- Consolidated assets remained relatively flat at $916,274,000 at March 31, 2012 versus $916,571,000 at March 31, 2011.
- Loans decreased (10.1%) to $491,383,000 at March 31, 2012 compared to $546,641,000 at March 31, 2011.
- Deposits decreased (1.8%) to $772,597,000 at March 31, 2012 from $786,754,000 at March 31, 2011.
- Net interest income decreased (3.5%) to $6,528,000 for the three months ended March 31, 2012 from $6,768,000 for the same three-month period a year ago.
- There was no provision for loan losses charged to operations for the three months ended March 31, 2012 compared to $3,930,000 for same period last year. Our allowance modeling indicates that no additional provision was necessary, primarily due to the decrease in total loans outstanding, reduced charge-off levels, and adjustments for loan loss migrations within the portfolio as previously announced. For the quarter ended March 31, 2012, net charge-offs totaled $706,000 or .57% annualized of average loans, down (64%) compared to first quarter 2011, which totaled $1,958,503 in net charge-offs representing 1.4% annualized of average loans.
ECB Bancorp, Inc. Reports 2012 First Quarter Results
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