Endeavor Bancorp Reports Net Income of $1.4 Million for the First Quarter of 2025; Highlighted by Loan and Deposit Growth and Net Interest Margin Expansion

Core Points - Endeavor Bancorp reported a net income of $1.36 million, or $0.32 per diluted share, for Q1 2025, showing an increase from $1.08 million in Q4 2024 and $407,000 in Q1 2024 [1][9] - The company experienced significant growth in loans and deposits, with net loans increasing by 4.6% quarter-over-quarter and 34.9% year-over-year, while total deposits grew by 4.2% from the previous quarter and 27.2% from the previous year [3][12] - The net interest margin improved to 4.12% in Q1 2025, up 15 basis points from Q4 2024 and 44 basis points from Q1 2024, driven by strong loan growth and improved funding costs [5][21] Financial Performance - Total interest income for Q1 2025 was $11.1 million, an increase of $365,000 from the previous quarter, while total interest expenses decreased by $130,000 [4][21] - Non-interest income rose to $183,000 in Q1 2025, a 14% increase compared to Q4 2024 [6][21] - Non-interest expenses were $4.86 million in Q1 2025, reflecting a year-over-year increase of $725,000 due to strategic investments in staff [7][21] Balance Sheet Highlights - Total assets increased by $26.2 million, or 3.9%, to $704.6 million as of March 31, 2025, compared to $678.3 million at the end of Q4 2024 [10][21] - Total loans outstanding reached $597.8 million, up $26.0 million, or 4.6%, from the previous quarter [11][21] - Total deposits amounted to $626.2 million, an increase of $24.9 million, or 4.1%, from the previous quarter [12][21] Capital and Efficiency Ratios - The annualized return on average equity for Q1 2025 was 11.68%, compared to 9.35% in Q4 2024 and 3.79% in Q1 2024 [9][21] - The efficiency ratio improved to 67.6% in Q1 2025, down from 71.2% in Q4 2024 and 79.9% in Q1 2024, indicating better operational efficiency [7][21] - The Tier 1 leverage ratio was 10.57% as of March 31, 2025, remaining well above regulatory minimums [15][21]