Business
Elmer Bancorp, Inc. Announces Second Quarter 2023 Financial Results
Elmer Bancorp, Inc. Announces Second Quarter 2023 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, 2023.\n\n\nFor the three months ended June 30, 2023, Elmer Bancorp reported net income of $949,000, or $0.83 per average diluted common share, compared to $509,000, or $0.44 per average diluted common share for the three months ended June 30, 2022. For the six months ended June 30, 2023 net income totaled $1.773 million or $1.54 per average diluted common share compared to $820,000, or $0.71 per average diluted common share for the six months ended June 30, 2022.\n\n\nNet interest income for the three months ended June 30, 2023 totaled $3.826 million, an increase of $829,600 from $2.997 million in the second quarter of 2022. For the six months ended June 30, 2023, net interest income totaled $7.532 million compared to $5.743 million for the six-month period of 2022. This increase in net interest income is related to higher interest income on our overnight investments as well as higher interest and fees on loans resulting from core loan growth year-over-year partially offset by higher interest paid on deposits. The loan loss provision was reduced by $23,500 and $64,400 for the three and six months ended June 30, 2023 compared to no loan loss provision in the first or second quarter of 2022. This adjustment was the result of the bank implementing the required loan loss calculation under the Current Expected Credit Loss (CECL) model.\n\n\nNon-interest income for the three months ended June 30, 2023 was $11,100 lower than the same three-month period a year ago and $30,300 lower than the six-month period last year. Lower fees on sold mortgages partially offset by higher service fee income accounted for the decrease in the three and six-month period.\n\n\nNon-interest expenses were higher for the three and six months ended June 30, 2023 versus the prior year periods by $211,900 and $459,400, respectively. Increases in employment costs, occupancy and equipment expenses, miscellaneous expenses, other real estate owned expenses and data processing expenses were partially offset by lower professional fees.\n\n\nElmer Bancorp’s total assets at June 30, 2023 totaled $361.1 million, a...