Endeavor Bancorp Reports Net Income of $1.4 Million for the First Quarter of 2025; Highlighted by Loan and Deposit Growth and Net Interest Margin Expansion
Endeavor Bancorp (OTCQX: EDVR) reported strong Q1 2025 financial results with net income of $1.36 million, or $0.32 per diluted share, marking significant growth from $1.08 million in Q4 2024 and $407,000 in Q1 2024.
Key highlights include:
- Net interest income increased to $7.0 million, up 7.6% from previous quarter
- Net interest margin expanded to 4.12%, up 15 basis points
- Total loans grew 4.6% to $597.8 million
- Total deposits increased 4.1% to $626.2 million
- Return on average equity reached 11.68%
The bank's strong performance was driven by loan growth, improved earning asset rates, and strategic investments in staff made throughout 2024. Non-performing loans decreased to 0.40% of the total loan portfolio, and the bank maintained strong capital ratios with a Tier 1 leverage ratio of 10.57%.
Endeavor Bancorp (OTCQX: EDVR) ha riportato solidi risultati finanziari nel primo trimestre del 2025 con un utile netto di 1,36 milioni di dollari, pari a 0,32 dollari per azione diluita, segnando una crescita significativa rispetto a 1,08 milioni di dollari nel quarto trimestre del 2024 e 407.000 dollari nel primo trimestre del 2024.
Punti salienti:
- Il reddito netto da interessi è aumentato a 7,0 milioni di dollari, con un incremento del 7,6% rispetto al trimestre precedente
- Il margine netto da interessi si è ampliato a 4,12%, in crescita di 15 punti base
- Il totale dei prestiti è cresciuto del 4,6%, raggiungendo 597,8 milioni di dollari
- Il totale dei depositi è aumentato del 4,1%, arrivando a 626,2 milioni di dollari
- Il rendimento del patrimonio netto medio ha raggiunto il 11,68%
La solida performance della banca è stata sostenuta dalla crescita dei prestiti, dal miglioramento dei tassi sugli attivi fruttiferi e dagli investimenti strategici nel personale effettuati nel corso del 2024. I prestiti in sofferenza sono diminuiti allo 0,40% del totale del portafoglio prestiti, mentre la banca ha mantenuto solidi coefficienti patrimoniali con un rapporto di leva Tier 1 del 10,57%.
Endeavor Bancorp (OTCQX: EDVR) reportó sólidos resultados financieros en el primer trimestre de 2025 con un ingreso neto de 1,36 millones de dólares, o 0,32 dólares por acción diluida, marcando un crecimiento significativo desde 1,08 millones en el cuarto trimestre de 2024 y 407.000 en el primer trimestre de 2024.
Puntos clave:
- Los ingresos netos por intereses aumentaron a 7,0 millones de dólares, un 7,6% más que el trimestre anterior
- El margen neto por intereses se amplió a 4,12%, subiendo 15 puntos básicos
- Los préstamos totales crecieron un 4,6%, alcanzando 597,8 millones de dólares
- Los depósitos totales aumentaron un 4,1%, llegando a 626,2 millones de dólares
- El retorno sobre el patrimonio promedio alcanzó el 11,68%
El sólido desempeño del banco se debió al crecimiento de los préstamos, la mejora en las tasas de activos generadores de ingresos y las inversiones estratégicas en personal realizadas durante 2024. Los préstamos morosos disminuyeron al 0,40% del total de la cartera de préstamos, y el banco mantuvo sólidos índices de capital con una razón de apalancamiento Tier 1 del 10,57%.
Endeavor Bancorp (OTCQX: EDVR)는 2025년 1분기에 136만 달러의 순이익(희석 주당 0.32달러)을 기록하며 2024년 4분기 108만 달러와 2024년 1분기 40.7만 달러 대비 큰 폭의 성장을 보였습니다.
주요 내용은 다음과 같습니다:
- 순이자수익이 700만 달러로 전분기 대비 7.6% 증가
- 순이자마진이 4.12%로 15 베이시스 포인트 상승
- 총 대출금이 4.6% 증가하여 5억9,780만 달러 달성
- 총 예금이 4.1% 증가하여 6억2,620만 달러 기록
- 평균 자기자본이익률(ROE)이 11.68%에 도달
은행의 견조한 실적은 대출 증가, 수익 자산 금리 개선, 2024년 전반에 걸친 인력에 대한 전략적 투자에 힘입은 결과입니다. 부실 대출 비율은 전체 대출 포트폴리오의 0.40%로 감소했으며, Tier 1 레버리지 비율은 10.57%로 견고한 자본 비율을 유지했습니다.
Endeavor Bancorp (OTCQX: EDVR) a annoncé de solides résultats financiers pour le premier trimestre 2025 avec un bénéfice net de 1,36 million de dollars, soit 0,32 dollar par action diluée, marquant une croissance significative par rapport à 1,08 million au quatrième trimestre 2024 et 407 000 au premier trimestre 2024.
Points clés :
- Le revenu net d’intérêts a augmenté pour atteindre 7,0 millions de dollars, en hausse de 7,6 % par rapport au trimestre précédent
- La marge nette d’intérêts s’est élargie à 4,12%, soit une progression de 15 points de base
- Le total des prêts a augmenté de 4,6 % pour atteindre 597,8 millions de dollars
- Le total des dépôts a progressé de 4,1 % pour atteindre 626,2 millions de dollars
- Le rendement des capitaux propres moyens a atteint 11,68%
La solide performance de la banque a été soutenue par la croissance des prêts, l’amélioration des taux des actifs générateurs de revenus et des investissements stratégiques dans le personnel réalisés tout au long de 2024. Les prêts non performants ont diminué pour représenter 0,40 % du portefeuille total de prêts, et la banque a maintenu des ratios de capital solides avec un ratio de levier Tier 1 de 10,57 %.
Endeavor Bancorp (OTCQX: EDVR) meldete starke Finanzergebnisse für das erste Quartal 2025 mit einem Nettogewinn von 1,36 Millionen US-Dollar, bzw. 0,32 US-Dollar je verwässerter Aktie, was ein deutliches Wachstum gegenüber 1,08 Millionen US-Dollar im vierten Quartal 2024 und 407.000 US-Dollar im ersten Quartal 2024 darstellt.
Wichtige Highlights:
- Nettozinsertrag stieg auf 7,0 Millionen US-Dollar, ein Plus von 7,6 % gegenüber dem Vorquartal
- Nettozinsmarge erhöhte sich auf 4,12%, um 15 Basispunkte
- Das Gesamtkreditvolumen wuchs um 4,6 % auf 597,8 Millionen US-Dollar
- Die Gesamteinlagen stiegen um 4,1 % auf 626,2 Millionen US-Dollar
- Die Eigenkapitalrendite auf das durchschnittliche Eigenkapital erreichte 11,68%
Die starke Performance der Bank wurde durch das Kreditwachstum, verbesserte Erträge aus zinstragenden Vermögenswerten und strategische Investitionen in das Personal im Laufe des Jahres 2024 getragen. Die notleidenden Kredite sanken auf 0,40 % des gesamten Kreditportfolios, und die Bank hielt solide Kapitalquoten mit einer Tier-1-Leverage-Ratio von 10,57 %.
- Strong earnings growth with net income up 26% quarter-over-quarter
- Significant loan and deposit growth
- Improved net interest margin
- Decreased non-performing loans ratio
- Strong capital ratios maintained
- Increased provision for credit losses compared to previous quarter
- Higher non-interest expenses due to strategic investments
- Slight decrease in earning assets yield
SAN DIEGO, April 28, 2025 (GLOBE NEWSWIRE) -- Endeavor Bancorp (OTCQX: EDVR) (the “Company,” or “Bancorp”), the holding company for Endeavor Bank (the “Bank”), today reported net income of
Results for the first quarter of 2025 included a
“Endeavor’s first quarter performance marks a great start to the year, underscoring our continued commitment to delivering value to our shareholders and the businesses we serve,” stated Julie Glance, CFO. “We allocated significant resources toward growing the company and expanding our team in 2024, and our first quarter operating results demonstrate the positive impact of these investments on our earnings. We experienced meaningful growth in both loans and deposits, coupled with continued margin expansion. Net loans increased
Income Statement
Strong first quarter earnings were driven by loan growth and earning asset rates. Total interest income on loans and bank deposits and investments was
“The 15-basis point increase in our net interest margin during the first quarter of 2025, compared to the prior quarter, was primarily the result of strong loan growth, in addition to improving funding costs,” said Dan Yates, CEO. “In the current rate environment, we continue to actively manage our asset-liability mix to protect our net interest margin, while ensuring competitive loan and deposit pricing across our portfolio.”
The Company’s net interest margin increased 15 basis points to
Non-Interest income was
Non-Interest expense was
A significant portion of the annual board compensation will be paid in the second quarter of 2025 in contrast to 2024 in which the compensation was
The Company’s annualized return on average equity for the first quarter of 2025 was
Balance Sheet
Total assets increased by
“Our results for the first quarter emphasized the effort of our strong, experienced team, and our commitment to expanding our brand of business banking, which includes growing both sides of the balance sheet while maintaining strong credit quality,” said Steve Sefton, President. “Loan growth and new loan originations remained strong during the first quarter of 2025, as we continue to seek out high quality lending opportunities in our markets.”
Total loans outstanding increased
Total deposits increased
As a result of its participation in a reciprocal deposit placement network, the Bank accepted “reciprocal” deposits from other institutions, enabling the Bank to offer customers FDIC insurance on accounts in excess of the typical
Shareholders’ equity was
Capital
The Bank’s Tier 1 leverage ratio was
About Endeavor Bancorp
Endeavor Bancorp, the holding company for Endeavor Bank, is primarily owned and operated by Southern Californians for Southern California businesses and their owners. The bank’s focus is local: local decision-making, local board, local founders, local owners, and relationships with local clients in Southern California.
Headquartered in downtown San Diego in the Symphony Towers building, the Bank also operates a loan production and executive administration office in Carlsbad and a branch office in La Mesa. Endeavor Bank provides traditional business banking services across a broad spectrum of industries and specialties. Unique to the bank is its consultative banking approach that partners our business clients with Endeavor Bank’s senior management. Together, we build strategies and provide resources that solve problems, plan for the future, and help clients’ efforts to grow revenues and profits. Endeavor Bancorp trades on the OTCQX® Best Market under the symbol “EDVR.” Visit www.endeavor.bank for more information.
Endeavor Bank is rated by Bauer Financial as Five-Star "Superior" for strong financial performance, the top rating given by the independent bank rating firm. DepositAccounts.com awarded Endeavor Bank an A rating.
EDVR Shareholders
With many of our shareholders transferring their EDVR shares to their brokerage companies, along with ongoing trading taking place, Bancorp may not have the most current shareholder contact information. If you are an EDVR shareholder and would like to receive information via a more timely method, please complete the Shareholder Communication Preference Form on our website: https://www.bankendeavor.com/investor-relations so we can keep you updated on EDVR news, and invite you to various shareholder networking events throughout the year.
Forward-Looking Statements
This press release includes “forward-looking statements,” as such term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on the current beliefs of the Company’s directors and executive officers (collectively, “Management”), as well as assumptions made by and information currently available to the Company’s Management. All statements regarding the Company’s business strategy and plans and objectives of Management of the Company for future operations, are forward-looking statements. When used in this press release, the words “anticipate,” “believe,” “estimate,” “expect” and “intend” and words or phrases of similar meaning, as they relate to the Company or the Company’s Management, are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Important factors that could cause actual results to differ materially from the Company’s expectations (“cautionary statements”) are loan losses, rapid and unanticipated deposit withdrawals, unavailability of sources of liquidity, additional regulatory requirements that may be imposed on community banks or banks generally, changes in interest rates, loss of key personnel, lower lending limits and capital than competitors, regulatory restrictions and oversight of the Company, the secure and effective implementation of technology, risks related to the local and national economy, the effect on customers, collateral value and property insurance markets of the recent wildfires in the Los Angeles metropolitan area and similar events in the future, changes in real estate values, the Company’s implementation of its business plans and management of growth, loan performance, interest rates, and regulatory matters, the effects of trade, monetary and fiscal policies, inflation, and changes in accounting policies and practices. Based upon changing conditions, if any one or more of these risks or uncertainties materialize, or if any underlying assumptions prove incorrect, actual results may vary materially from those described as anticipated, believed, estimated, expected, or intended. The Company does not intend to update these forward-looking statements.
| SELECTED FINANCIAL DATA | |||||||||||
| (In thousands of dollars, except for ratios and per share amounts) | |||||||||||
| Unaudited | |||||||||||
| Three Months Ended | |||||||||||
| March 31, 2025 | December 31, 2024 | March 31, 2024 | |||||||||
| (Consolidated) | (Consolidated) | (Consolidated) | |||||||||
| SUMMARY OF OPERATIONS | |||||||||||
| Interest income | $ | 11,119 | $ | 10,754 | $ | 8,516 | |||||
| Interest expense | 4,106 | 4,236 | 3,488 | ||||||||
| Net interest income | 7,013 | 6,518 | 5,029 | ||||||||
| Provision for credit losses | 385 | 374 | 450 | ||||||||
| Net interest income after loss provision | 6,628 | 6,144 | 4,580 | ||||||||
| Non-interest income | 183 | 160 | 151 | ||||||||
| Non-interest expense | 4,864 | 4,752 | 4,139 | ||||||||
| Income before tax | 1,947 | 1,552 | 591 | ||||||||
| Federal income tax expense | 372 | 296 | 117 | ||||||||
| State income tax expense | 214 | 171 | 66 | ||||||||
| Net income | $ | 1,361 | $ | 1,084 | $ | 407 | |||||
| Core pretax earnings* | $ | 2,332 | $ | 1,926 | $ | 1,041 | |||||
| *excludes taxes and provision for loan losses | |||||||||||
| PER COMMON SHARE DATA | |||||||||||
| Number of shares outstanding (000s)* | 3,503 | 3,494 | 3,422 | ||||||||
| *Adjusted for May 2024 Stock Dividend | |||||||||||
| Earnings per share, basic | $ | 0.39 | $ | 0.31 | $ | 0.12 | |||||
| Earnings per share, diluted | $ | 0.32 | $ | 0.25 | $ | 0.10 | |||||
| Book Value per share | $ | 13.61 | $ | 13.17 | $ | 12.43 | |||||
| BALANCE SHEET DATA | |||||||||||
| Assets | $ | 704,564 | $ | 678,332 | $ | 565,881 | |||||
| Investments securities | 26,385 | 25,777 | 13,432 | ||||||||
| Total loans, net of unearned income | 597,846 | 571,817 | 443,203 | ||||||||
| Total deposits | 626,165 | 601,219 | 492,169 | ||||||||
| Borrowings | 26,721 | 26,697 | 27,090 | ||||||||
| Shareholders’ equity | 47,667 | 46,009 | 42,526 | ||||||||
| Loan to Deposit ratio | 95.48 | % | 95.11 | % | 90.05 | % | |||||
| Wholesale Deposits to Total Deposits | 8.90 | % | 10.10 | % | |||||||
| AVERAGE BALANCE SHEET DATA | |||||||||||
| Average assets | $ | 697,617 | $ | 660,748 | $ | 557,691 | |||||
| Average total loans, net of unearned income | 589,037 | 549,340 | 434,999 | ||||||||
| Average total deposits | 618,844 | 582,583 | 514,445 | ||||||||
| Average shareholders' equity | 47,256 | 46,117 | 43,247 | ||||||||
| ASSET QUALITY RATIOS | |||||||||||
| Net (charge-offs) recoveries | $ | - | $ | - | $ | - | |||||
| Net (charge-offs) recoveries to average loans | 0.00 | % | 0.00 | % | 0.74 | % | |||||
| Non-performing loans as a % of loans | 0.40 | % | 0.46 | % | 0.07 | % | |||||
| Non-performing assets as a % of assets | 0.34 | % | 0.38 | % | 0.05 | % | |||||
| Allowance for loan losses as a % of total loans | 1.36 | % | 1.37 | % | 1.45 | % | |||||
| Non-performing assets as a % of allowance for loan losses | 29.60 | % | 33.27 | % | 4.66 | % | |||||
| FINANCIAL RATIOS\STATISTICS | |||||||||||
| Annualized return on average equity | 11.68 | % | 9.35 | % | 3.79 | % | |||||
| Annualized return on average assets | 0.79 | % | 0.65 | % | 0.29 | % | |||||
| Net interest margin | 4.12 | % | 3.97 | % | 3.68 | % | |||||
| Efficiency ratio | 67.59 | % | 71.17 | % | 79.91 | % | |||||
| CAPITAL RATIOS | |||||||||||
| Tier 1 leverage ratio -- Bank | 10.57 | % | 10.90 | % | 12.18 | % | |||||
| Common equity tier 1 ratio -- Bank | 10.47 | % | 10.71 | % | 12.49 | % | |||||
| Tier 1 risk-based capital ratio -- Bank | 10.47 | % | 10.71 | % | 12.49 | % | |||||
| Total risk-based capital ratio --Bank | 11.65 | % | 11.90 | % | 13.69 | % | |||||
| TCE/TA * | 6.77 | % | 6.78 | % | 7.52 | % | |||||
| Tangible Book Value per Share | $ | 13.49 | $ | 13.20 | $ | 12.64 | |||||
| *Non-GAAP financial measure. | |||||||||||
| Unaudited financials 2025 | |||||||||||
Endeavor Bancorp Contact Information:
(858) 230.5185
Dan Yates, CEO
dyates@bankendeavor.com
(858) 230.4243
Steve Sefton, President
ssefton@bankendeavor.com
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