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Enterprise National Bank N.J. Announces Record Second Quarter 2014 Earnings

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

CONTACT: Donald J. Haake, President & CEO don.haake@enterprisebank.net David J. Onderko, CFO/COO david.onderko@enterprisebank.net Website: www.enterprisebank.netSource:Enterprise National Bank