ENB Financial Corp Reports Fourth Quarter 2024 Results

ENB Financial Corp (OTCMKTS:ENBP) recently released its financial results for the fourth quarter of 2024. The Pennsylvania-based bank holding company for Ephrata National Bank reported a net income of $3,726,000 for the fourth quarter of 2024, showing a 17.6% decrease from the $4,524,000 earned during the same period in 2023.

For the twelve months ended December 31, 2024, the company posted a net income of $15,317,000, marking a 23.8% increase from the $12,375,000 earned during the same period in 2023. Basic and diluted earnings per share for the fourth quarter of 2024 were $0.66, down from $0.80 in the fourth quarter of 2023, while year-to-date earnings per share were $2.71 in 2024 compared to $2.19 in 2023.

The increase in net income for the Corporation was primarily driven by higher net interest income and non-interest income in 2024. However, factors such as a higher provision for credit losses and increased operating expenses also influenced the results.

ENB Financial Corp saw an uptick in classified loans and slightly deteriorating national economic conditions, leading to additional provision expense. The Corporation recorded a provision for credit losses of $1,369,000 in the fourth quarter of 2024, compared to a release of provision expense of $1,048,000 for the same period in 2023.

Other income for the Corporation increased, with trust and investment services income, service fees, and commissions all showing growth for the three- and twelve-month periods. However, gains on security transactions decreased. Total operating expenses saw an increase due to higher salary and benefit expenses, mainly driven by performance-based incentive compensation and costs to hire and retain talent.

The Corporation’s return on average assets (ROA) and return on average stockholders’ equity (ROE) for the fourth quarter of 2024 decreased compared to the same period in 2023. As of December 31, 2024, the Corporation reported total assets of $2.22 billion, total loans of $1.43 billion, total deposits of $1.89 billion, and total stockholders’ equity of $131.0 million.

ENB Financial Corp, headquartered in Ephrata, PA, operates through its subsidiary Ephrata National Bank and has been serving the community since 1881. For further details and information regarding the Corporation, visit www.enbfc.com.

This news release may contain forward-looking statements; however, the actual results may vary from the projections due to various factors such as changes in fiscal or monetary policy or the economic climate. ENB Financial Corp may update future-looking statements to reflect subsequent events.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read ENB Financial’s 8K filing here.

ENB Financial Company Profile

ENB Financial Corp operates as the bank holding company for Ephrata National Bank that provides various financial services to individuals and small-to-medium-sized businesses in Pennsylvania, the United States. The company's deposit products include non-interest bearing and interest-bearing demand deposits, NOW accounts, money market deposit accounts, savings accounts, and time deposits.