ENB Financial Corp reported its third-quarter results for 2024, highlighting a mixed performance in revenue and profitability compared to the previous fiscal period. For the three months ended September 30, 2024, net income was $3,336,000, a decrease of 7.7% from $3,613,000 in the same period of 2023. Earnings per share for the quarter fell to $0.59 from $0.64 year-over-year. However, for the nine months ended September 30, 2024, net income increased significantly to $11,591,000, up 47.6% from $7,851,000 in the prior year, with earnings per share rising to $2.05 from $1.39.
Total interest income for the third quarter rose to $23,506,000, a 17.3% increase from $20,037,000 in 2023, driven by higher interest and fees on loans, which increased by 17.3% to $18,644,000. Conversely, interest expense on deposits and borrowings surged by 39.8% to $9,336,000, reflecting rising costs associated with funding. Net interest income for the quarter was $14,170,000, up 6.1% from $13,358,000 in the previous year.
Operating expenses also increased, totaling $14,124,000 for the quarter, an 8.4% rise from $13,033,000 in 2023. Salary and benefit expenses were a significant contributor, increasing by 17.6% to $8,646,000. Other income for the quarter saw a notable increase of 27.7%, reaching $4,539,000, attributed to higher trust and investment services income and gains from the sale of mortgages.
As of September 30, 2024, total assets stood at $2,092,471,000, up from $2,000,824,000 at the end of 2023. Total deposits increased to $1,815,415,000, reflecting a 5.1% rise since December 31, 2023. The loan portfolio also expanded, with net loans increasing to $1,395,769,000, a 3.8% increase from the previous quarter.
The allowance for credit losses as a percentage of total loans decreased to 1.04% from 1.12% at the end of 2023. The company reported a net provision expense of $497,000 for the third quarter, while a release of $400,000 was noted for the nine-month period.
In terms of strategic developments, ENB Financial Corp repurchased 161,658 shares of its common stock during the quarter at an average cost of $16.56 per share, as part of an ongoing share repurchase plan. The company continues to maintain capital ratios well above regulatory requirements, with a Total Capital to Risk-Weighted Assets ratio of 14.4% as of September 30, 2024.
About ENB Financial Corp
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