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Mercer Bancorp Inc Com (MSBB-1.64%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing total assets of $180.9 million, a decrease from $181.7 million at the end of the prior quarter. This decrease was primarily due to reductions in cash and cash equivalents and loans held for sale.
Cash and cash equivalents decreased to $4.9 million from $5.9 million, attributed to a decrease in deposits during the quarter.
Investment securities decreased by $142,000 to $11.1 million, with purchases offset by calls, maturities, and a decrease in fair value.
Loans held for sale decreased by $437,000 to $10.1 million, with auto loans originated for sale offset by principal repayments.
Net loans increased by $732,000 to $145.8 million, driven by a rise in agricultural real estate loans.
Deposits decreased by $878,000 to $133.7 million, with core deposits increasing while certificates of deposit decreased.
The company reported net income of $276,000 for the quarter, an increase from $173,000 in the same quarter the previous year. This increase was primarily due to higher net interest income.
Interest income rose to $2.3 million, driven by a higher average balance and yield on loans.
Interest expense increased to $740,000, with higher costs for deposits and borrowings.
Noninterest income decreased slightly to $152,000, while noninterest expenses rose to $1.4 million due to increases in salaries, data processing, and loan expenses.
The company did not record a provision for credit losses for the quarter, maintaining an allowance for credit losses of $960,000.
Mercer Bancorp continues to focus on growing its loan portfolio, particularly in residential and agricultural real estate loans.
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 quarterly 10-Q report dated February 14, 2025. To report an error, please email earnings@qz.com.