ECB Bancorp Inc. announces its results for the three months ended March 31.

For the three months ended March 31, net loss totaled $1,084,000 compared to the $487,000 in net income for the three months ended March 31, 2010. After adjusting for $265,000 in TARP preferred stock dividends and the accretion of warrant discount, net loss charged to common shareholders for the three months ended March 31 were $1,349,000, or $0.47 per diluted share compared to income of $222,000, or $0.08 per diluted share for the three months ended March 31, 2010.

Other financial highlights include:

• Consolidated assets increased 2.1 percent to $916,571,000 at March 31 from $897,754,000 at March 31, 2010.
• Loans decreased 5.4 percent to $546,641,000 at March 31 compared to $577,964,000 at March 31, 2010.
• Deposits increased 1.8 percent to $786,754,000 at March 31 from $772,927,000 at March 31, 2010.
• Net interest income decreased 3.2 percent to $6,768,000 for the three months ended March 31 from $6,995,000 for the same three-month period a year ago.
• Provision for loan losses charged to operations for the three months ended March 31 totaled $3,930,000, a decrease of 9.4 percent compared to $4,337,000 charged to operations for the fourth quarter ended Dec. 31, 2010.