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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________________________ to ______________________

Commission File Number: 001-41456

ECB Bancorp, Inc.

(Exact Name of Registrant as Specified in its Charter)


Maryland	88-1502079
( State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
419 Broadway Everett, Massachusetts	02149
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (617) 387-1110

Securities registered pursuant to Section 12(b) of the Act:



Title of each class	Ticker Symbol	Name of each exchange on which registered
Common Stock, $0.01 par value	ECBK	The NASDAQ Stock Market, LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such requirements for the past 90 days.

Yes [ X ] No [ ]

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).

Yes [X] No [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b‑2 of the Exchange Act:


Large accelerated filer [ ]	Accelerated filer [ ]
Non-accelerated filer [X]	Smaller reporting company [X]
	Emerging growth company [X]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes [ ] No [X]

As of May 8, 2025, 9,027,681 shares of the Registrant’s common stock, par value $0.01 per share, were issued and outstanding.

ECB Bancorp, Inc.

Form 10-Q

Index


		Page
Part I. Financial Information

Item 1.	Financial Statements (unaudited)

	Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024	1

	Consolidated Statements of Income for the Three Months Ended March 31, 2025 and 2024	2

	Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2025 and 2024	3

	Consolidated Statements of Changes in Shareholders' Equity for the Three Months Ended March 31, 2025 and 2024	4

	Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2025 and 2024	5

	Notes to Consolidated Financial Statements	6

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	29

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	37

Item 4.	Controls and Procedures	37

Part II. Other Information

Item 1.	Legal Proceedings	38

Item 1A.	Risk Factors	38

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	38

Item 3.	Defaults upon Senior Securities	38

Item 4.	Mine Safety Disclosures	38

Item 5.	Other Information	38

Item 6.	Exhibits	39

	Signature Page	40

Part I. – Financial Information

Item 1. Financial Statements

ECB Bancorp, Inc. and Subsidiary

Consolidated Balance Sheets

(unaudited)

(Dollars in thousands)


	March 31, 2025			December 31, 2024

ASSETS
Cash and due from banks	$	4,431		$	5,828
Short-term investments		143,677			151,789
Total cash and cash equivalents		148,108			157,617
Interest-bearing time deposits		100			100
Investments in available-for-sale securities, at fair value		13,950			6,564
Investments in held-to-maturity securities, at amortized cost (fair values of $63,355 at March 31, 2025 and $67,505 at December 31, 2024)		68,081			73,215
Loans held-for-sale		83			—
Loans, net of allowance for credit losses of $8,808 at March 31, 2025 and $8,884 at December 31, 2024		1,177,543			1,136,449
Federal Home Loan Bank stock, at cost		10,000			10,000
Premises and equipment, net		3,455			3,512
Accrued interest receivable		4,343			4,015
Deferred tax asset, net		4,920			4,914
Bank-owned life insurance		15,061			14,945
Other assets		6,547			6,822
Total assets	$	1,452,191		$	1,418,153

LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Noninterest-bearing	$	79,853		$	84,958
Interest-bearing		956,767			913,575
Total deposits		1,036,620			998,533
Federal Home Loan Bank advances		234,000			234,000
Other liabilities		12,993			17,352
Total liabilities		1,283,613			1,249,885

Shareholders' Equity:
Preferred Stock, par value $0.01; Authorized: 1,000,000 shares; Issued and outstanding: 0 shares		—			—
Common Stock, par value $0.01; Authorized: 30,000,000 shares; Issued and outstanding: 9,049,790 shares and 9,095,833 shares at March 31, 2025 and December 31, 2024, respectively		90			91
Additional paid-in capital		85,879			86,189
Retained earnings		89,142			87,845
Accumulated other comprehensive (loss) income		(385	)		382
Unallocated common shares held by the Employee Stock Ownership Plan		(6,148	)		(6,239	)
Total shareholders' equity		168,578			168,268
Total liabilities and shareholders' equity	$	1,452,191		$	1,418,153

The accompanying notes are an integral part of these unaudited consolidated financial statements.

ECB Bancorp, Inc. and Subsidiary

Consolidated Statements of Income

(unaudited)

(Dollars in thousands, except share data)


	Three months ended
	March 31,
	2025			2024
Interest and dividend income:
Interest and fees on loans	$	15,142		$	13,446
Interest and dividends on securities		853			764
Interest on short term investments		1,625			1,484
Interest on interest-bearing deposits		1			—
Total interest and dividend income		17,621			15,694
Interest expense:
Interest on deposits		8,859			7,524
Interest on Federal Home Loan Bank advances		2,114			2,267
Total interest expense		10,973			9,791
Net interest and dividend income		6,648			5,903
(Benefit) provision for credit losses		(10	)		147
Net interest and dividend income after (benefit) provision for credit losses		6,658			5,756
Noninterest income:
Customer service fees		140			142
Income from bank-owned life insurance		116			117
Net gain on sales of loans		—			35
Other income		15			13
Total noninterest income		271			307
Noninterest expense:
Salaries and employee benefits		3,260			3,311
Director compensation		216			209
Occupancy and equipment		281			274
Data processing		311			311
Computer software and licensing		109			109
Advertising and promotions		132			131
Professional fees		310			360
Federal Deposit Insurance Corporation deposit insurance		185			179
Other expense		404			347
Total noninterest expense		5,208			5,231
Income before income tax expense		1,721			832
Income tax expense		424			211
Net income	$	1,297		$	621
Share data:
Weighted average shares outstanding, basic		8,210,782			8,299,775
Weighted average shares outstanding, diluted		8,343,771			8,375,335
Basic earnings per share	$	0.16		$	0.07
Diluted earnings per share	$	0.16		$	0.07

The accompanying notes are an integral part of these unaudited consolidated financial statements.

ECB Bancorp, Inc. and Subsidiary

Consolidated Statements of Comprehensive Income

(unaudited)

(Dollars in thousands)


	Three months ended
	March 31,
	2025			2024

Net income	$	1,297		$	621
Other comprehensive (loss) income, net of tax:
Net change in fair value of securities available-for-sale		53			(3	)
Net change in fair value of cash flow hedges		(820	)		456

Other comprehensive (loss) income, net of tax		(767	)		453

Comprehensive income	$	530		$	1,074

The accompanying notes are an integral part of these unaudited consolidated financial statements.

ECB Bancorp, Inc. and Subsidiary

Statements of Changes in Shareholders' Equity

(unaudited)

(in thousands except share data)


	Three months ended
	Shares of Common Stock Outstanding			Common Stock			Additional Paid in Capital			Retained Earnings		Accumulated Other Comprehensive Income (Loss)			Unallocated Common Stock Held by ESOP			Total
Balance at December 31, 2023		9,291,810		$	93		$	87,431		$	83,854	$	129		$	(6,606	)	$	164,901
Net income		-			-			-			621		-			-			621
Other comprehensive income, net of tax		-			-			-			-		453			-			453
ESOP shares committed to be released (9,125 shares)		-			-			28			-		-			91			119
Shares repurchased under share repurchase plan		(48,232	)		(1	)		(628	)		-		-			-			(629	)
Stock-based compensation		-			-			324			-		-			-			324
Balance at March 31, 2024		9,243,578		$	92		$	87,155		$	84,475	$	582		$	(6,515	)	$	165,789

Balance at December 31, 2024		9,095,833		$	91		$	86,189		$	87,845	$	382		$	(6,239	)	$	168,268
Net income		-			-			-			1,297		-			-			1,297
Other comprehensive loss, net of tax		-			-			-			-		(767	)		-			(767	)
ESOP shares committed to be released (9,049 shares)		-			-			40			-		-			91			131
Shares repurchased under share repurchase plan		(46,043	)		(1	)		(672	)		-		-			-			(673	)
Stock-based compensation		-			-			322			-		-			-			322
Balance at March 31, 2025		9,049,790		$	90		$	85,879		$	89,142	$	(385	)	$	(6,148	)	$	168,578

The accompanying notes are an integral part of these unaudited consolidated financial statements.

ECB Bancorp, Inc. and Subsidiary

Consolidated Statements of Cash Flows

(unaudited)

(in thousands)


	Three Months Ended
	March 31,
	2025			2024
Cash flows from operating activities:
Net income	$	1,297		$	621
Adjustments to reconcile net income to net cash provided by operating activities:
(Accretion) amortization of securities, net		(73	)		10
(Benefit) provision for credit losses		(10	)		147
Change in deferred loan costs/fees		76			51
Gain on sales of loans, net		—			(35	)
Proceeds from sales of loans		—			2,309
Loans originated for sale, net		(83	)		(2,274	)
Depreciation and amortization expense		75			75
Increase in accrued interest receivable		(328	)		(285	)
Increase in accrued interest payable		670			381
Increase in bank-owned life insurance		(116	)		(118	)
Deferred income tax expense		294			174
ESOP expense		131			119
Stock-based compensation expense		322			324
Increase in other assets		(243	)		(237	)
Decrease in other liabilities		(2,643	)		(1,691	)
Net cash used in operating activities		(631	)		(429	)

Cash flows from investing activities:
Purchases of held-to-maturity securities		—			(1,500	)
Proceeds from paydowns and maturities of held-to-maturity securities		5,160			1,154
Purchases of available-for-sale securities		(8,088	)		—
Proceed from payments and maturities of available-for-sale securities		822			2,500
Investment in low-income housing tax credit fund		(2,992	)		—
Purchase of Federal Home Loan Bank Stock		(730	)		—
Redemption of Federal Home Loan Bank Stock		730			115
Loan originations and principal collections, net		(41,176	)		(27,346	)
Purchase of loans		—			(3,945	)
Capital expenditures		(18	)		(20	)
Net cash used in investing activities		(46,292	)		(29,042	)

Cash flows from financing activities:
Net change in demand deposits, interest-bearing checking, savings and money market accounts		6,679			(3,660	)
Net increase in time deposits		31,408			37,092
Proceeds from long-term Federal Home Loan Bank advances		25,000			—
Repayments of long-term Federal Home Loan Bank advances		(25,000	)		(25,000	)
Net change in short-term Federal Home Loan Bank advances		—			15,000
Payments for shares repurchased under share repurchase plan		(673	)		(629	)
Net cash provided by financing activities		37,414			22,803

Net increase in cash and cash equivalents		(9,509	)		(6,668	)
Cash and cash equivalents at beginning of year		157,617			119,036
Cash and cash equivalents at end of period	$	148,108		$	112,368


Supplemental disclosures:
Interest paid	$	11,643		$	10,172
Income taxes paid		225			210

The accompanying notes are an integral part of these unaudited consolidated financial statements.

ECB Bancorp, Inc. and Subsidiary

Form 10-Q

Notes to Condensed Consolidated Financial Statements (unaudited)

NOTE 1 - CONVERSION

Effective July 27, 2022, Everett Co-operative Bank (the "Bank") completed its conversion to a Massachusetts stock co-operative bank and became the wholly owned subsidiary of ECB Bancorp, Inc. (the “Company”). In the offering, the Company sold 8,915,247 shares of common stock at a per share price of $10.00 for gross offering proceeds of $89.2 million. Additionally, the Company contributed 260,000 shares and $600,000 in cash to the Everett Co-operative Bank Charitable Foundation (the “Foundation”).

The Bank has established a Liquidation Account in an amount equal to the net worth of the Bank as of the date of the latest consolidated balance sheet contained in the final prospectus distributed in connection with the Company’s stock conversion and stock offering. The function of the Liquidation Account is to establish a priority on liquidation of the Bank. The Liquidation Account will be maintained by the Bank for the benefit of the eligible account holders who continue to maintain deposit accounts with the Bank, following the conversion. Each eligible account holder, with respect to each deposit account, holds a related inchoate interest in a portion of the Liquidation Account balance, in relation to each deposit account balance at the eligibility record date, or to such balance as it may be subsequently reduced, as hereinafter provided. The initial Liquidation Account balance will not be increased, and is subject to downward adjustment to the extent of any downward adjustment of any subaccount balance of any eligible account holder in accordance with the regulations of the Division of Banks of the Commonwealth of Massachusetts.

In the unlikely event of a complete liquidation of the Bank (and only in such event), following all liquidation payments to creditors (including those to depositors to the extent of their deposit accounts) each eligible account holder shall be entitled to receive a liquidating distribution from the Liquidation Account, in the amount of the then-adjusted subaccount balances for his or her deposit accounts then held, before any liquidating distribution may be made to any holder of the Bank’s capital stock.

The Bank may not declare or pay a cash dividend on its outstanding capital stock if the effect thereof would cause its regulatory capital to be reduced below the amount required to maintain the Liquidation Account and under FDIC rules and regulations.

NOTE 2 – BASIS OF PRESENTATION

The accompanying unaudited consolidated financial statements of ECB Bancorp, Inc. have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The consolidated financial statements of ECB Bancorp, Inc. (referred to herein as "the Company," “we,” “us,” or “our”) include the balances and results of operations of the Company and the Bank, its wholly-owned subsidiary, as well as First Everett Securities Corporation, a wholly-owned subsidiary of the Bank. Intercompany transactions and balances are eliminated in consolidation.

In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly the Company's financial position as of March 31, 2025 and the results of operations and cash flows for the interim periods ended March 31, 2025 and 2024. Such adjustments were of a normal recurring nature. Interim amounts have not been audited, and the results of operations for the interim periods herein are not necessarily indicative of the results of operations to be expected for the fiscal year. The accompanying unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2024 and accompanying notes thereto included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission.

The Company qualifies as an emerging growth company (“EGC”) under the Jumpstart Our Business Startups Act of 2012 and has elected to defer the adoption of new or revised accounting standards until the nonpublic company effective dates. As such, the Company will adopt standards on the nonpublic company effective dates until such time that we no longer qualify as an EGC.

Certain previously reported amounts have been reclassified to conform to the current period’s presentation.

RECENT ACCOUNTING STANDARDS

In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. These amendments require that public business entities on an annual basis disclose specific categories in the rate reconciliation. ASU 2023-09 also requires entities to provide additional information for reconciling items that meet a quantitative threshold. As an emerging growth company, the amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2025 with early adoption permitted. ASU 2023-09 is not expected to have a significant impact on the company's consolidated financial statements.

In November 2024, FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disclosure in the notes to the financial statements of specified information about certain costs and expenses. The amendments are effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments should be applied either prospectively to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the new guidance to determine the impact it may have on its consolidated financial statements and related disclosures, but expects additional disclosures upon adoption.

NOTE 3 – INVESTMENTS IN SECURITIES

Held to Maturity Securities

Investments in securities have been classified in the consolidated balance sheets according to management’s intent. The following tables summarize the amortized cost, allowance for credit losses, and fair value of securities and their corresponding amounts of unrealized gains and losses of held to maturity securities at the dates indicated:


			Gross		Gross			Allowance
	Amortized		Unrealized		Unrealized			for Credit		Fair
Held-to-maturity:	Cost		Gains		Losses			Losses		Value
	(in thousands)
March 31, 2025
Debt securities issued by U.S. government-sponsored enterprises	$	5,588	$	—	$	(85	)	$	—	$	5,503
Mortgage-backed securities		43,099		42		(4,515	)		—		38,626
Corporate bonds		16,399		216		(396	)		—		16,219
U.S. Treasury securities		2,995		12		—			—		3,007
Total held-to-maturity securities	$	68,081	$	270	$	(4,996	)	$	—	$	63,355

December 31, 2024
Debt securities issued by U.S. government-sponsored enterprises	$	5,588	$	—	$	(138	)	$	—	$	5,450
Mortgage-backed securities		44,261		20		(5,334	)		—		38,947
Corporate bonds		17,899		192		(471	)		—		17,620
U.S. Treasury securities		5,467		21		—			—		5,488
Total held-to-maturity securities	$	73,215	$	233	$	(5,943	)	$	—	$	67,505

The Company measures expected credit losses on held to maturity securities on a collective basis by major security type. Management classifies the held-to maturity portfolio into the following major security types: U.S. Government Sponsored Enterprises, U.S. Treasury, Agency Mortgage-Backed Securities, and Corporate Bonds.

Held to maturity securities are guaranteed by the U.S. federal government or other government sponsored agencies and have a long history of no credit losses. As a result, management has determined these securities to have a zero loss expectation and therefore the Company did not record a provision for estimated credit losses on any held to maturity securities during the three months ended March 31, 2025 and 2024. The Company's investments in corporate bonds are deemed “investment grade” and (a) the Company does not intend to sell these securities before recovery and (b) it is more likely than not that the Company will not be required to sell these securities before recovery. Excluded from the table above is accrued interest on held to maturity securities of $296,000 and $378,000 at March 31, 2025 and December 31, 2024, respectively, which is included within accrued interest receivable in the Consolidated Balance Sheets. Additionally, the Company did not record any write-offs of accrued interest income on held to maturity securities for the three months ended March 31, 2025 and 2024. No securities held by the Company were delinquent on contractual payments at March 31, 2025 and December 31, 2024, nor were any securities placed on non-accrual status for the three months ended March 31, 2025 and 2024.

Available for Sale Securities

The following tables summarize the amortized cost, allowance for credit losses, and fair value of securities and their corresponding amounts of unrealized gains and losses of available for sale securities at the dates indicated:


			Gross		Gross			Allowance
	Amortized		Unrealized		Unrealized			for Credit		Fair
Available-for-sale	Cost		Gains		Losses			Losses		Value
	(in thousands)
March 31, 2025
Mortgage-backed securities	$	7,483	$	21	$	(19	)	$	—	$	7,485
Collateralized mortgage obligation		1,446		—		(18	)		—		1,428
Corporate bonds		5,000		50		(13	)		—		5,037
Total available-for-sale securities	$	13,929	$	71	$	(50	)	$	—	$	13,950

December 31, 2024
Mortgage-backed securities	$	4,164	$	—	$	(38	)	$	—	$	4,126
Collateralized mortgage obligation		1,452		—		(14	)		—		1,438
Corporate bonds		1,000		—		—			—		1,000
Total available-for-sale securities	$	6,616	$	—	$	(52	)	$	—	$	6,564

The Company's available for sale securities are carried at fair value. For available for sale securities in an unrealized loss position, management will first evaluate whether there is intent to sell a security, or if it is more likely than not that the Company will be required to sell a security prior to anticipated recovery of its amortized cost basis. If either of these criteria are met, the Company will record a write-down of the security's amortized cost basis to fair value through income. For those available for sale securities which do not meet the intent or requirement to sell criteria, management will evaluate whether the decline in fair value is a result of credit related matters or other factors. In performing this assessment, Management considers the creditworthiness of the issuer including whether the security is guaranteed by the U.S. federal government or other government agency, the extent to which fair value is less than amortized cost, and changes in credit rating during the period, among other factors. If this assessment indicates the existence of credit losses, an allowance for credit losses will be established, as determined by a discounted cash flow analysis. To the extent the estimated cash flows do not support the amortized cost, the deficiency is considered to be due to credit loss and is recognized in earnings. Changes in the allowance for credit losses are recorded as a provision for (or reversal of) credit loss expense. Losses are charged against the allowance when a security is determined to be uncollectible, or when either of the afore-mentioned criteria surrounding intent or requirement to sell have been met. No allowance for credit losses was recorded for AFS securities as of March 31, 2025 and December 31, 2024.

The Company did not record a provision for estimated credit losses on any available for sale securities for the three months ended March 31, 2025 and 2024. Excluded from the table above is accrued interest on available for sale securities of $49,000 and $16,000 at March 31, 2025 and December 31, 2024, respectively, which is included within accrued interest receivable in the Consolidated Balance Sheets. Additionally, the Company did not record any write-offs of accrued interest income on available for sale securities for the three months ended March 31, 2025 and 2023. No securities held by the Company were delinquent on contractual payments at March 31, 2025 and December 31, 2024, nor were any securities placed on non-accrual status for the three months ended March 31, 2025 and 2024.

When securities are sold, the adjusted cost of the specific security sold is used to compute the gain or loss on the sale. There were no sales of securities during the three months ended March 31, 2025 and 2024.

The aggregate fair value and unrealized losses of available-for-sale securities that have been in a continuous unrealized loss position for less than twelve months and for twelve months or more, and have no allowance for credit losses, are as follows as of March 31, 2025 and December 31, 2024:


			Less than 12 Months					12 Months or Longer				Total
	# of		Fair		Unrealized			Fair		Unrealized		Fair		Unrealized
	Holdings		Value		Losses			Value		Losses		Value		Losses
								(Dollars in thousands)
March 31, 2025
Available for Sale:
Mortgage-backed securities		2	$	3,364	$	(19	)	$	—	$	—	$	3,364	$	(19	)
Collateralized mortgage obligation		1		1,428		(18	)		—		—		1,428		(18	)
Corporate bonds		1		987		(13	)		—		—		987		(13	)
Total		4	$	5,779	$	(50	)	$	—	$	—	$	5,779	$	(50	)

December 31, 2024
Available for Sale:
Mortgage-backed securities		2	$	4,126	$	(38	)	$	—	$	—	$	4,126	$	(38	)
Collateralized mortgage obligation		1		1,438		(14	)		—		—		1,438		(14	)
Total		3	$	5,564	$	(52	)	$	—	$	—	$	5,564	$	(52	)

Management evaluates securities for expected credit losses at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation.

Held to Maturity and Available for Sale Securities

The actual maturities of certain available-for-sale or held-to-maturity securities may differ from the contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. A schedule of the contractual maturities of available-for-sale and held-to-maturity securities as of March 31, 2025 is presented below:



	Available-for-sale		Held-to-maturity
	Fair		Amortized		Fair
	Value		Cost		Value
	(in thousands)
Within 1 year	$	1,999	$	14,308	$	14,180
After 1 year through 5 years		5,485		14,434		14,402
After 5 years through 10 years		988		4,918		4,714
After 10 years		5,478		34,421		30,059
Total	$	13,950	$	68,081	$	63,355

The carrying value of securities pledged to secure advances from the Federal Home Loan Bank of Boston (“FHLBB”) was $55.5 million as of March 31, 2025 and December 31, 2024.

The carrying value of securities pledged to secure advances from the Federal Reserve Bank (“FRB”) was $18.2 million and $16.0 million as of March 31, 2025 and December 31, 2024, respectively.

NOTE 4 – LOANS, ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY

Loans

Loans that the Company has the intent and ability to hold until maturity or payoff are carried at amortized cost (net of the allowance for credit losses). Amortized cost is the principal amount outstanding, adjusted by partial charge-offs and net of deferred loan origination costs and fees. For originated loans, loan fees and certain direct origination costs are deferred and amortized into interest income over the contractual life of the loan using the level-yield method. When a loan is paid off, the unamortized portion is recognized in interest income. Interest income on loans is accrued based upon the daily principal amount outstanding except for loans on nonaccrual status. As a general rule, loans more than 90 days past due with respect to principal or interest, or sooner if management considers such action to be prudent, are classified as nonaccrual loans. However, loans that are more than 90 days past due may be kept on an accruing status if the loan is well secured and in the process of collection. Income accruals are suspended on all nonaccrual loans in a timely manner and all previously accrued and uncollected interest is reversed against current income. A loan can be returned to accrual status when collectibility of principal and interest is reasonably assured and the loan has performed for a period of time, generally six months. When doubt exists as to the collectability of a loan, any payments received are applied to reduce the amortized cost of the loan to the extent necessary to eliminate such doubt. For all loan portfolios, a charge-off occurs when the Company determines that a specific loan, or portion thereof, is uncollectible. This determination is made based on management's review of specific facts and circumstances of the individual loan, including the expected cash flows to repay the loan, the value of the collateral and the ability and willingness of any guarantors to perform.

Allowance for Credit Losses - Loans Held for Investment

The allowance for credit losses is established based upon the Company's current estimate of expected lifetime credit losses on loans measured at amortized cost. Credit losses are charged against the allowance when management's assessments confirm that the Company will not collect the full amortized cost basis of a loan. Subsequent recoveries, if any, are credited to the allowance. Under the current expected credit loss (CECL) methodology, the Company estimates credit losses for financial assets on a collective basis for loans sharing similar risk characteristics. The Company segments financial assets with similar risk characteristics and has elected to segment its loans based on Federal Call codes used for reporting loans to the Federal Deposit Insurance Corporation as part of the Call Report process. These segments are collectively evaluated for expected credit losses using a quantitative Discounted Cash Flow ("DCF") model combined with an assessment of certain qualitative factors designed to address forecast risk and model risk inherent in the quantitative model output. The Company has elected to use this approach because DCF models allow for effective incorporation of a reasonable and supportable forecast in a directionally consistent and objective manner and peer data is available for certain inputs such as the probability of default and the loss given default. The quantitative model utilizes a loss factor based approach to estimate expected credit losses, which are derived from internal historical and industry peer loss experience. The model estimates expected credit losses using loan level data over the estimated life of the exposure, considering the effect of prepayments. Economic forecasts are incorporated into the estimate over a reasonable and supportable forecast period, beyond which is a reversion to the historical long-run average using the straight-line reversion method. Management periodically evaluates a reasonable and supportable forecast period and a reversion period to be appropriate for purposes of estimating expected credit losses. The qualitative risk factors impacting the expected risk of loss within the portfolio include the following:

•

Lending policies and procedures

•

Economic and business conditions

•

Nature and volume of loans

•

Changes in management

•

Changes in credit quality

•

Changes in loan review system

•

Changes to underlying collateral values

•

Concentrations of credit risk

•

Other external factors

Loans that do not share similar risk characteristics with any pools of assets are subject to individual evaluation and are removed from the collectively assessed pools to avoid double counting. This includes loans on non-accrual and loans that are 90 days or greater past due. For the loans that will be individually evaluated, the Company will use either a discounted cash flow ("DCF") approach or a fair value of collateral approach. The latter approach will be used for loans deemed to be collateral dependent or when foreclosure is probable. Accrued interest receivable amounts are excluded from balances of loans held at amortized cost and are included within accrued interest receivable in the consolidated balance sheets. Management has elected not to measure an allowance for credit losses on these amounts as the Company employs a timely write-off policy. Consistent with the Company's policy for nonaccrual loans, accrued interest receivable is typically written off when loans reach 90 days past due and are placed on nonaccrual status.

In the ordinary course of business, the Company enters into commitments to extend credit. Such financial instruments are recorded in the financial statements when they are funded. The credit risk associated with these commitments is evaluated in a manner similar to the allowance for credit losses on loans with an additional assumption of probability of funding. The reserve for unfunded lending commitments is included in other liabilities in the consolidated balance sheets.

Loans consisted of the following as of the dates indicated:


	At March 31,						At December 31,
	2025						2024
	Amount			Percent			Amount			Percent
	(Dollars in thousands)
Real estate loans:
One-to-four family residential	$	434,371			36.6	%	$	422,841			36.9	%
Multi-family		371,014			31.3	%		343,970			30.0	%
Commercial		255,066			21.5	%		228,991			20.0	%
Home equity lines of credit and loans		44,032			3.7	%		45,154			4.0	%
Construction		69,684			5.9	%		90,894			7.9	%
Other loans:
Commercial		12,553			1.0	%		13,844			1.2	%
Consumer		209			0.0	%		141			0.0	%
Total loans, gross		1,186,929			100.0	%		1,145,835			100.0	%
Less:
Net deferred loan fees		(578	)					(502	)
Allowance for credit losses		(8,808	)					(8,884	)
Total loans, net	$	1,177,543					$	1,136,449

The carrying value of loans pledged to secure advances from the FHLBB were $731.2 million and $744.6 million as of March 31, 2025 and December 31, 2024, respectively.

The following tables set forth information regarding the allowance for credit losses on loans as of and for the three months ended March 31, 2025 and 2024:


	For the three months ended March 31, 2025
	(in thousands)
	Beginning Balance		Charge-offs			Recoveries		(Benefit) provision			Ending Balance(1)
Real estate loans:
One-to-four family residential	$	2,928	$	-		$	-	$	(230	)	$	2,698
Multi-family		2,422		-			-		210			2,632
Commercial		2,260		-			-		272			2,532
Home equity lines of credit and loans		118		-			-		1			119
Construction		1,036		-			-		(328	)		708
Other loans:
Commercial		119		(81	)		-		80			118
Consumer		1		(1	)		-		1			1
Total	$	8,884	$	(82	)	$	-	$	6		$	8,808


	For the three months ended March 31, 2024
	(in thousands)
	Beginning Balance		Charge-offs		Recoveries		(Benefit) provision			Ending Balance(1)
Real estate loans:
One-to-four family residential	$	3,555	$	-	$	-	$	(44	)	$	3,511
Multi-family		1,190		-		-		93			1,283
Commercial		1,636		-		-		36			1,672
Home equity lines of credit and loans		321		-		-		(2	)		319
Construction		1,757		-		-		(76	)		1,681
Other loans:
Commercial		131		-		-		72			203
Consumer		1		-		-		-			1
Total	$	8,591	$	-	$	-		79		$	8,670

(1) Balances of accrued interest receivable excluded from amortized cost and the calculation of allowance for credit losses amounted to $3.8 million and $3.5 million as of March 31, 2025 and December 31, 2024.

The following tables show the age analysis of past due loans as of the dates indicated:

          
         30–59 Days

         60–89 Days

         90 Days
or More

         Total
Past Due

         Total
Current

         Total
Loans

         90 days 
or more past due and accruing

         Loans on Non-accrual

          
         (in thousands)

         As of March 31, 2025

         Real estate loans:

ECB Bancorp, Inc. /MD/ 10-Q