SAN DIEGO, November 19, 2021 / PRNewswire / – The bank continues to see healthy earnings and growth in core loans and deposits (excluding PPP). The Paycheck Protection Program (PPP) loan waiver and the repayment of related PPPLF loans in the third quarter resulted in lower total assets compared to June 30, 2021, as expected. away September 30, 2021, the bank’s total assets amounted to almost $ 440 million, a decrease from $ 24 million of the $ 464 million reported to June 30th, 2021. Total loans amounted to almost $ 347 million away September 30, 2021what a decrease of $ 17 million of the $ 364 million registered from June 30th, 2021. The quarterly decline in loan balances includes a reduction in PPP loan balances of almost $ 52 million from PPP decree, coupled with growth in core loans (excluding PPP) of $ 34 million during the quarter. During the same period, total deposits increased by almost $ 31 million of the $ 269 million reported to June 30, 2021to end the third quarter just below $ 300 million.
Total earnings before taxes for the third quarter $ 2.1 million, a $ 123 thousand Decrease compared to the second quarter result, mainly due to a $ 360 million Loan and lease loss provisioning increased from Q2 to Q3, driven by robust growth in core loans during the quarter.
|Financial results ($ 000) unaudited||June 30, 2021||March 31, 2021|
|Total assets||$ 463,855||$ 511,649|
|Total credits||$ 364,359||$ 386,148|
|Total deposits||$ 269,026||$ 277,698|
|Total capital||$ 29,744||$ 27,948|
|Net Income After Tax (End of Quarter)||$ 1,741||$ 294|
For detailed financial reports on the bank’s operating results, please refer to the call report on file with the FDIC at https://www.otcmarkets.com/stock/EDVR/disclosure.
Dan Yates, CEO, said, “The amount of Endeavor Bank’s PPP loans from the start of the PPP program in April 2020 to the end of the program in June 2021 was over $ 304 million. By the end of the third quarter of this year $ 195 million of the total PPP loans have been issued and repaid since the program began, making almost $ 109 million Remaining PPP loans outstanding. “Yates added,” More important to the bank’s revenue is the fee income that the bank recognizes when issuing PPP loans. Once all loans are waived or repaid, participation in the PPP program will result in net fee income of over. have led $ 10 million, a one-time but permanent capital increase. “
Steve Sefton, President, said, “As proud as the Endeavor team is of the hard work we have put in bringing out more than 1,600 PPP loans and the support we have given to them San Diego Business community, we’re even more proud of our continued focus on our core mission of serving local business owner customers to drive credit and deposit growth. Hidden on the balance sheet under the noise caused by PPP was the growth in core bank loans and deposits and the resulting income. While the PPP loan balances first increased and then decreased, the core loans have grown steadily. Indeed, core credit growth outpaced $ 111 million compared to the same quarter of the previous year, an increase of 86%. “
Scott Parker, Chief Credit Officer, commented, “Credit quality is maintained as we focus on growing core loans and deposits. Endeavor has no material loan defaults, no accrued loans, and no loan write-offs. “
About the Endeavor Bank
Endeavor Bank (OTC Pink: EDVR) is primarily owned and operated by San Diegans San Diego Companies and their owners. The bank’s focus is local: local decision making, local board, local founders, local owners and relationships with local customers in the San Diego Big city market and surroundings.
Headquarters in the city center San Diego In the listed building of Symphony Towers, the bank also operates a loan production and administration office in Carlsbad. Endeavor Bank provides traditional commercial banking services in a wide range of industries and specialties. What is unique about the bank is its advisory banking approach, which brings business customers together with senior management at Endeavor Bank. Together we develop strategies and provide resources that solve problems, plan for the future and help our customers to increase sales and profits. Visit www.bankendeavour.com for more information.
Because many of our shareholders transfer their EDVR shares to their brokerage firms during ongoing trading, the bank may not have the most up-to-date shareholder contact information. If you are a shareholder of EDVR and would like to receive information in a more timely manner, please fill this out Shareholder Communication Preferences Form on our website: https://www.bankendeavor.com/investor-relations so that we can keep you updated on EDVR news and invite you to various shareholder networking events throughout the year.
This press release contains “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on the current beliefs of the directors and officers of the Bank (collectively, “Management”), as well as assumptions and information currently available to the management of the Bank. All statements relating to the bank’s business strategy and the bank’s management’s plans and objectives for future operations are forward-looking statements. The words “anticipate”, “believe”, “estimate”, “expect” and “intend” and words or expressions with similar meanings that relate to the Bank or its management are used in this press release to identify forward-looking statements. Although the Bank believes that the expectations reflected in such forward-looking statements are reasonable, it cannot guarantee that these expectations will prove to be correct. Important factors that could cause actual results to differ materially from the Bank’s expectations (“Precautionary Statements”) are the effects of the COVID-19 pandemic and the associated government measures on the Bank and its customers, loan defaults, changes in interest rates, Loss of key personnel, lower credit limits and capital than competitors, regulatory restrictions and oversight of the bank, safe and effective implementation of technology, risks related to the local and national economy, execution of their business plans and management of growth, credit performance, Interest rates and regulatory matters, the effects of trade, monetary and fiscal policies, inflation, and changes in accounting policies and practices. Actual results could differ materially from those described as expected, assumed, estimated, expected or intended based on changing conditions if one or more of these risks or uncertainties materialize or underlying assumptions prove incorrect. The bank does not intend to update these forward-looking statements.
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SOURCE Endeavor Bank