ELMER, N.J. - Elmer Bancorp, Inc. (OTC Pink: ELMA), the parent company of The First National Bank of Elmer, declared a cash dividend of $0.20 per common share payable on May 1, 2024, to shareholders of record as of April 15, 2024. This announcement was made on Monday.
Brian W. Jones, President and CEO of Elmer Bancorp, expressed satisfaction with the company's performance, noting that the dividend is a way to share the bank's success with its shareholders. He highlighted the bank's growth and revenue generation as the basis for this financial decision.
Additionally, the company announced that its Annual Meeting of Shareholders is scheduled to take place at The Grove at Centerton in Pittsgrove, New Jersey, on June 4, 2024, at 11:00 a.m. Eastern Time. Shareholders who are on record as of April 10, 2024, will be eligible to vote at the meeting.
The First National Bank of Elmer, established in 1903, operates as a community bank offering deposit and loan services to retail customers and small to mid-sized businesses. The bank operates from six full-service branch offices located across Cumberland, Gloucester, and Salem Counties in New Jersey. It is headquartered at 10 South Main Street in Elmer, New Jersey.
As a nationally chartered bank, The First National Bank of Elmer assures its customers that deposits are insured up to the maximum amount legally permitted by the Federal Deposit Insurance Corporation (FDIC).
The information in this article is based on a press release statement from Elmer Bancorp, Inc.
InvestingPro Insights
Elmer Bancorp, Inc. (OTC Pink: ELMA) has recently made headlines with its dividend announcement, reflecting the company's commitment to rewarding its shareholders. A deeper dive into the financial data and metrics from InvestingPro provides a clearer picture of the company's financial health and investment potential.
One of the standout InvestingPro Data metrics for Elmer Bancorp is its Price/Earnings (P/E) Ratio, which at 6.87 on a last twelve months basis as of Q4 2023, suggests the company is trading at a lower earnings multiple compared to industry peers.
This could indicate a potentially undervalued stock, especially when paired with Elmer Bancorp's impressive gross profit of $16.02M during the same period. Moreover, the bank's PEG Ratio, which stands at 0.31, may signal that the stock's price is in line with its expected earnings growth, making it an attractive proposition for value investors.
Elmer Bancorp's commitment to shareholder returns is further evidenced by its dividend yield of 2.09% as of the most recent data, with the next ex-dividend date on February 14, 2024. This aligns with the bank's narrative of sharing success with its shareholders.
InvestingPro Tips also highlight that Elmer Bancorp holds more cash than debt on its balance sheet and has liquid assets that exceed short-term obligations. This financial stability is critical for investors looking for a secure investment, especially in the banking sector where liquidity is paramount.
For investors seeking further insights and tips, InvestingPro offers additional analysis, including the fact that Elmer Bancorp is trading near its 52-week high and has been profitable over the last twelve months. These and other insights are available on InvestingPro, where users can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. With 9 additional InvestingPro Tips listed for Elmer Bancorp, investors can gain a comprehensive understanding of the company's financial health and investment potential.
Overall, the data suggests that Elmer Bancorp is a financially robust institution with a strong focus on shareholder value, making it a noteworthy consideration for investors looking at the banking sector.
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