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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 Exchange Act of 1934
______________
Date of Report (Date of earliest event
reported): July
17, 2024
ENB Financial Corp
(Exact name of Registrant as specified in its charter)
Pennsylvania |
|
000-53297 |
|
51-0661129 |
(State or other
jurisdiction of
incorporation) |
|
(Commission
File Number) |
|
(IRS Employer
Identification No.) |
31 E. Main St., Ephrata, PA |
|
17522-0457 |
(Address of principal executive offices) |
|
(Zip Code) |
(717) 733-4181
(Registrant’s telephone number, including area
code)
N/A
(Former name or 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):
☐ Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
None |
|
N/A |
|
N/A |
Indicate by check mark whether the Registrant is an emerging growth company
as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934
(§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the Registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act. ☐
CURRENT REPORT ON FORM 8-K
| Item 2.02 | Results of Operations and Financial Condition |
The Registrant
issued a press release regarding earnings for the second quarter of 2024 on July 17, 2024 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 |
The following
exhibits are filed in this Current Report.
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) |
|
|
|
|
|
|
|
|
|
|
|
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Dated: July 18, 2024 |
By: |
/s/ Rachel G. Bitner |
|
|
Rachel G. Bitner |
|
|
Treasurer |
|
|
(Principal Financial Officer) |
FOR IMMEDIATE RELEASE |
Contact: |
Rachel Bitner |
|
Phone: |
717-733-4181 |
ENB Financial
Corp Reports Second Quarter 2024 Results
(July 17, 2024) -- Ephrata, PA – ENB
Financial Corp (OTCQX: ENBP), the bank holding company for Ephrata National Bank, reports net income for the second quarter of 2024 of
$4,314,000, a $2,517,000, or 140.1% increase, over the $1,797,000 earned during the second quarter of 2023. Net income for the six months
ended June 30, 2024, was $8,255,000, a $4,017,000, or 94.8% increase, over the $4,238,000 earned for the six months ended June 30, 2023.
Basic and diluted earnings per share for the second quarter of 2024 and 2023 were $0.76 and $0.32, respectively and year-to-date earnings
per share were $1.46 in 2024 compared to $0.75 in 2023.
The Corporation’s earnings were positively
impacted by several factors through the second quarter of 2024 including a release of provision for credit losses and increased operating
income as detailed in the paragraphs that follow. These positive trends were partially offset by higher operating costs.
The Corporation’s net interest income
(NII) increased by $337,000, or 2.5%, for the three months ended June 30, 2024, and decreased by $95,000, or 0.3% for the six months ended
June 30, 2024, compared to the same periods in 2023. Interest income on loans increased by $2,989,000, or 20.0%, and $6,607,000, or 23.1%,
for the three and six months ended June 30, 2024, while interest income on securities increased by $8,000, or 0.2%, and decreased by $217,000,
or 2.9%, for the same time periods. Interest expense on deposits and borrowings increased by $3,111,000, or 58.4%, and $7,297,000 or 78.2%,
for the three and six months ended June 30, 2024, compared to the same periods in the prior year due to the continued high interest rate
environment putting pressure on deposit rates in order to maintain balances and remain competitive.
The Corporation recorded a release of provision
for credit losses of $207,000 in the second quarter of 2024, compared to a provision expense of $815,000 for the second quarter of 2023.
For the year-to-date period, the release of provision expense was $851,000, compared to provision expense of $2,072,000 recorded for the
six months ended June 30, 2023. During the first half of 2024, there was less economic impact in the forward credit outlook due to improving
economic indicators. The allowance as a percentage of total loans was 1.04% as of June 30, 2024, and 1.30% as of June 30, 2023.
Other income increased by $1,979,000, or
81.7%, and $3,671,000, or 72.3%, for the three and six months ended June 30, 2024, compared to the same periods in the prior year. Trust
and investment services income increased $53,000, or 7.9% and $351,000, or 24.1%, for the three and six months ended June 30, 2024. Service
fees increased $316,000, or 28.2%, and $777,000, or 38.4%, for the three and six months ended June 30, 2024, compared to the same periods
in 2023 primarily related to higher fees earned on an off-balance sheet deposit sweep account. Commissions increased by $88,000, or 9.6%,
and $210,000, or 11.6%, for the three and six months primarily related to higher interchange fees on debit card transactions. The company
recorded $30,000 in security gains in the second quarter of 2024, compared to losses of $1,060,000 in the second quarter of 2023. Losses
on security transactions decreased by $1,438,000, or 86.3%, for the six months ended June 30, 2024, due to the sale of a larger number
of investment securities at a loss during the first half of 2023 to fund higher yielding loan growth. Gains on the sale of mortgages increased
by $274,000, or 134.3%, and $696,000, or 213.5%, for the three and six months ended June 30, 2024, compared to the same periods in 2023,
as the stabilization of market rates has allowed the Corporation to originate and sell more 30-year mortgages on the secondary market.
Earnings on bank owned life insurance increased by $170,000, or 71.7%, and $237,000, or 51.2%, for the three and six months ended June
30, 2024, compared to the same periods in 2023 as a result of a death benefit recognized during the second quarter of 2024.
( more )
Total operating expenses increased by $166,000,
or 1.3%, and $1,396,000 or 5.5%, for the three and six months ended June 30, 2024, compared to the same periods in 2023. Salary and benefit
expenses, which make up the largest portion of operating expenses, increased by $438,000, or 5.5%, and $1,318,000 or 8.6%, for these time
periods, due to the competitive labor market and the cost to hire and retain qualified talent. Other operating expenses outside of salaries
and benefits did not change significantly since the prior year.
The Corporation’s annualized return
on average assets (ROA) and return on average stockholders’ equity (ROE) for the second quarter of 2024 increased to 0.87% and 14.45%,
respectively, from 0.39% and 6.85% for the second quarter of 2023. For the six months ended June 30, 2024, the Corporation’s annualized
ROA was 0.84%, compared to 0.46% in 2023, while the ROE was 13.93%, compared to 8.27% in 2023.
As of June 30, 2024, the Corporation had
total assets of $2.02 billion, up 6.4%; total loans of $1.38 billion, up 6.8%; total deposits of $1.75 billion, up 5.9%; and total stockholders’
equity of $126.0 million, up 18.5%, from balances at June 30, 2023. The Corporation’s earnings, net of dividends paid, as well
as the improved valuation of the investment portfolio positively impacted the level of stockholders’ equity. The changes in unrealized
gains and losses on investments impact capital on an ongoing basis and have improved since the devaluation that occurred during the dramatic
increase in market interest rates during the last two years.
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 thirteen 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.
SUMMARY CONSOLIDATED FINANCIAL INFORMATION (Unaudited)
(in thousands, except per share and percentage
data)
| |
June 30, | |
% |
Balance Sheet | |
2024 | |
2023 | |
Change |
| |
| |
| |
|
Securities | |
$ | 447,577 | | |
$ | 465,023 | | |
| -3.8 | % |
Total loans | |
| 1,384,076 | | |
| 1,296,502 | | |
| 6.8 | % |
Allowance for credit losses | |
| 14,339 | | |
| 16,833 | | |
| -14.8 | % |
Total assets | |
| 2,024,558 | | |
| 1,903,652 | | |
| 6.4 | % |
Deposits | |
| 1,754,370 | | |
| 1,655,951 | | |
| 5.9 | % |
Total borrowings | |
| 131,970 | | |
| 131,193 | | |
| 0.6 | % |
Stockholders' equity | |
| 125,966 | | |
| 106,334 | | |
| 18.5 | % |
| |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | |
| |
Three Months Ended | |
Six Months Ended |
Income Statement | |
June 30, | |
June 30, |
| |
2024 | |
2023 | |
2024 | |
2023 |
| |
| |
| |
| |
|
Net interest income | |
$ | 13,994 | | |
$ | 13,657 | | |
$ | 27,366 | | |
$ | 27,461 | |
(Release)/provision for credit losses | |
| (207 | ) | |
| 815 | | |
| (851 | ) | |
| 2,072 | |
Noninterest income | |
| 4,401 | | |
| 2,422 | | |
| 8,747 | | |
| 5,076 | |
Noninterest expense | |
| 13,368 | | |
| 13,202 | | |
| 26,962 | | |
| 25,566 | |
Income before taxes | |
| 5,234 | | |
| 2,062 | | |
| 10,002 | | |
| 4,899 | |
Provision for income taxes | |
| 920 | | |
| 265 | | |
| 1,747 | | |
| 661 | |
Net Income | |
| 4,314 | | |
| 1,797 | | |
| 8,255 | | |
| 4,238 | |
| |
| | | |
| | | |
| | | |
| | |
Per Share Data | |
| | | |
| | | |
| | | |
| | |
Earnings per share | |
| 0.76 | | |
| 0.32 | | |
| 1.46 | | |
| 0.75 | |
Dividends per share | |
| 0.17 | | |
| 0.17 | | |
| 0.34 | | |
| 0.34 | |
| |
| | | |
| | | |
| | | |
| | |
Earnings Ratios | |
| | | |
| | | |
| | | |
| | |
Return on average assets (ROA) | |
| 0.87 | % | |
| 0.39 | % | |
| 0.84 | % | |
| 0.46 | % |
Return on average stockholders equity (ROE) | |
| 14.45 | % | |
| 6.85 | % | |
| 13.93 | % | |
| 8.27 | % |
Net Interest margin | |
| 2.91 | % | |
| 3.01 | % | |
| 2.86 | % | |
| 3.04 | % |
Efficiency ratio | |
| 72.3 | % | |
| 76.3 | % | |
| 73.7 | % | |
| 68.8 | % |
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