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Jun 30, 2024
Esquire Financial Q2 2024 Earnings Report
Esquire Financial's performance was driven by growth in low-cost core deposits and strategic investments in higher yielding assets, resulting in increased net income and industry-leading returns.
Key Takeaways
Esquire Financial Holdings reported a net income of $10.5 million, or $1.25 per diluted share, for the second quarter of 2024, compared to $9.1 million, or $1.10 per diluted share, for the same period in 2023. The company's returns on average assets and equity were 2.58% and 20.16%, respectively. Revenue was $30.6 million, driven by a net interest margin of 6.19%.
Net income increased to $10.5 million, or $1.25 per diluted share, up from $9.1 million in Q2 2023.
Returns on average assets and equity were 2.58% and 20.16%, respectively.
Total revenue reached $30.6 million, supported by a net interest margin of 6.19%.
Deposit growth totaled $52.8 million, comprising core low-cost commercial relationship deposits.
Esquire Financial
Esquire Financial
Forward Guidance
The company's balance sheet management strategy is to increase short duration agency mortgage-backed securities rather than originate multifamily and commercial real estate loans.