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Esquire Financial Holdings, Inc. - ESQ STOCK NEWS

Welcome to our dedicated page for Esquire Financial Holdings news (Ticker: ESQ), a resource for investors and traders seeking the latest updates and insights on Esquire Financial Holdings stock.

Esquire Financial Holdings, Inc. (NASDAQ: ESQ) is a full-service commercial bank headquartered in Jericho, New York, with a branch office in the same location and an administrative office in Boca Raton, Florida. The bank is dedicated to meeting the unique financial needs of the legal industry, small businesses nationwide, and commercial and retail customers in the New York metropolitan area.

Founded by attorneys for attorneys, Esquire Bank offers a comprehensive suite of financial products tailored specifically for the legal community. These include case cost financing with flexible repayment terms, co-branded debit cards for clients' settlement proceeds, and high-yield deposit products like Attorney Advantage Checking. The bank also provides customized business solutions such as virtual private bank branches within law offices.

Beyond its focus on the legal sector, Esquire Bank supports small business owners with dynamic and flexible payment processing solutions. These services are facilitated by the bank’s advanced third-party Independent Sales Organization (ISO) platform, ensuring compliance and efficient transaction management across 85,000 small business merchants in all 50 states.

Recent financial highlights include substantial growth in net income, with the second quarter of 2023 reporting $9.1 million or $1.10 per diluted share, up from $6.4 million or $0.78 per diluted share in 2022. This was driven by a 46.9% increase in net interest income and a significant expansion in the bank’s loan portfolio. In particular, the bank saw an 18.1% growth in average loans, reaching $993.4 million due to increased commercial lending activities.

Esquire Bank remains highly efficient, with an efficiency ratio of 48.4% for the second quarter of 2023, down from 52.3% in 2022. The bank attributes this improvement to its investments in technology, digital marketing, and branchless infrastructure that support its national platforms.

On the partnership front, Esquire has solidified its position by supporting numerous attorney organizations, including the American Association for Justice and the Pennsylvania Association for Justice. Recently, the bank announced a strategic investment of $6 million in United Payment Systems, LLC (Payzli), which will bolster its fintech capabilities and support targeted business verticals.

Esquire Financial Holdings also prides itself on a robust balance sheet, with total assets of $1.65 billion as of March 31, 2024. The bank continues to manage its deposit base effectively, particularly through its high-value IOLTA accounts and escrow deposits, which make up a significant portion of its liabilities.

For more information about Esquire Financial Holdings, Inc., and its services, visit www.esquirebank.com.

Rhea-AI Summary

Esquire Financial Holdings reported strong Q2 2022 results with a 19% rise in net income to $6.4 million or $0.78 per diluted share, compared to $5.3 million in Q1 2022. Key metrics include returns on average assets at 2.00% and equity at 17.81%. The loan portfolio grew by 20% annualized, reaching $859.3 million, while deposits increased by 24% annualized to $1.2 billion. The company remains above regulatory capital standards and has ambitious growth plans in technology and finance.

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Esquire Financial Holdings, Inc. (NASDAQ: ESQ) has declared its first regular quarterly cash dividend of $0.09 per share, payable on June 1, 2022. Stockholders of record by May 16, 2022 will receive this dividend. CEO Andrew C. Sagliocca emphasized the company's strong growth and performance, which allows for this reward while aiming to create long-term value for investors and the markets served. This dividend marks a significant milestone for Esquire Financial, showcasing its financial stability and commitment to shareholder returns.

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Esquire Financial Holdings reported a net income of $5.3 million for Q1 2022, down from $6.7 million in the previous quarter. This translates to $0.66 per diluted share, impacted by a prior quarter tax benefit. The company achieved a 1.92% return on assets and 15.06% return on equity, with a leading net interest margin of 4.43%. Total loans increased 17% to $818 million, while deposits rose 24% to $1.1 billion. Expenses grew 14.6% primarily due to compensation increases. Asset quality remained strong with minimal nonperforming loans.

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Esquire Financial Holdings, Inc. (NASDAQ: ESQ) reported a strong fourth quarter and full year 2021, with net income of $6.7 million ($0.83 per diluted share), significantly higher than the prior quarter. Key metrics include a net interest margin of 4.48%, total loans held for investment at $784.5 million, and an increase in deposits to $1.0 billion. Noninterest income rose to $5.2 million, driven by a rising payment processing platform. However, expenses increased by 13.1% predominantly due to higher employee compensation. The company's assets grew to $1.2 billion, reflecting solid financial stability.

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Esquire Financial Holdings (NASDAQ: ESQ) reported Q3 2021 net income of $2.5 million, down from $4.5 million in the previous quarter, with diluted earnings per share at $0.32. Asset returns were 0.97% and 7.32% for common equity. Net interest margin remained strong at 4.50%. The company incurred a $3.4 million charge related to the NFL loan portfolio reclassification. Loans held for investment rose 21% to $744.1 million, while total assets reached $1.1 billion. Noninterest income grew 26.8%, driven by payment processing fees, which accounted for 32% of total revenues.

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Esquire Financial Holdings, Inc. (NASDAQ: ESQ) has reclassified its NFL loan portfolio, totaling $23.6 million, to loans held for sale, incurring a pretax charge of $3.4 million. This charge equates to $0.31 per diluted share. The fair value of these loans was estimated at $14.2 million as of September 30, 2021. The company plans to sell the loans while retaining a 90% noncontrolling economic interest. Management expects performance metrics for Q3 2021 to align with consensus estimates, with a minimal impact on capital ratios.

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Esquire Financial Holdings (NASDAQ: ESQ) has partnered with Assure Disability to enhance Social Security Disability (SSD) payment solutions through the Serve® prepaid card. This collaboration aims to streamline SSD payments for law firms and clients, leveraging Assure's advanced technology and extensive client base of over 100,000 SSD claimants annually. The Serve® reloadable prepaid card, distributed by InComm Payments, will provide more secure and flexible access to settlements while reducing administrative burdens for law firms and claimants.

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Esquire Financial Holdings, Inc. (NASDAQ: ESQ) reported strong second quarter results for 2021, with net income rising to $4.5 million ($0.57 per diluted share), up from $2.5 million ($0.33) year-over-year. Total assets increased by 24% annualized to $1.1 billion, driven by a 26% growth in deposits. Payment processing income surged by 88% year-over-year. The efficiency ratio stood at 56.5% while maintaining robust asset quality with nonperforming loans at 0.32%.

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Esquire Financial Holdings, Inc. reported strong first-quarter 2021 results, with net income rising to $4.2 million ($0.53 per diluted share), up from $2.6 million ($0.33) in Q1 2020. Total assets increased by $61.6 million to $998.3 million, and deposits grew by $55.6 million to $859.7 million. The company maintained impressive returns on average assets (1.81%) and common equity (13.30%). Payment processing income surged by 17.5% to $5.4 million. Nonperforming loans remained low at 0.43% of total loans. However, noninterest expenses rose 19.3%, indicating increased operational costs.

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FAQ

What is the current stock price of Esquire Financial Holdings (ESQ)?

The current stock price of Esquire Financial Holdings (ESQ) is $64.31 as of October 14, 2024.

What is the market cap of Esquire Financial Holdings (ESQ)?

The market cap of Esquire Financial Holdings (ESQ) is approximately 536.5M.

What services does Esquire Financial Holdings, Inc. offer?

Esquire Financial Holdings, Inc. provides a range of financial services tailored to the legal industry, including case cost financing, co-branded debit cards, and high-yield deposit products. The bank also offers dynamic payment processing solutions for small businesses.

Where is Esquire Financial Holdings, Inc. headquartered?

Esquire Financial Holdings, Inc. is headquartered in Jericho, New York, with a branch office in Jericho and an administrative office in Boca Raton, Florida.

What is the focus of Esquire Bank?

Esquire Bank primarily focuses on serving the financial needs of the legal industry and small businesses nationwide. It also offers commercial and retail banking services in the New York metropolitan area.

How has Esquire Financial Holdings performed financially?

Esquire Financial Holdings reported a net income of $9.1 million for the second quarter of 2023, a significant increase from the same period in 2022. The company attributes its success to growth in its loan portfolio and increased net interest income.

What recent strategic investments has Esquire Financial Holdings made?

Esquire Financial Holdings recently invested $6 million in United Payment Systems, LLC (Payzli), a fintech company, to enhance its payment processing capabilities and support targeted business verticals.

What are IOLTA accounts?

IOLTA (Interest on Lawyers Trust Accounts) are special deposit accounts used to hold client funds. These accounts generate interest, which is then used to support public interest legal services.

How can I learn more about Esquire Financial Holdings, Inc.?

For more information, visit Esquire Financial Holdings, Inc.'s website at www.esquirebank.com.

What is Esquire Bank’s efficiency ratio?

As of the second quarter of 2023, Esquire Bank's efficiency ratio was 48.4%, reflecting its effective cost management and revenue growth.

Who are some of the organizations supported by Esquire Bank?

Esquire Bank supports various attorney organizations, including the American Association for Justice, the Pennsylvania Association for Justice, and the Puerto Rican Bar Association.

What recent achievements has Esquire Financial Holdings announced?

Recent achievements include a significant increase in net income, expansion of the loan portfolio, and strategic investments in fintech to enhance service offerings.

Esquire Financial Holdings, Inc.

Nasdaq:ESQ

ESQ Rankings

ESQ Stock Data

536.52M
8.31M
15.87%
56.14%
2.12%
Banks - Regional
Commercial Banks, Nec
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United States of America
JERICHO