ECB Bancorp(ECBK) - 2025 Q1 - Quarterly Results

Financial Performance - Net income for Q1 2025 was $1.3 million, or $0.16 per diluted share, representing an increase of $676,000, or 108.9%, compared to Q1 2024[2] - Net income for Q1 2025 was $1,297 million, a significant increase from $621 million in Q1 2024, marking a year-over-year growth of 108.5%[20] - Basic earnings per share improved to $0.16 in Q1 2025, compared to $0.07 in Q1 2024, indicating a 128.6% increase[20] - Income before income tax expense increased to $1,721 million, up from $832 million, representing a growth of 106.6%[20] Income and Expenses - Net interest and dividend income before provision for credit losses increased by $745,000, or 12.6%, to $6.6 million for Q1 2025[4] - Total interest and dividend income increased to $17,621 million in Q1 2025, up from $15,694 million in Q1 2024, representing an increase of 12.2%[20] - Net interest and dividend income after provision for credit losses rose to $6,658 million, compared to $5,756 million in the previous year, reflecting a growth of 15.6%[20] - Interest expense rose to $10,973 million in Q1 2025, compared to $9,791 million in Q1 2024, an increase of 12.1%[20] - Noninterest income decreased by $36,000, or 11.7%, to $271,000 due to no loan sales in Q1 2025[5] - Total noninterest income decreased to $271 million from $307 million year-over-year, a decline of 11.7%[20] - Noninterest expense remained stable at $5.2 million, a slight decrease of $23,000, or 0.4%[6] - Total noninterest expense slightly decreased to $5,208 million from $5,231 million, showing a reduction of 0.4%[20] Assets and Liabilities - Total assets rose to $1.45 billion, an increase of $34.0 million, or 2.4%, from December 31, 2024[8] - Total gross loans increased by $41.1 million, or 3.6%, to $1.19 billion as of March 31, 2025[10] - Total deposits grew by $38.1 million, or 3.8%, to $1.04 billion as of March 31, 2025[11] - The allowance for credit losses was $8.8 million, or 0.74% of total loans, reflecting a slight decrease from the previous quarter[13] Shareholder Value - The company completed its initial stock repurchase program, enhancing shareholder value[3] - Book value per share increased by $0.13 to $18.63 as of March 31, 2025[12] Credit Losses - The provision for credit losses showed a benefit of $10 million in Q1 2025, contrasting with a provision of $147 million in Q1 2024[20]