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Sep 30, 2022
Esquire Financial Q3 2022 Earnings Report
Reported record returns driven by commercial loan growth and asset sensitive balance sheet
Key Takeaways
Esquire Financial Holdings, Inc. reported a strong third quarter in 2022, marked by a 21% increase in net income to $7.7 million, or $0.94 per diluted share, driven by commercial loan growth and an asset-sensitive balance sheet.
Net income increased 21% to $7.7 million, or $0.94 per diluted share, compared to the linked quarter.
Industry leading returns on average assets and equity of 2.48% and 20.60%, respectively, compared to the linked quarter.
Net interest margin was strong at 5.18%, primarily driven by a 61 basis point increase in loan yields on a linked quarter basis.
Deposits increased $32.0 million on a linked quarter basis, or 11% annualized, to $1.2 billion with a cost-of-funds of 0.15%.
Esquire Financial
Esquire Financial
Forward Guidance
Esquire Financial Holdings, Inc. did not provide specific forward guidance in the earnings report.