KENILWORTH, N.J., Aug. 7, 2014 (GLOBE NEWSWIRE) -- Enterprise National Bank N.J. (the "Bank") (OTCBB:ENBN) reported a net profit of $337,000, or $0.12 per share, for the quarter ended June 30, 2014, compared to earnings of $143,000, or $0.05 per share for the quarter ended June 30, 2013. For the six months ended June 30, 2014, the Bank reported a net profit of $628,000, or $0.22 per share compared to $304,000, or $0.11 per share for the same period in 2013, an increase of $324,000 or 106.6%.
FINANCIAL CONDITION
Assets
As of June 30, 2014, total assets were $155.4 million as compared to $139.0 million at December 31, 2013 – an increase of $16.4 million or 11.8%.
Don Haake, President and CEO stated, "We are pleased to share our results for the first half of 2014 and the continued profitability of our company with the Bank's stakeholders. We are encourage by the steady growth of our asset base and the steady increase in business activity since the end of 2013 through June 30, 2014. The pace of loan closings has continued to grow in recent weeks as well. Total loans at the end of the second quarter were $141.6 million, up $16.7 million or 13.4% from year-end. We believe our growth strategy has allowed us to produce consistent earnings while maintaining sound asset quality and stable margins."
Capital
Stockholders' equity totaled $20.5 million at June 30, 2014, compared to $19.8 million at December 31, 2013. All of the Bank's capital ratios are exceptionally strong and remain well in excess of the current regulatory definition of a "well capitalized" institution. At June 30, 2014, the Bank's tier one leverage capital ratio was 13.67% and the Bank's total risk based capital ratio was 15.60%.
Net Interest Income
Net interest income was $1.6 million in the quarter ending June 30, 2014 compare to $1.3 million in the quarter ending June 30, 2013 – an increase of $290,000, or 22.1%. For the six months ended June 30, 2014, net interest income was $3.1 million compare to $2.6 million for the same period in 2013 – an increase of $486,000, or 18.8%. The Bank's net interest margin for the six months ended June 30, 2014 was 4.32% compared to 4.08% for the same period in 2013.
Non-Interest Expense
Total non-interest expense for the quarter ending June 30, 2014 was $995,000 compared to $1,001,000 for the quarter ended June 30, 2013. For the six months ended June 30, 2014, total non-interest expense was $1,980,000 as compared to $2,010,000 for the same period in 2013, which continues to demonstrate managements continued efforts to control the Bank's non-interest costs.
Asset Quality
The bank had one non-performing loan of $191,000 thousand at June 30, 2014, as compared to $196,000 for the same period last year. The Bank has OREO of $1.4 million, which is an income producing property that is under contract for the full carrying price.
THE BANK
Enterprise National Bank N.J., headquartered in Kenilworth, New Jersey, is listed on the OTC Bulletin Board under the symbol "ENBN." The Bank focuses on serving the needs of small to medium sized businesses, commercial real estate borrowers, professional practices and consumers. Its services include business and personal checking, savings, money market and certificate of deposit accounts. Additionally, the Bank offers commercial and consumer loans, lines of credit, ATM cards, debit cards, E-Banking, remote deposit capture, and free telephone and online banking.
Forward-Looking Statements
This news release may contain forward-looking statements. We caution that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Such statements are also subject to certain factors that may cause the Bank's results to vary from those expected. These factors include changing economic and financial market conditions, competition, ability to execute the Bank's business plan, items already mentioned in this press release, and other factors. Readers are cautioned not to place undue reliance on these forward looking statements, which reflect management's judgment only as of this date. The Bank undertakes no obligation to publicly revise these forward-looking statements to reflect events and circumstances that arise after the date of this release.
| Enterprise National Bank N.J. | ||||
| Consolidated Statements of Condition (unaudited) | ||||
| (dollars in thousands) | ||||
| Assets | 06/30/14 | 12/31/13 | Change | % Chng |
| Cash and due from banks | $ 3,707 | $ 2,939 | $ 768 | 26.1% |
| Investment securities | 8,531 | 9,355 | (824) | -8.8% |
| Loans | 141,609 | 124,899 | 16,710 | 13.4% |
| Allowance for loan losses | (1,598) | (1,489) | (109) | 7.3% |
| Net loans | 140,011 | 123,410 | 16,601 | 13.5% |
| Bank premises and equipment, net | 314 | 370 | (56) | -15.1% |
| Real estate owned | 1,360 | 1,416 | (56) | -4.0% |
| Deferred income taxes | 835 | 846 | (11) | -1.3% |
| Other assets | 595 | 617 | (22) | -3.6% |
| Total Assets | $ 155,353 | $ 138,953 | $ 16,400 | 11.8% |
| Liabilities and stockholders' equity | ||||
| Non-interest bearing deposits | $ 12,934 | $ 12,443 | $ 491 | 3.9% |
| Interest bearing deposits | 105,855 | 96,323 | 9,532 | 9.9% |
| Total deposits | 118,789 | 108,766 | 10,023 | 9.2% |
| Borrowings | 15,450 | 10,000 | 5,450 | 54.5% |
| Other liabilities | 566 | 377 | 189 | 50.1% |
| Total liabilities | 134,805 | 119,143 | 15,662 | 13.1% |
| Total stockholders' equity | 20,548 | 19,810 | 738 | 3.7% |
| Total Liabilities and stockholders' equity | $ 155,353 | $ 138,953 | $ 16,400 | 11.8% |
| Enterprise National Bank | ||||
| Income Statement (unaudited) | ||||
| (dollars in thousands, except per share data) | ||||
| Three Months Ending | ||||
| 06/30/14 | 06/30/13 | Change | % Chng | |
| Interest Income | $1,871 | $1,552 | $319 | 20.6% |
| Interest Expense | 269 | 240 | 29 | 12.1% |
| Net Interest Income | 1,602 | 1,312 | 290 | 22.1% |
| Provision for Loan Losses | 61 | 96 | (35) | -36.5% |
| Net Interest Income after Provision for Loan Losses | 1,541 | 1,216 | 325 | 26.7% |
| Non-Interest Income | 13 | 45 | (32) | -71.1% |
| Non-Interest Expenses | 995 | 1,001 | (6) | -0.6% |
| Income Before Income Taxes | 559 | 260 | 299 | 115.0% |
| Income Taxes | 222 | 117 | 105 | 89.7% |
| Net Income | $337 | $143 | $194 | 135.7% |
| Average shares outstanding | 2,893,594 | 2,860,094 | ||
| Net Income per Common Share | $0.12 | $0.05 | ||
| Six Months Ending | ||||
| 06/30/14 | 06/30/13 | Change | % Chng | |
| Interest Income | $3,599 | $3,074 | $525 | 17.1% |
| Interest Expense | 522 | 483 | 39 | 8.1% |
| Net Interest Income | 3,077 | 2,591 | 486 | 18.8% |
| Provision for Loan Losses | 109 | 137 | (28) | -20.4% |
| Net Interest Income after Provision for Loan Losses | 2,968 | 2,454 | 514 | 20.9% |
| Non-Interest Income | 82 | 103 | (21) | -20.4% |
| Non-Interest Expenses | 1,980 | 2,010 | (30) | -1.5% |
| Income Before Income Taxes | 1,070 | 547 | 523 | 95.6% |
| Income Taxes | 442 | 243 | 199 | 81.9% |
| Net Income | $628 | $304 | $324 | 106.6% |
| Average shares outstanding | 2,893,594 | 2,860,094 | ||
| Net Income per Common Share | $0.22 | $0.11 | ||