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TheStreet Open House

ECB Bancorp, Inc. Reports 2011 Second Quarter Results

Stock quotes in this article: ECBE

ECB Bancorp, Inc. (NASDAQ:ECBE) (“ECB” or the “Company”) today announced its results for the three and six months ended June 30, 2011.

2011 Second Quarter Financial Highlights

For the three months ended June 30, 2011, net income totaled $1,145,000, a 19.6 % increase from the $957,000 in net income for the three months ended June 30, 2010. After adjusting for $265,000 in preferred stock dividends and the accretion of warrant discount, net income available to common shareholders for the three months ended June 30, 2011 was $880,000 or $0.31 per diluted share, an increase of 29.2 % compared to $692,000 or $0.24 per diluted share for the three months ended June 30, 2010.

For the six months ended June 30, 2011, net income was $61,000, which compares to net income for the six months ended June 30, 2010 of $1,444,000. After adjusting for $530,000 in preferred stock dividends and accretion of warrant discount, loss charged to common shareholders for the six months ended June 30, 2011 was $469,000 or $0.16 per basic and diluted share, compared to income available to common shareholders of $0.32 per basic and diluted share for the prior year period.

Other Financial Highlights include:

  • Consolidated assets increased 2.1% to $941,463,000 at June 30, 2011 from $921,840,000 at June 30, 2010.
  • Loans decreased 4.8% to $542,687,000 at June 30, 2011 compared to $570,174,000 at June 30, 2010.
  • Deposits increased 2.6 % to $812,774,000 at June 30, 2011 from $792,454,000 at June 30, 2010.
  • Net interest income remained virtually unchanged for the three months ended June 30, 2011 and 2010 at $7,045,000 and $7,033,000 respectively. For the six months ended June 30, 2011, net interest income decreased 1.5% to $13,813,000 compared to $14,028,000 for the first six months of 2010.
  • Non-interest income for the three months ended June 30, 2011 was $2,539,000 an increase of 36.1% compared to $1,866,000 for the same three month period a year ago. For the six months ended June 30, 2011, non-interest income decreased 12.4% to $3,970,000 compared to $4,534,000 for the same period in 2010.
  • Provision for loan losses charged to operations for the three months ended June 30, 2011 totaled $1,273,000, a decrease of 67.6% compared to $3,930,000 charged to operations for the first quarter ended March 31, 2011.

As discussed in ECB's Form 10-Q for the first quarter, during April the Bank's board approved a resolution at the request of the FDIC which, among other things, provides for the Bank to establish a policy regarding cash dividends it pays to ECB and requires that the Bank's board document an analysis of the amount of any dividend it proposes to pay to ECB each quarter and obtain its banking regulators' approval before the dividend is paid. Because dividends from the Bank are ECB's primary source of funds with which to pay dividends to its shareholders, that resolution affects ECB's ability to pay dividends and the timing of its Board's consideration of dividends. As of the date of this press release, ECB's Board has not made a determination as to the declaration of a dividend to its shareholders for the second quarter.

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