ECB Bancorp(ECBK) - 2025 Q4 - Annual Results

Financial Performance - For Q4 2025, ECB Bancorp reported net income of $2.6 million, or $0.31 per diluted share, up from $1.4 million, or $0.17 per diluted share in Q4 2024, representing an increase of 85.7%[2] - Net income for the year ended December 31, 2025, was $7,772 thousand, a significant increase of 94.3% compared to $3,991 thousand in 2024[23] - Basic earnings per share rose to $0.96 for the year ended December 31, 2025, compared to $0.48 in 2024, reflecting a 100% increase[23] Loan and Deposit Growth - Total loans increased by $237.0 million, or 20.7% year-over-year, while total deposits grew by $133.8 million, or 13.4% over the same period[3] - Total deposits grew to $1,132,344 thousand in 2025, up 13.4% from $998,533 thousand in 2024[21] Income and Revenue - Net interest and dividend income before provision for credit losses was $9.2 million for Q4 2025, an increase of $2.4 million, or 34.9% from $6.8 million in Q4 2024[4] - Net interest and dividend income after provision for credit losses was $30,383 thousand for the year ended December 31, 2025, an increase of 22.3% from $24,814 thousand in 2024[23] - Interest and fees on loans increased to $69,085 thousand in 2025, up 19.5% from $57,852 thousand in 2024[23] - Total noninterest income for the year ended December 31, 2025, was $1,326 thousand, a 8.2% increase from $1,226 thousand in 2024[23] - Noninterest income for Q4 2025 was $360,000, up $33,000, or 10.1% from $327,000 in Q4 2024[6] Asset and Equity Growth - Total assets increased by $187.5 million, or 13.2%, to $1.61 billion at December 31, 2025, from $1.42 billion at December 31, 2024[10] - Total assets increased to $1,605,653 thousand as of December 31, 2025, up from $1,418,153 thousand in 2024, representing a growth of 13.2%[21] - Total shareholders' equity increased by $3.7 million, or 2.2%, to $171.9 million as of December 31, 2025, from $168.3 million as of December 31, 2024[15] - Book value per common share increased to $19.55 as of December 31, 2025, compared to $18.50 in 2024, reflecting a growth of 5.7%[21] Credit Quality - The allowance for credit losses on loans was $10.3 million, or 0.74% of total gross loans, as of December 31, 2025, compared to $8.9 million, or 0.78%, as of December 31, 2024[16] - The company recorded net charge-offs of $86,000 for the year ended December 31, 2025, compared to $3,000 for the year ended December 31, 2024[16] Future Plans - ECB Bancorp plans to expand its footprint with the opening of a new branch in Medford, MA in 2026[3] Expense Management - Total noninterest expense for the year ended December 31, 2025, was $21,330 thousand, an increase of 3.2% from $20,669 thousand in 2024[23] Capital Ratios - The Tier 1 capital to risk-weighted assets ratio decreased to 13.34% in 2025 from 15.56% in 2024[21] Margin Analysis - The net interest margin expanded by 38 basis points to 2.32% for Q4 2025, compared to 1.94% for Q4 2024[4]