Business
Elmer Bancorp, Inc. Announces Third Quarter 2021 Financial Results
Elmer Bancorp, Inc. Announces Third Quarter 2021 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 nine months ended September 30, 2021.\n\nFor the three months ended September 30, 2021, Elmer Bancorp reported net income of $604,000, or $0.53 per common share, compared to $183,000, or $0.16 per common share for the three months ended September 30, 2020. For the nine months ended September 30, 2021 net income totaled $1.537 million, or $1.34 per common share compared to $1.147 million, or $1.00 per common share for the nine months ended September 30, 2020.\n\nNet interest income for the three months ended September 30, 2021 totaled $2.971 million, an increase of $255,000 from $2.716 million in the third quarter of 2020. For the nine months ended September 30, 2021, net interest income totaled $9.075 million compared to $8.311 million for the nine-month period of 2020. The increase in net interest income for both the three and nine-month periods results from interest income and net loan fee income recognized on Payroll Protection Program loans (“PPP”), higher interest income on commercial real estate loans and residential mortgage loans and a higher level of interest income on investments. The loan loss provision was $335,000 lower than last year’s three-month period and $271,000 lower than last year’s nine-month period as we did not record a provision in this year’s third quarter. The allowance for loan losses was 1.81% of total core loans (excludes PPP loans) at September 30, 2021 compared to 1.52% of total core loans at September 30, 2020 maintaining management’s continuing cautious approach to the uncertain impact of the economy and the coronavirus on our loan customer base.\n\nNon-interest income for the three months ended September 30, 2021 was $36,000 higher than the same three-month period a year ago and $65,000 higher than the nine-month period last year. Higher service fee income, and higher gains on the sale of Other Real Estate Owned (“OREO”) (versus OREO losses in the 2020 three-month period) accounted for the increase in the three-month period. For the nine-month period, increases in the cash surrender value of Bank Owned Life Insurance (...