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ECB Bancorp, Inc. /MD/
ECBKCIK 0001914605NasdaqEmerging GrowthSavings Institutions, Not Federally CharteredMarylandFY ends Dec 31
Period
FY 2025
Revenue
$598.0K
Net Income
$7.77M
Total Assets
$1.61B
Equity
$171.93M
Shares Out
8.78M
Op. Cash Flow
$9.22M
Business
ECB Bancorp, Inc. /MD/ is the registered bank holding company for Everett Co-operative Bank and holds the Bank’s common stock, providing capital, oversight and certain administrative support. The Company’s operations center on traditional banking products and services, including deposit accounts, commercial and consumer lending (one-to-four family residential, multifamily, commercial real estate, construction and home equity), investment securities and secondary market loan sales. Its principal operating entities include ECB Bancorp, Everett Co-operative Bank, a small securities subsidiary and a charitable foundation. The Bank serves the greater Boston metropolitan market—primarily Middlesex, Essex, Suffolk and Norfolk Counties—through its branch network, digital channels, brokered deposits and Federal Home Loan Bank borrowings.
Summary from filing dated 2025-03-26
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Interest and fees on loans | 69 | 58 | 48 | 27 | 21 | |
| Interest and dividends on securities | 4 | 3 | 3 | 1 | 1 | |
| Interest on short-term investments | 5 | 6 | — | — | — | |
| Interest on interest-bearing time deposits | 117,000 | 3,000 | — | — | — | |
| Total interest and dividend income | 78 | 67 | 55 | 29 | 22 | |
| Interest on deposits | 37 | 33 | 21 | 5 | 4 | |
| Interest on Federal Home Loan Bank advances | 9 | 9 | 9 | 948,000 | 135,000 | |
| Total interest expense | 46 | 42 | 30 | — | — | |
| Net interest and dividend income | 32 | 25 | 25 | 24 | 19 | |
| Provision for credit losses | 2 | 174,000 | 803,000 | 3 | 360,000 | |
| Net interest and dividend income after provision for credit losses | 30 | 25 | 24 | 21 | 18 | |
| Customer service fees | 598,000 | 577,000 | — | — | — | |
| Income from bank-owned life insurance | 475,000 | 473,000 | 479,000 | 828,000 | 355,000 | |
| Net gain on sales of loans | 132,000 | 119,000 | 21,000 | 84,000 | 446,000 | |
| Other income | 121,000 | 57,000 | 36,000 | 43,000 | 28,000 | |
| Total noninterest income | 1 | 1 | 1 | 1 | 1 | |
| Salaries and employee benefits | 13 | 13 | 12 | 10 | 10 | |
| Director compensation | 797,000 | 834,000 | 581,000 | 429,000 | 430,000 | |
| Occupancy and equipment | 1 | 1 | — | — | — | |
| Data processing | 1 | 1 | 1 | 850,000 | 684,000 | |
| Computer software and licensing | 441,000 | 443,000 | — | — | — | |
| Advertising and promotions | 639,000 | 551,000 | 794,000 | 752,000 | 648,000 | |
| Professional fees | 1 | 1 | 1 | 846,000 | 482,000 | |
| Federal Deposit Insurance Corporation deposit insurance | 883,000 | 752,000 | — | 225,000 | 156,000 | |
| Other | 2 | 2 | 1 | 1 | 1 | |
| Total noninterest expense | 21 | 21 | 19 | 19 | 14 | |
| Income before income tax expense | 10 | 5 | 6 | 3 | 5 | |
| Income tax expense | 3 | 1 | 2 | 776,000 | 1 | |
| Net income | 8 | 4 | 4 | 3 | 4 | |
| Weighted average shares outstanding, basic (in shares) | 8 | 8 | 8 | 8 | 0 | |
| Weighted average shares outstanding, diluted (in shares) | 8 | 8 | 9 | 8 | 0 | |
| Basic earnings per share (in dollars per share) | 0.96 | 0.48 | 0.53 | 0.32 | — | |
| Diluted earnings per share (in dollars per share) | 0.94 | 0.48 | 0.52 | 0.32 | — |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash and due from banks | 4 | 6 | 4 | 3 | 7 | |
| Short-term investments | 83 | 152 | 115 | 59 | 46 | |
| Total cash and cash equivalents | 87 | 158 | 119 | 62 | 53 | |
| Interest-bearing time deposits | 8 | 100,000 | 0 | 300,000 | 0 | |
| Investments in available-for-sale securities (at fair value) | 34 | 7 | — | — | — | |
| Investments in held-to-maturity securities, at cost (fair values of $52,326 at December 31, 2025 and $67,505 at December 31, 2024) | 56 | 73 | — | — | — | |
| Loans held-for-sale | 357,000 | 0 | — | — | — | |
| Loans, net of allowance for credit losses of $10,255 as of December 31, 2025 and $8,884 as of December 31, 2024 | 1,372 | 1,136 | — | — | — | |
| Federal Home Loan Bank stock, at cost | 12 | 10 | 10 | 7 | 1 | |
| Premises and equipment, net | 3 | 4 | 4 | 4 | 4 | |
| Interest Receivable | 5 | 4 | 4 | 3 | 1 | |
| Deferred tax assets, net | 6 | 5 | 5 | 4 | 3 | |
| Bank-owned life insurance | 15 | 15 | 14 | 14 | 14 | |
| Other Assets | 7 | 7 | 3 | 2 | 1 | |
| Total assets | 1,606 | 1,418 | 1,280 | 1,064 | 666 | |
| Noninterest-bearing | 81 | 85 | 78 | 85 | 83 | |
| Interest-bearing | 1,051 | 914 | 790 | 633 | 488 | |
| Total deposits | 1,132 | 999 | 868 | 718 | 572 | |
| Federal Home Loan Bank advances | 285 | 234 | 234 | 174 | 9 | |
| Other Liabilities | 17 | 17 | 13 | 10 | 8 | |
| Total liabilities | 1,434 | 1,250 | 1,115 | 902 | 589 | |
| Commitments and contingencies (see Note 14) | — | — | — | — | — | |
| Preferred Stock, par value $0.01; Authorized: 1,000,000 shares; No shares issued or outstanding | 0 | 0 | — | — | — | |
| Common Stock, par value $0.01; Authorized: 30,000,000 shares; Issued and outstanding: 8,792,719 shares and 9,095,833 shares, at December 31, 2025 and December 31, 2024, respectively | 88,000 | 91,000 | 93,000 | 92,000 | 0 | |
| Additional paid-in capital | 83 | 86 | 87 | 89 | 0 | |
| Retained earnings | 96 | 88 | 84 | 80 | 77 | |
| Accumulated other comprehensive (loss) income | −896,000 | 382,000 | 129,000 | 249,000 | −83,000 | |
| Unallocated common shares held by the Employee Stock Ownership Plan | −6 | −6 | — | — | — | |
| Total shareholders' equity | 172 | 168 | 165 | 163 | 77 | |
| Total liabilities and shareholders' equity | 1,606 | 1,418 | 1,280 | 1,064 | 666 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Accretion of securities, net | −183,000 | −63,000 | — | — | — | |
| Change in deferred loan costs/fees | 288,000 | 276,000 | — | — | — | |
| Proceeds from sales of loans | 10 | 8 | 367,000 | 6 | 25 | |
| Loans originated for sale, net | −10 | −8 | — | — | — | |
| Depreciation and amortization expense | 297,000 | 302,000 | — | — | — | |
| Increase in accrued interest receivable | −1 | −249,000 | −1 | −1 | 339,000 | |
| Increase (decrease) in accrued interest payable | 302,000 | −16,000 | 1 | 687,000 | 0 | |
| Increase in bank-owned life insurance | −475,000 | −473,000 | — | — | — | |
| Deferred income tax benefit | −246,000 | −250,000 | −111,000 | −2 | −1 | |
| ESOP expense | 579,000 | 494,000 | 470,000 | 559,000 | — | |
| Stock-based compensation expense | 1 | 1 | 470,000 | 559,000 | 0 | |
| Increase in other assets | −627,000 | −3 | −1 | −769,000 | −364,000 | |
| Increase in other liabilities | 302,000 | 4 | 2 | 3 | 2 | |
| Net cash provided by operating activities | 9 | 6 | 6 | 8 | 6 | |
| Purchases of held-to-maturity securities | −29 | −9 | −8 | −23 | −27 | |
| Proceeds from paydowns and maturities of held-to-maturity securities | 46 | 13 | 9 | 10 | 14 | |
| Purchases of available-for-sale securities | −31 | −7 | 0 | — | — | |
| Proceeds from paydowns and maturities of available-for-sale securities | 4 | 5 | 0 | — | — | |
| Purchase of interest-bearing time deposits | −8 | −200,000 | — | — | — | |
| Proceeds from maturities of interest bearing time deposits | 100,000 | 100,000 | — | — | — | |
| Investment in low-income housing tax credit funds | −3 | 0 | — | — | — | |
| Purchase of Federal Home Loan Bank Stock | −6 | −2 | −4 | −8 | 0 | |
| Redemption of Federal Home Loan Bank Stock | 4 | 2 | — | — | — | |
| Loan originations and principal collections, net | −234 | −89 | — | — | — | |
| Purchase of loans | −3 | −8 | — | — | — | |
| Capital expenditures | −214,000 | −60,000 | −335,000 | −216,000 | −104,000 | |
| Net cash used in investing activities | −260 | −95 | −157 | −389 | −68 | |
| Net increase in demand deposits, NOW and savings accounts | 11 | 23 | −29 | 53 | 71 | |
| Net increase in time deposits | 123 | 107 | 179 | 93 | 10 | |
| Proceeds from long-term Federal Home Loan Bank advances | 31 | 55 | 195 | 110 | 4 | |
| Repayments of long-term Federal Home Loan Bank advances | −25 | −70 | −80 | −20 | −13 | |
| Net change in short-term Federal Home Loan Bank advances | 45 | 15 | — | — | — | |
| Restricted stock awards issued, net of awards surrendered | −30,000 | −24,000 | — | — | — | |
| Stock options exercised | 0 | 69,000 | — | — | — | |
| Payments for shares repurchased under share repurchase plan | −5 | −3 | −2 | — | — | |
| Net cash provided by financing activities | 180 | 128 | 208 | 391 | 71 | |
| Net (decrease) increase in cash and cash equivalents | −71 | 39 | 57 | 9 | 10 | |
| Interest paid | 47 | 42 | 29 | 5 | 4 | |
| Federal | 2 | 1 | — | — | — |
Filings
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