KENILWORTH, N.J., May 1 /PRNewswire-FirstCall/ -- Enterprise
National Bank N.J. (the "Bank") (OTC:ENBN) (BULLETIN BOARD: ENBN)
reported a net loss of $164 thousand, or $(0.09) per share, for the
quarter ended March 31, 2007. The first quarter's results were
comparable to the loss of $161 thousand, or $0.09 per share,
reported in the fourth quarter of 2006. The Bank reported a loss of
$89 thousand, or $0.05 per share, in the first quarter 2006.
FINANCIAL CONDITION The Bank ended the first quarter with total
assets of $73.0 million as compared to $68.7 million at December
31, 2006, reflecting growth of 6.3%. During the same period, the
Bank experienced a net growth in loans of $3.4 million, an increase
in cash and due from banks of $.5 million and an increase in
investment securities of $.4 million. Loans, net of allowance for
loan losses, totaled $46.8 million at March 31, 2007, an increase
of $3.4 million, or 7.8%, from $43.4 million at the end of 2006.
During the first three months of 2007, the Bank originated $10.1
million of primarily commercial real estate and business loans,
which was offset in part by payoffs and repayments totaling $6.7
million. Asset growth was funded by an increase in deposits of $3.5
million, or 8.2%, to $46.3 million at March 31, 2007 from $42.8
million at December 31, 2006. REVENUES Total revenue, defined as
net interest income plus non-interest income, increased by $20
thousand, or 3.7%, during the first quarter in comparison to the
year ago period. The growth in revenues was due to continued growth
in interest earning assets. Net Interest Income Net interest income
for the first quarter of 2007 was $543 thousand, as compared to
$529 thousand in the first quarter of 2006. The increase in the net
interest income is primarily due to an increase in average earning
assets. Net interest margin decreased to 3.12% in the first quarter
of 2007 as compared to 3.36% during the year ago period and 3.34%
in the fourth quarter of 2006. Provision for Loan Losses During the
first quarter of 2007, the Bank recorded an $11 thousand provision
for possible loan losses. By comparison, the provision for possible
loan losses was $20 thousand in the first quarter of 2006. The
provision reflects the stability of our asset quality, the level of
loans outstanding and management's view of the risks inherent in
our loan portfolio. The allowance for possible loan losses as a
percentage of total loans was 1.24% as of March 31, 2007 as
compared to .98% at March 31, 2006. Non-Interest Income
Non-interest income totaled $12 thousand for the first quarter of
2007 as compared to $7 thousand for the first quarter of 2006.
Non-Interest Expense Total non-interest expense for the first
quarter of 2007 was $708 thousand, compared to $601 thousand in the
first quarter of 2006. Relative to the same period last year, total
non-interest expense increased 17.8% for the first quarter of 2007.
The increase was primarily due to the expenses related to the
hiring of the new President and additional support personnel in the
operations and lending areas. Salaries and employee benefits
expense was $389 thousand in the first quarter of 2007, a 36.5%
increase compared to $285 thousand in the first quarter of 2006.
The growth in expenses reflects the necessary expansion in staff
and infrastructure provide the additional products and services
desired by customers and necessary to support the future growth of
both the loan and deposit portfolios of the bank. ASSET QUALITY The
Bank has no non-performing loans as of March 31, 2007. No loans
were charged off during the first quarter of 2007, and no loans
have been charged off since the inception of the Bank. CAPITAL
Stockholders' equity totaled $11.4 million at March 31, 2007,
compared to $11.5 million at December 31, 2006. All of the Bank's
capital ratios are in excess of the "well-capitalized" threshold.
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 and free telephone banking. Forward-Looking Statements
This news release contains 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 BANK BALANCE SHEET
(unaudited) 3/31/07 12/31/06 Assets Cash and due from banks
$2,299,170 $1,790,215 Investment securities 23,212,158 22,852,026
Loans 46,832,618 43,408,477 Allowance for loan losses 580,373
569,161 Net loans 46,252,245 42,839,316 Bank premises and
equipment-net 789,059 832,083 Other assets 414,799 390,049 Total
assets $72,967,431 $68,703,689 Liabilities and stockholders' equity
Non-interest bearing deposits $4,509,624 $6,803,083 Savings and
interest bearing demand 27,012,964 20,003,602 Time deposits
25,918,320 26,492,446 Total deposits 57,440,908 53,299,131
Borrowings 3,500,000 3,500,000 Other liabilities 635,636 415,803
Total liabilities 61,576,544 57,214,934 Total stockholders' equity
11,390,887 11,488,755 Total liabilities and stockholders' equity
$72,967,431 $68,703,689 ENTERPRISE NATIONAL BANK N.J. INCOME
STATEMENT (unaudited) For quarters ended: 03/31/07 12/31/06 Total
interest income $1,182,199 $1,131,490 Total interest expense
638,293 584,611 Net interest income 543,906 546,879 Provision for
possible loan losses 11,212 172,000 Net interest income after
provision 532,694 374,879 Service fees and charges 12,277 10,359
Gain on sale of loans - 2,925 Other 201 - Total non-interest income
12,478 13,284 Personnel expenses 389,082 263,804 Occupancy expense
48,052 41,686 Equipment 133,112 127,050 Advertising 4,981 100 Other
expense 132,299 116,601 Total non-interest expense 707,526 549,241
Income(loss) before taxes (162,354) (161,078) Income taxes 1,389 -
Net income(loss) $(163,743) $(161,078) For quarters ended: 09/30/06
6/30/06 3/31/06 Total interest income $1,077,406 $1,014,811
$957,150 Total interest expense 550,117 458,309 427,915 Net
interest income 527,289 556,502 529,235 Provision for possible loan
losses 13,000 - 20,000 Net interest income after provision 514,289
556,502 509,235 Service fees and charges 9,275 17,932 6,890 Gain on
sale of loans - 1,384 - Other 146 - Total non-interest income 9,421
19,316 6,890 Personnel expenses 267,000 307,784 285,068 Occupancy
expense 43,463 37,845 44,294 Equipment 125,933 126,045 122,356
Advertising 12,895 21,405 30,150 Other expense 107,835 131,170
119,028 Total non-interest expense 557,126 624,249 600,896
Income(loss) before taxes (33,416) (48,431) (84,771) Income taxes
4,156 Net income(loss) $(33,416) $(48,431) $(88,927) For three
months ended: 03/31/07 03/31/06 Total interest income $1,182,199
$957,150 Total interest expense 638,293 427,915 Net interest income
543,906 529,235 Provision for possible loan losses 11,212 20,000
Net interest income after provision 532,694 509,235 Service fees
and charges 12,277 6,890 Gain on sale of loans - - Other 201 -
Total non-interest income 12,478 6,890 Personnel expenses 389,082
285,068 Occupancy expense 48,052 44,294 Equipment 133,112 122,356
Advertising 4,981 30,150 Other expense 132,299 119,028 Total
non-interest expense 707,526 600,896 Income(loss) before taxes
(405,279) (327,696) Income taxes 1,389 4,156 Net income(loss)
$(163,743) $(88,927) ENTERPRISE NATIONAL BANK N.J. SELECTED
CONSOLIDATED FINANCIAL DATA (unaudited) For quarters ended:
03/31/2007 12/31/2006 09/30/2006 Share Data Book value per share
(basic, period end) $6.31 $6.36 $6.42 Net income(loss) per share
(basic) ($0.09) ($0.09) ($0.02) Net income(loss) per share
(diluted) ($0.09) ($0.02) Selected Averages Average net loans
$44,885,896 $41,647,877 $41,696,996 Average total deposits
$56,089,210 $52,003,041 $51,759,929 Average earning assets
$69,718,078 $65,561,662 $65,467,881 Selected Performance Ratios
Return on average assets -0.91% -0.95% -0.20% Return on average
equity -5.73% -5.57% -1.16% Net interest margin 3.12% 3.34% 3.22%
Non-interest income as % of average assets 0.07% 0.08% 0.06%
Non-interest expense as % of average assets 3.95% 3.24% 3.30% Asset
Quality Net charge-offs $- $- $- Non-performing loans $- $- $-
Allowance for possible loan losses to total loans 1.24% 1.31% 0.95%
Non-performing loans to total loans 0.00% 0.00% 0.00% Capital Tier
1 leverage ratio 15.94% 16.97% 17.19% Tier 1 capital to
risk-weighted assets 22.67% 24.64% 24.59% Total capital to
risk-weighted assets 23.82% 25.86% 25.43% For quarters ended:
06/30/2006 03/31/2006 Share Data Book value per share (basic,
period end) $6.37 $6.37 Net income(loss) per share (basic) ($0.03)
($0.05) Net income(loss) per share (diluted) ($0.03) ($0.05)
Selected Averages Average net loans $40,231,806 $39,125,110 Average
total deposits $49,127,964 $45,404,143 Average earning assets
$64,458,693 $63,017,972 Selected Performance Ratios Return on
average assets -0.29% -0.55% Return on average equity -1.67% -3.03%
Net interest margin 3.53% 3.36% Non-interest income as % of average
assets 0.12% 0.04% Non-interest expense as % of average assets
3.75% 3.68% Asset Quality Net charge-offs $- $- Non-performing
loans $485,000 $485,000 Allowance for possible loan losses to total
loans 0.93% 0.98% Non-performing loans to total loans 1.16% 1.23%
Capital Tier 1 leverage ratio 17.46% 17.92% Tier 1 capital to
risk-weighted assets 25.57% 27.17% Total capital to risk-weighted
assets 26.42% 28.06% DATASOURCE: Enterprise National Bank N.J.
CONTACT: David L. Gordon, Executive Vice President & CFO,
Enterprise National Bank N.J.,
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