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Enterprise National Bank N.J. Announces Second Quarter 2013 Earnings

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

CONTACT: Donald J. Haake, President & CEO don.haake@enterprisebank.net Thomas P. Keating, CFO thomas.keating@enterprisebank.netSource:Enterprise National Bank

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