ENB Financial Corp. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012
January 14, 2013 at 11:14 am
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ENB Financial Corp. reported earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, the company reported net income of $1,522,000, a $346,000, or 18.5% decrease, from the $1,868,000 earned for the fourth quarter of 2011. Basic and diluted earnings per share were $0.53 compared to $0.65 for the same period in 2011. Annualized return on average assets (ROA) and return on average stockholders' equity (ROE) were 0.77% and 6.78% respectively, compared with 0.97% and 9.18% for the same periods in 2011.
For the year, the company's net income was $7,642,000, a $494,000 or 6.9% increase, over 2011. Basic and diluted earnings per share were $2.68 in 2012 compared to $2.50 in 2011. The increase in the company's earnings for the year ended December 31, 2012, can be attributed to a large credit provision for loan losses. The company's core earnings or net interest income (NII) of $21,854,000 for the year ended December 31, 2012, represents a decrease of $1,133,000, or 4.9%, from the same period last year. Annualized ROA was 0.98%, compared to 0.95% in 2011, while the ROE was 8.87%, compared to 9.22% in 2011.
ENB Financial Corp is a bank holding company. The Companyâs subsidiary, Ephrata National Bank (the Bank), is a full-service commercial bank. It provides a range of financial services to individuals and small-to-medium-sized businesses in the market area. It offers a range of demand accounts, in addition to savings and time deposits. It also offers secured and unsecured commercial, real estate and consumer loans. Its ancillary services provide added convenience to customers, including direct deposit and direct payments of funds through Electronic Funds Transfer, Automatic Teller Machine linked to the NYCE network, telephone banking, MasterCard debit cards, Visa or MasterCard credit cards and safe deposit box facilities. It offers Internet banking, including bill pay and wire transfer capabilities, remote deposit capture, and an ENB Bank on the Go! app for iPhones or Android phones. It also offers a full complement of trust and investment advisory services through ENBâs Wealth Solutions.