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Articles 

ECB Bancorp Inc Reports Operating Results (10-Q)

August 12, 2011 | About:

ECB Bancorp Inc (ECBE) filed Quarterly Report for the period ended 2011-06-30.

Ecb Bancorp Inc has a market cap of $32.5 million; its shares were traded at around $11.5001 with and P/S ratio of 0.6.

Highlight of Business Operations:

As of June 30, 2011, we had consolidated assets of approximately $941.5 million, total loans of approximately $542.7 million, total deposits of approximately $812.8 million and shareholders equity of approximately $82.3 million. For the three months ended June 30, 2011, we had income available to common shareholders of $880 thousand or $0.31 basic and diluted earnings per share, compared to income available to common shareholders of $692 thousand, or $0.24 basic and diluted earnings per share for the three months ended June 30, 2010. For the six months ended June 30, 2011, we had net loss attributable to common shareholders of $469 thousand or $0.16 basic and diluted loss per share, compared to income available to common shareholders of $914 thousand or $0.32 basic and diluted earnings per share for the six months ended June 30, 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 June 30, 2011 was $7.0 million, an increase of $12 thousand or 0.2% when compared to net interest income of $7.0 million for the three months ended June 30, 2010. For the six months ended June 30, 2011, net interest income was $13.8 million, a decrease of $215 thousand or 1.5% when compared to net interest income of $14.0 million for the same period in 2010.

Interest income decreased $333 thousand or 3.3% for the three months ended June 30, 2011 compared to the same three months of 2010. Interest income decreased $915 thousand or 4.6% for the six months ended June 30, 2011 compared to the same six months in 2010. The decreases for the three and six months ended June 30, 2010 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 38 basis points for the quarter ended June 30, 2011 to 4.56% from 4.94% for the same period in 2010. For the first six months of 2011, the yield on average earning assets, on a tax-equivalent basis, decreased 41 basis points to 4.58% compared to 4.99% for the six months ended June 30, 2010. Management attributes the decrease in the yield on our earning assets to the continued low level of market interest rates. Yields on our taxable securities decreased approximately 45 and 70 basis points for the three- and six-month periods ending June 30, 2011, respectively, as compared to the same periods last year as securities sold, called or matured have been replaced with lower yielding securities.

Our average cost of funds during the second quarter of 2011 was 1.42%, a decrease of 24 basis points when compared to 1.66% for the second quarter of 2010. Average rates paid on bank certificates of deposit decreased 26 basis points from 2.09% for the quarter ended June 30, 2010 to 1.83% for the quarter ended June 30, 2011, while our average cost of borrowed funds decreased 64 basis points during the second quarter of 2011 compared to the same period in 2010. Total interest expense decreased $345 thousand or 11.8% during the second quarter of 2011 compared to the same period in 2010, primarily the result of decreased market rates paid on these liabilities. For the six months ended June 30, 2011, our cost of funds was 1.46%, a decrease of 24 basis points when compared to 1.70% for the same period in 2010. Average rates paid on bank certificates of deposit decreased 23 basis points from 2.09% to 1.86% for the first six months of 2011, while our cost of borrowed funds decreased 27 basis points compared to the same period a year ago. Total interest expense decreased $700 thousand or 11.8% during the six months of 2011 compared to the same period in 2010, primarily the result of decreased market rates paid on these liabilities. The volume of average interest-bearing liabilities increased approximately $19.6 million for the six months of 2011 compared with the same period in 2010.

Read the The complete Report

About the author:

10qk
Charlie Tian, Ph.D., is the founder of GuruFocus. You can now order his book Invest Like a Guru on Amazon.

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