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ECB Bancorp, Inc. Reports 2010 Third Quarter Results

ECB Bancorp, Inc. (NASDAQ:ECBE) (“ECB” or the “Company”) today announced its results for the three and nine months ended September 30, 2010.

2010 Third Quarter Financial Highlights

For the three months ended September 30, 2010, net income totaled $540,000, a 56.1% increase from the $346,000 in net income for the three months ended September 30, 2009. After adjusting for $267,000 in preferred stock dividends and the accretion of warrant discount, net income available to common shareholders for the three months ended September 30, 2010 was $273,000 or $0.10 per diluted share, an increase of 228.9% compared to $83,000 or $0.03 per diluted share for the three months ended September 30, 2009.

In the three months ending September 30, 2010 ECB Bancorp recognized $2,030,000 in net gains from sales in the investment portfolio versus $444,000 of recognized net gains in the same period 2009. These gains resulted from the continued repositioning of the investment portfolio to reduce its volatility in preparation for a future anticipated rise in interest rates and a reduction in exposure to the municipal bond sector of our portfolio.

For the nine months ended September 30, 2010, net income was $1,984,000, a decrease of 17.3% compared to net income for the nine months ended September 30, 2009 of $2,399,000. After adjusting for $797,000 in preferred stock dividends and accretion of warrant discount, net income available to common shareholders for the nine months ended September 30, 2010 was $1,187,000 or $0.42 per diluted share compared to $1,661,000 or $0.58 per diluted share for the prior year period.

Other Financial Highlights include:

  • Consolidated assets increased 8.6% to $932,209,000 at September 30, 2010 from $858,737,000 at September 30, 2009.
  • Loans increased 0.2% to $575,003,000 at September 30, 2010 compared to $573,837,000 at September 30, 2009.
  • Deposits increased 13.5% to $790,592,000 at September 30, 2010 from $696,633,000 at September 30, 2009.
  • Net interest income decreased 1.4% to $6,977,000 for the three months ended September 30, 2010 from $7,076,000 for the same three-month period a year ago. For the nine months ended September 30, 2010, net interest income increased 6.5% to $21,005,000 compared to $19,730,000 for the first nine months of 2009.
  • Non-interest income for the three months ended September 30, 2010 net of securities gains was $1,770,000, an increase of 19.4% compared to $1,482,000 of non-interest income net of securities gains for the same three-month period in 2009. For the nine months ended September 30, 2010, non-interest income net of securities gains increased 5.9% to $4,863,000 compared to $4,593,000 for the same period in 2009.
  • Provision for loan losses charged to operations for the three months ended September 30, 2010 totaled $3,863,000, an increase of 44.4% compared to the $2,675,000 provision charged to operations for the third quarter ended September 30, 2009.
  • During the third quarter of 2010, the Company declared a common stock dividend of $0.07 per share, or $0.28 per share on an annualized basis, which was unchanged from the $0.07 dividend, paid in the second quarter of 2010.

A. Dwight Utz, President and Chief Executive Officer, stated: “Although ECB has faired better than many other banks during these difficult times, we continue to see some credit weakness and increased credit losses. We believe the economy is slowly showing signs of recovery with the tourist industry indicating very positive summer results on the North Carolina coast.”

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