Endeavor Bancorp reports developments tied to its role as the holding company for Endeavor Bank, a Southern California business bank serving local companies and business owners. Recurring updates focus on quarterly earnings, loan and deposit growth, net interest margin trends, credit loss provisions, non-interest income, and the bank's investments in people, technology, and client relationships.
Company news also covers capital and shareholder actions, including common-stock private placements, stock dividends, and trading of EDVR shares on the OTCQX market. The bank's disclosures emphasize traditional business banking, local decision-making, and relationship-based services across Southern California markets.
Endeavor Bancorp (OTCQX: EDVR) reported strong Q4 2024 financial results with net income of $1.08 million ($0.25 per diluted share), up from $924,000 in Q3 2024 and $852,000 in Q4 2023. The quarter was marked by significant growth, with net loans increasing 31.1% and deposits rising 18.5% year-over-year.
Key highlights include net interest margin expansion to 3.97%, total assets growth to $678.3 million (up 19% YoY), and strong balance sheet liquidity with $80.5 million in cash. The loan portfolio grew to $571.8 million, while total deposits reached $601.2 million. Non-performing loans decreased to 0.46% of the total loan portfolio.
The bank's capital position remains robust with a Tier 1 leverage ratio of 10.90% and Total risk-based capital ratio of 11.92%. The company completed a $12.5 million subordinated notes issuance in March to support growth initiatives.
Endeavor Bancorp (OTCQX: EDVR) reported net income of $924,000, or $0.22 per diluted share, for the third quarter of 2024. Pretax net income was $1.3 million, with a $609,000 provision for credit losses. Key highlights include:
- Net interest income increased 10.4% to $5.9 million compared to the preceding quarter
- Net interest margin expanded 15 basis points to 3.85%
- Total loans outstanding increased 11.4% to $538.4 million
- Total deposits increased to $577.8 million, up 17.3% year-over-year
- Tangible book value per share rose to $12.97
The company experienced record quarterly loan production and strong net interest income generation. Despite challenges from the high-interest rate environment, Endeavor Bancorp maintains a strong balance sheet and ample capital for continued growth.
Endeavor Bancorp (OTCQX: EDVR) reported strong Q2 2024 results, with net income of $760,000 ($0.18 per diluted share), up from $407,000 in Q1 2024. Pretax income reached $1.1 million, driven by substantial loan growth and net interest margin expansion. Key highlights include:
- Total assets increased 4.9% to $593.8 million
- Loans outstanding grew 9.1% to $483.4 million
- Deposits rose 5.3% to $518.2 million
- Net interest margin improved to 3.70%
- Non-performing loans remained low at 0.06% of total loans
The bank's strong performance was attributed to robust loan demand in Southern California markets and increased yields on earning assets. Endeavor Bancorp maintains a strong capital position, with a Tier 1 leverage ratio of 11.70% as of June 30, 2024.
Endeavor Bancorp, the holding company for Endeavor Bank, has declared a 2% stock dividend to be distributed on May 20, 2024, to shareholders of record on May 10, 2024. Shareholders will receive two additional shares of common stock for every 100 shares currently owned. The stock dividend aims to build shareholder value and increase trading liquidity. Endeavor Bancorp focuses on local businesses in Southern California and operates across multiple locations.
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Endeavor Bancorp (OTCQX: EDVR) reported a net income of $899,000 for Q1 2023, up from $764,000 in Q4 2022 and $299,000 in Q1 2022. The Q1 results included a $291,500 provision for credit losses, significantly lower than the preceding quarter's $740,000. Total assets increased by 8.0% to $516.0 million, while total loans (excluding PPP loans) decreased 1.0%. The bank's liquidity remains stable, holding over $130.25 million in cash. Core pretax earnings were $1.58 million, down from $1.80 million in Q4 2022. Annualized return on average equity rose to 9.35%, and net interest margin decreased to 3.82%.
Endeavor Bank plans to grow its loan portfolio by $50 million over the next two quarters, while also addressing higher funding costs and non-interest expenses.