Elmer Bancorp, Inc. Announces First Quarter 2026 Financial Results

About this update from Elmer Bancorp, Inc.

Elmer Bancorp, Inc. Announces First Quarter 2026 Financial Results Elmer Bancorp, Inc. Announces First Quarter 2026 Financial Results ELMER, N.J.--(BUSINESS WIRE)-- ELMER BANCORP, INC. (“Elmer Bancorp” or the “Company”) (OTCID: ELMA), the parent company of The First National Bank of Elmer (the “Bank”), announces its operating results for the quarter ended March 31, 2026. For the three months ended March 31, 2026, Elmer Bancorp reported net income of $600,000, or $0.52 per average diluted common share, compared to $1.079 million, or $0.94 per average diluted common share for the quarter ended March 31, 2025. Net interest income for the three months ended March 31, 2026 totaled $4.024 million, an increase of $243,000 from $3.781 million in the first quarter of 2025. This increase in net interest income is related to higher interest and fees on loans resulting from core loan growth year-over-year and higher interest income on our overnight investments partially offset by higher interest paid on deposits. Non-interest income decreased $520,000 resulting from the one-time Bank Owned Life Insurance (“BOLI”) net payout of $530,000 received in the first quarter of 2025. Non-interest expenses were $189,000 higher in the first quarter of this year compared to the same period last year. Higher employment costs, occupancy and equipment costs, data processing costs and advertising expenses were partially offset by a reduction in other operating expenses and professional fees. The allowance for loan losses was 1.24% of total loans at March 31, 2026 compared to 1.26% of total loans at March 31, 2025. Elmer Bancorp’s total assets at March 31, 2026 were $400.0 million, an increase of $15.1 million from the March 31, 2025 level of $384.9 million. Loans totaled $339.6 million at March 31, 2026, an increase of $19.2 million from the March 31, 2025 total of $320.4 million. The increase in loans was partially offset by a decrease in overnight investments of $4.3 million year-over-year. Deposits totaled $358.1 million at March 31, 2026, a $12.1 million increase over the March 31, 2025 total of $346.0 million. Stockholders’ equity totaled $39.4 million at March 31, 2026. The book value per common share at March 31, 2026 was $34.23 compared to $31.86 per share at March 31, 2025. The Bank met all regulatory capi...

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