ENB Financial Corp. in Ephrata, Pa., reported that first-quarter earnings rose 15.6% from a year earlier, to $1.7 million, as the company lowered its funding cost while credit costs remained stable.
The $755 million-asset company, which announced the results Tuesday, said net interest income rose 5.7% from a year earlier, to $5.6 million. It attributed the rise largely to a $493,000 savings on deposit costs and $122,000 in savings on borrowing costs.
ENB's loan-loss provision was flat from a year earlier, at $450,000. Nonperforming loans as a percentage of total loans fell 82 basis points from a year earlier, to 0.52%.