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ECB Bancorp, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total assets to $1.36 billion from $1.28 billion at the end of 2023. This increase is attributed primarily to growth in the loan portfolio.
Cash and cash equivalents rose slightly to $119.6 million, while investment securities available for sale decreased to $4.2 million due to maturities.
Gross loans increased by $75.9 million, or 7.2%, to $1.12 billion, with notable growth in multi-family and commercial real estate loans.
Deposits increased to $944.3 million, driven by growth in certificates of deposit and money market accounts.
Net interest and dividend income for the quarter was $6.3 million, a slight increase from the previous year, despite a decrease in net interest margin.
A provision for credit losses of $46,000 was recorded, compared to a benefit of $184,000 in the same quarter last year.
Noninterest income decreased slightly to $304,000, primarily due to lower income from bank-owned life insurance.
Noninterest expense increased to $5.0 million, with higher salaries and employee benefits due to stock-based compensation.
Net income for the quarter was $1.1 million, down from $1.3 million in the previous year.
ECB Bancorp reported total shareholders' equity of $166.0 million, reflecting an increase due to net income and stock-based compensation.
The company continues to focus on managing its liquidity and capital resources, maintaining a strong liquidity position to meet financial obligations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the ECB Bancorp Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.