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Dec 31, 2022
Esquire Financial Q4 2022 Earnings Report
Reported record earnings and returns, driven by strong commercial loan growth and industry leading net interest margin.
Key Takeaways
Esquire Financial Holdings, Inc. reported a strong fourth quarter and full year of 2022, marked by record earnings and returns. Net income for the quarter was $9.1 million, or $1.10 per diluted share, reflecting an increase compared to the same period in 2021. The company's performance was driven by commercial loan growth and an industry-leading net interest margin.
Net income increased 18% to $9.1 million, or $1.10 per diluted share, compared to the previous quarter.
Industry leading returns on average assets and equity of 2.80% and 23.89%, respectively, as compared to 2.48% and 20.60% on a linked quarter basis.
Net interest margin expanded to 5.81%, primarily driven by a 74 basis point increase in loan yields.
Loan portfolio increased $72.2 million on a linked quarter basis, or 33% annualized, to $947.3 million.