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TheStreet Open House

ECB Bancorp, Inc. Reports 2011 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, 2011.

2011 Third Quarter Financial Highlights

For the three months ended September 30, 2011, net income totaled $527,000, a 2.4% decrease from the $540,000 in net income for the three months ended September 30, 2010. 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, 2011 was $260,000 or $0.09 per basic and diluted share, a decrease of 4.8% compared to $273,000 or $0.10 per basic and diluted share for the three months ended September 30, 2010.

For the nine months ended September 30, 2011, net income was $588,000, a decrease of 70.4% compared to net income for the nine months ended September 30, 2010 of $1,984,000. After adjusting for $797,000 in preferred stock dividends and accretion of warrant discount, net loss available to common shareholders for the nine months ended September 30, 2011 was $209,000 or $0.07 per basic and diluted share, compared to net income available to common shareholders of $1,187,000 or $0.42 per basic and diluted share for the prior nine-month period.

Other Financial Highlights include:

  • Consolidated assets decreased 0.9% to $923,695,000 at September 30, 2011 from $932,209,000 at September 30, 2010.
  • Loans decreased 9.3% to $521,626,000 at September 30, 2011 compared to $575,003,000 at September 30, 2010.
  • Deposits increased 0.8% to $796,609,000 at September 30, 2011 from $790,592,000 at September 30, 2010.
  • Net interest income decreased 5.1 % to $6,623,000 for the three months ended September 30, 2011 from $6,977,000 for the same three-month period a year ago. For the nine months ended September 30, 2011, net interest income decreased 2.7% to $20,436,000 compared to $21,005,000 for the first nine months of 2010.
  • Noninterest income for the three months ended September 30, 2011 was $2,568,000, a decrease of 32.4% compared to $3,800,000 for the same three-month period a year ago. For the nine months ended September 30, 2011, noninterest income decreased 21.6% to $6,538,000 compared to $8,334,000 for the same period in 2010. Excluding net gain on sale of securities for the three-month periods ending September 30, 2011 and 2010, noninterest income was $1,570,000, a decrease of 11.3% compared to $1,770,000 in the third quarter of 2010. Excluding net gain on sale of securities for the nine-month period ending September 30, 2011, noninterest income was $4,656,000, a decrease of 4.3% when compared to $4,863,000 for the nine-month period in 2010.
  • Provision for loan losses charged to operations for the three months ended September 30, 2011 totaled $1,028,000, a decrease of 19.2% compared to the $1,273,000 provision charged to operations for the second quarter ended June 30, 2011 and a decrease of 73.4% compared to the $3,863,000 loan loss provision charged in the same period 2010. For the nine months ended September 30, 2011, provision for loan loss totaled $6,231,000, a reduction of 27.9% compared to $8,643,000 loan loss provision taken in the same nine-month period in 2010.
  • During the third quarter of 2011, the Company declared and paid a common stock dividend of $0.07 per share.

A. Dwight Utz, President and Chief Executive Officer, stated: “We have been moving forward with our previously announced private placement to have six institutional investors purchase $79.7 million of our stock at $16 per share. This transaction combined with our announcement in third quarter that we had executed a purchase and assumption agreement to acquire six branches from Bank of Hampton Roads located in Raleigh, Chapel Hill, Cary, Plymouth and Roper, North Carolina, positions the Bank to move into 2012 with good momentum and a strong capital base.”

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