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ECB Bancorp, Inc. Reports 2012 Second Quarter Results

ECB Bancorp, Inc. (NYSE-Amex:ECBE) (“ECB” or the “Company”) today reported its financial results for the three and six months ended June 30, 2012.

2012 Second Quarter Financial Highlights

For the three months ended June 30, 2012, net income totaled $588,000 compared to net income of $1,145,000 for the three months ended June 30, 2011. After adjustments for $266,000 in TARP preferred stock dividends and the accretion of warrant discount, net income available to common shareholders for the three months ended June 30, 2012 was $322,000 or $0.11 per diluted share compared to net income of $880,000 or $0.31 per diluted share for the three months ended June 30, 2011. For the six months ended June 30, 2012 net income totaled $965,000 compared to $61,000 for the six months ended June 30, 2011. Income available to common shareholders was $434,000 or $0.15 per diluted share compared to a net loss of ($469,000) or ($0.16) per share for the six months ended June 30, 2011.

Other Financial Highlights include :

  • Consolidated assets increased 2.5% or $22,989,000 to $944,266,000 at June 30, 2012 from $921,277,000 at December 31, 2011.
  • Loans increased 1.9% or $9,715,000 to $506,257,000 at June 30, 2012 from $496,542,000 at December 31, 2011.
  • Deposits decreased (0.2%) to $795,488,000 at June 30, 2012 from $797,645,000 at December 31, 2011.
  • Net interest income increased 2.0% to $6,658,000 for the three months ended June 30, 2012 from $6,528,000 for the previous three-month period ending March 31, 2012.

The provision for loan loss totaled $866,000 for the three months ended June 30, 2012 down (31.9%) from $1,273,000 for the same period in 2011. Year to date loan loss provision as of June 30, 2012 totaled $866,000 down (83.3%) from $5,203,000 for the six months ended June 30, 2011. The decrease for the three and six month periods reflects the decrease in total loans outstanding, reduced charge-off levels for the six month period, and adjustments for loan loss migrations within the portfolio as previously announced.

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