ECB Bancorp Q2 net income rises, partly helped by higher loan balances

ECB Bancorp, Inc.

ECB Bancorp, Inc.

ECBK

0.00


Overview

  • US community bank's Q2 net income more than doubled yr/yr

  • Q2 diluted EPS rose to $0.39 from $0.17 a year ago

  • Net interest margin declined to 2.45% from 2.49% prior quarter on lower loan prepayment fees


Outlook

  • Company remains focused on expansion into Medford and growing loans, deposits, and customer relationships


Result Drivers

  • HIGHER LOAN AND INVESTMENT BALANCES - Modest increase in net interest and dividend income was primarily driven by higher average loan and short-term investment balances

  • LOWER LOAN PREPAYMENT FEES - Net interest margin declined due to lower loan prepayment fee income compared to the prior quarter

  • LOWER NONINTEREST INCOME - Noninterest income declined mainly due to lower net gains on loan sales, per co


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q2 EPS

$0.39

Q2 Net Income

$3.30 mln

Q2 Net Interest Margin

2.45%


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