ECB Bancorp Inc (ECBE, Financial) filed Quarterly Report for the period ended 2012-09-30.
Ecb Bancorp Inc has a market cap of $41.6 million; its shares were traded at around $14.44 with a P/E ratio of 26.1 and P/S ratio of 0.9.
Interest income decreased $438 thousand or 4.8% for the three months ended September 30, 2012 compared to the same three months of 2011. Interest income decreased $2.6 million or 9.1% for the nine months ended September 30, 2012 compared to the same nine months in 2011. The decreases for the three and nine months ended September 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 15 basis points for the quarter ended September 30, 2012 to 4.09% from 4.24% for the same period in 2011. For the first nine months of 2012, the yield on average earning assets, on a tax-equivalent basis, decreased 35 basis points to 4.11% compared to 4.46% for the nine months ended September 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 31 and 54 basis points for the three- and nine-month periods ending September 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 September 30, 2012 and 2011 were 81.5% and 84.6%, respectively. For the nine months ended September 30, 2012, average interest-bearing liabilities as a percentage of interest-earning assets were 83.0% compared to 85.6% for the nine months ended September 30, 2011.
Our total assets were $927.6 million at September 30, 2012, $921.3 million at December 31, 2011 and $923.7 million at September 30, 2011. For the twelve months ended September 30, 2012, our loans declined $4.7 million or 0.9% while our deposits declined by approximately $17.2 million or 2.2%. Year-over-year, our earning assets increased by $0.8 million. For the nine months ended September 30, 2012, our loans outstanding increased $20.4 million and deposits decreased by $18.2 million.
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Ecb Bancorp Inc has a market cap of $41.6 million; its shares were traded at around $14.44 with a P/E ratio of 26.1 and P/S ratio of 0.9.
Highlight of Business Operations:
As of September 30, 2012, we had consolidated assets of approximately $927.6 million, total loans of approximately $516.9 million, total deposits of approximately $779.4 million and shareholders equity of approximately $84.8 million. For the three months ended September 30, 2012, we had income available to common shareholders of $1.4 million, or $0.48 basic and diluted earnings per share, compared to income available to common shareholders of $0.3 million, or $0.09 basic and diluted earnings per share for the three months ended September 30, 2011. For the nine months ended September 30, 2012, we had net income available to common shareholders of $1.8 million or $0.64 basic and diluted earnings per share, compared to loss attributable to common shareholders of ($0.2) million or ($0.07) basic and diluted loss per share for the nine months ended September 30, 2011.Interest income decreased $438 thousand or 4.8% for the three months ended September 30, 2012 compared to the same three months of 2011. Interest income decreased $2.6 million or 9.1% for the nine months ended September 30, 2012 compared to the same nine months in 2011. The decreases for the three and nine months ended September 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 15 basis points for the quarter ended September 30, 2012 to 4.09% from 4.24% for the same period in 2011. For the first nine months of 2012, the yield on average earning assets, on a tax-equivalent basis, decreased 35 basis points to 4.11% compared to 4.46% for the nine months ended September 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 31 and 54 basis points for the three- and nine-month periods ending September 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 September 30, 2012 and 2011 were 81.5% and 84.6%, respectively. For the nine months ended September 30, 2012, average interest-bearing liabilities as a percentage of interest-earning assets were 83.0% compared to 85.6% for the nine months ended September 30, 2011.
Our total assets were $927.6 million at September 30, 2012, $921.3 million at December 31, 2011 and $923.7 million at September 30, 2011. For the twelve months ended September 30, 2012, our loans declined $4.7 million or 0.9% while our deposits declined by approximately $17.2 million or 2.2%. Year-over-year, our earning assets increased by $0.8 million. For the nine months ended September 30, 2012, our loans outstanding increased $20.4 million and deposits decreased by $18.2 million.
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