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Mar 31, 2021
Esquire Financial Q1 2021 Earnings Report
Reported strong first quarter results driven by loan, deposit, and payment processing growth, leading to record revenue and earnings.
Key Takeaways
Esquire Financial Holdings, Inc. reported a net income of $4.2 million, or $0.53 per diluted share, for the quarter ended March 31, 2021. The company experienced growth in loans, deposits, and payment processing, contributing to record revenue and earnings. Returns on average assets and common equity were 1.81% and 13.30%, respectively.
Net income increased to $4.2 million, or $0.53 per diluted share.
Industry leading returns on average assets and common equity of 1.81% and 13.30%, respectively, while maintaining a strong net interest margin of 4.50%.
Loans increased $112.5 million, or 19%, from the first quarter of 2020 primarily due to growth in commercial and multifamily loan portfolios.
Payment processing fee income increased $2.4 million, or 81.7%, to $5.4 million compared to the same period in 2020.
Esquire Financial
Esquire Financial
Forward Guidance
We believe that our presence at industry events, including state and national trial associations, should commence in 2021 as vaccination levels increase in the United States and state mandated closures begin to relax. Coupling this with our digital assets and marketing efforts should continue to positively affect our growth in both our litigation and payment processing verticals in the future.