Toggle SGML Header (+)


Section 1: 8-K (8-K)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

 

Washington, D.C. 20549

 

_____________

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities and Exchange Act of 1934

 

 

Date of Report (Date of earliest event reported) – April 12, 2019

 

 

 

 

ENB FINANCIAL CORP

(Exact name of registrant as specified in its charter)

 

 

 

     
Pennsylvania 000-53297 51-0661129
(State or Other Jurisdiction (Commission File Number) (IRS Employer Identification No.)
of Incorporation)    
     
     
31 E. Main St., Ephrata, PA   17522-0457
(Address of principal executive offices)   (Zip Code)

 

 

Registrant’s telephone number, including area code: (717) 733-4181

 

 

Not Applicable

(Former Name, Former Address, if Changed Since Last Report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

qWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
qSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
qPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
qPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

1 

ENB FINANCIAL CORP

 

Item 2.02.Results of Operations and Financial Condition.

 

The Registrant issued a press release regarding earnings for the first quarter of 2019 on April 12, 2019, attached as Exhibit 99 and incorporated herein by reference.

 

The information furnished under this Item 2.02 of this Current Report on Form 8-K, including Exhibit 99, shall not be deemed “filed” for purposes of the Securities Exchange Act of 1934, as amended.

 

 

Item 9.01.Financial Statements and Exhibits.

 

(d)Exhibits

 

The following exhibits are filed in this Current Report.

 

Exhibit    
Number Description Page Number
     
99 Press Release regarding earnings for the first quarter of 2019 for ENB Financial Corp dated April 12, 2019. 4
     

 

2 

ENB FINANCIAL CORP

 

 

 

SIGNATURES

 

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

 

  ENB FINANCIAL CORP
            (Registrant)
     
     
     
     
     
Dated:  April 15, 2019 By: /s/  Scott E. Lied
    Scott E. Lied
    Treasurer
    (Principal Financial Officer)

 

3 

 

(Back To Top)

Section 2: EX-99.1 (EX-99.1)

 

 

 

 

FOR IMMEDIATE RELEASE Contact: Scott E. Lied
  Phone: 717-733-4181

 

 

ENB Financial Corp Reports First Quarter 2019 Results

 

(April 12, 2019) -- Ephrata, PA – ENB Financial Corp (OTCQX: ENBP), the bank holding company for Ephrata National Bank, reports net income for the first quarter of 2019 of $2,603,000, a $218,000, or 7.7% decrease, from the $2,821,000 earned during the first quarter of 2018. Basic and diluted earnings per share for the first quarter of 2019 were $0.91 compared to $0.99 for the same period in 2018.

 

Earnings for the first quarter in 2018 were elevated as a result of life insurance proceeds received from a bank owned life insurance (BOLI) policy. This net death benefit resulted in $913,000 of additional first quarter 2018 earnings. Without this BOLI income, first quarter 2018 net income would have been $1,908,000, with $0.67 earnings per share (non-GAAP).

 

The Corporation’s net interest income (NII) increased by $1,233,000, or 15.9%, for the three months ended March 31, 2019, compared to the same period in 2018. The increase in NII primarily resulted from an increase in interest and fees on loans of $1,625,000, or 25.4%, for the three months ended March 31, 2019, compared to the same period in 2018. This increase was partially offset by an increase in interest expense of $405,000, or 52.3%, comparing the first quarter of 2019 to the first quarter of 2018.

 

The Corporation recorded $180,000 of provision expense in the first quarter of 2019, compared to $190,000 for the first quarter of 2018. The allowance as a percentage of total loans was 1.25% as of March 31, 2019, compared to 1.33% as of March 31, 2018.

 

Gains on securities transactions were $98,000 for the three months ended March 31, 2019, an increase of $33,000, or 50.8%, compared to the three months ended March 31, 2018. With market rates declining during the first quarter of 2019, management was able to sell securities at slightly higher gains compared to the same quarter in the prior year.

 

Gains on the sale of mortgages increased by $114,000, or 48.5%, for the three months ended March 31, 2019, compared to the prior year’s period. Mortgage production was much higher during the first quarter of 2019 compared to 2018, resulting in higher gains that were partially offset by lower valuations of new mortgage servicing assets.

 

Total operating expenses increased $398,000, or 5.0%, for the three months ended March 31, 2019, compared to the same period in 2018. Salary and benefit expenses, which make up the largest portion of operating expenses, increased $228,000, or 4.6%, for the three months ended March 31, 2019, compared to the same period in 2018. These costs were higher due to increased salaries due to staff additions as well as annual merit increases. Benefit costs were higher in the first quarter of 2019 primarily due to higher health insurance costs.

 

4 

ENB FINANCIAL CORP

The Corporation’s annualized return on average assets (ROA) and return on average stockholders’ equity (ROE) for the first quarter of 2019 were 0.97% and 10.22%, respectively, compared to 1.12% and 11.72% for the first quarter of 2018. Excluding the BOLI death benefit income, the Corporation’s ROA and ROE would have been 0.76% and 7.93% for the quarter ended March 31, 2018 (non-GAAP).

 

As of March 31, 2019, the Corporation had total assets of $1.11 billion, up 7.9%; total stockholders’ equity of $106.9 million, up 9.6%; total deposits of $929.8 million, up 8.6%; and total loans of $710.1 million, up 16.5%, from the balances as of March 31, 2018.

 

 

ENB Financial Corp, headquartered in Ephrata, PA, is the bank holding company for its wholly-owned subsidiary Ephrata National Bank. Ephrata National Bank operates from twelve full-service locations in Lancaster County, southeastern Lebanon County, and southern Berks County, Pennsylvania, with the headquarters located at 31 E. Main Street, Ephrata, PA. Ephrata National Bank has been serving the community since 1881. For more information about ENB Financial Corp, visit the Corporation’s web site at www.enbfc.com.

 

 

Notice Regarding Forward Looking Statements

 

This news release may constitute forward-looking statements for purposes of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, and as such may involve known and unknown risk, uncertainties and other factors which may cause the actual results of ENB Financial Corp to be materially different from future results expressed or implied by such forward-looking statements. These forward-looking statements can be identified by use of terminology such as “expect”, “plan”, “anticipate”, “believe”, “estimate”, and similar words that are intended to identify such forward-looking statements. These forward-looking statements are based on management’s current expectations, assumptions, estimates, and projections about the Corporation, the financial services industry, and the economy. The Private Securities Reform Act of 1995 provides safe harbor in the event the projected future operations are not met. There are a number of future factors such as changes in fiscal or monetary policy, or changes in the economic climate that will influence the Corporation’s future operations. These factors are difficult to predict with regard to how likely and to what degree or significance that they would occur. Actual results may differ materially from what may have been forecasted in the forward-looking statements. We are not obligated to publicly update any forward-looking statements to reflect the effects of subsequent events.

 

 

 

(more)

5 

ENB FINANCIAL CORP

SUMMARY CONSOLIDATED FINANCIAL INFORMATION (Unaudited)

(in thousands, except per share and percentage data)

   

 

   March 31,  %
Balance Sheet  2019  2018  Change
          
Securities  $297,267   $316,903    -6.2%
Total loans   710,135    609,515    16.5%
Allowance for loan losses   8,886    8,083    9.9%
Total assets   1,112,198    1,030,309    7.9%
Deposits   929,801    856,199    8.6%
Total borrowings   72,478    74,133    -2.2%
Stockholders' equity   106,858    97,534    9.6%

 

 

   Three Months Ended
   March 31,
Income Statement  2019  2018
       
Net interest income  $8,983   $7,750 
Provision for loan losses   180    190 
Noninterest income   2,544    3,380 
Noninterest expense   8,282    7,884 
Income before taxes   3,065    3,056 
Provision for income taxes   462    235 
Net income   2,603    2,821 
           
Per Share Data          
Earnings per share   0.91    0.99 
Dividends per share   0.30    0.28 
           
Earnings Ratios          
Return on average assets (ROA)   0.97%   1.12%
Return on average stockholders' equity (ROE)   10.22%   11.72%
Net interest margin   3.59%   3.43%
Efficiency ratio   71.20%   68.50%

 

 

(end)

6 

(Back To Top)