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Enterprise National Bank N.J. Announces First Quarter 2014 Earnings

KENILWORTH, N.J., May 8, 2014 (GLOBE NEWSWIRE) -- Enterprise National Bank N.J. (the "Bank") (OTCBB:ENBN) reported a net profit of $291,000, or $0.10 per share, for the quarter ended March 31, 2014, compared to earnings of $161,000, or $0.06 per share for the quarter ended March 31, 2013.

FINANCIAL CONDITION

Assets

As of March 31, 2014, total assets were $145.4 million as compared to $138.9 million at December 31, 2013.

Capital

Stockholders' equity totaled $20.2 million at March 31, 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 March 31, 2014, the Bank's tier one leverage capital ratio was 14.14% and the Bank's total risk based capital ratio was 16.19%.

Net Interest Income

Net interest income was $1.4 million in the quarter ending March 31, 2014 and $1.2 million in the quarter ending March 31, 2013. The Bank's net interest margin for the quarter ended March 31, 2014 was 4.28% compared to 4.10% for the same period in 2013.

Non-Interest Expense

Total non-interest expense for the quarter ending March 31, 2014 was $972,000 compared to $991,000 for the quarter ending March 31, 2013, demonstrating managements continued efforts towards controlling the Bank's non-interest costs.

Asset Quality

The bank had one non-performing loan of $191,000 thousand at March 31, 2014, as compared to $1.1 million 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.

Don Haake, President and CEO stated "We are pleased to share our first quarter results and the continued profitability of our company. Although total assets grew modestly during the first quarter of 2014, we are encouraged by the steady increase in business activity over the past several months and the accelerated pace of loan closings we've seen in recent weeks as well. Total loans at the end of the quarter were $133.1 million, up $8.2 Million or 6.55% from year-end. We believe our qualitative growth strategy has allowed us to continue to produce increased earnings while maintaining sound asset quality and stable margins."

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 BALANCE SHEETS (unaudited)
Assets 03/31/14 12/31/13
Cash and due from banks $1,987,777 $2,938,982
Investment securities 8,807,640 9,355,102
Loans 133,078,874 124,898,856
Allowance for loan losses (1,536,756) (1,488,756)
Net loans 131,542,118 123,410,100
Bank premises and equipment, net 331,635 369,848
Real estate owned 1,360,053 1,416,000
Deferred income taxes 837,621 846,439
Other assets 540,379 616,520
Total Assets $145,407,223 $138,952,991
Liabilities and stockholders' equity
Non-interest bearing deposits $10,853,121 $12,443,192
Interest bearing deposits 97,244,945 96,322,659
Total deposits 108,098,066 108,765,851
Borrowings 16,600,000 10,000,000
Other liabilities 548,072 376,871
Total liabilities 125,246,138 119,142,722
Total stockholders' equity 20,161,085 19,810,269
Total Liabilities and stockholders' equity $145,407,223 $138,952,991
Enterprise National Bank
Income Statement (unaudited)
Three Months Ending
03/31/14 03/31/13
Interest Income $1,726,433 $1,521,764
Interest Expense 251,681 237,896
Net Interest Income 1,474,752 1,283,868
Provision for Loan Losses 48,000 40,790
Net Interest Income after Provision for Loan Losses 1,426,752 1,243,078
Non-Interest Income 56,086 34,392
Non-Interest Expenses 972,301 990,667
Income Before Income Taxes 510,537 286,803
Income Taxes 219,680 126,000
Net Income $290,857 $160,803
Average shares outstanding 2,893,594 2,860,094
Net Income per Common Share $0.10 $0.06

CONTACT: Donald J. Haake, President & CEO don.haake@enterprisebank.net Website: www.enterprisebank.netSource:Enterprise National Bank