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ECB Bancorp Inc Reports Operating Results (10-Q)

August 12, 2010 | About:
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10qk

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ECB Bancorp Inc (ECBE) filed Quarterly Report for the period ended 2010-06-30.

Ecb Bancorp Inc has a market cap of $38.7 million; its shares were traded at around $13.59 with and P/S ratio of 0.8. The dividend yield of Ecb Bancorp Inc stocks is 2.1%.

Highlight of Business Operations:

As of June 30, 2010, we had consolidated assets of approximately $921.8 million, total loans of approximately $570.2 million, total deposits of approximately $792.5 million and shareholders equity of approximately $86.9 million. For the three months ended June 30, 2010, we had income available to common shareholders of $692 thousand or $0.24 basic and diluted earnings per share, compared to income available to common shareholders of $532 thousand, or $0.19 basic and diluted earnings per share for the three months ended June 30, 2009. For the six

months ended June 30, 2010, we had income available to common shareholders of $914 thousand or $0.32 basic and diluted earnings per share, compared to income available to common shareholders of $1.6 million or $0.55 basic and diluted earnings per share for the six months ended June 30, 2009.

Net interest income (the difference between the interest earned on assets, such as loans and investment securities and the interest paid on liabilities, such as deposits and other borrowings) is our primary source of operating income. Net interest income for the three months ended June 30, 2010 was $7.0 million, an increase of $0.4 million or 5.8% when compared to net interest income of $6.6 million for the three months ended June 30, 2009. For the six months ended June 30, 2010, net interest income was $14.0 million, an increase of $1.3 million or 10.9% when compared to net interest income of $12.7 million for the period in 2009

Interest income decreased $340 thousand or 3.3% for the three months ended June 30, 2010 compared to the same three months of 2009. Interest income decreased $549 thousand or 2.7% for the six months ended June 30, 2010 compared to the same six months in 2009. The decreases for the three and six months ended June 30, 2010 are due to the decrease in the rates paid on our average earning assets which was partially offset by increase in the volume of these earning assets. The tax equivalent yield on average earning assets decreased 23 basis points for the

Our average cost of funds during the second quarter of 2010 was 1.66%, a decrease of 46 basis points when compared to 2.12% for the second quarter of 2009. Average rates paid on bank certificates of deposit decreased 54 basis points from 2.63% for the quarter ended June 30, 2009 to 2.09% for the quarter ended June 30, 2010, while our average cost of borrowed funds increased 121 basis points during the second quarter of 2010 compared to the same period in 2009. Total interest expense decreased $731 thousand or 20.0% during the second quarter of 2010 compared to the same period in 2009, primarily the result of decreased market rates paid on these liabilities. For the six months ended June 30, 2010, our cost of funds was 1.70% a decrease of 62 basis points when compared to 2.32% for the same period in 2009. Average rates paid on bank certificates of deposit decreased 80 basis points from 2.89% to 2.09% for the first six months of 2010, while our cost of borrowed funds increased 78 basis points compared to the same period a year ago. The increase in the average cost of borrowed funds for both the three- and six- month periods is the result of a decrease in the volume of lower cost short term borrowings. Total interest expense decreased $1.9 million or 24.4% during the six months of 2010 compared to the same period in 2009, primarily the result of decreased market rates paid on these liabilities. The volume of average interest-bearing liabilities increased approximately $22.5 million for the six months of 2010 compared with the same period in 2009.

Read the The complete Report

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