ECB Bancorp Q3 net income rises, net interest margin expands
ECBK•ECB Bancorp reported Q3 net income of $3.4 million and EPS of $0.40. Its net interest margin expanded to 2.56%, while its efficiency ratio improved to 56.6%.
1. Quarterly results
ECB Bancorp’s Q3 net income and EPS rose from the prior quarter and year-ago period. Net income was $3.4 million, EPS was $0.40 and net interest margin was 2.56%.
2. Margin and expenses
The company attributed margin expansion to broad-based loan growth, led by commercial real estate, multi-family and construction loans, as well as higher yields on loans and interest-earning assets. Its efficiency ratio improved to 56.6%; CEO Richard J. O’Neil, Jr. cited the company’s focus on disciplined expense management. ECB Bancorp did not provide specific financial guidance for future quarters or the full year.
