ECB Bancorp(ECBK) - 2025 Q2 - Quarterly Results

Financial Performance - Net income for Q2 2025 was $1.4 million, an increase of 82.0% compared to $791,000 in Q2 2024[2] - Basic earnings per share rose to $0.18 for the three months ended June 30, 2025, compared to $0.10 for the same period in 2024, reflecting an increase of 80%[25] - Net income for the three months ended June 30, 2025, was $1,440 thousand, a 82.2% increase compared to $791 thousand for the same period in 2024[25] Income and Revenue - Net interest and dividend income before provision for credit losses was $7.7 million for Q2 2025, up 27.4% from $6.0 million in Q2 2024[4] - Noninterest income increased by 22.8% to $355,000 in Q2 2025, from $289,000 in Q2 2024[6] - Net interest and dividend income after provision for credit losses was $6,540 thousand for the three months ended June 30, 2025, compared to $5,721 thousand for the same period in 2024, an increase of 14.4%[25] - Total noninterest income for the six months ended June 30, 2025, was $626 thousand, slightly up from $594 thousand for the same period in 2024, reflecting a growth of 5.4%[25] Assets and Loans - Total assets grew by $96.9 million, or 6.8%, to $1.52 billion as of June 30, 2025, from $1.42 billion at December 31, 2024[12] - Total gross loans increased by $146.5 million, or 12.8%, to $1.29 billion as of June 30, 2025, from $1.15 billion at December 31, 2024[14] - Total assets increased to $1,515,014 thousand as of June 30, 2025, up from $1,418,153 thousand at December 31, 2024, representing a growth of 6.8%[23] Deposits - Total deposits rose by $68.9 million, or 6.9%, to $1.07 billion as of June 30, 2025, from $998.5 million at December 31, 2024[15] - Total deposits reached $1,067,438 thousand as of June 30, 2025, up from $998,533 thousand at December 31, 2024, marking a 6.9% increase[23] Efficiency and Ratios - The efficiency ratio improved to 62.1% in Q2 2025, down from 78.5% in Q2 2024[3] - Regulatory capital ratios showed a total capital to risk-weighted assets ratio of 14.67% as of June 30, 2025, down from 16.58% at December 31, 2024[23] Credit Losses - The allowance for credit losses was $9.9 million, or 0.76% of total loans, as of June 30, 2025, compared to $8.9 million and 0.78% as of December 31, 2024[18] - Provision for credit losses increased to $1,120 thousand for the three months ended June 30, 2025, compared to $292 thousand for the same period in 2024, indicating a significant rise in credit risk[25] Book Value - Book value per share increased by $0.31 to $18.81 at June 30, 2025, from $18.50 at December 31, 2024[17] - Book value per common share increased to $18.81 as of June 30, 2025, compared to $18.50 at December 31, 2024, reflecting a growth of 1.68%[23] Interest Expense - Interest expense increased to $11,441 thousand for the three months ended June 30, 2025, compared to $10,373 thousand for the same period in 2024, a rise of 10.3%[25]