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Mar 31, 2024
Esquire Financial Q1 2024 Earnings Report
Esquire Financial's Q1 2024 performance was driven by growth in national platforms, resulting in industry-leading metrics.
Key Takeaways
Esquire Financial Holdings reported a net income of $10.1 million, or $1.20 per diluted share, for Q1 2024. The company saw consistent returns on average assets and equity, fueled by revenue expansion to $29.3 million, a strong net interest margin of 6.06%, and stable fee-based income.
Net income totaled $10.1 million, or $1.20 per diluted share, compared to $9.9 million, or $1.18 per diluted share in the linked quarter.
Returns on average assets and equity were 2.59% and 20.14% for the current quarter, respectively.
Loan growth was $20.8 million, totaling $1.23 billion, driven by higher yielding variable rate commercial loans.
Deposit growth totaled $26.8 million, reaching $1.43 billion, comprised of core low-cost commercial relationship deposits.
Forward Guidance
In light of the current economic and interest rate environment surrounding multifamily and commercial real estate, the company has tempered its short-term growth targets in these asset classes for the foreseeable future, but this short-term decision does not impact the view on growth and earnings for 2024 but only impacts the composition of assets and earnings.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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