ENDEAVOR BK Stock Price, News & Analysis

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.

Endeavor Bancorp (OTCQX: EDVR) has announced the opening of a new office in La Mesa, California, expanding its community presence in San Diego County. The grand opening event is set for April 12, 2023. This office aims to serve East County cities like La Mesa, El Cajon, Lemon Grove, and Santee, addressing local business banking needs with a consultative approach. Senior Vice President Odie Goward, with over 20 years of banking experience, will lead the new branch. This expansion follows Endeavor Bancorp's founding year and previous openings in downtown San Diego and Carlsbad.

Endeavor Bancorp (OTCQX: EDVR) announced the appointment of Julie Given-Glance as the new Chief Financial Officer, effective March 13, 2023. With 25 years of banking experience in Southern California, she previously held senior roles at Neighborhood National Bank and the National Credit Union Administration. Julie's expertise encompasses strategic planning and regulatory compliance, making her a significant asset for Endeavor Bancorp as it seeks to strengthen its market position. The company focuses on local banking solutions and is headquartered in San Diego.

Endeavor Bancorp (OTCQX: EDVR) reported a net income of $764,000 for Q4 2022, a decrease from $1.28 million in Q3 2022 and $1.56 million in Q4 2021. The decline in income resulted from lower PPP loan fees, totaling $41,000 in Q4 2022 versus $97,000 in Q3 2022. The company recognized a $740,000 provision for loan losses, significantly higher than previous quarters. Despite these challenges, core pretax earnings improved to $1.80 million in Q4 2022. For the full year, net income rose to $5.58 million, aided by a one-time tax credit. Total assets reached $480.4 million, with deposits increasing to $422.9 million.

Endeavor Bancorp (EDVR) reported a strong third quarter for 2022, with a pretax net income of $1.74 million, up from $1.33 million in Q2 2022. Total assets decreased to $428.8 million while total loans increased by $20.4 million during the quarter, indicating solid core loan growth. However, year-to-date income fell 16.7% from $4.78 million in 2021 to $3.98 million in 2022, influenced by reduced PPP fee income. The net interest margin was 4.20%, down from 4.32% in Q2 due to rising costs. Despite caution over rising interest rates, management remains optimistic about future profitability.

Endeavor Bancorp (OTC Pink: EDVR) announces the resignation of Chief Financial Officer Danna M. Murphy, effective November 15, 2022. Murphy has served since May 2019 and will assist with transition services post-departure. The Bank is actively seeking a replacement CFO to fill the position following her exit. CEO Dan Yates acknowledged Murphy's contributions during her tenure, emphasizing the importance of this leadership role within the company.

Endeavor Bank (OTC Pink: EDVR) has appointed Jillian Murrish and Bryan Min to its board of directors. Murrish, co-founder and CEO of Pier Asset Management, brings extensive experience in alternative credit and capital markets. Min, a U.S. Navy veteran and founder of Epsilon Systems, has a strong background in engineering and community service. Their addition aims to enhance the bank's consultative approach to business banking, supporting local enterprises in San Diego.

Endeavor Bank (OTC Pink: EDVR) has been recognized as the top-performing community bank in California and ranked 15th in the United States by CB Resource. This acknowledgment is part of the CB Top Ten™ report for Q2 2022, highlighting banks with assets between $250 million and $499 million. CEO Dan Yates expressed gratitude for the support from employees and clients, emphasizing the bank's consultative approach to local business owners. The rankings reflect the bank's strong performance indicators, including asset growth and efficiency ratios.