KENILWORTH, N.J., Dec. 17 /PRNewswire-FirstCall/ -- Enterprise
National Bank NJ (OTC:ENBN) (BULLETIN BOARD: ENBN) announced a
restatement of its results of operations for the three and nine
month periods ending September 30, 2008. Management has elected to
increase the Bank's provision for loan losses, effective September
30, 2008, by $174.6 thousand, to a total provision of $952.6
thousand. The increased provision was taken in connection with
management's view of the risks inherent in the Bank's portfolio,
and based upon information coming to management's attention
subsequent to quarter end. As a result of the restatement of the
Bank's provision for loan losses, the Bank is now reporting a loss
of $106.4 thousand for the third quarter of 2008, and $270.2
thousand for the nine months ended September 30, 2008 as compared
to the third quarter of 2007 loss of $107.9 thousand and prior nine
months period loss of $433.9 thousand. President and CEO Donald J.
Haake stated: "As we reevaluated our loan portfolio, we believed it
was appropriate to recognize this additional provision in the third
quarter. This step should not obscure all of the positive actions
we have taken and the progress the Bank has made in growing revenue
and controlling expense." 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, free telephone banking and on-line
banking services for consumer and business accounts.
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) 9/30/08
12/31/07 ====== ======= ======== Assets Cash and due from banks
$1,503,190 $6,946,288 Investment securities 17,473,824 21,175,280
Loans 79,794,247 55,049,229 Allowance for loan losses 952,600
580,373 ------- ------- Net loans 78,841,647 54,468,856 Bank
premises and equipment-net 586,756 688,148 Other assets 572,669
460,049 ------- ------- Total assets $98,978,086 $83,738,621
=========== =========== Liabilities and stockholders' equity
Non-interest bearing deposits $7,901,873 $5,447,778 Savings and
interest bearing demand 42,428,246 30,030,156 Time deposits
25,564,424 29,960,357 ---------- ---------- Total deposits
75,894,543 65,438,291 Borrowings 11,400,000 6,400,000 Other
liabilities 550,856 614,466 ------- ------- Total liabilities
87,845,399 72,452,757 Total stockholders' equity 11,132,687
11,285,864 ---------- ---------- Total liabilities and
stockholders' equity $98,978,086 $83,738,621 ===========
=========== ENTERPRISE NATIONAL BANK N.J.
----------------------------- INCOME STATEMENT (unaudited) For
quarters ended: 9/30/08 06/30/08 03/31/08 ===================
======= ======== ======== Total interest income $1,577,683
$1,435,382 $1,391,627 Total interest expense 679,461 587,399
728,669 ------- ------- ------- Net interest income 898,222 847,983
662,958 Provision for possible loan losses 227,600 109,627 35,000
------- ------- ------ Net interest income after provision 670,622
738,356 627,958 Service fees and charges 54,648 21,219 19,346 Gain
on sale of loans - - Other 514 713 - --- --- --- Total non-interest
income 55,162 21,932 19,346 Personnel expenses 467,998 460,881
440,826 Occupancy expense 46,984 45,028 44,674 Equipment 142,485
130,758 128,185 Advertising 6,424 5,254 323 Other expense 168,310
161,520 151,895 ------- ------- ------- Total non-interest expense
832,201 803,441 765,903 Income(loss) before taxes (106,417)
(43,153) (118,599) Income taxes - 2,080 --------- - ----- Net
income(loss) $(106,417) $(43,153) $(120,679) ================
========= ======== ========= For quarters ended: 12/31/07 09/30/07
06/30/07 03/31/07 ============ ======== ======== ======== ========
Total interest income $1,326,811 $1,243,784 $1,185,635 $1,182,199
Total interest expense 743,015 669,662 649,858 638,293 -------
------- ------- ------- Net interest income 583,796 574,122 535,777
543,906 Provision for possible loan losses - - - 11,212 -------
------- ------- ------- Net interest income after provision 583,796
574,122 535,777 532,694 Service fees and charges 110,815 51,529
13,556 12,277 Gain on sale of loans - - - - Other 328 704 151 201
------- ------- ------- ------- Total non-interest income 111,143
52,233 13,707 12,478 Personnel expenses 402,169 410,586 411,133
389,082 Occupancy expense 41,129 43,629 41,301 48,052 Equipment
128,020 128,220 124,276 133,112 Advertising 8,558 12,433 9,612
4,981 Other expense 140,709 138,929 124,936 132,299 ------- -------
------- ------- Total non-interest expense 720,585 733,797 711,258
707,526 Income(loss) before taxes (25,646) (107,442) (161,774)
(162,354) Income taxes 500 500 500 1,389 --- --- --- ----- Net
income(loss) $(26,146) $(107,942) $(162,274) $(163,743)
================ ======== ========= ========= ========= For nine
months ended: 9/30/08 09/30/07 ====================== =======
======== Total interest income $4,404,692 $3,611,618 Total interest
expense 1,995,529 1,957,813 --------- --------- Net interest income
2,409,163 1,653,805 Provision for possible loan losses 372,227
11,212 ------- ------ Net interest income after provision 2,036,936
1,642,593 Service fees and charges 95,213 77,362 Gain on sale of
loans - - Other 1,227 1,056 ----- ----- Total non-interest income
96,440 78,418 Personnel expenses 1,369,705 1,210,801 Occupancy
expense 136,686 132,982 Equipment 401,428 385,608 Advertising
12,001 27,026 Other expense 481,725 396,164 ------- ------- Total
non-interest expense 2,401,545 2,152,581 Income(loss) before taxes
(268,169) (431,570) Income taxes 2,080 2,389 ----- ----- Net
income(loss) $(270,249) $(433,959) ================ =========
========= ENTERPRISE NATIONAL BANK N.J.
----------------------------- SELECTED FINANCIAL DATA (unaudited)
=================== ========= ========= ========= For quarters
ended: 9/30/2008 6/30/2008 3/31/2008 =================== =========
========= ========= Share Data Book value per share (basic, period
end) $6.06 $6.05 $6.25 Net income(loss) per share (basic) ($0.06)
($0.02) ($0.07) Net income(loss) per share (diluted) ($0.06)
($0.02) ($0.07) Selected Averages Average net loans $77,613,752
$66,861,433 $58,694,405 Average total deposits $74,220,295
$65,892,405 $68,698,118 Average earning assets $97,135,025
$85,713,158 $86,734,934 Selected Performance Ratios Return on
average assets -0.11% -0.05% -0.14% Return on average equity -0.95%
-0.38% -1.07% Net interest margin 3.70% 3.96% 3.06% Non-interest
income as % of average assets 0.22% 0.10% 0.09% Non-interest
expense as % of average assets 3.38% 3.70% 3.49% Asset Quality Net
charge-offs $- $- $- Non-performing loans $357,000 $- $- Allowance
for possible loan losses to total loans 1.19% 0.99% 0.96%
Non-performing loans to total loans 0.45% 0.00% 0.00% Capital Tier
1 leverage ratio 11.24% 12.91% 12.60% Tier 1 capital to
risk-weighted assets 13.28% 14.41% 16.16% Total capital to
risk-weighted assets 14.43% 15.35% 17.06% For quarters ended:
12/31/2007 9/30/2007 6/30/2007 3/31/2007 ========== =========
========= ========= Share Data Book value per share (basic, period
end) $6.25 $6.19 $6.17 $6.31 Net income(loss) per share (basic)
($0.01) ($0.06) ($0.09) ($0.09) Net income(loss) per share
(diluted) ($0.01) ($0.06) ($0.09) ($0.09) Selected Averages Average
net loans $51,771,461 $49,047,564 $46,603,835 $44,885,896 Average
total deposits $62,271,160 $54,606,291 $55,783,473 $56,089,210
Average earning assets $78,797,788 $71,073,723 $69,727,231
$69,718,078 Selected Performance Ratios Return on average assets
-0.03% -0.59% -0.91% -0.91% Return on average equity -0.23% -3.88%
-5.74% -5.73% Net interest margin 2.96% 3.23% 3.07% 3.12%
Non-interest income as % of average assets 0.55% 0.29% 0.08% 0.07%
Non-interest expense as % of average assets 3.59% 4.04% 3.97% 3.95%
Asset Quality Net charge-offs $- $- $- $- Non-performing loans $-
$- $- $- Allowance for possible loan losses to total loans 1.05%
1.20% 1.20% 1.24% Non-performing loans to total loans 0.00% 0.00%
0.00% 0.00% Capital Tier 1 leverage ratio 13.89% 15.25% 15.72%
15.94% Tier 1 capital to risk-weighted assets 18.12% 20.67% 20.85%
22.67% Total capital to risk-weighted assets 19.06% 21.74% 21.93%
23.82% DATASOURCE: Enterprise National Bank N.J. CONTACT: Donald J.
Haake, President & CEO, ; or David L. Gordon, Executive Vice
President & CFO,
Copyright