KENILWORTH, N.J., Aug. 1, 2013 (GLOBE NEWSWIRE) -- Enterprise National Bank N.J. (the "Bank") (OTCBB:ENBN) reported net income of $143,000, or $0.05 per share, for the quarter ended June 30, 2013, compared to $222,000, or $0.08 per share for the quarter ended June 30, 2012. For the six months ended June 30, 2013, the Bank recorded net income of $304,000, or $0.11 per share, compared with $342,000, or $0.12 per share for the first six months of 2012.
FINANCIAL CONDITION
As of June 30, 2013, total assets were down slightly at $129.9 million as compared to $133.8 million at December 31, 2012. The decrease in total assets is due to the managed reduction in higher costing liabilities and limited opportunities to replace called or matured investment securities. The bank's loan portfolio increased $8.3 million, or 7% for the first six months in 2013. Don Haake, President $ CEO, stated "In addition to the steady growth in loans outstanding, our loan pipeline of approved and prospective business is robust, so we look to continued growth of the portfolio." Stockholders' equity increased to $19.3 million at June 30, 2013, compared to $18.9 million at December 31, 2012. All of the Bank's capital ratios remain well in excess of the current regulatory definition of a "well capitalized" institution. At June 30, 2013, the Bank's tier one leverage capital ratio was 14.50% and the Bank's total risk based capital ratio was 17.89%.
ASSET QUALITY
The bank had non-performing loans of $200,000 as of June 30, 2013, as compared to $1.1 million at December 31, 2012 and $3.1 million at June 30, 2012. In a joint statement, Chairman N. Larry Paragano and Don Haake President & CEO commented: "We are extremely pleased with the significant reduction in non-performing loans, as well as the overall performance of the portfolio. However, we remain diligent in our oversight of the portfolio and will continue to take whatever steps are necessary to ensure against any potential deterioration."
Net Interest Income
Net interest income was $1.3 million in the quarter ending June 30, 2013, as compared to $1.2 million in the quarter ending June 30, 2012. The Bank's net interest margin for the quarter ended June 30, 2013 was 4.15% compared to 3.77% for the same period in 2012.
Net interest income was $2.5 million for the six months ending June 30, 2013, as compared to $2.4 million in the six months ending June 30, 2012. The Bank's net interest margin for the six months ending June 30, 2013 was 4.15% compared to 3.80% for the same period in 2012.
Non-Interest Income
Non-interest income was $36,000 in the quarter ending June 30, 2013, as compared to $117,000 in the quarter ending June 30, 2012.
Non-interest income was $70,000 for the six months ending June 30, 2013, as compared to $167,000 in the six months ending June 30, 2012. The higher level of non-interest income in both prior-year periods related to more activity with prepayments and the associated penalty revenue.
Non-Interest Expense
Total non-interest expense for the quarter ending June 30, 2013 was $991,000, representing little change from $971,000 for the quarter ending June 30, 2012. Total non-interest expense for the six months ending June 30, 2013 was $2.0 million, unchanged from the same period in 2012. Management continues to monitor and control the Bank's non-interest expense on a regular basis.
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, home equity loans, 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 forwardlooking 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 | ||
| Statement of Condition (unaudited) | ||
| Assets | 6/30/2013 | 12/31/2012 |
| Cash and due from banks | $6,531,862 | $16,411,090 |
| Investment securities | 10,228,493 | 12,334,583 |
| Loans | 111,123,152 | 102,847,415 |
| Allowance for loan losses | (1,268,756) | (1,273,310) |
| Net loans | 109,854,396 | 101,574,105 |
| Bank premises and equipment, net | 442,503 | 435,873 |
| Real estate owned | 1,416,000 | 1,416,000 |
| Deferred income taxes | 802,801 | 760,131 |
| Other assets | 623,274 | 844,035 |
| Total Assets | $129,899,329 | $133,775,817 |
| Liabilities and stockholders' equity | ||
| Non-interest bearing deposits | $10,230,267 | $17,211,351 |
| Interest bearing deposits | 95,895,657 | 93,361,737 |
| Total deposits | 106,125,924 | 110,573,088 |
| Borrowings | 4,000,000 | 4,000,000 |
| Other liabilities | 518,895 | 308,043 |
| Total liabilities | 110,644,819 | 114,881,131 |
| Total stockholders' equity | 19,254,510 | 18,894,686 |
| Total Liabilities and stockholders' equity | $129,899,329 | $133,775,817 |
| Enterprise National Bank | ||
| Income Statement (unaudited) | ||
| Three Months Ending | ||
| 6/30/2013 | 6/30/2012 | |
| Interest Income | $1,551,588 | $1,541,886 |
| Interest Expense | 240,291 | 310,187 |
| Net Interest Income | 1,311,297 | 1,231,699 |
| Provision for Loan Losses | 95,584 | 0 |
| Net Interest Income after Provision for Loan Losses | 1,215,713 | 1,231,699 |
| Non-Interest Income | 35,950 | 117,144 |
| Non-Interest Expenses | 991,433 | 970,756 |
| Income Before Income Taxes | 260,230 | 378,087 |
| Income Taxes | 117,000 | 156,300 |
| Net Income | $143,230 | $221,787 |
| Average shares outstanding | 2,860,094 | 2,809,994 |
| Net Income per Common Share | $0.05 | $0.08 |
| Six Months Ending | ||
| 6/30/2013 | 6/30/2012 | |
| Interest Income | $3,073,352 | $3,119,289 |
| Interest Expense | 478,187 | 646,075 |
| Net Interest Income | 2,595,165 | 2,473,214 |
| Provision for Loan Losses | 136,374 | 75,000 |
| Net Interest Income after Provision for Loan Losses | 2,458,791 | 2,398,214 |
| Non-Interest Income | 70,342 | 167,072 |
| Non-Interest Expenses | 1,982,100 | 1,959,169 |
| Income Before Income Taxes | 547,033 | 606,117 |
| Income Taxes | 243,000 | 264,072 |
| Net Income | $304,033 | $342,045 |
| Average shares outstanding | 2,899,094 | 2,812,506 |
| Net Income per Common Share | $0.11 | $0.12 |