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ECB Bancorp Inc Reports Operating Results (10-Q)

November 12, 2010 | About:
10qk

10qk

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ECB Bancorp Inc (ECBE) filed Quarterly Report for the period ended 2010-09-30.

Ecb Bancorp Inc has a market cap of $38.4 million; its shares were traded at around $13.49 with a P/E ratio of 1349 and P/S ratio of 0.8. The dividend yield of Ecb Bancorp Inc stocks is 2.1%.

Highlight of Business Operations:

As of September 30, 2010, we had consolidated assets of approximately $932.2 million, total loans of approximately $575.0 million, total deposits of approximately $790.6 million and shareholders equity of approximately $87.6 million. For the three months ended September 30, 2010, we had income available to common shareholders of $273 thousand or $0.10 basic and diluted earnings per share, compared to income available to common shareholders of $83 thousand or $0.03 basic and diluted earnings per share for the three months ended September 30, 2009. For the nine months ended September 30, 2010, we had income available to common shareholders of $1.2 million or $0.42 basic and diluted earnings per share, compared to income available to common

shareholders of $1.7 million or $0.58 basic and diluted earnings per share for the nine months ended September 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 September 30, 2010 was $7.0 million, a decrease of $99 thousand or 1.4% when compared to net interest income of $7.1 million for the three months ended September 30, 2009. For the nine months ended September 30, 2010, net interest income was $21.0 million, an increase of $1.3 million or 6.5% when compared to net interest income of $19.7 million for the period in 2009.

Interest income decreased $338 thousand or 3.3% for the three months ended September 30, 2010 compared to the same three months of 2009. Interest income decreased $887 thousand or 2.9% for the nine months ended September 30, 2010 compared to the same nine months in 2009. The decreases for the three and nine months ended September 30, 2010 are due to the decrease in the rates earned on our average earning assets which were partially offset by increases in the volume of these earning assets. The tax equivalent yield on average earning assets decreased 50 basis points for the quarter ended September 30, 2010 to 4.69% from 5.19% for the same period in 2009. For the first nine months of 2010, the yield on average earning assets, on a tax-equivalent basis, decreased 31 basis points to 4.89% compared to 5.20% at September 30, 2009. Management attributes the decrease in the yield on our earning assets to the continued low level of short-term market interest rates. Yields on our taxable securities decreased approximately 99 basis points for the first nine months of 2010 as compared to the same period last year as securities sold, called or matured have been replaced with lower yielding securities

expense decreased $2.2 million or 19.4% during the first nine 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 $31.8 million for the first nine months of 2010 compared with the same period in 2009.

Read the The complete Report

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