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ENB Financial Corp (ENBP+0.87%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing net income of $3,336,000, a decrease of 7.7% from the same quarter the previous year. Net income for the nine-month period was $11,591,000, a 47.6% increase over the same period in the previous year.
Net interest income increased by $812,000, or 6.1%, for the quarter compared to the previous year. The increase was driven by higher interest and fees on loans, which rose by $2,752,000, or 17.3%.
Interest expense on deposits and borrowings increased by $2,657,000, or 39.8%, for the quarter compared to the previous year.
The provision for credit losses was $497,000 for the third quarter of 2024, compared to a release of $504,000 in the same quarter of the previous year.
Other income increased by $984,000, or 27.7%, for the quarter compared to the previous year, with gains in trust and investment services income and commissions.
Total operating expenses increased by $1,091,000, or 8.4%, for the quarter compared to the previous year, primarily due to higher salaries and employee benefits.
ENB Financial Corp's total assets were $2,092,471,000 as of September 30, 2024, an increase from $1,908,547,000 at the same time the previous year.
Total deposits increased to $1,815,415,000, up from $1,660,990,000 the previous year, with a significant increase in time deposits.
The company reported an increase in non-performing assets to $9,862,000, up from $3,529,000 the previous year, primarily due to an increase in nonaccrual loans.
ENB Financial Corp maintains capital ratios well above regulatory requirements, with a Tier 1 Capital to Average Assets ratio of 9.5% at the bank level.
The filing also details various financial agreements and notes to the financial statements, including information on securities, loans, and regulatory capital ratios.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the ENB Financial Corp quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.