Business
Elmer Bancorp, Inc. Announces Second Quarter 2024 Financial Results
Elmer Bancorp, Inc. Announces Second Quarter 2024 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, 2024.\n\n\nFor the three months ended June 30, 2024, Elmer Bancorp reported net income of $793,000, or $0.69 per average diluted common share, compared to $949,000, or $0.83 per average diluted common share for the three months ended June 30, 2023. For the six months ended June 30, 2024, net income totaled $1.424 million or $1.25 per average diluted common share compared to $1.773 million, or $1.54 per average diluted common share for the six months ended June 30, 2023.\n\n\nNet interest income for the three months ended June 30, 2024 totaled $3.629 million, a decrease of $197,000 from $3.826 million in the second quarter of 2023. For the six months ended June 30, 2024, net interest income totaled $7.241 million compared to $7.532 million for the six-month period of 2023. This decrease in net interest income is the result of higher interest paid on deposits partially offset by higher interest and fees on loans and higher income on our overnight investments. The loan loss provision was reduced by $111,000 and $68,000 for the three and six months ended June 30, 2024 compared to a reduction of $24,000 and $64,000 for the three and six months ended June 30, 2023. This adjustment was the result of 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, 2024 was $13,000 higher than the same three-month period a year ago and $24,000 higher than the six-month period last year. Increases in the cash surrender value of Bank Owned Life Insurance (“BOLI”) and increases in Visa credit card commissions accounted for the increase in the three and six-month period.\n\n\nNon-interest expenses were higher for the three and six months ended June 30, 2024 versus the prior year periods by $188,000 and $295,000, respectively. Increases in employment costs, data processing expenses, miscellaneous expenses and advertising and marketing expenses were partially offset by lower Other Real Estate Owned (“OREO”) expenses.\n\n\nElmer Bancorp’s total assets at June 30, 2024 totaled $383....