ECB Bancorp, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023
February 15, 2024 at 09:00 pm
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ECB Bancorp, Inc. reported earnings results for the fourth quarter and full year ended December 31, 2023. For the fourth quarter, the company reported net interest income was USD 5.94 million compared to USD 6.81 million a year ago. Net income was USD 0.789 million compared to USD 0.976 million a year ago. Basic earnings per share from continuing operations was USD 0.09 compared to USD 0.12 a year ago. Diluted earnings per share from continuing operations was USD 0.09 compared to USD 0.12 a year ago.
For the full year, net interest income was USD 79.57 million compared to USD 52.8 million a year ago. Net income was USD 4.46 million compared to USD 2.72 million a year ago. Basic earnings per share from continuing operations was USD 0.53 compared to USD 0.32 a year ago. Diluted earnings per share from continuing operations was USD 0.52 compared to USD 0.32 a year ago.
ECB Bancorp, Inc. is a bank holding company for Everett Co-operative Bank (the Bank). The Bank's business consists primarily of taking deposits from the general public and investing those deposits, together with funds generated from operations, in one-to-four family residential real estate loans, commercial real estate and multifamily real estate loans, construction and land loans and home equity lines of credit and loans. It also invests in securities, consisting primarily of United States government and federal agency obligations, mortgage-backed securities and corporate bonds. It offers a variety of deposit accounts, including certificates of deposit accounts, IRAs, money market accounts, savings accounts and both interest-bearing and noninterest-bearing checking accounts. It considers its deposit market area to be Middlesex, Essex and Suffolk Counties, Massachusetts and, its primary lending area to be these counties, as well as Norfolk County, Massachusetts.