ECB Bancorp(US:ECBK)2025-05-09 13:33Financial Performance - Net income for the three months ended March 31, 2025, was $1.3 million, an increase of $676,000, or 108.9%, compared to $621,000 for the same period in 2024[138] - Interest and dividend income increased by $1.9 million, or 12.3%, to $17.6 million for the three months ended March 31, 2025, driven by a $1.7 million increase in interest and fees on loans[139] - Net interest and dividend income increased by $745,000, or 12.6%, to $6.6 million for the three months ended March 31, 2025, from $5.9 million for the same period in 2024[144] - Noninterest income decreased by $36,000, or 11.7%, to $271,000 for the three months ended March 31, 2025, compared to $307,000 for the same period in 2024[146] - Income tax expense increased by $213,000, or 100.9%, to $424,000 for the three months ended March 31, 2025, from $211,000 for the same period in 2024[147] Asset and Loan Growth - Total assets increased by $34.0 million, or 2.4%, to $1.45 billion at March 31, 2025, compared to $1.42 billion at December 31, 2024[129] - Total gross loans rose by $41.1 million, or 3.6%, to $1.19 billion at March 31, 2025, with multi-family real estate loans increasing by $27.0 million, or 7.9%[132] - The average balance of the loan portfolio increased by $100.0 million to $1.16 billion for the three months ended March 31, 2025, with an average yield increase of 19 basis points to 5.30%[139] - Total interest-earning assets increased to $1,953 million, up from $1,675 million, reflecting a growth of 16.6% year-over-year[153] Deposit Activity - Total deposits increased by $38.1 million, or 3.8%, to $1.04 billion at March 31, 2025, compared to $998.5 million at December 31, 2024[135] - Core deposits increased by $6.7 million, or 1.7%, to $399.7 million at March 31, 2025, from $393.0 million at December 31, 2024[136] - Certificates of deposit increased by $31.4 million, or 5.2%, to $636.9 million at March 31, 2025, from $605.5 million at December 31, 2024[140] - Money market deposit accounts rose by $19.7 million, or 10.7%, to $204.3 million at March 31, 2025, from $184.6 million at December 31, 2024[140] - The bank experienced net increases in deposits of $38.1 million for the three months ended March 31, 2025[159] Capital and Regulatory Compliance - Shareholders' equity increased by $310,000, or 0.2%, to $168.6 million as of March 31, 2025, primarily due to earnings of $1.3 million[137] - The bank is categorized as well-capitalized and exceeds all regulatory capital requirements as of March 31, 2025[162] Interest and Yield Metrics - The yield on interest-earning assets increased by 11 basis points to 5.10% for the three months ended March 31, 2025, from 4.99% for the same period in 2024[142] - The net interest margin expanded by five basis points to 1.89% for the three months ended March 31, 2025, compared to 1.84% for the same period in 2024[144] - The average balance of interest-bearing deposits increased by $144.5 million, or 18.1%, to $944.4 million for the three months ended March 31, 2025, from $799.9 million for the same period in 2024[143] Investment and Borrowing Activities - Investment securities available for sale increased by $7.4 million, or 112.5%, to $14.0 million at March 31, 2025, due to purchases of securities[131] - The bank had outstanding advances of $234.0 million from the Federal Home Loan Bank as of March 31, 2025[154] - Unused borrowing capacity included $328.3 million with the Federal Home Loan Bank and $16.8 million with the Federal Reserve Bank[154] - Loan commitments outstanding totaled $31.0 million, with $89.0 million in unused lines of credit to borrowers[156] - The level of brokered time deposits was $133.9 million as of March 31, 2025, compared to $125.6 million at the end of 2024[159] - The primary investing activity involved originating and purchasing $54.9 million in loans during the three months ended March 31, 2025[158]