ENTERPRISE NATIONAL BANK N J
     ENTERPRISE NATIONAL BANK N.J ("ENBN-L")
- Second Quarter Results
     The following is an update to yesterday's press release for Enterprise
National Bank N.J. (the "Bank"). The tables provided below should be read
in conjunction with the press release issued yesterday, July 22, as they
were inadvertently omitted from the original transmission.
     THE BANK
     Enterprise National Bank N.J., headquartered in Kenilworth, New Jersey,
is listed on the OTC Bulletin Board under the symbol "ENBN." The Bank
focuses on serving the needs of small to medium sized businesses,
commercial real estate borrowers, professional practices and consumers. Its
services include business and personal checking, savings, money market and
certificate of deposit accounts. Additionally, the Bank offers commercial
and consumer loans, lines of credit, home equity loans, ATM cards, Debit
cards and free telephone banking.
     Forward-Looking Statements
     This news release may contain forward-looking statements. We caution
that forward-looking statements are subject to numerous assumptions, risks
and uncertainties, which change over time. Such statements are also subject
to certain factors that may cause the Bank's results to vary from those
expected. These factors include changing economic and financial market
conditions, competition, ability to execute the Bank's business plan, items
already mentioned in this press release, and other factors. Readers are
cautioned not to place undue reliance on these forward-looking statements,
which reflect management's judgment only as of this date. The Bank
undertakes no obligation to publicly revise these forward-looking
statements to reflect events and circumstances that arise after the date of
this release.ENTERPRISE NATIONAL BANK N.J.
BALANCE SHEET (unaudited)
6/31/2008 12/31/07
Assets
Cash and due from banks $107,358 $6,946,288
Investment securities 17,783,002 21,175,280
Loans 73,500,370 55,049,229
Allowance for loan losses 725,000 580,373
Net loans 72,775,370 54,468,856
Bank premises and equipment-net 626,710 688,148
Other assets 516,372 460,049
Total assets $91,808,812 $83,738,621
Liabilities and stockholders' equity
Non-interest bearing deposits $6,354,349 $5,447,778
Savings and interest bearing demand 37,461,994 30,030,156
Time deposits 21,114,816 29,960,357
Total deposits 64,931,159 65,438,291
Borrowings 15,310,000 6,400,000
Other liabilities 452,662 614,466
Total liabilities 80,693,821 72,452,757
Total stockholders' equity 11,114,991 11,285,864
Total liabilities and stockholders'
equity $91,808,812 $83,738,621
ENTERPRISE NATIONAL BANK N.J.
INCOME STATEMENT (unaudited)
For quarters
ended: 06/30/08 03/31/08 12/31/07 09/30/07 06/30/07
Total interest
income $1,435,382 $1,391,627 $1,326,811 $1,243,784 $1,185,635
Total interest
expense 587,399 728,669 743,015 669,662 649,858
Net interest
income 847,983 662,958 583,796 574,122 535,777
Provision for
possible loan
losses 109,627 35,000 - - -
Net interest
income after
provision 738,356 627,958 583,796 574,122 535,777
Service fees and
charges 21,219 19,346 110,815 51,529 13,556
Gain on sale
of loans - - - - -
Other 713 - 328 704 151
Total non-interest
income 21,932 19,346 111,143 52,233 13,707
Personnel expenses 460,881 440,826 402,169 410,586 411,133
Occupancy expense 45,028 44,674 41,129 43,629 41,301
Equipment 130,758 128,185 128,020 128,220 124,276
Advertising 5,254 323 8,558 12,433 9,612
Other expense 161,520 151,895 140,709 138,929 124,936
Total non-interest
expense 803,441 765,903 720,585 733,797 711,258
Income(loss) before
taxes (43,153) (118,599) (25,646) (107,442) (161,774)
Income taxes - 2,080 500 500 500
Net income
(loss) $(43,153) $(120,679) $(26,146) $(107,942) $(162,274)
For quarters
ended: 03/31/07 12/31/06 09/30/06 6/30/06 3/31/06
Total interest
income $1,182,199 $1,131,490 $1,077,406 $1,014,811 $957,150
Total interest
expense 638,293 584,611 550,117 458,309 427,915
Net interest
income 543,906 546,879 527,289 556,502 529,235
Provision for
possible loan
losses 11,212 172,000 13,000 - 20,000
Net interest
income after
provision 532,694 374,879 514,289 556,502 509,235
Service fees and
charges 12,277 10,359 9,275 17,932 6,890
Gain on sale of
loans - 2,925 - 1,384 -
Other 201 - 146 -
Total non-interest
income 12,478 13,284 9,421 19,316 6,890
Personnel
expenses 389,082 263,804 267,000 307,784 285,068
Occupancy
expense 48,052 41,686 43,463 37,845 44,294
Equipment 133,112 127,050 125,933 126,045 122,356
Advertising 4,981 100 12,895 21,405 30,150
Other expense 132,299 116,601 107,835 131,170 119,028
Total non-interest
expense 707,526 549,241 557,126 624,249 600,896
Income (loss)
before taxes (162,354) (161,078) (33,416) (48,431) (84,771)
Income taxes 1,389 - 4,156
Net income
(loss) $(163,743) $(161,078) $(33,416) $(48,431) $(88,927)
For six months ended: 06/30/08 06/30/07
Total interest income $2,827,009 $2,367,834
Total interest expense 1,316,068 1,288,151
Net interest income 1,510,941 1,079,683
Provision for possible loan losses 144,627 11,212
Net interest income after provision 1,366,314 1,068,471
Service fees and charges 40,565 25,833
Gain on sale of loans - -
Other 713 352
Total non-interest income 41,278 26,185
Personnel expenses 901,707 800,215
Occupancy expense 89,702 89,353
Equipment 258,943 257,388
Advertising 5,577 14,593
Other expense 313,415 257,235
Total non-interest expense 1,569,344 1,418,784
Income(loss) before taxes (161,752) (324,128)
Income taxes 2,080 1,389
Net income(loss) $(163,832) $(325,517)
ENTERPRISE NATIONAL BANK N.J.
SELECTED CONSOLIDATED FINANCIAL DATA (unaudited)
For quarters
ended: 6/30/2008 3/31/2008 12/31/2007 9/30/2007 6/30/2007
Share Data
Book value
per share
(basic, period
end) $6.05 $6.25 $6.25 $6.19 $6.17
Net income
(loss) per share
(basic) ($0.02) ($0.07) ($0.01) ($0.06) ($0.09)
Net income
(loss) per share
(diluted) ($0.02) ($0.07) ($0.01) ($0.06) ($0.09)
Selected Averages
Average net
loans $66,861,433 $58,694,405 $51,771,461 $49,047,564 $46,603,835
Average total
deposits $65,892,405 $68,698,118 $62,271,160 $54,606,291 $55,783,473
Average
earning
assets $85,713,158 $86,734,934 $78,797,788 $71,073,723 $69,727,231
Selected
Performance
Ratios
Return on
average assets -0.05% -0.14% -0.03% -0.59% -0.91%
Return on
average equity -0.38% -1.07% -0.23% -3.88% -5.74%
Net interest
margin 3.96% 3.06% 2.96% 3.23% 3.07%
Non-interest
income as % of
average assets 0.10% 0.09% 0.55% 0.29% 0.08%
Non-interest
expense as %
of average assets 3.70% 3.49% 3.59% 4.04% 3.97%
Asset Quality
Net charge-offs $- $- $- $- $-
Non-performing
loans $- $- $- $- $-
Allowance for
possible loan
losses to total
loans 0.99% 0.96% 1.05% 1.20% 1.20%
Non-performing
loans to total
loans 0.00% 0.00% 0.00% 0.00% 0.00%
Capital
Tier 1 leverage
ratio 12.91% 12.60% 13.89% 15.25% 15.72%
Tier 1 capital
to risk-weighted
assets 14.41% 16.16% 18.12% 20.67% 20.85%
Total capital to
risk-weighted
assets 15.35% 17.06% 19.06% 21.74% 21.93%
For quarters
ended: 3/31/2007 12/31/06 9/30/06 6/30/06 3/31/06
Share Data
Book value per
share (basic,
period end) $6.31 $6.36 $6.42 $6.37 $6.37
Net income
(loss) per
share (basic) ($0.09) ($0.09) ($0.02) ($0.03) ($0.05)
Net income(loss)
per share
(diluted) ($0.09) ($0.09) ($0.02) ($0.03) ($0.05)
Selected Averages
Average net
loans $44,885,896 $41,647,877 $41,696,996 $40,231,806 $39,125,110
Average total
deposits $56,089,210 $52,003,041 $51,759,929 $49,127,964 $45,404,143
Average earning
assets $69,718,078 $65,561,662 $65,467,881 $64,458,693 $63,017,972
Selected
Performance
Ratios
Return on
average assets -0.91% -0.95% -0.20% -0.29% -0.55%
Return on
average equity -5.73% -5.57% -1.16% -1.67% -3.03%
Net interest
margin 3.12% 3.34% 3.22% 3.53% 3.36%
Non-interest
income as % of
average assets 0.07% 0.08% 0.06% 0.12% 0.04%
Non-interest
expense as % of
average assets 3.95% 3.24% 3.30% 3.75% 3.68%
Asset Quality
Net charge-offs $- $- $- $- $-
Non-performing
loans $- $- $- $485,000 $485,000
Allowance for
possible loan
losses to total
loans 1.24% 1.31% 0.95% 0.93% 0.98%
Non-performing
loans to total
loans 0.00% 0.00% 0.00% 1.16% 1.23%
Capital
Tier 1 leverage
ratio 15.94% 16.97% 17.19% 17.46% 17.92%
Tier 1 capital
to risk-weighted
assets 22.67% 24.64% 24.59% 25.57% 27.17%
Total capital to
risk-weighted
assets 23.82% 25.86% 25.43% 26.42% 28.06%_________________________________________________________________________________________________
     ____________________________________________________________
(c)2008 Market News Publishing Inc. All rights reserved.
Toronto:(416)366-8881 Vancouver:(604)689-1101 Fax:(604)689-1106


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