ECB Bancorp, Inc. Reports 2011 First Quarter Results
ECB Bancorp, Inc. (NASDAQ:ECBE) (“ECB” or the “Company”) today announced its results for the three months ended March 31, 2011.
2011 First Quarter Financial Highlights
For the three months ended March 31, 2011, net loss totaled $1,084,000 compared to the $487,000 in net income for the three months ended March 31, 2010. After adjusting for $265,000 in TARP preferred stock dividends and the accretion of warrant discount, net loss charged to common shareholders for the three months ended March 31, 2011 were $1,349,000 or $0.47 per diluted share compared to income of $222,000 or $0.08 per diluted share for the three months ended March 31, 2010.
Other Financial Highlights include:
- Consolidated assets increased 2.1% to $916,571,000 at March 31, 2011 from $897,754,000 at March 31, 2010.
- Loans decreased 5.4% to $546,641,000 at March 31, 2011 compared to $577,964,000 at March 31, 2010.
- Deposits increased 1.8% to $786,754,000 at March 31, 2011 from $772,927,000 at March 31, 2010.
- Net interest income decreased 3.2 % to $6,768,000 for the three months ended March 31, 2011 from $6,995,000 for the same three-month period a year ago.
- Provision for loan losses charged to operations for the three months ended March 31, 2011 totaled $3,930,000, a decrease of 9.4% compared to $4,337,000 charged to operations for the fourth quarter ended December 31, 2010.
- During the first quarter, the Company declared a common stock dividend of $0.07 per share, or $0.28 per share on an annualized basis, unchanged from the previous quarterly dividend.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV