8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

PURSUANT TO SECTION 12(b) OR (g) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): April 16, 2003

ECB BANCORP, INC.

(Exact name of registrant as specified in its charter)

NORTH CAROLINA	0-24753	56-2090738
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

Post Office Box 337 Engelhard, North Carolina	27824
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (252) 925-9411

Item 7. Financial Statements and Exhibits.

(c) Exhibits. The following exhibit is being filed with this Report:

Exhibit No.	Exhibit Description
99	Copy of press release dated April 16, 2003

Item 9. Regulation FD Disclosure (Being furnished under both Item 9 and Item 12).

At Registrant’s annual meeting of shareholders held on April 16, 2003, Registrant announced its results of operations for the quarter ended March 31, 2003. A copy of Registrant’s press release issued following the annual meeting is attached as Exhibit 99 to this Report and is incorporated by reference into this Report.

Disclosures About Forward Looking Statements

The discussions included in this Report and its exhibits may contain forward looking statements within the meaning of the Private Securities Litigation Act of 1995, including Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially. For the purposes of these discussions, any statements that are not statements of historical fact may be deemed to be forward looking statements. Such statements are often characterized by the use of qualifying words such as “expects,” “anticipates,” “believes,” “estimates,” “plans,” “projects,” or other statements concerning opinions or judgments of the Registrant and its management about future events. The accuracy of such forward looking statements could be affected by such factors as, including but not limited to, the financial success or changing conditions or strategies of the Registrant’s customers or vendors, fluctuations in interest rates, actions of government regulators, the availability of capital and personnel or general economic conditions.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.

	ECB BANCORP, INC.         (Registrant)
Date: April 16, 2003	By:	/s/    GARY M. ADAMS
		Gary M. Adams Chief Financial Officer

2

EX-99

Exhibit 99

[LOGO APPEARS HERE] PRESS RELEASE

April 16, 2003

CONTACT: ECB Bancorp, Inc.

Gary M. Adams, Chief Financial Officer

(252) 925-5525

(252) 925-8491 facsimile

FOR IMMEDIATE RELEASE

ECB Reports Record 1^st Quarter Earnings at Annual Meeting of Shareholders

ENGELHARD, NC—Shareholders of ECB Bancorp, Inc. (“ECB”), the holding company of The East Carolina Bank (“Bank”), gathered today at the Washington Civic Center in Washington, North Carolina for the 2003 Annual Meeting.

Arthur H. Keeney, III, ECB’s President and Chief Executive Officer presided over the meeting, which included a video presentation updating the shareholders on significant events during 2002. The video highlighted the Company’s record setting 2002 financial results, and discussed its service expansion into three new markets, Williamston, Morehead City and Wilmington, as well as its construction of a new Operations and Credit Administration Center in Engelhard. Also highlighted was the wide acceptance in the market of ECB Financial Services products in addition to the Bank’s enhanced Internet Banking Bill Pay system.

The agenda for the annual meeting included the re-election of three existing directors for new three-year terms, including George T. Davis, Jr. of Swan Quarter, Gregory C. Gibbs of Engelhard and John F. Hughes, Jr. of Manteo. The shareholders also ratified the reappointment of KPMG LLP as ECB’s independent accountants for 2003.

In his remarks, President Keeney was pleased to inform the shareholders that ECB had recently entered two new markets by opening Loan Production Offices in Morehead City and Wilmington. He also stated that in May, a full service branch facility would be opening in Williamston to replace the existing Loan Production Office, which had been functioning since April 2001.

Mr. Keeney also introduced Gary M. Adams, Chief Financial Officer. Mr. Adams remarks covered issues relating to ECB’s response to changing financial times. The discussion included new approaches to generating both capital and deposits in support of the continued profitable growth of ECB.

A special tribute was paid to Director Robert L. Mitchell by R.S. Spencer, Jr., Chairman of the Board. Mr. Mitchell became a Director in 1981 when the Bank had eight branches and approximately $65 million in total assets. He was presented a handsome captain’s chair and matching heritage lamp for his years of dedicated service.

ECB’s financial results for 2003’s first quarter were announced by President Keeney. He reported that for the three months ended March 31, 2003, net income was $1,007,000, which represents a 52.6% increase over net income of $660,000 for the three months ended March 31, 2002. Earnings per share (diluted) were $.49 for the three months ended March 31, 2003 compared to $.32 for the three months ended March 31, 2002.

ECB’s consolidated assets increased 28.2% to $405,002,000 at March 31, 2003 from $315,846,000 at March 31, 2002. Loans totaled $239,295,000 at March 31, 2003, representing a 22.4% increase over loans of $195,444,000 at March 31, 2002. Deposits increased 17.2% to $317,321,000 at March 31, 2003 from $270,827,000 at March 31, 2002. The Company’s return on average assets and return on average equity were 1.03% and 13.54%, respectively, for the three months ended March 31, 2003 compared to .86% and 10.12%, respectively, for the three months ended March 31, 2002.

Headquartered in Engelhard, NC, The East Carolina Bank is a state-chartered, independent community bank insured by the FDIC. The Bank provides a full range of financial services through its 20 offices in eastern North Carolina, including new Loan Production Offices in Williamston, Morehead City and Wilmington, mortgages, insurance services through the Bank’s licensed agents and investment and brokerage services offered through a third-party broker-dealer. Its common stock is listed on The Nasdaq SmallCap Market under the symbol “ECBE”. More information on ECB can be obtained by visiting the Company’s web site at www.ecbbancorp.com.