Endeavor Bancorp Reports Net Income of $852,000 for the Fourth Quarter of 2023; Results Highlighted by Strong Loan Growth and Increasing Asset Yields

SAN DIEGO, Jan. 22, 2024 (GLOBE NEWSWIRE) —  Endeavor Bancorp (OTCQX: EDVR) (the “Company,” or “Bancorp”), the holding company for Endeavor Bank (the “Bank”), today announced net income of $852 thousand, or $0.20 per diluted share, for the fourth quarter of 2023, down from net income of $1.2 million, or $0.29 per diluted share, for the third quarter of 2023, and up from $764 thousand, or $0.19 per diluted share, for the fourth quarter of 2022. Core earnings, which excludes PPP fee income and loan loss provision expense, for the year ending December 31, 2023 was $6.6 million, compared to $4.9 million in 2022 for an increase of 34.7%. Strong core earnings were driven by higher rates on earning assets, as interest income on loans increased $6.6 million and interest income on bank deposits and investments increased $5.0 million for 2023. The cost of deposits increased by $8.5 million, and net interest income grew by $3.1 million year-over-year. All 2023 financial results are unaudited.

Read more at globenewswire.com