ENB Financial Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014
January 21, 2015 at 12:03 pm EST
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ENB Financial Corp. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, the company reported net income of $1,802,000, a $337,000, or 15.8% decrease, from the $2,139,000 earned during the fourth quarter of 2013. Basic and diluted earnings per share were $0.63 compared to $0.75 for the same period in 2013. The corporation's annualized return on average assets (ROA) and return on average stockholders equity (ROE) for the fourth quarter of 2014 were 0.83% and 7.78%, respectively, compared with 1.05% and 10.04% for the fourth quarter of 2013.
For the year, the company reported net income of $7,092,000, a $618,000, or 8.0% decrease, from 2013. Earnings per share were $2.48 in 2014 compared to $2.70 in 2013. The corporation's core earnings or net interest income (NII) of $22,461,000 for the year ended December 31, 2014, represents an increase of $937,000, or 4.4%, compared to $21,524,000 from the same period last year. The increase in NII was caused by an increase of $231,000, or 0.9%, in total interest income, as well as a decrease in deposit costs of $399,000, an 11.4% reduction, and a decrease in borrowing costs of $307,000, a 16.2% reduction. The increase in total interest income was caused by higher levels of loan and security income. For the year ended December 31, 2014, the Corporation's annualized ROA was 0.84%, compared to 0.96% in 2013, while the ROE was 7.98%, compared to 8.92% for the same period in 2013. Income before taxes was $8,638,000 compared to $9,211,000 a year ago.
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.