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ELMER, N.J. - Elmer Bancorp, Inc. (OTC Pink: ELMA), the holding company for The First National Bank of Elmer, has declared a cash dividend of $0.20 per common share, to be paid on November 1, 2024, to shareholders of record by October 15, 2024.
Brian W. Jones, President and CEO of Elmer Bancorp, expressed gratitude to shareholders for their ongoing support, which he attributed to the bank's growth and continued service to the local community. The First National Bank of Elmer, with a history dating back to 1903, operates six full-service branches across Cumberland, Gloucester, and Salem Counties in New Jersey.
As a community-focused bank, it offers deposit and loan products to retail customers and small to mid-sized businesses. The bank's deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to the maximum legal amount.
This financial move reflects the company's commitment to delivering value to its shareholders and its stable position in the market. The information regarding the dividend declaration is based on a press release statement from Elmer Bancorp, Inc.
InvestingPro Insights
Elmer Bancorp's recent dividend declaration aligns with its financial health, as revealed by InvestingPro data. The company's impressive gross profit margins and strong balance sheet position, with more cash than debt, underscore its ability to maintain shareholder returns.
An InvestingPro Tip highlights that Elmer Bancorp is trading at a low Price / Book multiple, which could indicate potential value for investors in light of the announced dividend. Additionally, the company's valuation implies a strong free cash flow yield, suggesting efficient capital management.
While the declared dividend of $0.20 per share reflects positively on the company's financial stability, it's worth noting that Elmer Bancorp's revenue growth has been negative, with a -0.51% decline in the last twelve months. However, the company maintains a solid operating income margin of 26.5%, demonstrating effective cost management despite revenue challenges.
For investors seeking a more comprehensive analysis, InvestingPro offers 7 additional tips for Elmer Bancorp, providing deeper insights into the company's financial position and market performance.
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