On this page of StockholderLetter.com we present the latest annual shareholder letter from ECB Bancorp, Inc. /MD/ — ticker symbol ECBK. Reading current and past ECBK letters to shareholders can bring important insights into the investment thesis.
E C B 2 0 24 B A N C O R P, I N C . A N N U A L R E P O R T

Dear Fellow Shareholders, It is my pleasure to present the 2024 Annual Report for ECB Bancorp, Inc. (the Company ) and its subsidiary Everett Cooperative Bank (the Bank ). I am proud to report that in the past year we have continued to achieve strong, balanced growth, consistent with our strategic and nancial goals, and sustained strong credit quality. Richard J. O Neil Jr., ESQ. President and Chief Executive Officer Interest rates during the past year were fairly flat. This rate stability provided a period of pricing predictability on the asset side of the balance sheet, however the liability side remained under constant pressure. Competition for deposits was particularly acute as banks throughout our market area focused on liquidity. Despite this continued deposit pricing pressure, we experienced strong deposit growth of $130.3 million during 2024, an increase of 15.0% over year end 2023. The success in our deposit gathering efforts enabled the Company to continue to fund loan growth and expand our loan portfolio with solid sponsors. In 2024 our loan portfolio grew to $1.13 billion, an increase of 9.3% over the prior year. The balance sheet growth resulted in net earnings of $4.0 million, and an increase in total assets from $1.28 billion at the end of 2023 to $1.42 billion at the close of 2024, or a 10.8% increase. In addition to our earnings, we continued to enhance shareholder value through our share repurchase plan. Through December 31, 2024, we have repurchased an aggregate of 391,000 shares, or 85% of the amount approved for repurchase. At the close of 2024, year over year shareholder value improved as the book value of our stock increased from $17.75 per share at the close of 2023, to $18.50 per share at the close of 2024. As the Company approaches the third anniversary of operation as a publicly traded company and the Bank enters its 135th year of service to our communities, our continued success is the result of remaining true to our core mission. That is, offering highly personalized service to our customers, staying significantly involved in the community and focusing on the needs of our consumer and small business commercial customers. As we work to expand our market area and attract new customers and businesses, we continue to expand product offerings and invest in our people, infrastructure and digital technologies. We believe that these investments are critical to the success and sustainability of this organization. As a community bank we recognize the fact that our customers and our employees are the foundation of our success. We are ever mindful of this fact and are thankful for their continued support.
As has been the custom of the Bank, our employees and members of our Board of Directors continue to engage in community activities throughout the region. Our management team and staff contribute their time and talents to community events and charitable causes in many of the communities we serve. The willingness of our employees to roll up their sleeves and get involved is inspiring. In addition to the boots on the ground efforts of our employees, The Everett Co-operative Bank Charitable Foundation contributed over $129,000 to local charities during 2024. Thank you for your investment in and continued support of the Company and the Bank. I encourage you to connect with us and follow along with us on Facebook, Instagram and LinkedIn, where we share the latest employee participation in community events, Bank news and updates. In conclusion I proudly believe and say there s every bank, then there s Everett Bank . Sincerely Sincerely, Richard J. O Neil, Jr. President and CEO
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ECBK Shareholder/Stockholder Letter Transcript:

E C B
2 0 24
B A N C O R P, I N C .
A N N U A L R E P O R T


Dear Fellow Shareholders,
It is my pleasure to present the 2024
Annual Report for ECB Bancorp, Inc. (the
   Company   ) and its subsidiary Everett Cooperative Bank (the    Bank   ). I am proud to
report that in the past year we have continued
to achieve strong, balanced growth, consistent
with our strategic and    nancial goals, and
sustained strong credit quality.
Richard J. O   Neil Jr., ESQ.
President and Chief Executive Officer
Interest rates during the past year were fairly flat. This
rate stability provided a period of pricing predictability
on the asset side of the balance sheet, however
the liability side remained under constant pressure.
Competition for deposits was particularly acute as
banks throughout our market area focused on liquidity.
Despite this continued deposit pricing pressure, we
experienced strong deposit growth of $130.3 million during 2024, an increase of 15.0% over
year end 2023. The success in our deposit gathering efforts enabled the Company to continue
to fund loan growth and expand our loan portfolio with solid sponsors. In 2024 our loan
portfolio grew to $1.13 billion, an increase of 9.3% over the prior year.
The balance sheet growth resulted in net earnings of $4.0
million, and an increase in total assets from $1.28 billion
at the end of 2023 to $1.42 billion at the close of 2024, or
a 10.8% increase.
In addition to our earnings, we continued to enhance shareholder value through our share
repurchase plan. Through December 31, 2024, we have repurchased an aggregate of 391,000
shares, or 85% of the amount approved for repurchase. At the close of 2024, year over year
shareholder value improved as the book value of our stock increased from $17.75 per share at
the close of 2023, to $18.50 per share at the close of 2024.
As the Company approaches the third anniversary of operation as a publicly traded company
and the Bank enters its 135th year of service to our communities, our continued success is the
result of remaining true to our core mission. That is, offering highly personalized service to
our customers, staying significantly involved in the community and focusing on the needs of
our consumer and small business commercial customers. As we work to expand our market
area and attract new customers and businesses, we continue to expand product offerings and
invest in our people, infrastructure and digital technologies. We believe that these investments
are critical to the success and sustainability of this organization. As a community bank we
recognize the fact that our customers and our employees are the foundation of our success.
We are ever mindful of this fact and are thankful for their continued support.

As has been the custom of the Bank, our employees and members of our Board of Directors
continue to engage in community activities throughout the region. Our management team and
staff contribute their time and talents to community events and charitable causes in many of
the communities we serve. The willingness of our employees to roll up their sleeves and get
involved is inspiring. In addition to the    boots on the ground    efforts of our employees,
The Everett Co-operative Bank Charitable Foundation
contributed over $129,000 to local charities during 2024.
Thank you for your investment in and continued support of the Company and the Bank. I
encourage you to connect with us and follow along with us on Facebook, Instagram and
LinkedIn, where we share the latest employee participation in community events, Bank news
and updates.
In conclusion I proudly believe and say    there   s every bank, then there   s Everett Bank   .
Sincerely
Sincerely,
Richard J. O   Neil, Jr.
President and CEO



shareholder letter icon 4/11/2025 Letter Continued (Full PDF)
 

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