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ECB Bancorp, Inc. Reports 2012 First Quarter Results

ECB Bancorp, Inc. (NYSE-Amex:ECBE) (“ECB” or the “Company”) today reported its financial results for the three months ended March 31, 2012.

2012 First Quarter Financial Highlights

For the three months ended March 31, 2012, net income totaled $377,000 compared to a net loss of ($1,084,000) for the three months ended March 31, 2011. After adjusting for $265,000 in TARP preferred stock dividends and the accretion of warrant discount, net income available to common shareholders for the three months ended March 31, 2012 was $112,000 or $0.04 per diluted share compared to a loss of ($1,349,000) or ($0.47) per diluted share for the three months ended March 31, 2011.

Other Financial Highlights include :

  • 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.

A. Dwight Utz, President and Chief Executive Officer, stated, “We are beginning to experience more stability in our loan portfolio both with total outstanding loans and what we project related to loan charge-offs. Our net interest margin (NIM) rebounded from 3.10% averaged in 4 th quarter 2011 to 3.22% for first quarter 2012. This growth in net interest margin is primarily a result of a decrease in our cost of funds. It should be noted we absorbed approximately $174,000 of one-time expenses in the first quarter related to the termination of the private placement offering and acquisition of branches as previously announced in first quarter.”

Thomas M. Crowder, Executive Vice President and Chief Financial Officer, stated, “We believe we have positioned our balance sheet to grow our NIM in 2012 based on twelve more months of low interest rates as announced by the Federal Reserve earlier this year. The continuation of this environment should result in a further reduction in our cost of funds and combined with a higher yield from our investment portfolio through a slight increase in our investment portfolio duration, should result in a further increase in our net interest margin.”

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