CAPITAL TRANSACTIONS

12 Months Ended

Dec. 31, 2014

CAPITAL TRANSACTIONS [Abstract]

CAPITAL TRANSACTIONS

NOTE I – CAPITAL TRANSACTIONS

On July 1, 2008, ENB Financial Corp, a bank holding company, was formed. With formation, all treasury stock shares were retired. As a result, management needed to obtain new treasury shares to utilize for existing stock purchase plans. Therefore, on August 14, 2008, the Board authorized a stock buyback plan for the purchase of up to 140,000 shares. Through December 31, 2014, 122,490 shares have been purchased through this plan at a weighted-average cost per share of $26.36.

Currently, the following three stock plans are in place:

• a nondiscriminatory employee stock purchase plan (ESPP), which allows employees to purchase shares at a 10% discount from the stock's fair market value at the end of each quarter,

• a dividend reinvestment plan (DRP), and;

• a directors' stock purchase plan (DSPP).

The ESPP was started in 2001 and is the largest of the three plans. There were 7,967 shares issued through the ESPP in 2014 with 78,083 shares issued since existence. The DRP was started in 2005 and has grown to nearly as large as the ESPP with 6,754 shares issued in 2014 and 72,433 total shares issued since existence. Lastly, the DSPP was started in 2010 as an additional option for board compensation. This plan is limited to outside directors. Only 1,739 shares were issued in connection with this plan in 2014 and 11,387 since existence. In 2013, there were 8,014 shares issued through the ESPP, 6,699 shares issued through the DRP, and 1,561 shares issued through the DSPP. The plans are beneficial to the Corporation as all reissued shares increase capital and, since dividends are paid out in the form of additional shares, the plans act as a source of funds.

All plans issue shares from treasury shares acquired. During 2014, 16,460 shares were reissued from treasury shares in connection with the plans. As of December 31, 2014, the Corporation held 12,721 treasury shares, at a weighted-average cost of $30.14 per share, with a cost basis of $384,000.