Business
Esquire Financial Holdings, Inc. Reports Fourth Quarter and Full Year 2019 Results
Fourth Quarter Loan and Deposit Growth Concludes Overall Record Year JERICHO, N.Y., Jan. 24, 2020 /PRNewswire/ -- Esquire Financial Holdings, Inc. (NASDAQ:
About this update from Esquire Financial Holdings, Inc.
[{"type":"text","content":"Fourth Quarter Loan and Deposit Growth Concludes Overall Record Year\n\n\nJERICHO, N.Y., Jan. 24, 2020 /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 fourth quarter and year end for 2019. Significant achievements during the quarter and year include:\nNet income increased 35% to $3.9 million, or $0.50 per diluted share, for the current quarter compared to net income of $2.9 million, or $0.37 per diluted share, for the quarter ended December 31, 2018.Returns on average assets and common equity were 2.01% and 14.19%, respectively, and 1.93% and 13.95%, respectively for the quarter and year ended December 31, 2019.Supported by a strong net interest margin of 4.79%, net interest income for the fourth quarter increased $1.1 million, or 15%, to $8.9 million compared to the same period in 2018.Total assets increased $134.1 million, or 20%, to $798.0 million when compared to December 31, 2018.Loans increased $97.3 million, or 21%, to $565.4 million at December 31, 2019 from $468.1 million at December 31, 2018, primarily driven by our commercial attorney and commercial real estate loan portfolios. On a linked quarter basis, our loans increased $31.4 million, or 23% annualized.Continued solid asset quality metrics with 0.26% in nonperforming loans to total loans and an allowance for loan losses to total loans of 1.24% at December 31, 2019.Merchant services fees increased 109% to $3.0 million compared to the quarter ended December 31, 2018. Total fee income represented 26.3% of total revenue for the quarter.Efficiency ratio improved to 52.8% for the fourth quarter of 2019 compared to 55.6% for the fourth quarter of 2018.Deposits totaled $680.6 million, a $112.2 million, or 20% increase from December 31, 2018 with a year to date cost of funds of 0.41% (including demand deposits). This growth was primarily driven by our litigation market customers.Esquire Bank remains well above the bank regulatory \"Well Capitalized\" standards.\"Our industry leading performance metrics continue to demonstrate the strength of our business platforms as well as the strength and depth of our management team,\" stated Tony Coelho, Chairman of the Board. \"We will continue to invest in technology and peopl...