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

KENILWORTH, N.J., Oct. 28, 2014 (GLOBE NEWSWIRE) -- Enterprise National Bank N.J. (the "Bank") (OTCBB:ENBN) recorded the highest quarterly net profit since inception of $427,000, or $0.15 per share, for the quarter ended September 30, 2014, compared to earnings of $229,000, or $0.08 per share for the quarter ended September 30, 2013. For the nine months ended September 30, 2014, the Bank reported a net profit in excess of Plan of $1,055,000, or $0.36 per share compared to $533,000, or $0.18 per share for the same period in 2013, an increase of $522,000 or 97.9%.

FINANCIAL CONDITION

Assets

As of September 30, 2014, total assets were $162.3 million as compared to $139.0 million at December 31, 2013 – an increase of $23.3 million or 16.8%.

Don Haake, President and CEO stated, "We are absolutely delighted to share our record results and continued strong profitability of our company with the Bank's stakeholders. We remain enthused by the steady growth of our asset base and the continued increase in business activity since the end of 2013 through September 30, 2014. The pace of new loan closings remains robust as well with total loans at the end of the third quarter of $144.7 million, up $19.8 million or 15.9% over year-end. We believe our controlled growth strategy has allowed us to continue to produce consistent earnings, while maintaining sound asset quality and stable margins."

Capital

Stockholders' equity totaled $21.0 million at September 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 September 30, 2014, the Bank's tier one leverage capital ratio was 13.05% and the Bank's total risk based capital ratio was 16.76%.

Net Interest Income

Net interest income was $1.6 million for the quarter ending September 30, 2014 compare to $1.4 million for the quarter ending September 30, 2013 – an increase of $230,000, or 16.31%. For the nine months ended September 30, 2014, net interest income was $4.7 million compare to $4.0 million for the same period in 2013 – an increase of $716,000, or 17.9%. The Bank's net interest margin for the nine months ended September 30, 2014 was 4.29% compared to 4.31% for the same period in 2013.

Non-Interest Expense

Total non-interest expense for the quarter ending September 30, 2014 was $933,000 compared to $972,000 for the quarter ended September 30, 2013. For the nine months ended September 30, 2014, total non-interest expense was $2,913,000 as compared to $2,982,000 for the same period in 2013, which continues to demonstrate management's diligent efforts to control the Bank's non-interest costs.

Asset Quality

The bank had one non-performing loan of $125,000 thousand at September 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 09/30/14 12/31/13 Change Chng
Cash and due from banks $7,283 $2,939 $4,344 147.8%
Investment securities 8,761 9,355 (594) -6.3%
Loans 144,734 124,899 19,835 15.9%
Allowance for loan losses (1,655) (1,489) (166) 11.1%
Net loans 143,079 123,410 19,669 15.9%
Bank premises and equipment, net 283 370 (87) -23.5%
Real estate owned 1,360 1,416 (56) -4.0%
Deferred income taxes 837 846 (9) -1.1%
Other assets 662 617 45 7.3%
Total Assets $162,265 $138,953 $23,312 16.8%
Liabilities and stockholders' equity
Non-interest bearing deposits $19,443 $12,443 $7,000 56.3%
Interest bearing deposits 104,652 96,323 8,329 8.6%
Total deposits 124,095 108,766 15,329 14.1%
Borrowings 16,500 10,000 6,500 65.0%
Other liabilities 648 377 271 71.9%
Total liabilities 141,243 119,143 22,100 18.5%
Total stockholders' equity 21,022 19,810 1,212 6.1%
Total Liabilities and stockholders' equity $162,265 $138,953 $23,312 16.8%
Enterprise National Bank
Income Statement (unaudited)
(dollars in thousands, except per share data)
Three Months Ending
%
09/30/14 09/30/13 Change Chng
Interest Income $1,922 $1,653 $269 16.3%
Interest Expense 285 246 39 15.9%
Net Interest Income 1,637 1,407 230 16.3%
Provision for Loan Losses 60 105 (45) -42.9%
Net Interest Income after Provision for Loan Losses 1,577 1,302 275 21.1%
Non-Interest Income 80 70 10 14.3%
Non-Interest Expenses 933 972 (39) -4.0%
Income Before Income Taxes 724 400 324 81.0%
Income Taxes 297 171 126 73.7%
Net Income $427 $229 $198 86.5%
Average shares outstanding 2,895,594 2,899,094
Net Income per Common Share $0.15 $0.08
Nine Months Ending
%
09/30/14 09/30/13 Change Chng
Interest Income $5,521 $4,727 $794 16.8%
Interest Expense 807 729 78 10.7%
Net Interest Income 4,714 3,998 716 17.9%
Provision for Loan Losses 169 242 (73) -30.2%
Net Interest Income after Provision for Loan Losses 4,545 3,756 789 21.0%
Non-Interest Income 162 173 (11) -6.4%
Non-Interest Expenses 2,913 2,982 (69) -2.3%
Income Before Income Taxes 1,794 947 847 89.4%
Income Taxes 739 414 325 78.5%
Net Income $1,055 $533 $522 97.9%
Average shares outstanding 2,895,594 2,899,094
Net Income per Common Share $0.36 $0.18

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