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ECB Bancorp, Inc. Reports 2012 Third Quarter Results

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

2012 Third Quarter Financial Highlights

For the three months ended September 30, 2012, net income totaled $1,649,000 compared to net income of $527,000 for the three months ended September 30, 2011. After adjustments for $267,000 in TARP preferred stock dividends and the accretion of warrant discount, net income available to common shareholders for the three months ended September 30, 2012 was $1,382,000 or $0.48 per diluted share compared to net income of $260,000 or $0.09 per diluted share for the three months ended September 30, 2011. For the nine months ended September 30, 2012 net income totaled $2,614,000 compared to $588,000 for the nine months ended September 30, 2011. Income available to common shareholders was $1,817,000 or $0.64 per diluted share compared to a net loss of ($209,000) or ($0.07) per share for the nine months ended September 30, 2011.

Other Financial Highlights include :

  • Consolidated assets have increased 0.7% or $6,300,000 to $927,592,000 at September 30, 2012 from $921,277,000 at December 31, 2011.
  • Gross outstanding loans have increased 4.1% or $20,392,000 to $516,934,000 at September 30, 2012 from $496,542,000 at December 31, 2011.
  • Deposits have decreased (2.3%) to $779,413,000 at September 30, 2012 from $797,645,000 at December 31, 2011.
  • Net interest income increased 6.8% to $7,075,000 for the three months ended September 30, 2012 from $6,623,000 for the previous three-month period ending June 30, 2012.
  • Net interest margin increased 9 basis points to 3.32% for the quarter ended September 30, 2012 up from 3.23% for the previous quarter ended June 30, 2012.

The provision for loan loss totaled $1,917,000 for the three months ended September 30, 2012 up 86.4% from $1,028,000 for the same period in 2011. The year to date loan loss provision as of September 30, 2012 totaled $2,783,000 down (55.3%) from $6,231,000 for the nine months ended September 30, 2011. The decrease in the loan loss provision for the nine month period ending September 30, 2012 is primarily a result of a decrease (51.9%) in net charge-offs , and adjustments for loan loss migrations within the portfolio as previously announced.

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