Esquire Financial Holdings, Inc., the financial holding company for Esquire Bank, National Association, has announced its operating results for the first quarter of 2024. The company reported net income of $10.1 million for the quarter ended March 31, 2024, with returns on average assets and equity at 2.59% and 20.14%, respectively.
Tony Coelho, Chairman of the Board, emphasized the company's belief in maintaining a strong balance sheet and client relationships for long-term success. He stated, "We have always believed that a strong and fortified balance sheet anchored by outstanding client relationships will consistently generate long term growth, industry leading performance metrics, and continued success into the future."
Regarding the current economic environment, Andrew C. Sagliocca, Vice Chairman, CEO, and President, noted the company's decision to adjust short-term growth targets in multifamily and commercial real estate. He mentioned, "In light of the current economic and interest rate environment surrounding multifamily and commercial real estate, we have tempered our short-term growth targets in these asset classes for the foreseeable future."
Coelho further highlighted the company's strong credit culture, underwriting practices, and risk management strategies, stating, "Our strong credit culture, underwriting, and robust risk management coupled with our ability to generate and retain significant capital from earnings will allow us to continue to grow in a safe and sound manner."
Esquire Financial Holdings, Inc. reported an increase in net interest income for the first quarter of 2024, driven by growth in average interest-earning assets and higher yielding variable rate commercial loans. The company's efficiency ratio was 49.8% for the quarter, reflecting continued revenue growth from core national platforms.
The company remains focused on its commercial banking relationships, offering tailored financial and payment processing solutions to the litigation industry and small businesses nationally. Esquire Bank continues to uphold regulatory standards and reported growth in total assets and loans compared to the previous year.
Esquire Financial Holdings, Inc. is committed to its long-term growth goals and maintaining its position as an industry leader in financial services.
Source: Esquire Financial Holdings, Inc.