ECB Bancorp, Inc. reported net income of $1.1 million, or $0.14 per diluted share, for the third quarter ended September 30, 2024. This represents a decrease compared to $1.3 million, or $0.16 per diluted share, reported for the same period in 2023. For the nine months ended September 30, 2024, net income was $2.5 million, or $0.30 per diluted share, down from $3.7 million, or $0.43 per diluted share, in the prior year.
Net interest and dividend income before provision for credit losses increased by $205,000, or 3.4%, to $6.3 million for the quarter ended September 30, 2024, compared to $6.1 million in the prior-year quarter. However, the net interest margin for the quarter decreased to 1.85% from 2.00% in the third quarter of 2023. The company recorded a provision for credit losses of $46,000 for the quarter, a shift from a benefit of $184,000 in the same period last year.
Total assets grew by $77.6 million, or 6.1%, to $1.36 billion at September 30, 2024, from $1.28 billion at December 31, 2023. This growth was supported by an increase in total gross loans of $75.9 million, or 7.2%, reaching $1.12 billion. Deposits also increased by $76.1 million, or 8.8%, to $944.3 million, demonstrating continued balance sheet expansion. The company also repurchased $1.8 million in shares during the nine months ended September 30, 2024.
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