ECB Bancorp(ECBK) - 2024 Q1 - Quarterly Results

Financial Performance - Net income for Q1 2024 was $621,000 or $0.07 per diluted share, a decrease of $280,000 from $901,000 or $0.11 per diluted share in Q1 2023[2] - Net income for Q1 2024 was $621 million, a decrease of 30.9% compared to $901 million in Q1 2023[20] - Basic earnings per share decreased to $0.07 in Q1 2024 from $0.11 in Q1 2023, a decline of 36.4%[20] - Income before income tax expense was $832 million, down from $1,220 million, a decline of 31.9%[20] Asset and Loan Growth - Total assets increased by $23.1 million, or 1.8%, to $1.30 billion as of March 31, 2024, compared to $1.28 billion at December 31, 2023[8] - Total net loans increased by $31.2 million, or 3.0%, to $1.07 billion as of March 31, 2024, from $1.04 billion at December 31, 2023[8] - Deposits increased by $33.4 million, or 3.9%, to $901.6 million as of March 31, 2024, from $868.2 million at December 31, 2023[10] Income and Expenses - Net interest and dividend income before provision for credit losses decreased by $463,000, or 7.3%, to $5.9 million for Q1 2024[4] - Noninterest income increased by $78,000, or 34.1%, to $307,000 for Q1 2024, driven by net gains on loan sales[5] - Noninterest expense increased by $735,000, or 16.3%, to $5.2 million for Q1 2024, primarily due to increased salaries and employee benefits[6] - Total noninterest income rose to $307 million, up from $229 million, reflecting a 34.1% increase[20] - Total noninterest expense increased to $5,231 million, compared to $4,496 million in the previous year, marking a rise of 16.4%[20] Credit Quality - The provision for credit losses decreased by $732,000, or 83.3%, to $147,000 for Q1 2024, reflecting lower loan growth[4] - Provision for credit losses decreased significantly to $147 million from $879 million year-over-year, indicating improved credit quality[20] - Asset quality remains strong, with total non-performing assets at $1.2 million, or 0.09% of total assets as of March 31, 2024[13] Shareholder Value - Book value per share increased by $0.19 to $17.94 as of March 31, 2024, from $17.75 at December 31, 2023[12] - Weighted average shares outstanding, basic, decreased to 8,299,775 from 8,481,042, a reduction of 2.1%[20] Interest Income and Expense - Total interest and dividend income increased to $15,694 million in Q1 2024, up from $12,062 million in Q1 2023, representing a growth of 30.1%[20] - Interest expense on deposits surged to $7,524 million, up from $3,917 million, an increase of 92.5%[20] - Total interest and dividend income after provision for credit losses was $5,756 million, compared to $5,487 million, an increase of 4.9%[20]