.952 million in the second quarter of 2021. For the six months ended June 30, 2022, net interest income totaled $5.743 million compared to $6.103 million for the six-month period of 2021. The increase in net interest income for three-month period results from higher interest on our overnight investments partially offset by lower Payroll Protection Program (“PPP”) loan interest income and net loan fee income recognized on PPP loans. Much of the decrease in the six-month period is related to higher net fee income recognized on the PPP loans in the first quarter of 2021. The loan loss provision was $105,000 and $300,000 for the three and six months ended June 30, 2021 compared to no loan loss provision in the first or second quarter of this year. The allowance for loan losses was 1.73% of total core loans at June 30, 2022 compared to 1.80% of total core loans at June 30, 2021.\n\nNon-interest income for the three months ended June 30, 2022 was $25,500 higher than the same three-month period a year ago and $36,200 higher than the six-month period last year. Higher service fee income partially offset by lower fees on sold mortgages accounted for the increase in the three and six-month period.\n\nNon-interest expenses were higher for the three and six months ended June 30, 2022 versus the prior year periods by $203,800 and $134,700, respectively. Increases in employment costs, occupancy and equipment expenses, miscellaneous expenses and data processing expenses were partially offset by lower professional...