ENB Financial Corp. Reports Earnings Results for the Fourth Quarter and Year Ended December 31, 2013
January 13, 2014 at 01:24 pm
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ENB Financial Corp. reported earnings results for the fourth quarter and year ended December 31, 2013. For the quarter, the company reported net income of $2,139,000, a $617,000, or 40.5% increase, from the $1,522,000 earned for the fourth quarter of 2012. Basic and diluted earnings per share of 2013 were $0.75 compared to $0.53 for the same period in 2012. The Corporation's annualized return on average assets (ROA) and return on average stockholders' equity (ROE) were 1.05% and 10.04%, respectively, compared with 0.77% and 6.78% for the fourth quarter of 2012.
For the year, the company net income was $7,710,000, a $68,000, or 0.9% increase, over 2012. Year-to-date earnings per share were $2.70 in 2013 compared to $2.68 in 2012. The Corporation's core earnings or net interest income of $21,524,000 for the year ended December 31, 2013, represents a decrease of $330,000, or 1.5%, from 2012. The decrease in NII was primarily caused by a decrease of $1,361,000, or 4.8%, in total interest income, which was partially offset by savings on deposit costs of $768,000, an 18.0% reduction, and $263,000 of savings on borrowing costs, a 12.2% reduction. The corporation's annualized ROA was 0.96%, compared to 0.98% in 2012, while the ROE was 8.92%, compared to 8.87% for 2012.
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.