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Mercer Bancorp Inc Com (MSBB0.00%) has submitted its Form 10-K filing for the fiscal year ended September 30, 2024.
The filing details the company's financial performance, including total assets of $181.7 million, an increase from $159.0 million the previous year. Net loans rose to $145.1 million from $130.0 million.
Total deposits increased to $134.6 million from $122.8 million, with core deposits making up 68.1% of total deposits. Advances from the Federal Home Loan Bank increased to $22.0 million.
Net income for the year was $693,000, a decrease from $744,000 in the prior year, attributed to higher noninterest expenses and an increased provision for credit losses.
Interest income rose to $8.2 million from $6.0 million, driven by higher loan balances and yields. Interest expense increased to $2.5 million from $600,000 due to higher deposit and borrowing costs.
Noninterest income increased to $846,000 from $645,000, primarily due to a $160,000 incentive from switching to Mastercard.
Noninterest expenses rose to $5.6 million from $5.1 million, with increases in salaries, loan expenses, and professional services fees.
The company identified material weaknesses in its internal controls over financial reporting, specifically in the preparation and review of the allowance for credit losses and accrued expenses.
Mercer Bancorp's primary business activities include holding the common stock of Mercer Savings Bank, which focuses on residential mortgage loans and agricultural real estate loans.
The company plans to expand its market area through organic growth and de novo branching, with a new branch expected in Adams County, Indiana in 2025.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Mercer Bancorp Inc Com annual 10-K report dated January 14, 2025. To report an error, please email earnings@qz.com.