ECB Bancorp, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2022
November 10, 2022 at 02:15 pm
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ECB Bancorp, Inc. reported earnings results for the third quarter and nine months ended September 30, 2022. For the third quarter, the company reported net interest income was USD 6.54 million compared to USD 4.61 million a year ago. Net loss was USD 1.04 million compared to net income of USD 1.34 million a year ago. Basic loss per share from continuing operations was USD 0.12. Diluted loss per share from continuing operations was USD 0.12.
For the nine months, net interest income was USD 16.82 million compared to USD 13.57 million a year ago. Net income was USD 1.74 million compared to USD 4.05 million a year ago. Basic earnings per share from continuing operations was USD 0.21. Diluted earnings per share from continuing operations was USD 0.21.
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.