ENB Financial Q1 net income falls 23.5% to $2.44M; EPS $0.43 vs $0.57

ENB Financial Corp

EPS $0.43 vs $0.57 YoY; net income down $750K to $2.44M.
Net interest income up 28.8% but interest expense on deposits surged 487.6%.
Provision for credit losses $1.257M vs $100K, partly from CECL adoption and $5M loan downgrade.
Other income fell 27.8% due to lower mortgage gains and $606K investment losses.
Total loans grew 32.2% to $1.26B; equity down 8.7% on portfolio unrealized losses.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

ENB Financial Corp reported first quarter of 2023 results: net income $2,441,000, EPS $0.43.

Period: first quarter of 2023
Net income: $2,441,000
EPS: $0.43
Result: reported results

Exact text from the filing

ENB Financial Corp (OTCQX: ENBP), the bank holding company for Ephrata National Bank, reports net income for the first quarter of 2023 of $2,441,000, a $750,000, or 23.5% decrease, from the $3,191,000 earned during the first quarter of 2022. Basic and diluted earnings per share for the first quarter of 2023 were $0.43 compared to $0.57 for the same period in 2022.

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Source: SEC EDGAR

accession 0001174947-23-000582

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