Enterprise National Bank NJ has reported a net loss of $121,000 for the first quarter ended March 31, 2008, compared to a net loss of $164,000 for the same quarter in 2007.
The bank ended the first quarter with total assets of $86.4 million compared to $83.7 million at December 31, 2007, reflecting a growth of 3.23%. During the same period, the bank experienced a net growth in loans of $8.9 million, or 16.3%.
Total revenue, defined as net interest income plus non-interest income, increased by $126,000, or 22.6%, during the period compared to the corresponding period in 2007. The rise in revenues was due to the continued growth in interest earning assets.
Net interest income for the quarter was $662,000 compared to $544,000 posted in the first quarter of 2007. The increase in the net interest income is primarily due to an increase in average earning assets.
Net interest margin decreased to 3.06% in the quarter from 3.12% during the first quarter of 2007.