- Endeavor Bancorp (EDVR, Financial) reports a 26% increase in net income for Q1 2025, reaching $1.36 million or $0.32 per diluted share.
- Significant growth observed with loans increasing 4.6% to $597.8 million and deposits up 4.1% to $626.2 million.
- Net interest margin expanded by 15 basis points to 4.12%, driving overall profitability.
Endeavor Bancorp (OTCQX: EDVR) announced robust financial results for the first quarter of 2025, with net income rising to $1.36 million, equivalent to $0.32 per diluted share. This represents an impressive growth from $1.08 million, or $0.25 per diluted share in Q4 2024, and a substantial increase from $407,000, or $0.10 per diluted share in Q1 2024.
Key metrics for the quarter highlight a strategic focus on loan and deposit expansion. Total loans increased by 4.6% to $597.8 million, while deposits saw a 4.1% rise to $626.2 million. The bank's net interest income saw a growth of 7.6%, reaching $7.0 million, largely driven by a broadened net interest margin of 4.12%, a 15 basis points increase from the previous quarter.
Non-performing loans improved, decreasing to 0.40% of the total loan portfolio, indicating strong credit quality management. The bank's capital ratios remained healthy, with a Tier 1 leverage ratio of 10.57% maintained.
Endeavor Bancorp attributes its successful quarter to strategic investments made during 2024, focusing on staff enhancements and improved asset yields. Non-interest income rose to $183,000, marking a 14% increase from the previous quarter, while non-interest expenses stood at $4.86 million, due in part to previous strategic investments in human resources.
At the balance sheet level, total assets increased by $26.2 million to $704.6 million as of March 31, 2025. Shareholders’ equity improved to $47.7 million, enhancing the tangible book value per share to $13.49. The company’s annualized return on average equity for the first quarter was 11.68%, reflecting a successful execution of its growth strategy.
