Business
Esquire Financial Holdings, Inc. Reports First Quarter 2019 Results
JERICHO, N.Y., April 25, 2019 /PRNewswire/ -- Esquire Financial Holdings, Inc. (NASDAQ: ESQ) (the "Company"), the holding company for Esquire Bank, National
About this update from Esquire Financial Holdings, Inc.
[{"type":"text","content":"JERICHO, N.Y., April 25, 2019 /PRNewswire/ -- Esquire Financial Holdings, Inc. (NASDAQ: ESQ) (the \"Company\"), the holding company for Esquire Bank, National Association (\"Esquire Bank\"), today announced its operating results for the first quarter of 2019. Significant achievements during the quarter include:\nNet income increased 52% to $3.0 million, or $0.39 per diluted common share, for the current quarter compared to net income of $2.0 million, or $0.26 per diluted common share, for the comparable period in 2018.Returns on average assets and common equity were 1.79% and 12.86%, respectively, as compared to 1.48% and 9.52% for the quarter ended March 31, 2018.Supported by an enviable net interest margin of 4.94%, net interest income for the first quarter increased $1.8 million, or 30%, to $7.9 million compared to 2018.Total assets increased 34% annualized, or $56.2 million, to $720.1 million when compared to December 31, 2018.Loans increased 19% annualized to $490.0 million on a linked quarter basis, primarily driven by our commercial attorney loan portfolio. Continued solid asset quality metrics with no non-performing assets and an allowance for loan losses to total loans of 1.23% at March 31, 2019.Merchant services fees increased 78% to $1.8 million compared to the quarter ended March 31, 2018.Efficiency ratio declined to 54.8% for the first quarter of 2019 compared to 64.5% for the comparable period of 2018.Deposits totaled $615.0 million, a $46.6 million, or 33% annualized increase from December 31, 2018 with an impressive cost of funds of 0.39% (including demand deposits). Deposit growth was primarily driven by our litigation market customers.Announced a stock repurchase program for up to 300,000 shares of common stock, or approximately 4.0% of the Company's outstanding shares, on January 9, 2019.Esquire Bank remains well above the bank regulatory \"Well Capitalized\" standards.\"Industry leading returns were driven by our strong net interest margin, low cost branchless deposits, diverse mix of revenue and a strong efficiency ratio,\" stated Tony Coelho, Chairman of the Board. \n\"We believe in building long-term shareholder value through focused growth, quality earnings, diversification of revenue streams and investing in talented people and technology,\" stated Andrew C. Sagliocca, President and Chief Executive Offic...