ECB Bancorp(ECBK) - 2024 Q4 - Annual Results

Financial Performance - For Q4 2024, ECB Bancorp reported net income of $1.4 million, or $0.17 per diluted share, up from $789,000, or $0.09 per diluted share in Q4 2023, representing a 77.5% increase in net income [2]. - Net income for the year ended December 31, 2024, was $3,991 thousand, a decrease of 10.4% from $4,456 thousand in 2023 [24]. - Basic earnings per share for Q4 2024 was $0.18, compared to $0.09 in Q4 2023, marking a 100% increase [24]. Asset and Deposit Growth - Total assets increased by $137.8 million, or 10.8%, to $1.42 billion as of December 31, 2024, compared to $1.28 billion a year earlier [12]. - Deposit growth was $130.3 million, or 15.0%, reaching $998.5 million at December 31, 2024, while loan growth was $96.7 million, or 9.3%, totaling $1.15 billion [3][13]. - Total deposits grew to $998,533 thousand in 2024, up from $868,214 thousand in 2023, reflecting a 15.0% increase [22]. Income and Expenses - Net interest and dividend income after provision for credit losses increased by $1.3 million, or 21.7%, to $7.1 million for Q4 2024 compared to $5.8 million in Q4 2023 [4]. - Noninterest income for the year ended December 31, 2024, was $1.2 million, an increase of $174,000, or 16.5%, from $1.1 million in 2023, primarily due to net gains on sales of loans [7]. - Noninterest expense for the year ended December 31, 2024, was $20.7 million, an increase of $1.6 million, or 8.5%, from $19.1 million in 2023 [10]. - Interest expense on deposits increased to $33,435 thousand for the year ended December 31, 2024, up from $21,413 thousand in 2023, a rise of 56.3% [24]. - Total noninterest expense increased to $20,669 thousand for the year ended December 31, 2024, compared to $19,054 thousand in 2023, an increase of 8.5% [24]. Equity and Book Value - Total shareholders' equity increased by $3.4 million, or 2.0%, to $168.3 million as of December 31, 2024, driven by net income and stock-based compensation [16]. - The tangible book value per share increased from $17.75 to $18.50, reflecting the impact of the stock repurchase program [3]. - Book value per common share increased to $18.50 in 2024 from $17.75 in 2023, reflecting a growth of 4.2% [22]. Loan Portfolio - The allowance for credit losses on loans was $8.9 million, or 0.78% of total gross loans, as of December 31, 2024, compared to $8.6 million, or 0.82%, a year earlier [17]. - Multi-family real estate loans increased by $56.6 million, or 19.7%, to $344.0 million as of December 31, 2024 [15]. Regulatory Capital - Regulatory capital ratios showed a decline in total capital to risk-weighted assets to 16.58% in 2024 from 17.30% in 2023 [22].