ECB Bancorp, Inc. reported a substantial increase in net income for the first quarter of 2025, reaching $1.30 million. This represents a 108.9% increase compared to $621,000 reported for the same period in 2024. Diluted earnings per share for the quarter were US$0.16, up from US$0.075 in the prior year.
Net interest and dividend income saw robust growth, rising by $745,000, or 12.6%, to $6.60 million for the first quarter of 2025 compared to $5.90 million in the prior-year quarter. This expansion was driven by a $100.0 million increase in the average balance of the loan portfolio and a 19 basis point increase in the average loan yield. The net interest margin expanded by 5 basis points, from 1.84% in Q1 2024 to 1.89% in Q1 2025.
The company recorded a benefit for credit losses of $10,000 in Q1 2025, a favorable shift from a provision expense of $147,000 in Q1 2024, indicating improved asset quality. Total assets increased by $34.0 million, or 2.4%, to $1.45 billion at March 31, 2025, from $1.42 billion at December 31, 2024. Gross loans grew by $41.1 million, or 3.6%, to $1.19 billion, while total deposits increased by $38.1 million, or 3.8%, to $1.04 billion.
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