ELMER 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 quarter ended March 31, 2025.

For the three months ended March 31, 2025, Elmer Bancorp reported net income of $1.079 million, or $0.94 per average diluted common share, compared to $631,000, or $0.55 per average diluted common share for the quarter ended March 31, 2024.

Net interest income for the three months ended March 31, 2025 totaled $3.781 million, an increase of $169,000 from $3.612 million in the first quarter of 2024. This increase in net interest income is related to higher interest and fees on loans resulting from core loan growth year-over-year partially offset by higher interest paid on deposits and lower interest income on our overnight investments. Non-interest income increased $565,000 primarily resulting from a one-time Bank Owned Life Insurance (“BOLI”) net payout of $530,000. Non-interest income was also affected by higher Visa credit card commissions and higher service fee income partially offset by a loss on the sale of Other Real Estate Owned (“OREO”). Non-interest expenses were $350,000 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 other operating expenses were partially offset by a reduction in OREO expenses and loan-related expenses. The allowance for loan losses was 1.26% of total loans at March 31, 2025 compared to 1.38% of total loans at March 31, 2024.

Elmer Bancorp’s total assets at March 31, 2025 were $384.9 million, an increase of $24.3 million from the March 31, 2024 level of $360.6 million. Loans totaled $320.4 million at March 31, 2025, an increase of $22.2 million from the March 31, 2024 total of $298.2 million. In addition, overnight investments increased $2.7 million year-over-year. Deposits totaled $346.0 million at March 31, 2025, a $20.7 million increase over the March 31, 2024 total of $325.3 million. This increase in deposits is the result of our successful marketing promotion to obtain new deposits. Stockholders’ equity totaled $36.7 million at March 31, 2025. The book value per common share at March 31, 2025 was $31.86 compared to $28.94 per share at March 31, 2024. The Bank met all regulatory capital requirements to be classified as a well-capitalized institution as of March 31, 2025.

Brian W. Jones, President and Chief Executive Officer stated, “We are happy to announce strong earnings for the first quarter of 2025. A significant contributor to our earnings this quarter is an increase in our non-interest income due to a one-time BOLI benefit claim recognition. In addition, net interest income increased year-over-year as well as our loan and deposit balances. We are pleased that our new loan processing office (“LPO”) has opened in Burlington County. This will allow us to expand our footprint and enable us to continue our steady loan growth. Although the immediate economic environment is uncertain, we remain well-positioned to cope with changing market conditions. As we begin the new year, we would like to thank our customers and shareholders for their ongoing support.”

As previously reported, on April 1, 2025 the Company’s Board of Directors declared a cash dividend in the amount of $0.20 per common share, payable on May 1, 2025 to shareholders of record as of the close of business on April 15, 2025.

Also, on April 1, 2025, 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 3, 2025 at 11:00 a.m. Eastern Time. The record date for shareholders to vote at the Annual Meeting is April 8, 2025.

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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