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ENB slide continues; PNC beats on Q1 EPS estimate

Two popular midstate banks are the first to report first-quarter earnings this week.

ENB Financial Corp.

Profits at Ephrata-based ENB Financial Corp., the parent company for Ephrata National Bank, dropped more than 20 percent in the first quarter of 2015 compared with 2014.

The company reported net income of about $1.47 million for the quarter, down from $1.84 million in 2014.

That comes on the heels of an approximately 16 percent decrease in the fourth quarter of 2014 and a drop of 8 percent for all of 2014.

Earnings per basic and diluted shares dropped from 64 cents in 2014 to 51 for the most recent quarter — a dip of 20.3 percent.

The company said that while it had a credit provision of $200,000 in 2014’s first quarter for loan losses, it had a $200,000 expense in 2015. The increase was primarily due to charge-offs in the first quarter, which resulted in higher historical loss figures.

Operating expenses increased 6.2 percent, with salary and benefits rising $272,000, or about 7.9 percent. The rise is due to additional personnel and increased benefit costs.

The company’s assets increased 4.6 percent to $862.7 million.

ENB trades its shares on the OTC market at ENBP.


PNC Financial Services

PNC Financial Services Inc., the holding company for Pittsburgh-based PNC Bank, beat analyst estimates by 3 cents when it announced earnings per diluted share of $1.75 for the first quarter.

Even though the company topped analyst estimates, the net income of $1 billion still fell short of 2014’s first quarter ($1.1 billion net income, $1.82 per share) and fourth quarter ($1.1 billion, $1.84 per share).

The company, however, missed on analyst estimates for total revenue, hitting at $3.73 billion, below estimates of $3.75 billion, according to Yahoo Finance. PNC attributed a $216 million drop from the fourth quarter to elevated fourth-quarter gains on asset distribution and seasonally lower client revenue. The revenue total was down 5 percent from the fourth quarter and down 1 percent from the first quarter of 2014.

The company reached the 50 percent mark for PNC Bank retail customers who used nonteller channels for their banking. It was the first time the bank saw at least half of its customers use nonteller channels.

The bank consolidated or closed 40 branches throughout its footprint and converted 127 of its branches to the universal model, which features no tellers in its brick-and-mortar branches.

PNC trades its shares on the New York Stock Exchange at PNC. It has about 50 branches in Cumberland, Dauphin, Lancaster and York counties.

Michael Sadowski

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