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 three and six months ended June 30, 2025.

For the three months ended June 30, 2025, Elmer Bancorp reported net income of $737,000, or $0.64 per average diluted common share, compared to $793,000, or $0.69 per average diluted common share for the three months ended June 30, 2024. For the six months ended June 30, 2025, net income totaled $1.816 million or $1.59 per average diluted common share compared to $1.424 million, or $1.25 per average diluted common share for the six months ended June 30, 2024.

Net interest income for the three months ended June 30, 2025 totaled $4.001 million, an increase of $372,000 from $3.629 million in the second quarter of 2024. For the six months ended June 30, 2025, net interest income totaled $7.782 million compared to $7.241 million for the six-month period of 2024. This increase in net interest income is the result of higher interest and fees on loans partially offset by higher interest paid on deposits and lower income on our overnight investments. The loan loss provision was increased by $44,000 and $84,000 for the three and six months ended June 30, 2025 compared to a reduction of $111,000 and $68,000 for the three and six months ended June 30, 2024. This adjustment was the result of the required loan loss calculation under the Current Expected Credit Loss (“CECL”) model.

Non-interest income for the three months ended June 30, 2025 was $16,000 higher than the same three-month period a year ago and $581,000 higher than the six-month period last year. Higher service fee income accounted for the increase in the three-month period. For the increase in the six-month period, the one-time Bank Owned Life Insurance (“BOLI”) payout, increased Visa credit card commissions and higher service fee income was partially offset by a loss on Other Real Estate Owned (“OREO”).

Non-interest expenses were higher for the three and six months ended June 30, 2025 versus the prior year periods by $285,000 and $636,000, respectively. Increases in employment costs, professional fees, and occupancy and equipment costs were partially offset by lower loan-related expenses.

Elmer Bancorp’s total assets at June 30, 2025 totaled $404.6 million, an increase of $21.6 million from the June 30, 2024 level of $383.0 million. Loans totaled $322.3 million at June 30, 2025, an increase of $22.0 million from the June 30, 2024 total of $300.3 million. At June 30, 2025, the allowance for loan losses was 1.27% of total loans.

Deposits totaled $365.3 million at June 30, 2025, an $18.0 million increase over the June 30, 2024 total of $347.3 million, reflecting an increase of $16.3 million in interest bearing deposits and an increase of $1.7 million in non-interest bearing deposits. Stockholders’ equity totaled $37.4 million at June 30, 2025. The book value per share at June 30, 2025 was $32.44 compared to $29.53 per share at June 30, 2024. The Bank met all regulatory capital requirements to be classified as a well-capitalized institution as of June 30, 2025.

Brian W. Jones, President and Chief Executive Officer stated, “We are pleased to have delivered another quarter of strong earnings for the second quarter of 2025. We have seen continued growth in our loan and deposit balances due to the strength of our existing customer base. Loans have increased $22.0 million or 7.3% and deposits have increased $18.0 million or 5.2% year-over-year. This growth is reflected in the increase in net interest income of $541,000 since June 30, 2024. As we enter the third quarter, we remain well positioned to manage through any market uncertainty. As always, our success is a result of our dedicated customers, shareholders and employees and we thank them for their ongoing support.”

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. 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.

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