KENILWORTH, N.J., April 11 /PRNewswire-FirstCall/ -- Enterprise
National Bank N.J. (the "Bank") (OTC:ENBN) (BULLETIN BOARD: ENBN)
reported a net loss of $121 thousand, or $(0.07) per share, for the
quarter ended March 31, 2008, compared to a loss of $26 thousand,
or $(0.01) per share in the fourth quarter 2007 and a loss of $164
thousand, or $(.09) per share, in the first quarter of 2007.
FINANCIAL CONDITION The Bank ended the first quarter with total
assets of $86.4 million as compared to $83.7 million at December
31, 2007, reflecting growth of 3.23%. During the same period, the
Bank experienced a net growth in loans of $8.9 million, or 16.3%
and decreases in cash and due from banks of $4.6 million and
investment securities of $1.6 million, as excess liquidity was used
to fund loan demand. During the first three months of 2008, the
Bank funded $9.1 million of primarily commercial real estate and
business loans, which was offset in part by payoffs and repayments
totaling $.2 million. Asset growth was funded by an increase in
deposits of $600 thousand, to $66.0 million at March 31, 2008 and a
$2.0 million increase on borrowings. REVENUES Total revenue,
defined as net interest income plus non-interest income, increased
by $126 thousand, or 22.6%, 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 2008 was $662 thousand, as compared
to $544 thousand in the first quarter of 2007. The increase in the
net interest income is primarily due to an increase in average
earning assets. Net interest margin increased to 3.06% in the first
quarter of 2008 from 2.96% in the fourth quarter of 2007, and
decreased from 3.12% during the year ago first quarter. Provision
for Loan Losses During the first quarter of 2008, the Bank's
provision for possible loan losses was $35 thousand as compared to
$11 thousand in the first quarter 2007. 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 .96% as of March 31, 2008 as compared to 1.24% at March 31,
2007. Non-Interest Income Non-interest income totaled $20 thousand
for the first quarter of 2008 as compared to $12 thousand for the
first quarter of 2007. Non-Interest Expense Total non-interest
expense for the first quarter of 2008 was $766 thousand, compared
to $708 thousand in the first quarter of 2007. Relative to the same
period last year, total non-interest expense increased 8.2% for the
first quarter of 2008. The increase was primarily due to the
expenses related to the hiring of the new support personnel in the
business development and lending areas. Salaries and employee
benefits expense was $441 thousand in the first quarter of 2008, a
13.4% increase compared to $389 thousand in the first quarter of
2007. The growth in expenses reflects the necessary expansion in
staff and infrastructure to meet the needs of business development
and loan creation. ASSET QUALITY The Bank has no non-performing
loans as of March 31, 2008. No loans were charged off during the
first quarter of 2008, and no loans have been charged off since the
inception of the Bank. CAPITAL Stockholders' equity totaled $11.3
million at March 31, 2008, unchanged from December 31, 2007. The
equity is unchanged because although the Bank experienced a $120
thousand loss, it was partially offset by the unrealized gains on
investment securities increase of $91 thousand. 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 and online 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 NATIONAL BANK N.J.
BALANCE SHEET (unaudited) 3/31/08 12/31/07 Assets Cash and due from
banks $2,327,185 $6,946,288 Investment securities 19,560,403
21,175,280 Loans 63,978,719 55,049,229 Allowance for loan losses
615,373 580,373 Net loans 63,363,346 54,468,856 Bank premises and
equipment-net 652,269 688,148 Other assets 473,554 460,049 Total
assets $86,376,757 $83,738,621 Liabilities and stockholders' equity
Non-interest bearing deposits $5,951,009 $5,447,778 Savings and
interest bearing demand 38,971,842 30,030,156 Time deposits
21,070,139 29,960,357 Total deposits 65,992,990 65,438,291
Borrowings 8,400,000 6,400,000 Other liabilities 689,220 614,466
Total liabilities 75,082,210 72,452,757 Total stockholders' equity
11,294,547 11,285,864 Total liabilities and stockholders' equity
$86,376,757 $83,738,621 ENTERPRISE NATIONAL BANK N.J. INCOME
STATEMENT (unaudited) For quarters ended: 03/31/08 12/31/07
09/30/07 06/30/07 Total interest income $1,391,121 $1,326,811
$1,243,784 $1,185,635 Total interest expense 728,669 743,015
669,662 649,858 Net interest income 662,452 583,796 574,122 535,777
Provision for possible loan losses 35,000 - - - Net interest income
after provision 627,452 583,796 574,122 535,777 Service fees and
charges 19,852 110,815 51,529 13,556 Gain on sale of loans - - - -
Other - 328 704 151 Total non-interest income 19,852 111,143 52,233
13,707 Personnel expenses 440,826 402,169 410,586 411,133 Occupancy
expense 44,674 41,129 43,629 41,301 Equipment 128,185 128,020
128,220 124,276 Advertising 323 8,558 12,433 9,612 Other expense
151,895 140,709 138,929 124,936 Total non-interest expense 765,903
720,585 733,797 711,258 Income(loss) before taxes (118,599)
(25,646) (107,442) (161,774) Income taxes 2,080 500 500 500 Net
income(loss) $(120,679) $(26,146) $(107,942) $(162,274) For
quarters ended: 03/31/07 12/31/06 09/30/06 6/30/06 3/31/06 Total
interest income $1,182,199 $1,131,490 $1,077,406 $1,014,811
$957,150 Total interest expense 638,293 584,611 550,117 458,309
427,915 Net interest income 543,906 546,879 527,289 556,502 529,235
Provision for possible loan losses 11,212 172,000 13,000 - 20,000
Net interest income after provision 532,694 374,879 514,289 556,502
509,235 Service fees and charges 12,277 10,359 9,275 17,932 6,890
Gain on sale of loans - 2,925 - 1,384 - Other 201 - 146 - Total
non-interest income 12,478 13,284 9,421 19,316 6,890 Personnel
expenses 389,082 263,804 267,000 307,784 285,068 Occupancy expense
48,052 41,686 43,463 37,845 44,294 Equipment 133,112 127,050
125,933 126,045 122,356 Advertising 4,981 100 12,895 21,405 30,150
Other expense 132,299 116,601 107,835 131,170 119,028 Total
non-interest expense 707,526 549,241 557,126 624,249 600,896
Income(loss) before taxes (162,354) (161,078) (33,416) (48,431)
(84,771) Income taxes 1,389 - 4,156 Net income(loss) $(163,743)
$(161,078) $(33,416) $(48,431) $(88,927) For three months ended:
03/31/08 03/31/07 Total interest income $1,391,121 $1,182,199 Total
interest expense 728,669 638,293 Net interest income 662,452
543,906 Provision for possible loan losses 35,000 11,212 Net
interest income after provision 627,452 532,694 Service fees and
charges 19,852 12,277 Gain on sale of loans - - Other - 201 Total
non-interest income 19,852 12,478 Personnel expenses 440,826
389,082 Occupancy expense 44,674 48,052 Equipment 128,185 133,112
Advertising 323 4,981 Other expense 151,895 132,299 Total
non-interest expense 765,903 707,526 Income(loss) before taxes
(118,599) (162,354) Income taxes 2,080 1,389 Net income(loss)
$(120,679) $(163,743) ENTERPRISE NATIONAL BANK N.J. SELECTED
CONSOLIDATED FINANCIAL DATA (unaudited) For quarters ended:
3/31/2008 12/31/2007 9/30/2007 6/30/2007 Share Data Book value per
share (basic, period end) $6.25 $6.25 $6.19 $6.17 Net income(loss)
per share (basic) ($0.07) ($0.01) ($0.06) ($0.09) Net income(loss)
per share (diluted) ($0.07) ($0.01) ($0.06) ($0.09) Selected
Averages Average net loans $58,694,405 $51,771,461 $49,047,564
$46,603,835 Average total deposits $68,698,118 $62,271,160
$54,606,291 $55,783,473 Average earning assets $86,734,934
$78,797,788 $71,073,723 $69,727,231 Selected Performance Ratios
Return on average assets -0.14% -0.03% -0.59% -0.91% Return on
average equity -1.07% -0.23% -3.88% -5.74% Net interest margin
3.06% 2.96% 3.23% 3.07% Non-interest income as % of average assets
0.09% 0.55% 0.29% 0.08% Non-interest expense as % of average assets
3.49% 3.59% 4.04% 3.97% Asset Quality Net charge-offs $- $- $- $-
Non-performing loans $- $- $- $- Allowance for possible loan losses
to total loans 0.96% 1.05% 1.20% 1.20% Non-performing loans to
total loans 0.00% 0.00% 0.00% 0.00% Capital Tier 1 leverage ratio
12.60% 13.89% 15.25% 15.72% Tier 1 capital to risk-weighted assets
16.16% 18.12% 20.67% 20.85% Total capital to risk- weighted assets
17.06% 19.06% 21.74% 21.93% For quarters ended: 3/31/2007 12/31/06
9/30/06 6/30/06 3/31/06 Share Data Book value per share (basic,
period end) $6.31 $6.36 $6.42 $6.37 $6.37 Net income(loss) per
share (basic) ($0.09) ($0.09) ($0.02) ($0.03) ($0.05) Net
income(loss) per share (diluted) ($0.09) ($0.09) ($0.02) ($0.03)
($0.05) Selected Averages Average net loans $44,885,896 $41,647,877
$41,696,996 $40,231,806 $39,125,110 Average total deposits
$56,089,210 $52,003,041 $51,759,929 $49,127,964 $45,404,143 Average
earning assets $69,718,078 $65,561,662 $65,467,881 $64,458,693
$63,017,972 Selected Performance Ratios Return on average assets
-0.91% -0.95% -0.20% -0.29% -0.55% Return on average equity -5.73%
-5.57% -1.16% -1.67% -3.03% Net interest margin 3.12% 3.34% 3.22%
3.53% 3.36% Non-interest income as % of average assets 0.07% 0.08%
0.06% 0.12% 0.04% Non-interest expense as % of average assets 3.95%
3.24% 3.30% 3.75% 3.68% Asset Quality Net charge-offs $- $- $- $-
$- Non-performing loans $- $- $- $485,000 $485,000 Allowance for
possible loan losses to total loans 1.24% 1.31% 0.95% 0.93% 0.98%
Non-performing loans to total loans 0.00% 0.00% 0.00% 1.16% 1.23%
Capital Tier 1 leverage ratio 15.94% 16.97% 17.19% 17.46% 17.92%
Tier 1 capital to risk- weighted assets 22.67% 24.64% 24.59% 25.57%
27.17% Total capital to risk-weighted assets 23.82% 25.86% 25.43%
26.42% 28.06% DATASOURCE: Enterprise National Bank N.J. CONTACT:
David L. Gordon, Executive Vice President & CFO, Enterprise
National Bank N.J., , +1-908-653-1800
Copyright