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ECB Bancorp Inc Reports Operating Results (10-Q)

August 14, 2012 | About:
10qk

10qk

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ECB Bancorp Inc (ECBE) filed Quarterly Report for the period ended 2012-06-30.

Ecb Bancorp, Inc. has a market cap of $31 million; its shares were traded at around $10.88 with a P/E ratio of 64 and P/S ratio of 0.7.
This is the annual revenues and earnings per share of ECBE over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of ECBE.


Highlight of Business Operations:

As of June 30, 2012, we had consolidated assets of approximately $944.3 million, total loans of approximately $506.3 million, total deposits of approximately $795.5 million and shareholders’ equity of approximately $83.3 million. For the three months ended June 30, 2012, we had income available to common shareholders of $322 thousand or $0.11 basic and diluted earnings per share, compared to income available to common shareholders of $880 thousand, or $0.31 basic and diluted earnings per share for the three months ended June 30, 2011. For the six months ended June 30, 2012, we had net income available to common shareholders of $434 thousand or $0.15 basic and diluted income per share, compared to a loss attributable to common shareholders of $469 thousand or $0.16 basic and diluted loss per share for the six months ended June 30, 2011.

Interest income decreased $1.2 million or 12.3% for the three months ended June 30, 2012 compared to the same three months of 2011. Interest income decreased $2.1 million or 11.1% for the six months ended June 30, 2012 compared to the same six months in 2011. The decreases for the three and six months ended June 30, 2012 are due to the decreases in the rates earned on our average earning assets and a decrease in the volume of these earning assets. The tax equivalent yield on average earning assets decreased 48 basis points for the quarter ended June 30, 2012 to 4.08% from 4.56% for the same period in 2011. For the first six months of 2012, the yield on average earning assets, on a tax-equivalent basis, decreased 45 basis points to 4.13% compared to 4.58% for the six months ended June 30, 2011. Management attributes the decrease in the yield on our earning assets to the continued low level of market interest rates and the decline in volume of higher yielding loans which were replaced by lower yielding securities. Yields on our taxable securities decreased approximately 78 and 67 basis points for the three- and six-month periods ending June 30, 2012, respectively, as compared to the same periods last year as securities sold, called or matured have been replaced with lower yielding securities.

Average interest-bearing liabilities, as a percentage of interest-earning assets, for the quarters ended June 30, 2012 and 2011 were 83.7% and 85.8%, respectively. For the six months ended June 30, 2012, average interest-bearing liabilities as a percentage of interest-earning assets were 83.8% compared to 86.1% for the six months ended June 30, 2011.

Our total assets were $944.3 million at June 30, 2012, $921.3 million at December 31, 2011 and $941.5 million at June 30, 2011. Short-term borrowing growth funded our year-over-year asset growth. For the twelve months ended June 30, 2012, our loans declined $36.4 million or 6.7% while our deposits declined by approximately $17.3 million or 2.1%. Year-over-year, our earning assets declined by $9.1 million primarily through reductions in loans and overnight investment which were offset by additions to our available-for-sale investment securities portfolio. For the six months ended June 30, 2012, our loans outstanding increased $9.7 million and deposits decreased by $2.2 million.

Read the The complete Report

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