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Mar 31, 2023
Esquire Financial Q1 2023 Earnings Report
Reported strong first quarter results driven by sound balance sheet management and relationship banking.
Key Takeaways
Esquire Financial Holdings reported a net income of $12.2 million, or $1.47 per diluted share, for the first quarter of 2023. The company's industry-leading returns on average assets and equity were 3.68% and 30.45%, respectively. The company's net interest margin increased to 6.03% due to growth in higher yielding variable rate commercial loans and increases in short-term interest rates.
Net income increased 34% on a linked quarter basis to $12.2 million, or $1.47 per diluted share.
Industry leading returns on average assets and equity of 3.68% and 30.45%, respectively.
The litigation and payment verticals represent $1.1 billion, or 83%, of total deposits.
Net interest margin of 6.03% was achieved via strong interest rate risk management.
Forward Guidance
The company anticipates continued increases in our cost-of-funds in 2023 commensurate to prior quarters as higher short-term market interest rates may begin to negatively impact our net interest margin.
Challenges Ahead
- Potential negative impact on net interest margin from rising short-term market interest rates.
- Continued increases in cost-of-funds in 2023.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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