earnings
confidence high
sentiment negative
materiality 0.65
ECB Bancorp Q2 net income falls 45% to $0.09 EPS; NIM shrinks to 1.82%
ECB Bancorp, Inc. /MD/
2024-Q2 EPS reported
$0.17
- Net income of $791k ($0.09 diluted EPS) vs $1.4M ($0.17) in Q2 2023, down 45%.
- Net interest margin declined to 1.82% from 2.18% a year ago due to higher funding costs.
- Total loans grew 6.1% to $1.10B; deposits up 7.4% to $932.8M since Dec 2023.
- Provision for credit losses increased to $292k from $0; noninterest expense up 5% to $4.9M.
- Book value per share improved to $18.09; non-performing assets remained low at 0.09% of assets.