Endeavor Bancorp Reports Net Income of $1.1 Million for the Fourth Quarter of 2024; Highlighted by Quarterly Net Interest Margin Expansion
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) ha riportato risultati finanziari solidi per il quarto trimestre del 2024, con un reddito netto di 1,08 milioni di dollari (0,25 dollari per azione diluita), in aumento rispetto ai 924.000 dollari del terzo trimestre del 2024 e ai 852.000 dollari del quarto trimestre del 2023. Il trimestre è stato caratterizzato da una crescita significativa, con prestiti netti in aumento del 31,1% e depositi in crescita del 18,5% su base annua.
I punti chiave includono l'espansione del margine d'interesse netto al 3,97%, la crescita totale degli attivi a 678,3 milioni di dollari (in aumento del 19% rispetto all'anno precedente) e un'eccellente liquidità di bilancio con 80,5 milioni di dollari in cassa. Il portafoglio prestiti è cresciuto a 571,8 milioni di dollari, mentre i depositi totali hanno raggiunto i 601,2 milioni di dollari. I prestiti non performanti sono diminuiti allo 0,46% del portafoglio prestiti totale.
La posizione patrimoniale della banca rimane robusta con un rapporto di leva Tier 1 del 10,90% e un rapporto di capitale totale basato sul rischio dell'11,92%. L'azienda ha completato un'emissione di note subordinate da 12,5 milioni di dollari a marzo per supportare le iniziative di crescita.
Endeavor Bancorp (OTCQX: EDVR) informó resultados financieros sólidos para el cuarto trimestre de 2024, con un ingreso neto de 1.08 millones de dólares (0.25 dólares por acción diluida), un aumento respecto a los 924,000 dólares del tercer trimestre de 2024 y los 852,000 dólares del cuarto trimestre de 2023. El trimestre estuvo marcado por un crecimiento significativo, con préstamos netos aumentando un 31.1% y depósitos subiendo un 18.5% interanual.
Los puntos clave incluyen la expansión del margen de interés neto al 3.97%, el crecimiento total de activos a 678.3 millones de dólares (un incremento del 19% interanual) y una sólida liquidez en el balance con 80.5 millones de dólares en efectivo. La cartera de préstamos creció a 571.8 millones de dólares, mientras que los depósitos totales alcanzaron los 601.2 millones de dólares. Los préstamos no productivos disminuyeron al 0.46% de la cartera total de préstamos.
La posición de capital del banco sigue siendo robusta, con un ratio de apalancamiento Tier 1 del 10.90% y un ratio de capital total basado en riesgos del 11.92%. La compañía completó una emisión de notas subordinadas por 12.5 millones de dólares en marzo para apoyar iniciativas de crecimiento.
Endeavor Bancorp (OTCQX: EDVR)는 2024년 4분기 금융 결과를 발표하며 순이익이 108만 달러(희석 주당 0.25달러)에 달했으며, 이는 2024년 3분기의 92만 4천 달러 및 2023년 4분기의 85만 2천 달러에 비해 증가한 수치입니다. 이번 분기는 순 대출이 31.1% 증가하고, 예금이 전년 대비 18.5% 증가하는 등 상당한 성장을 기록했습니다.
주요 특징으로는 순이자 마진이 3.97%로 확대되었고, 총 자산이 6억 7천 8백만 달러(전년 대비 19% 증가)로 성장했으며, 8천 5백만 달러의 현금으로 강력한 유동성을 보유하고 있습니다. 대출 포트폴리오는 5억 7천 1백 80만 달러로 성장했으며, 총 예금은 6억 1천 2백만 달러에 도달했습니다. 부실 대출 비율은 전체 대출 포트폴리오의 0.46%로 감소했습니다.
은행의 자본 위치는 10.90%의 Tier 1 레버리지 비율과 11.92%의 총 위험 기반 자본 비율을 기록하며 견고하게 유지되고 있습니다. 회사는 성장을 지원하기 위해 3월에 1천 250만 달러 규모의 후순위 채권 발행을 완료했습니다.
Endeavor Bancorp (OTCQX: EDVR) a annoncé de solides résultats financiers pour le quatrième trimestre 2024, avec un revenu net de 1,08 million de dollars (0,25 dollar par action diluée), en hausse par rapport à 924 000 dollars au troisième trimestre 2024 et 852 000 dollars au quatrième trimestre 2023. Ce trimestre a été marqué par une forte croissance, avec des prêts nets augmentant de 31,1 % et des dépôts en hausse de 18,5 % par rapport à l'année précédente.
Parmi les points clés, on note l'expansion de la marge d'intérêt nette à 3,97 %, une croissance totale des actifs à 678,3 millions de dollars (en hausse de 19 % sur un an), et une solide liquidité de bilan avec 80,5 millions de dollars en liquidités. Le portefeuille de prêts a atteint 571,8 millions de dollars, tandis que les dépôts totaux ont atteint 601,2 millions de dollars. Le taux des prêts non performants a diminué à 0,46 % du portefeuille de prêts total.
La position de capital de la banque reste robuste avec un ratio de levier de base Tier 1 de 10,90 % et un ratio de capital total basé sur les risques de 11,92 %. La société a complété une émission de notes subordonnées de 12,5 millions de dollars en mars pour soutenir les initiatives de croissance.
Endeavor Bancorp (OTCQX: EDVR) berichtete über starke Finanzzahlen für das vierte Quartal 2024 mit einem Nettoergebnis von 1,08 Millionen Dollar (0,25 Dollar pro verwässerter Aktie), was einen Anstieg von 924.000 Dollar im dritten Quartal 2024 und 852.000 Dollar im vierten Quartal 2023 darstellt. Das Quartal war von erheblichem Wachstum geprägt, mit einem Anstieg der Nettokredite um 31,1% und einem Plus von 18,5% bei den Einlagen im Vergleich zum Vorjahr.
Zu den wichtigsten Highlights gehören die Expansion der Nettozinsspanne auf 3,97%, das Wachstum der Gesamtaktiva auf 678,3 Millionen Dollar (plus 19% im Jahresvergleich) und eine starke Liquidität in der Bilanz mit 80,5 Millionen Dollar in bar. Das Kreditportfolio wuchs auf 571,8 Millionen Dollar, während die Gesamteinlagen 601,2 Millionen Dollar erreichten. Die notleidenden Kredite sanken auf 0,46% des gesamten Kreditportfolios.
Die Kapitalposition der Bank bleibt robust mit einem Tier-1-Leverage-Verhältnis von 10,90% und einer Gesamtquote des risikobasierten Kapitals von 11,92%. Das Unternehmen hat im März eine Emission von nachrangigen Anleihen im Wert von 12,5 Millionen Dollar abgeschlossen, um Wachstumsinitiativen zu unterstützen.
- Net income increased to $1.08M in Q4 2024, up from $924K in Q3 2024
- Net interest margin expanded to 3.97%, up 40 basis points YoY
- Loan portfolio grew 31.1% YoY to $571.8M
- Deposits increased 18.5% YoY to $601.2M
- Non-performing loans decreased to 0.46% from 1.22% in Q3
- No net charge offs during Q4 2024
- Non-interest expenses increased 13.0% QoQ
- Non-interest income decreased to $160K from $217K in Q3
- Credit loss provision of $374K required in Q4
- Increased reliance on wholesale deposits (10.1% of total deposits)
SAN DIEGO, Jan. 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 fourth quarter of 2024 included a
“Endeavor’s fourth quarter 2024 operating results were highlighted by strong net interest income generation and net interest margin expansion,” stated Julie Glance, CFO. “We had another year of double-digit loan and deposit growth, with net loans increasing
“Our thoughts and prayers are with the people and communities impacted by the Southern California wildfires and straight-line winds. Our team is actively reviewing our records to determine if any clients may be affected by these tragic events,” said Dan Yates, CEO.
Income Statement
Strong fourth quarter earnings were driven by loan growth and earning asset rates. Total interest income on loans and bank deposits and investments was
“The 12 basis point increase in our net interest margin during the fourth quarter of 2024, compared to the prior quarter, was the result of strong loan growth and higher interest earning assets, in addition to improving funding costs,” said Yates.
Net interest margin (NIM) increased 12 basis points to
Non-Interest income decreased to
Non-Interest expenses increased
The Company’s annualized return on average equity for the fourth quarter of 2024 was
Balance Sheet
Total assets increased
“At a time where other banks are shrinking their balance sheet, we have remained focused on expanding. Loan growth and new loan originations remained strong during the fourth quarter of 2024, as we continue to seek out high quality lending opportunities in our markets,” said Steve Sefton, President. “In early 2024, we expanded our team and moved into the greater Los Angeles Metro and Inland Empire markets. While this expansion north is still in its early stages, we are already seeing positive momentum and is already contributing to operating results.”
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
On March 5, the Company completed the issuance of
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.
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 | ||||||||||||
| December 31, 2024 | September 30, 2024 | December 31, 2023 | ||||||||||
| (Consolidated) | (Consolidated) | (Consolidated) | ||||||||||
| SUMMARY OF OPERATIONS | ||||||||||||
| Interest income | $ | 10,754 | $ | 10,186 | $ | 8,444 | ||||||
| Interest expense | 4,236 | 4,266 | 3,423 | |||||||||
| Net interest income | 6,518 | 5,920 | 5,021 | |||||||||
| Provision for credit losses | 374 | 609 | 181 | |||||||||
| Net interest income after loss provision | 6,144 | 5,311 | 4,841 | |||||||||
| Non-interest income | 160 | 217 | 138 | |||||||||
| Non-interest expense | 4,752 | 4,205 | 3,738 | |||||||||
| Income before tax | 1,552 | 1,323 | 1,241 | |||||||||
| Federal income tax expense | 296 | 255 | 245 | |||||||||
| State income tax expense | 171 | 143 | 143 | |||||||||
| Net income | $ | 1,084 | $ | 924 | $ | 852 | ||||||
| Core pretax earnings* | $ | 1,926 | $ | 1,932 | $ | 1,413 | ||||||
| *excludes taxes and provision for loan losses | ||||||||||||
| PER COMMON SHARE DATA | ||||||||||||
| Number of shares outstanding (000s)* | 3,494 | 3,494 | 3,394 | |||||||||
| *Adjusted for May 2024 Stock Dividend | ||||||||||||
| Earnings per share, basic | $ | 0.31 | $ | 0.26 | $ | 0.25 | ||||||
| Earnings per share, diluted | $ | 0.25 | $ | 0.22 | $ | 0.20 | ||||||
| Book Value per share | $ | 13.17 | $ | 12.97 | $ | 12.53 | ||||||
| BALANCE SHEET DATA | ||||||||||||
| Assets | $ | 678,332 | $ | 655,305 | $ | 570,176 | ||||||
| Investments securities | 25,777 | 20,107 | 7,877 | |||||||||
| Total loans, net of unearned income | 571,817 | 538,439 | 436,263 | |||||||||
| Total deposits | 601,219 | 577,781 | 507,557 | |||||||||
| Borrowings | 26,697 | 26,672 | 16,121 | |||||||||
| Shareholders’ equity | 46,009 | 45,308 | 42,526 | |||||||||
| Loan to Deposit ratio | 95.11 | % | 93.19 | % | 85.95 | % | ||||||
| Wholesale Deposits to Total Deposits | 10.10 | % | 7.04 | % | ||||||||
| AVERAGE BALANCE SHEET DATA | ||||||||||||
| Average assets | $ | 660,748 | $ | 619,122 | 563,973 | |||||||
| Average total loans, net of unearned income | 549,340 | 506,469 | 424,435 | |||||||||
| Average total deposits | 582,583 | 541,858 | $ | 501,079 | ||||||||
| Average shareholders' equity | 46,117 | 44,990 | 42,344 | |||||||||
| ASSET QUALITY RATIOS | ||||||||||||
| Net (charge-offs) recoveries | $ | - | $ | - | (800 | ) | ||||||
| Net (charge-offs) recoveries to average loans | 0.00 | % | 0.00 | % | 0.20 | % | ||||||
| Non-performing loans as a % of loans | 0.46 | % | 1.22 | % | 0.07 | % | ||||||
| Non-performing assets as a % of assets | 0.38 | % | 1.00 | % | 0.05 | % | ||||||
| Allowance for loan losses as a % of total loans | 0.46 | % | 1.39 | % | 1.37 | % | ||||||
| Allowance for loan losses as a % of non-performing loans | 300.54 | % | 113.61 | % | 6.94 | % | ||||||
| FINANCIAL RATIOS\STATISTICS | ||||||||||||
| Annualized return on average equity | 9.35 | % | 8.17 | % | 7.99 | % | ||||||
| Annualized return on average assets | 0.65 | % | 0.59 | % | 0.60 | % | ||||||
| Net interest margin | 3.97 | % | 3.85 | % | 3.57 | % | ||||||
| Efficiency ratio | 71.17 | % | 69.26 | % | 72.44 | % | ||||||
| CAPITAL RATIOS | ||||||||||||
| Tier 1 leverage ratio -- Bank | 10.90 | % | 11.38 | % | 10.14 | % | ||||||
| Common equity tier 1 ratio -- Bank | 10.71 | % | 10.95 | % | 10.92 | % | ||||||
| Tier 1 risk-based capital ratio -- Bank | 10.71 | % | 10.95 | % | 10.92 | % | ||||||
| Total risk-based capital ratio --Bank | 11.90 | % | 12.13 | % | 12.09 | % | ||||||
| TCE/TA * | 6.78 | % | 6.91 | % | 7.46 | % | ||||||
| Tangible Book Value per Share | $ | 13.17 | $ | 12.97 | 12.48 | % | ||||||
| *Non-GAAP financial measure. | ||||||||||||
| Unaudited financials 2024 | ||||||||||||
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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