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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 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.
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.