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ENB Financial Corp (ENBP0.00%) has filed its annual report on Form 10-K for the fiscal year ended December 31, 2024 filing.
The filing details the financial performance of the company, including a net income of $15,317,000 for the year, which represents a 23.8% increase over the previous year. Earnings per share were reported at $2.71, up from $2.19 in 2023.
Net interest income increased by 5.0% to $56,741,000, driven by a rise in interest and fees on loans and securities income. Interest expense also rose significantly due to higher rates on deposits and borrowings.
The provision for credit losses was $1,015,000, reflecting loan growth and higher levels of non-accrual and classified loans. The allowance for credit losses stood at 1.13% of total loans.
Non-interest income increased by 42.8%, with gains on mortgage sales and securities contributing to the rise. Operating expenses grew by 7.4%, primarily due to higher salaries and employee benefits.
Total assets reached $2.22 billion, with loans increasing by 4.9% to $1.41 billion. Deposits grew by 9.5%, totaling $1.89 billion at year-end.
The company maintained strong capital ratios, with a total capital to risk-weighted assets ratio of 14.6% at the consolidated level.
The report also discusses various risks and regulatory compliance issues, including interest rate risk, credit risk, and cybersecurity measures.
ENB Financial Corp continues to focus on its core banking operations and strategic initiatives to support growth and improve earnings performance.
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 annual 10-K report dated March 21, 2025. To report an error, please email earnings@qz.com.