ECB Bancorp Inc (ECBE, Financial) filed Quarterly Report for the period ended 2011-03-31.
Ecb Bancorp Inc has a market cap of $32.4 million; its shares were traded at around $11.37 with a P/E ratio of 56.85 and P/S ratio of 0.63. The dividend yield of Ecb Bancorp Inc stocks is 2.46%.
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 March 31, 2011 was $6.8 million compared to $7.0 million for the three months ended March 31, 2010.
Interest income decreased $582 thousand or 5.8% for the three months ended March 31, 2011 compared to the same three months of 2010. The decrease for the three months ended March 31, 2011 is due to the decrease in the rates earned on our average earning assets which was partially offset by an increase in the volume of these earning assets. Average earning assets increased $12.1 million as compared to the same period in 2010. We funded the increases in interest-earning assets primarily with interest-bearing deposits and long-term obligations. The tax equivalent yield on average earning assets decreased 43 basis points for the quarter ended March 31, 2011 to 4.60% from 5.03% for the same period in 2010. 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 94 basis points for the first quarter of 2011 as compared to the same period last year as securities sold, called or matured have been replaced with lower yielding securities. Also, approximately $333.2 million or 61.0% of our loan portfolio consists of variable rate loans that adjust with the movement of the prime rate. As a result of low rates for an extended period of time, these loans yields have remained relatively flat.
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Ecb Bancorp Inc has a market cap of $32.4 million; its shares were traded at around $11.37 with a P/E ratio of 56.85 and P/S ratio of 0.63. The dividend yield of Ecb Bancorp Inc stocks is 2.46%.
Highlight of Business Operations:
As of March 31, 2011, we had consolidated assets of approximately $916.6 million, total loans of approximately $546.6 million, total deposits of approximately $786.8 million and shareholders equity of approximately $79.2 million. For the three months ended March 31, 2011, we had a net loss attributable to common shareholders of $1.3 million or $0.47 basic and diluted loss per share, compared to income available to common shareholders of $0.2 million, or $0.08 basic and diluted earnings per share for the three months ended March 31, 2010.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 March 31, 2011 was $6.8 million compared to $7.0 million for the three months ended March 31, 2010.
Interest income decreased $582 thousand or 5.8% for the three months ended March 31, 2011 compared to the same three months of 2010. The decrease for the three months ended March 31, 2011 is due to the decrease in the rates earned on our average earning assets which was partially offset by an increase in the volume of these earning assets. Average earning assets increased $12.1 million as compared to the same period in 2010. We funded the increases in interest-earning assets primarily with interest-bearing deposits and long-term obligations. The tax equivalent yield on average earning assets decreased 43 basis points for the quarter ended March 31, 2011 to 4.60% from 5.03% for the same period in 2010. 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 94 basis points for the first quarter of 2011 as compared to the same period last year as securities sold, called or matured have been replaced with lower yielding securities. Also, approximately $333.2 million or 61.0% of our loan portfolio consists of variable rate loans that adjust with the movement of the prime rate. As a result of low rates for an extended period of time, these loans yields have remained relatively flat.
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