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 capital requirements to be classified as a well-capitalized institution as of March 31, 2026.
Brian W. Jones, President and Chief Executive Officer stated, “We are happy to report a strong first quarter of earnings in 2026, continuing to build on our record income in 2025. Both loans and deposits continue to increase due to solid organic growth within our target markets. Our bank is well capitalized and continues to accrete solid earnings to our book value. Even though the current economic conditions remain somewhat uncertain, the bank is strategically placed to manage evolving financial developments. As always, we are grateful to our loyal clients, employees and shareholders.”
As previously reported, on April 1, 2026 the Company’s Board of Directors declared a cash dividend in the amount of $0.20 per common share, payable on May 1, 2026 to shareholders of record as of the close of business on April 15, 2026.
Also, on April 1, 2026, the Company announced that the Annual Meeting of Shareholders will be held at The Grove at Centerton located at 1022 Almond Road, Pittsgrove, New Jersey on Tuesday, June 2, 2026 at 11:00 a.m. Eastern Time. The record date for shareholders to vote at the Annual Meeting is April 8, 2026.
The First National Bank of Elmer, a nationally chartered bank headquartered in Elmer, New Jersey, has a long history of serving the community since its beginnings in 1903. We are a community bank focused on providing deposit and loan products to retail customers and to small and mid-sized businesses from our six full-service branch offices located in Cumberland, Gloucester and Salem Counties, New Jersey, including our main office located at 10 South Main Street in Elmer, New Jersey. In addition to our branch offices, the bank also operates a loan production office (“LPO”) located in Marlton, NJ to service our clients in Burlington County. Deposits at The First National Bank of Elmer are insured up to the legal maximum amount by the Federal Deposit Insurance Corporation (FDIC).
For more information about Elmer Bank and its products and services, please visit our website at www.ElmerBank.com or call toll free 1-856-358-7000.
Forward-Looking Statements
This press release and other statements made from time to time by the Company’s management contain express and implied statements relating to our future financial condition, results of operations, credit quality, corporate objectives, and other financial and business matters, which are considered forward-looking statements. These forward-looking statements are necessarily speculative and speak only as of the date made, and are subject to numerous assumptions, risks and uncertainties, all of which may change over time. Actual results could differ materially from those expected or implied by such forward-looking statements. Risks and uncertainties which could cause our actual results to differ materially and adversely from such forward-looking statements include economic conditions affecting the financial industry: changes in interest rates and shape of the yield curve, credit risk associated with our lending activities, risks relating to our market area, significant real estate collateral and the real estate market, operating, legal and regulatory risk, fiscal and monetary policy, economic, political and competitive forces affecting our business, our ability to identify and address cyber-security risks, and management’s analysis of these risks and factors being incorrect, and/or the strategies developed to address them being unsuccessful. Any statements made that are not historical facts should be considered forward-looking statements. You should not place undue reliance on any forward-looking statements. We undertake no obligation to update forward-looking statements or to make any public announcement when we consider forward-looking statements to no longer be accurate because of new information of future events, except as may be required by applicable law or regulation.
| ELMER BANCORP, INC. AND SUBSIDIARIES | ||||||||||||||||||||
| SELECTED FINANCIAL DATA | ||||||||||||||||||||
| (unaudited) | ||||||||||||||||||||
| Three Months Ended | Three Months Ended | |||||||||||||||||||
| 3/31/2026 | 12/31/2025 | 9/30/2025 | 6/30/2025 | 3/31/2025 | ||||||||||||||||
| Statement of Income Data: | (dollars in thousands, except per share data) | |||||||||||||||||||
| Interest income |
$ |
5,051 |
|
$ |
5,231 |
|
$ |
5,293 |
|
$ |
5,151 |
|
$ |
4,754 |
|
|||||
| Interest expense |
|
1,027 |
|
|
1,195 |
|
|
1,182 |
|
|
1,150 |
|
|
973 |
|
|||||
| Net interest income |
|
4,024 |
|
|
4,036 |
|
|
4,111 |
|
|
4,001 |
|
|
3,781 |
|
|||||
| Provision for loan losses |
|
40 |
|
|
33 |
|
|
40 |
|
|
44 |
|
|
40 |
|
|||||
| Net interest income after provision | ||||||||||||||||||||
| for loan losses |
|
3,984 |
|
|
4,003 |
|
|
4,071 |
|
|
3,957 |
|
|
3,741 |
|
|||||
| Non-interest income |
|
298 |
|
|
316 |
|
|
298 |
|
|
287 |
|
|
818 |
|
|||||
| Non-interest expense |
|
3,482 |
|
|
3,355 |
|
|
3,334 |
|
|
3,249 |
|
|
3,293 |
|
|||||
| Income before income tax expense |
|
800 |
|
|
964 |
|
|
1,035 |
|
|
995 |
|
|
1,266 |
|
|||||
| Income tax expense |
|
200 |
|
|
246 |
|
|
267 |
|
|
258 |
|
|
187 |
|
|||||
| Net income |
$ |
600 |
|
$ |
718 |
|
$ |
768 |
|
$ |
737 |
|
$ |
1,079 |
|
|||||
| Earnings per share: | ||||||||||||||||||||
| Basic |
$ |
0.52 |
|
$ |
0.63 |
|
$ |
0.67 |
|
$ |
0.64 |
|
$ |
0.94 |
|
|||||
| Diluted |
$ |
0.52 |
|
$ |
0.63 |
|
$ |
0.67 |
|
$ |
0.64 |
|
$ |
0.94 |
|
|||||
| Weighted average basic shares outstanding |
|
1,147,247 |
|
|
1,145,841 |
|
|
1,144,985 |
|
|
1,144,142 |
|
|
1,144,914 |
|
|||||
| Weighted average diluted shares outstanding |
|
1,147,247 |
|
|
1,146,290 |
|
|
1,145,490 |
|
|
1,144,423 |
|
|
1,146,095 |
|
|||||
| Book value per share |
$ |
34.23 |
|
$ |
33.91 |
|
$ |
33.36 |
|
$ |
32.44 |
|
$ |
31.86 |
|
|||||
| Statement of Condition Data (Period End): | 3/31/2026 | 12/31/2025 | 9/30/2025 | 6/30/2025 | 3/31/2025 | |||||||||||||||
| Cash & due from banks |
$ |
24,941 |
|
$ |
46,422 |
|
$ |
51,203 |
|
$ |
47,293 |
|
$ |
29,774 |
|
|||||
| Total investments |
|
22,965 |
|
|
23,223 |
|
|
23,246 |
|
|
23,150 |
|
|
23,173 |
|
|||||
| Total gross loans |
|
339,581 |
|
|
327,269 |
|
|
323,248 |
|
|
322,262 |
|
|
320,385 |
|
|||||
| Allowance for loan losses |
|
(4,203 |
) |
|
(4,162 |
) |
|
(4,122 |
) |
|
(4,077 |
) |
|
(4,030 |
) |
|||||
| Accrued interest receivable |
|
1,053 |
|
|
1,019 |
|
|
1,006 |
|
|
958 |
|
|
937 |
|
|||||
| Premises & equipment, net |
|
3,748 |
|
|
3,722 |
|
|
3,764 |
|
|
3,796 |
|
|
3,821 |
|
|||||
| Other real estate owned |
|
– |
|
|
– |
|
|
– |
|
|
– |
|
|
– |
|
|||||
| Bank owned life insurance |
|
8,922 |
|
|
8,848 |
|
|
8,774 |
|
|
7,703 |
|
|
7,641 |
|
|||||
| Other assets |
|
3,038 |
|
|
3,078 |
|
|
3,039 |
|
|
3,496 |
|
|
3,217 |
|
|||||
| Total assets |
$ |
400,045 |
|
$ |
409,419 |
|
$ |
410,158 |
|
$ |
404,581 |
|
$ |
384,918 |
|
|||||
| Total deposits |
$ |
358,057 |
|
$ |
367,905 |
|
$ |
369,217 |
|
$ |
365,275 |
|
$ |
346,048 |
|
|||||
| Accrued interest payable |
|
151 |
|
|
252 |
|
|
235 |
|
|
178 |
|
|
149 |
|
|||||
| Other liabilities |
|
2,421 |
|
|
2,212 |
|
|
2,278 |
|
|
1,756 |
|
|
2,021 |
|
|||||
| Total liabilities |
$ |
360,629 |
|
$ |
370,369 |
|
$ |
371,730 |
|
$ |
367,209 |
|
$ |
348,218 |
|
|||||
| Total stockholders’ equity |
$ |
39,416 |
|
$ |
39,050 |
|
$ |
38,428 |
|
$ |
37,372 |
|
$ |
36,700 |
|
|||||
| Total liabilities & stockholders’ equity |
$ |
400,045 |
|
$ |
409,419 |
|
$ |
410,158 |
|
$ |
404,581 |
|
$ |
384,918 |
|
|||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20260430930471/en/
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