KENILWORTH, N.J., July 23 /PRNewswire-FirstCall/ -- The following
is an update to yesterday's press release for Enterprise National
Bank N.J. (the "Bank") (OTC:ENBN) (BULLETIN BOARD: ENBN) . The
tables provided below should be read in conjunction with the press
release issued yesterday, July 22, as they were inadvertently
omitted from the original transmission. 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 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. BALANCE SHEET (unaudited)
6/31/2008 12/31/07 Assets Cash and due from banks $107,358
$6,946,288 Investment securities 17,783,002 21,175,280 Loans
73,500,370 55,049,229 Allowance for loan losses 725,000 580,373 Net
loans 72,775,370 54,468,856 Bank premises and equipment-net 626,710
688,148 Other assets 516,372 460,049 Total assets $91,808,812
$83,738,621 Liabilities and stockholders' equity Non-interest
bearing deposits $6,354,349 $5,447,778 Savings and interest bearing
demand 37,461,994 30,030,156 Time deposits 21,114,816 29,960,357
Total deposits 64,931,159 65,438,291 Borrowings 15,310,000
6,400,000 Other liabilities 452,662 614,466 Total liabilities
80,693,821 72,452,757 Total stockholders' equity 11,114,991
11,285,864 Total liabilities and stockholders' equity $91,808,812
$83,738,621 ENTERPRISE NATIONAL BANK N.J. INCOME STATEMENT
(unaudited) For quarters ended: 06/30/08 03/31/08 12/31/07 09/30/07
06/30/07 Total interest income $1,435,382 $1,391,627 $1,326,811
$1,243,784 $1,185,635 Total interest expense 587,399 728,669
743,015 669,662 649,858 Net interest income 847,983 662,958 583,796
574,122 535,777 Provision for possible loan losses 109,627 35,000 -
- - Net interest income after provision 738,356 627,958 583,796
574,122 535,777 Service fees and charges 21,219 19,346 110,815
51,529 13,556 Gain on sale of loans - - - - - Other 713 - 328 704
151 Total non-interest income 21,932 19,346 111,143 52,233 13,707
Personnel expenses 460,881 440,826 402,169 410,586 411,133
Occupancy expense 45,028 44,674 41,129 43,629 41,301 Equipment
130,758 128,185 128,020 128,220 124,276 Advertising 5,254 323 8,558
12,433 9,612 Other expense 161,520 151,895 140,709 138,929 124,936
Total non-interest expense 803,441 765,903 720,585 733,797 711,258
Income(loss) before taxes (43,153) (118,599) (25,646) (107,442)
(161,774) Income taxes - 2,080 500 500 500 Net income (loss)
$(43,153) $(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 six months ended: 06/30/08
06/30/07 Total interest income $2,827,009 $2,367,834 Total interest
expense 1,316,068 1,288,151 Net interest income 1,510,941 1,079,683
Provision for possible loan losses 144,627 11,212 Net interest
income after provision 1,366,314 1,068,471 Service fees and charges
40,565 25,833 Gain on sale of loans - - Other 713 352 Total
non-interest income 41,278 26,185 Personnel expenses 901,707
800,215 Occupancy expense 89,702 89,353 Equipment 258,943 257,388
Advertising 5,577 14,593 Other expense 313,415 257,235 Total
non-interest expense 1,569,344 1,418,784 Income(loss) before taxes
(161,752) (324,128) Income taxes 2,080 1,389 Net income(loss)
$(163,832) $(325,517) ENTERPRISE NATIONAL BANK N.J. SELECTED
CONSOLIDATED FINANCIAL DATA (unaudited) For quarters ended:
6/30/2008 3/31/2008 12/31/2007 9/30/2007 6/30/2007 Share Data Book
value per share (basic, period end) $6.05 $6.25 $6.25 $6.19 $6.17
Net income (loss) per share (basic) ($0.02) ($0.07) ($0.01) ($0.06)
($0.09) Net income (loss) per share (diluted) ($0.02) ($0.07)
($0.01) ($0.06) ($0.09) Selected Averages Average net loans
$66,861,433 $58,694,405 $51,771,461 $49,047,564 $46,603,835 Average
total deposits $65,892,405 $68,698,118 $62,271,160 $54,606,291
$55,783,473 Average earning assets $85,713,158 $86,734,934
$78,797,788 $71,073,723 $69,727,231 Selected Performance Ratios
Return on average assets -0.05% -0.14% -0.03% -0.59% -0.91% Return
on average equity -0.38% -1.07% -0.23% -3.88% -5.74% Net interest
margin 3.96% 3.06% 2.96% 3.23% 3.07% Non-interest income as % of
average assets 0.10% 0.09% 0.55% 0.29% 0.08% Non-interest expense
as % of average assets 3.70% 3.49% 3.59% 4.04% 3.97% Asset Quality
Net charge-offs $- $- $- $- $- Non-performing loans $- $- $- $- $-
Allowance for possible loan losses to total loans 0.99% 0.96% 1.05%
1.20% 1.20% Non-performing loans to total loans 0.00% 0.00% 0.00%
0.00% 0.00% Capital Tier 1 leverage ratio 12.91% 12.60% 13.89%
15.25% 15.72% Tier 1 capital to risk-weighted assets 14.41% 16.16%
18.12% 20.67% 20.85% Total capital to risk-weighted assets 15.35%
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:
Donald J. Haake, President & CEO, , or David L. Gordon,
Executive Vice President & CFO, , both of Enterprise National
Bank N.J., +1-908-653-1800
Copyright