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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 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.
Endeavor Bank (OTC Pink: EDVR) has announced the establishment of Endeavor Bancorp as its holding company following shareholder and regulatory approval. In March, Bancorp successfully raised $15 million in subordinated debt. This reorganization allows for greater flexibility in business expansion and provides capital to support growth strategies. Each share of Endeavor Bank converts to one share of Bancorp, maintaining the same ticker symbol, EDVR. The management aims to leverage this structure to capitalize on strategic opportunities in the financial sector.
Endeavor Bank reported strong core loan growth in its first quarter results, with core loans increasing by over $34 million (12%) and $128 million (69%) year-over-year. Total gross loans amounted to $332 million, but total deposits declined by $11 million in Q1 2022. Earnings before loan loss reserves rose by $1,327,000, up 72% from $768,000 in 2021. The bank increased loan loss reserves by $420,000, now totaling $4.495 million. The net interest margin improved to 4.07%, compared to 3.67% last year.
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Endeavor Bank announces the appointment of Odie Goward as the new Senior Vice President, marking a strategic expansion into East County with a new office in La Mesa, CA. Goward, who has extensive banking experience since 1991, will manage business development in areas like El Cajon and Lemon Grove. CEO Dan Yates expressed optimism about the bank's growth in the San Diego community. This move is anticipated to enhance local banking access for business owners, reflecting the bank's commitment to regional development.
Endeavor Bancorp (OTC Pink: EDVR) announced the successful issuance of $15,000,000 in subordinated debt through an institutional private placement, facilitated by Performance Trust Capital Partners, LLC. The funds will be retained for operational expenses and are intended for general corporate purposes once Endeavor Bancorp becomes the bank holding company for Endeavor Bank. The fixed interest rate is set at 5.00% until March 15, 2027, after which it will float based on the Three-Month Term SOFR. CEO Dan Yates noted the positive implications for capital and lending limits.