Detailed financial statements for ECB Bancorp, Inc. (ECBK): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
ECB Bancorp, Inc. functions as the holding company for Everett Co-operative Bank, offering a comprehensive suite of banking products and financial services. The institution provides a variety of deposit accounts, including certificates of deposit, individual retirement accounts, money market accounts, savings accounts, demand deposit accounts, and both interest-bearing and non-interest-bearing checking options.
Analysis Summary
ECB Bancorp, Inc. reported revenue of $79.5M in the most recent fiscal year, growing at a 5-year CAGR of 28.4%. Net income reached $7.8M, with a 9.8% 5-year CAGR.
Trailing-twelve-month margins: gross margin 44.1%, operating margin 17.9%, net margin 13.2%. Free cash flow grew at 12.6% CAGR over 5 years.
At the current price of $20.80, ECBK trades at a P/E of 14.71 and an ROE of 6.55%. Market capitalisation stands at $182M.
Balance sheet quality for ECBK: current ratio of 0.1, net debt of $181.0M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $9.0M represents 116% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2020 | 2022 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | $22.8M | $23.6M | $30.6M | $55.8M | $68.3M | $79.5M |
| Cost of Revenue | $5.9M | $4.0M | $8.5M | $30.8M | $42.2M | $47.8M |
| Gross Profit | $16.8M | $19.6M | $22.1M | $25.0M | $26.0M | $31.7M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $7.0M | $10.8M | $11.3M | $13.8M | $15.2M | $2.0M |
| Operating Expenses | $10.3M | $14.1M | $18.6M | $19.1M | $20.7M | $21.3M |
| Operating Income | $6.5M | $5.5M | $3.5M | $6.0M | $5.4M | $10.4M |
| EBITDA | $6.9M | $5.8M | $3.8M | $6.3M | $5.7M | $10.7M |
| Interest Expense | $5.6M | $3.7M | $5.5M | $30.0M | $42.1M | $46.3M |
| Pre-tax Income | $6.5M | $5.5M | $3.5M | $6.0M | $5.4M | $10.4M |
| Income Tax | $1.7M | $1.4M | $776000 | $1.5M | $1.4M | $2.6M |
| Net Income | $4.9M | $4.0M | $2.7M | $4.5M | $4.0M | $7.8M |
| EPS | $0.40 | $0.33 | $0.32 | $0.53 | $0.48 | $0.96 |
| EPS (Diluted) | $0.40 | $0.33 | $0.32 | $0.52 | $0.48 | $0.94 |
| Shares Outstanding (Diluted) | $12.2M | $12.2M | $8.5M | $8.5M | $8.3M | $8.3M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $20.8M | $21.4M | $21.9M | $22.4M |
| Gross Profit | $8.6M | $9.3M | $10.0M | $10.3M |
| Operating Income | $3.3M | $3.5M | $4.3M | $4.5M |
| EBITDA | $3.3M | $3.6M | $4.3M | $4.5M |
| Net Income | $2.4M | $2.6M | $3.1M | $3.3M |
| EPS | $0.30 | $0.32 | $0.39 | $0.41 |
| EPS (Diluted) | $0.29 | $0.31 | $0.38 | $0.39 |
Balance Sheet (10y)
| Year | 2020 | 2022 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $43.4M | $53.0M | $62.4M | $119.0M | $157.7M | $94.9M |
| Short-term Investments | $5.0M | $5.0M | $5.0M | $5.0M | $14.6M | $8.9M |
| Receivables | $1.8M | $1.5M | $2.6M | $3.8M | $4.0M | $5.2M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $50.3M | $59.5M | $70.0M | $127.8M | $176.3M | $109.0M |
| Property, Plant & Equipment | $4.0M | $3.8M | $3.7M | $3.8M | $3.5M | $3.4M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $587.6M | $666.5M | $1.06B | $1.28B | $1.42B | $1.61B |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $491.4M | $571.8M | $718.1M | $868.2M | $998.5M | $1.13B |
| Long-term Debt | $18.0M | $9.0M | $174.0M | $234.0M | $234.0M | $284.8M |
| Total Liabilities | $514.6M | $589.2M | $901.7M | $1.12B | $1.25B | $1.43B |
| Retained Earnings | $73.3M | $77.4M | $80.1M | $83.9M | $87.8M | $95.6M |
| Total Equity | $73.0M | $77.3M | $162.7M | $164.9M | $168.3M | $171.9M |
| Total Debt | $18.0M | $9.0M | $174.0M | $234.0M | $234.0M | $284.8M |
| Net Debt | -$30.4M | -$49.0M | $106.6M | $110.0M | $61.7M | $181.0M |
| Working Capital | -$441.1M | -$512.3M | -$648.2M | -$740.4M | -$822.2M | -$1.02B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $110.6M | $94.9M | $3.0M | $2.9M |
| Total Assets | $1.55B | $1.61B | $1.65B | $1.67B |
| Total Liabilities | $1.38B | $1.43B | $1.47B | $1.49B |
| Total Equity | $169.3M | $171.9M | $175.9M | $179.9M |
| Total Debt | $259.8M | $284.8M | $260.8M | $285.0M |
Cash Flow (10y)
| Year | 2020 | 2022 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Net Income | $4.9M | $4.0M | $2.7M | $4.5M | $4.0M | $7.8M |
| Depreciation & Amortization | $350000 | $300000 | $302000 | $279000 | $302000 | $297000 |
| Stock-based Compensation | 0 | 0 | $559000 | $738000 | $1.9M | $1.8M |
| Change in Working Capital | $728000 | $1.4M | $1.1M | $310000 | $274000 | -$1.4M |
| Operating Cash Flow | $5.1M | $6.4M | $7.8M | $6.4M | $6.3M | $9.2M |
| Capital Expenditure | -$110000 | -$104000 | -$216000 | -$335000 | -$60000 | -$214000 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | -$2.2M | -$2.7M | -$4.6M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $5.0M | $6.3M | $7.6M | $6.1M | $6.2M | $9.0M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $4.0M | $3.9M | $2.8M | $12.0M |
| Capital Expenditure | -$71000 | -$75000 | -$4000 | -$213000 |
| Free Cash Flow | $4.0M | $3.9M | $2.8M | $11.8M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $466000 | $469000 | $469000 | $179000 |
Growth & Margins (10y)
| Year | 2020 | 2022 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +3.6% | +29.5% | +82.7% | +22.3% | +16.5% | |
| Net Income Growth (YoY) | -16.8% | -32.7% | +63.8% | -10.4% | +94.7% | |
| EPS Growth (YoY) | -17.5% | -3.0% | +65.6% | -9.4% | +100.0% | |
| Shares Change (YoY) | +0.0% | -30.9% | +0.8% | -2.1% | -0.4% | |
| FCF Growth (YoY) | +27.7% | +19.1% | -19.3% | +2.3% | +44.4% | |
| Gross Margin | 74.0% | 82.9% | 72.3% | 44.9% | 38.1% | 39.9% |
| Operating Margin | 28.7% | 23.2% | 11.4% | 10.7% | 7.9% | 13.1% |
| EBITDA Margin | 30.2% | 24.5% | 12.4% | 11.2% | 8.3% | 13.4% |
| Net Margin | 21.3% | 17.1% | 8.9% | 8.0% | 5.8% | 9.8% |
| FCF Margin | 21.8% | 26.9% | 24.7% | 10.9% | 9.1% | 11.3% |
| Effective Tax Rate | 25.6% | 26.1% | 22.2% | 25.5% | 25.7% | 25.1% |
Per-Share Data (10y)
| Year | 2020 | 2022 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| FCF Per Share | $0.41 | $0.52 | $0.89 | $0.72 | $0.75 | $1.08 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $12.2M | $12.2M | $8.5M | $8.5M | $8.3M | $8.1M |
What to look at in Banking companies
- Efficiency Ratio (<=55%) — Operating expenses / revenue. Top banks below 55%.
- ROA (>=1%) — How much they earn per dollar of assets. ROE misleads in banks due to leverage.
- ROTCE (>=12%) — Return on Tangible Common Equity. Strips goodwill and intangibles.
- Equity / Assets (Tier 1 proxy) (>=8%) — Capital ratio proxy. FMP does not expose regulatory Tier 1 directly.
- P/B (1.0-1.5x) — Classic banking metric. <1x can be opportunity or distress.
- Sustainable dividend yield (>=2%, <8%) — EU banks pay 5-7% normally. >8% is distress signal.
Profitability
| Return on Equity | 6.55% |
| Return on Invested Capital | -1.08% |
| Return on Assets | 0.68% |
| Gross Margin | 44.11% |
| Operating Margin | 17.88% |
| Net Margin | 13.19% |
Financial Health
| Debt / Equity | 1.58 |
| Current Ratio | 0.11 |
| Piotroski F-Score | 7 |
| Altman Z-Score | -0.55 |
Key Ratios (10y)
| Year | 2020 | 2022 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| P/E | 35.23 | 42.70 | 50.16 | 23.70 | 30.92 | 18.11 |
| P/B | 2.36 | 2.23 | 0.83 | 0.64 | 0.73 | 0.82 |
| P/S | 7.57 | 7.30 | 4.44 | 1.90 | 1.79 | 1.77 |
| Gross Margin | 74.0% | 82.9% | 72.3% | 44.9% | 38.1% | 39.9% |
| Operating Margin | 28.7% | 23.2% | 11.4% | 10.7% | 7.9% | 13.1% |
| Net Margin | 21.3% | 17.1% | 8.9% | 8.0% | 5.8% | 9.8% |
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Explore sector: Financial Services · Banks - Regional
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