Parent Company Financial Statements (Tables)

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

Statements of Balance Sheets

ECB BANCORP, INC.
BALANCE SHEETS
(Dollars in thousands)
	December 31, 2022		December 31, 2021
ASSETS
Cash	$	24,294	$	-
Investment in subsidiary		130,670		-
Loan to Everett Co-operative Bank ESOP		6,928		-
Deferred tax asset, net		683		-
Income taxes receivable		149		-
Other assets		11		-
Total assets	$	162,735	$	-
LIABILITIES AND SHAREHOLDERS' EQUITY
Other liabilities	$	5	$	-
Total liabilities		5		-
Shareholders' equity		162,730		-
Total liabilities and shareholders' equity	$	162,735	$	-

Statements of Income

ECB BANCORP, INC.
STATEMENTS OF INCOME
(Dollars in thousands)
	Year Ended
	December 31,
	2022			2021
Interest income
Interest on loan	$	150		$	-
Interest on cash		155			-
Total interest income		305			-
Noninterest expense
Charitable contributions		3,200			-
Other expense		62			-
Total noninterest expense		3,262			-
Loss before income taxes and equity in undistributed income of subsidiaries		(2,957	)		-
Income tax benefit		(831	)		-
Loss of parent company		(2,126	)		-
Equity in undistributed income of subsidiary		4,846			-
Net income	$	2,720		$	-

Statements of Cash Flows

ECB BANCORP, INC.
STATEMENTS OF CASH FLOWS
(Dollars in thousands)
	Year Ended
	December 31,
	2022			2021
Cash flows from operating activities:
Net income	$	2,720		$	—
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiary		(4,846	)		—
Deferred income tax benefit		(683	)		—
Issuance of common shares donated to the Everett Co-operative Bank Charitable Foundation		2,600			—
Net change in:
Other assets		(11	)		—
Income taxes receivable		(149	)		—
Other liabilities		5			—
Net cash provided by operating activities		(364	)		—
Cash flows from investing activities:
ESOP loan, net of principal payments		(6,928	)		—
Capital contribution to Everett Co-operative Bank		(55,000	)		—
Net cash used in investing activities		(61,928	)		—
Cash flows from financing activities:
Net proceeds from issuance of common stock		86,586			—
Net cash provided by financing activities		86,586			—
Net increase in cash and cash equivalents		24,294			—
Cash and cash equivalents at beginning of year		—			—
Cash and cash equivalents at end of year	$	24,294		$	—