ECB Bancorp Q1 net income falls 31% to $621k; NIM compresses to 1.84%

ECB Bancorp, Inc. /MD/

2024-Q1 EPS reported $0.07

Net income of $621k ($0.07 diluted EPS) vs $901k ($0.11) in Q1 2023, down 31%.
Net interest margin fell to 1.84% from 2.38% due to higher funding costs and inverted yield curve.
Total loans grew 3.0% to $1.07B; deposits increased 3.9% to $901.6M.
Book value per share rose to $17.94; share buyback continued with $629k in repurchases.
Asset quality remains strong: no net charge-offs; NPLs at 0.09% of assets.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

ECB Bancorp, Inc. /MD/ reported the quarter ended March 31, 2024 results: net income $621,000, EPS $0.07 per diluted share.

Period: the quarter ended March 31, 2024
Net income: $621,000
EPS: $0.07 per diluted share
Result: reported results

Exact text from the filing

ECB Bancorp, Inc. Reports First Quarter Results EVERETT, MA, April 25, 2024 - ECB Bancorp, Inc. (NASDAQ-ECBK) (the “Company”), the holding company for Everett Co-operative Bank (the “Bank”), a state-chartered co-operative bank headquartered in Everett, Massachusetts, today reported net income of $621,000 or $0.07 per diluted share for the quarter ended March 31, 2024 compared to $901,000 or $0.11 per diluted share for the quarter ended March 31, 2023, a decrease of $280,000 in net income.

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Source: SEC EDGAR

accession 0000950170-24-047949

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