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.
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