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Barel Karsan
10qk
Articles 

ECB Bancorp Inc Reports Operating Results (10-Q)

November 14, 2011 | About:

ECB Bancorp Inc (ECBE) filed Quarterly Report for the period ended 2011-09-30.

Ecb Bancorp Inc has a market cap of $33.34 million; its shares were traded at around $11.7 with and P/S ratio of 0.64. The dividend yield of Ecb Bancorp Inc stocks is 2.39%.

Highlight of Business Operations:

As of September 30, 2011, we had consolidated assets of approximately $923.7 million, total loans of approximately $521.6 million, total deposits of approximately $796.6 million and shareholders equity of approximately $83.2 million. For the three months ended September 30, 2011, we had income available to common shareholders of $260 thousand, or $0.09 basic and diluted earnings per share, compared to income available to common shareholders of $273 thousand, or $0.10 basic and diluted earnings per share for the three months ended September 30, 2010. For the nine months ended September 30, 2011, we had net loss attributable to common shareholders of $209 thousand or $0.07 basic and diluted loss per share, compared to income available to common shareholders of $1.2 million or $0.42 basic and diluted earnings per share for the nine months ended September 30, 2010.

Interest income decreased $793 thousand or 7.9% for the three months ended September 30, 2011 compared to the same three months of 2010. Interest income decreased $1.7 million or 5.7% for the nine months ended September 30, 2011 compared to the same nine months in 2010. The decreases for the three and nine months ended September 30, 2011 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 45 basis points for the quarter ended September 30, 2011 to 4.24% from 4.69% for the same period in 2010. For the first nine months of 2011, the yield on average earning assets, on a tax-equivalent basis, decreased 43 basis points to 4.46% compared to 4.89% for the nine months ended September 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 54 and 62 basis points for the three- and nine-month periods ending September 30, 2011, respectively, as compared to the same periods last year as the volume of securities has increased with lower yielding securities and previously held 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, 2011 and 2010 were 84.6% and 84.5%, respectively. For the nine months ended September 30, 2011, average interest-bearing liabilities as a percentage of interest-earning assets were 85.6% compared to 85.2% for the nine months ended September 30, 2010.

Our total assets were $923.7 million at September 30, 2011, $919.9 million at December 31, 2010 and $932.2 million at September 30, 2010. For the twelve months ended September 30, 2011, our loans declined $53.4 million or 9.3% while our deposits grew by approximately $6.0 million or 0.8%. Year-over-year, our earning assets decreased by $18.6 million primarily through a decline in our loans. For the nine months ended September 30, 2011, our loans outstanding decreased $46.0 million and deposits increased by $10.7 million.

Read the The complete Report

About the author:

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

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