olivLaw · US equity research
ECB Bancorp, Inc. ECBK
Savings Institutions, Not Federally Chartered · SIC 6036 · Vertical: Savings Institutions, Not Federally Chartered (SIC 6036)
ECB Bancorp is the holding company for Everett Co-operative Bank, a Massachusetts co-operative bank that takes deposits and mainly makes real estate loans in the Boston area. It matters now because commercial lending has grown quickly and a new branch has opened, in a quarter when net income reached 3.4 million USD.
At the close of 04 Nov 2026, ECB Bancorp, Inc. (ECBK) stock was 22.97 USD (+7.99% on the day), with market capitalisation 200.7 m USD, P/E 16.7 on diluted EPS of 1.37 USD over the last 12 months, beta 0.42, 52-week range 15.93–22.97 USD. Latest reported quarter (Q2 2026): revenue of 152.0 k USD (−1.3% YoY), net income of 3.3 m USD (+126.5% YoY), diluted EPS 0.39 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 69.9
- strong (55–70)
- Bollinger (20, 2)
- 19.23 – 22.49
- above the upper band · %B 1.15 · band width 15.6%
- SMA 50 / 200
- 20.82 / 19.13
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.33 / 0.15
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +9.6% | −1.1% | +10.7 pp | — |
| 3 months | +11.3% | −0.5% | +11.8 pp | — |
| 6 months | +24.4% | +4.4% | +20.0 pp | — |
| Year to date | +32.1% | +12.3% | +19.8 pp | — |
| 1 year | +39.3% | +13.5% | +25.8 pp | +28.5% |
| 3 years | +113.7% | +76.4% | +37.3 pp | +46.5% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | 140.0 k | 154.0 k | — | — | 155.0 k | 152.0 k |
| Depreciation & amortisation | 76.0 k ≈ | 75.0 k | 75.0 k | 75.0 k ≈ | 74.0 k ≈ | 73.0 k | 75.0 k | 75.0 k ≈ |
| Interest expense | 10.9 m | — | — | — | — | — | — | — |
| Pre-tax income | 1.5 m | 1.9 m | 1.7 m | 1.9 m | 3.3 m | 3.5 m | 4.3 m | 4.5 m |
| Income tax | 405.0 k | 493.0 k | 424.0 k | 475.0 k | 817.0 k | 891.0 k | 1.1 m | 1.2 m |
| Net income | 1.1 m | 1.4 m | 1.3 m | 1.4 m | 2.4 m | 2.6 m | 3.1 m | 3.3 m |
| Diluted EPS | 0.14 | 0.17 ≈ | 0.16 | 0.17 | 0.29 | 0.31 ≈ | 0.38 | 0.39 |
| Operating cash flow | 861.0 k ≈ | 4.4 m | -631.0 k | 1.9 m ≈ | 4.0 m ≈ | 3.9 m | 2.8 m | 12.0 m ≈ |
| Capex | 0 ≈ | 0 | 18.0 k | 50.0 k ≈ | 71.0 k ≈ | 75.0 k | 4.0 k | 213.0 k ≈ |
| Share repurchases | 663.0 k ≈ | 902.0 k | 673.0 k | 1.5 m ≈ | 2.0 m ≈ | 513.0 k | 350.0 k | 675.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 15 percentile of its own 13-quarter history (min 14.5, median 24.0, max 47.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable | 577.0 k | 598.0 k |
| Revenue YoY | unavailable | unavailable | unavailable | unavailable | +3.6% |
| Net income | 4.0 m | 2.7 m | 4.5 m | 4.0 m | 7.8 m |
| Net income YoY | unavailable | −32.7% | +63.8% | −10.4% | +94.7% |
| Diluted EPS | unavailable | 0.32 | 0.52 | 0.48 | 0.94 |
| Diluted EPS YoY | unavailable | unavailable | +62.5% | −7.7% | +95.8% |
| net % | unavailable | unavailable | unavailable | 691.7% | 1,299.7% |
| Free cash flow | 6.3 m | 7.6 m | 6.1 m | 6.2 m | 9.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- unavailable USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 171.9 m USD
- Total assets
- 1.6 bn USD
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 4.6%
- ROA
- 0.5%
- FCF margin
- 1,506.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Net interest income | 18.7 m | 23.6 m | 24.8 m | 25.0 m | 31.9 m | SEC (XBRL)· 25 Mar 2026verified |
| Net fee income | 1.2 m | 1.4 m | 1.1 m | 1.2 m | 1.3 m | SEC (XBRL)· 25 Mar 2026verified |
| Non-interest expense | 14.1 m | 18.6 m | 19.1 m | 20.7 m | 21.3 m | SEC (XBRL)· 25 Mar 2026verified |
| Pre-tax income | 5.5 m | 3.5 m | 6.0 m | 5.4 m | 10.4 m | SEC (XBRL)· 25 Mar 2026verified |
| Net income | 4.0 m | 2.7 m | 4.5 m | 4.0 m | 7.8 m | SEC (XBRL)· 25 Mar 2026verified |
| Diluted EPS | — | 0.32 | 0.52 | 0.48 | 0.94 | SEC (XBRL)· 25 Mar 2026verified |
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Loans | 517.1 m | 885.7 m | 1.0 bn | 1.1 bn | 1.4 bn | SEC (XBRL)· 25 Mar 2026verified |
| Total assets | 666.5 m | 1.1 bn | 1.3 bn | 1.4 bn | 1.6 bn | SEC (XBRL)· 25 Mar 2026verified |
| Deposits | 571.8 m | 718.1 m | 868.2 m | 998.5 m | 1.1 bn | SEC (XBRL)· 25 Mar 2026verified |
| Total liabilities | 589.2 m | 901.7 m | 1.1 bn | 1.2 bn | 1.4 bn | SEC (XBRL)· 25 Mar 2026verified |
| Equity | 77.3 m † | 162.7 m † | 164.9 m † | 168.3 m † | 171.9 m † | SEC (XBRL)· 25 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Share repurchases | — | — | 2.2 m | 2.7 m | 4.6 m | SEC (XBRL)· 25 Mar 2026verified |
Computed indicators
Growth
Profitability
Returns
Market and valuation
Banking
32 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 43 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 200.7 m USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet0
- Growth100
- Valuation40
- Quality37
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 10.71 – 29.47 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- Residual income18.89 – 19.77 (Mid 19.32)
- Justified P/B10.71 – 14.41 (Mid 12.29)
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
- Peers: P/E19.83 – 22.55 (Mid 20.86)5 companies used · median multiple 15.2x · quartiles 14.4x – 16.4xBBT, FSBW, GCBC, PBFS, RBKB
- Peers: P/B17.96 – 29.47 (Mid 21.31)8 companies used · median multiple 1.0x · quartiles 0.9x – 1.4xBBT, FBLA, FLG, FNWB, FSBW, GCBC, PBFS, RBKB
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 43/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | 6.6% | 50 (vs peers) | 23% |
| ROA · Quality | 0.7% | 23 (on a fixed band) | 9% |
| Cost-to-income · Quality | 58.5% | 26 (on a fixed band) | 14% |
| Net interest margin · Quality | 2.4% | 34 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | 43.2% | 100 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| NPL ratio · Balance sheet | unavailable | unavailable | — |
| Cost of risk · Balance sheet | unavailable | unavailable | — |
| Loan-to-deposit · Balance sheet | 116.8% | 0 (on a fixed band) | 6% |
| P/B · Valuation | 1.1x | 38 (vs peers) | 14% |
| P/E (TTM) · Valuation | 16.7x | 43 (vs peers) | 14% |
| Dividend yield · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial0/100 · 1/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality37/100 · 4/4 factors with a value
- Returns· partialunavailable · 0/1 factors with a value
- Valuation40/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ECB Bancorp, Inc. /MD/ (ECBK). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: net interest income 31.9 m USD in 2025; YoY growth 3.6%; net margin 1,868.7%; ROE 6.6%.
The estimated value range is 18.43–21.16 USD per share (median of 4 methods, agreement: high); assumptions are illustrative. Against the central value of 20.09 USD, the price of 22.97 USD leaves a potential of -12.5% (value / price − 1) and a margin of safety of -14.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 43/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance, growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EPS CAGR 3Y: 43.2%
What contradicts it
- ROA: 0.7%
- Cost-to-income: 58.5%
- Loan-to-deposit: 116.8%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, NPL ratio, Cost of risk, Dividend yield.
Versus the vertical median
Savings Institutions, Not Federally Chartered (SIC 6036) · same industry (4-digit SIC) · compared with 8 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| FLGFlagstar Bank, National Association | 4.5 bn | 220.3 | 0.6% | — | +17.4% | −10% / −61% |
| BBTBeacon Financial Corp | 2.6 bn | 16.4 | 8.4% | 533.6% | −92.5% | +22% / +50% |
| GCBCGreene County Bancorp, Inc. | 623.0 m | 15.2 | 15.9% | — | +11.1% | +60% / +46% |
| PBFSPioneer Bancorp, Inc. | 467.0 m | 27.1 | 5.2% | 103.4% | +5.8% | +41% / +127% |
| FSBWFS Bancorp, Inc. | 330.5 m | 10.2 | 10.8% | — | +44.8% | +9% / +47% |
| FBLAFB Bancorp, Inc. | 271.4 m | — | -0.1% | -0.4% | −3.8% | +35% / unavailable |
| RBKBRhinebeck Bancorp, Inc. | 203.7 m | 14.4 | 7.3% | 329.8% | −0.6% | +67% / +189% |
| ECBKECB Bancorp, Inc. | 200.7 m | 16.7 | 6.6% | 1,868.7% | +3.6% | +39% / +114% |
| FNWBFirst Northwest Bancorp | 98.3 m | 63.3 | 1.0% | — | −23.1% | +5% / −30% |
1- and 3-year price returns: for ECBK from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 12.80 Total return -44% · Per year -44% | 22.64 Total return -1% · Per year -1% | 34.11 Total return 49% · Per year 49% |
| 3 years | 12.21 Total return -47% · Per year -19% | 24.31 Total return 6% · Per year 2% | 40.26 Total return 75% · Per year 21% |
| 5 years | 11.64 Total return -49% · Per year -13% | 26.12 Total return 14% · Per year 3% | 47.52 Total return 107% · Per year 16% |
- Exit P/E± 6.08
- Net margin± 4.26
- Annual revenue growth± 3.52
- Annual dilution± 0.36
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
ECB Bancorp is the holding company for Everett Co-operative Bank, a Massachusetts co-operative bank that takes deposits and mainly makes real estate loans in the Boston area. It matters now because commercial lending has grown quickly and a new branch has opened, in a quarter when net income reached 3.4 million USD 3.
SWOT
Strengths
- The local customer base is supported by a history of more than a century in the Everett area, and the bank's brand is well recognized 1.
- Asset quality remains good, with non-performing assets at a very low level in recent quarters 3.
- Higher capital after the conversion gives the capacity to keep larger loans than before 1.
Weaknesses
- Funding relies largely on certificates of deposit and FHLB advances, which can make the cost of funds sensitive to interest rates 1.
- The company holds a modest market share in the counties where it operates and has a limited branch network 1.
- Operating efficiency is still affected by expansion costs, which rise with new branches 3.
Opportunities
Risks
- Concentration in real estate lendinghigh
The portfolio is dominated by loans tied to real estate, so a downturn in the local market would have a direct effect on the bank's assets 1.
- Interest rate riskhigh
Net margin depends on the gap between loan yields and deposit costs, and rate changes could compress it 12.
- Dependence on external fundingmedium
FHLB advances and brokered deposits could become more expensive or harder to obtain if market conditions worsen 13.
- Credit risk in the commercial portfoliomedium
Rapid growth in commercial and multifamily loans could lead to deterioration in portfolio quality if the economy slows 12.
- Operational and cyber risklow
A security incident or system failure could affect services and the bank's reputation 12.
Investment thesis
What would need to be true (bull case)
- Steady growth in loans and money market deposits suggests the bank could strengthen its position in the Boston area 23.
- Improvement in net margin and profit in recent quarters could continue if asset yields stay high 3.
- Asset quality remains solid, and the higher capital after the conversion leaves room for lending 13.
What would break the thesis
- Concentration in real estate loans and reliance on costly funding could limit margin protection in a shock 1.
- Rising costs for new branches could reduce earnings before expansion brings additional revenue 3.
- Intense competition from large banks and fintech firms could put pressure on rates and deposit volumes 1.
What to watch
- Trend of net interest margin and cost of liabilitiesQ4 2026
- Quality of the commercial and multifamily portfolionext 10-K
- Development of brokered deposits and FHLB advancesQ1 2027
- Results in the first quarters after the Medford branch opened2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
ECB Bancorp is a Maryland corporation formed in 2022 to become the holding company of Everett Co-operative Bank after the bank converted from mutual to stock form 1. The bank operates from branches in Everett, Lynnfield and Woburn, all in the Boston metropolitan area, and funds itself with deposits and Federal Home Loan Bank of Boston advances, which stood at 284.8 million USD at December 31, 2025 1. In January 2026 the company announced an application for a new Medford branch, which had opened by the third quarter of 2026 13. Total assets reached 1.69 billion USD at September 30, 2026 3.
The strategy aims to grow commercial and multifamily loans and reduce the share of one-to-four family residential loans, supported by higher lending capacity after the conversion 1. The bank is also developing deposit products and cash management services for business clients to grow core deposits 1.
Funding depends heavily on certificates of deposit, which were 64.3% of total deposits at December 31, 2025, and on brokered deposits, which stood at 134.0 million USD on the same date 1. Asset quality indicators stayed low, with non-performing assets at 0.08% of total assets at September 30, 2026 3.
Segments
One-to-four family residential lending
One-to-four family residential loans were 34.2% of the loan portfolio at December 31, 2025, the largest category, although the company intends to reduce its share 1.
Market context
Trends
- Growth in commercial lendingtailwind
The company has grown commercial and multifamily loans after being able to keep larger loans that it previously sold to other local banks; if this continues, interest income could keep rising 13.
- Improving net interest marginmixed
The net interest margin rose to 2.56% in the third quarter of 2026, helped by higher yields on earning assets, but the cost of interest-bearing liabilities remains high 3.
- Higher costs of expansionheadwind
Salary and marketing costs rose with the opening of the Medford branch, which could weigh on operating efficiency in the short term 3.
- Reliance on costly fundingheadwind
FHLB advances and certificates of deposit make up a large share of funding, and an unfavorable rate path could compress margins 12.
Competitive position
The Boston-area market has many institutions, including large banks, community banks, credit unions and non-bank financial companies, and competition for deposits and loans is intense 1. The company differentiates itself through personal service and quicker decisions compared with large regional banks 1.
Competition for loans also comes from mortgage companies, brokers and fintech firms, which have lowered barriers to entry 1. If this pressure intensifies, deposit growth could be limited 1.
- Large regional banks
Large banks with branch networks in the Boston area compete with wider product ranges, including trust and private banking services 1.
- Local community banks
Local institutions compete through experienced bankers and technology products, making them directly comparable to the bank 1.
- Credit unions
Credit unions attract deposits with competitive rates and operate in the same counties 1.
- Fintech and non-bank lenders
Non-bank financial and technology firms offer digital loans and deposits, and their pressure in the mortgage market is growing 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report22 Oct 2026Results of operations · Financial statements and exhibits
- Current report22 Sept 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report07 Aug 2026
- Current report23 Jul 2026Results of operations · Financial statements and exhibits
- Current report21 May 2026Shareholder vote
- Quarterly report08 May 2026
- Current report23 Apr 2026Results of operations · Financial statements and exhibits
- Proxy statement10 Apr 2026
- Annual report25 Mar 2026
- Current report05 Feb 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / ECB Bancorp, Inc. · 25 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / ECB Bancorp, Inc. · 07 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / ECB Bancorp, Inc. · 22 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.