Business
Esquire Financial Holdings, Inc. Reports Second Quarter 2019 Results
JERICHO, N.Y., July 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., July 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 three and six months ended June 30, 2019. Significant achievements during the quarter include:\nNet income increased 56% to $3.5 million, or $0.45 per diluted share, for the current quarter compared to net income of $2.2 million, or $0.29 per diluted share, for the comparable period in 2018. Returns on average assets and common equity were 1.89% and 14.04%, respectively, as compared to 1.51% and 10.47% for the quarter ended June 30, 2018. Supported by a strong net interest margin of 4.89%, net interest income for the second quarter increased $1.9 million, or 29%, to $8.6 million compared to 2018. Total assets increased 21% annualized, or $68.6 million, to $732.5 million when compared to December 31, 2018. Loans increased 20% annualized, or $24.5 million on a linked quarter basis, to $514.6 million, primarily driven by our higher yielding commercial and consumer loan portfolios. Continued solid asset quality metrics with no non-performing assets and an allowance for loan losses to total loans of 1.25% at June 30, 2019. Merchant services fees increased 139% to $2.9 million compared to the quarter ended June 30, 2018. Total fee income represented 26.5% of total revenue for the quarter. Efficiency ratio declined to 55.7% for the second quarter of 2019 compared to 61.4% for the comparable period of 2018. Deposits totaled $623.2 million, a $54.8 million, or 19% annualized increase from December 31, 2018 with a cost of funds of 0.43% (including demand deposits). Deposit growth was primarily driven by our litigation and merchant platforms. Average demand deposits represent approximately 39% of our average total deposits for the three and six months ended June 30, 2019. Esquire Bank remains well above the bank regulatory \"Well Capitalized\" standards.\"Our continued strong performance and industry leading financial metrics are a testament to our unique business model and talented management group,\" stated Tony Coelho, Chairman of the Board. \n\"We will continue to invest in talented people and technology to drive shareholder returns, leveraging our current and future business platforms,\" stated Andrew C...