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Esquire Financial Holdings, Inc. (ESQ) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

Esquire Financial Holdings, Inc.

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CIK: 1531031 Ticker: ESQ

Exhibit 99.1

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ESQUIRE FINANCIAL HOLDINGS, INC.

REPORTS FOURTH QUARTER AND FULL YEAR 2020 RESULTS

Robust Loan and Deposit Growth, Record Revenue, and Investment in Digital Assets to Drive Future Performance

Jericho, NY – January 25, 2021 – Esquire Financial Holdings, Inc. (NASDAQ: ESQ) (the “Company”), the financial holding company for Esquire Bank, National Association (“Esquire Bank”), today announced its operating results for the fourth quarter and the full year 2020. Significant achievements during the current quarter when compared to the third quarter 2020 (“linked quarter”) include:

●Net income increased to $3.9 million, or $0.51 per diluted share, as compared to $3.6 million, or $0.48 per diluted share on a linked quarter basis. Net income and diluted earnings per share were $3.9 million and $0.50, respectively, for the fourth quarter of 2019.

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●Industry leading returns on average assets and common equity of 1.70% and 12.54%, respectively, as compared to 1.60% and 11.99% on a linked quarter basis.  

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●Significant improvement in our net interest margin to 4.49% when compared to 4.23% on a linked quarter basis, primarily driven by our growth in higher yielding attorney commercial loans.  

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●Loans increased $36.8 million, or 23% annualized, to $672.4 million on a linked quarter basis due to our commercial loan growth. Loans increased $107.1 million, or 19%, from year end 2019 due to growth in our commercial and multifamily loan portfolios.

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●Deposits increased $58.5 million, or 31% annualized, to $804.1 million on a linked quarter basis, primarily driven by attorney commercial deposits, with a cost of funds of 0.11% (including demand deposits). Demand deposits, totaling $351.7 million, represent 44% of total deposits while off-balance sheet sweep funds totaled $380 million at year end, demonstrating the continued strength of our branchless core business model.

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●Merchant fee income from our payment processing platform increased 23% to $4.6 million on a linked quarter basis as we continue to expand our merchant relationships and increase processing volumes. Total fee income represents 32% of total revenue for the fourth quarter of 2020.  
●Continued solid asset quality metrics with nonperforming loans to total loans of 0.34% and a reserve for loan losses to total loans of 1.70%. The reserve ratio is 1.75%, excluding $21.9 million in SBA guaranteed PPP loans.
●In October 2020, we launched a new suite of best-in-class digital assets including our customer centric CRM coupled with our digital marketing resources, newly designed and highly functional website, and new brand image to support future growth.  These innovative digital technologies will support seamless communication to the communities we serve, significantly enhance our multimedia digital marketing capabilities, streamline our on-line functionality and associated application processes, and support our industry leading performance metrics through the next decade and beyond.
●Esquire Bank remains well above the bank regulatory “Well Capitalized” standards.

“Our new Esquire brand and digital assets will transform the current and future business verticals we serve across the country,” stated Tony Coelho, Chairman of the Board. “This will ensure the markets we serve view our Company as a leading financial and technology provider in the industry.”

“Despite the effects of the pandemic and economic recession, our Company continues to generate industry leading returns as a result of our unique national business model, stable payment processing fee income and low-cost branchless core funding sources,” stated Andrew C. Sagliocca, President and Chief Executive Officer. “Our strong balance sheet coupled with our industry leading returns will continue to allow the Company to take advantage of new opportunities and navigate this challenging environment.”

The following information was filed by Esquire Financial Holdings, Inc. (ESQ) on Monday, January 25, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Esquire Financial Holdings, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' Equity
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Financial Condition
Consolidated Statements Of Financial Condition (Parentheticals)
Consolidated Statements Of Income
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) (Tables)
Accumulated Other Comprehensive Income (Loss) - Summary Of Changes In Accumulated Other Comprehensive Income (Loss) By Component, Net Of Tax (Details)
Borrowings
Borrowings (Details)
Business And Summary Of Significant Accounting Policies
Business And Summary Of Significant Accounting Policies (Details)
Business And Summary Of Significant Accounting Policies (Policies)
Capital
Capital (Details)
Capital (Tables)
Commitments And Contingent Liabilities
Commitments And Contingent Liabilities (Details)
Commitments And Contingent Liabilities (Tables)
Debt Securities
Debt Securities (Tables)
Debt Securities - Additional Disclosures (Details)
Debt Securities - Summary Of Amortized Cost And Fair Value Of Debt Securities By Contractual Maturity (Details)
Debt Securities - Summary Of Reconciliation Of Amortized Cost To Fair Value (Details)
Debt Securities - Summary Of Securities In Unrealized Loss Position (Details)
Deposits
Deposits (Details)
Deposits (Tables)
Deposits - Contractual Maturities (Details)
Earnings Per Common Share
Earnings Per Common Share (Tables)
Earnings Per Common Share - Summary Of Earnings Per Share Computation (Details)
Employee Benefits
Employee Benefits (Details)
Employee Benefits (Tables)
Employee Benefits - Summary Of Options Activity (Details)
Employee Benefits - Summary Of Restricted Stock Activity (Details)
Employee Benefits - Weighted-Average Assumptions (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Summary Of Assets And Liabilities Measured At Fair Value On Recurring Basis (Details)
Fair Value Measurements - Summary Of Estimated Fair Values Of Financial Instruments (Details)
Income Taxes
Income Taxes (Details)
Income Taxes (Tables)
Income Taxes - Components Of Income Tax Expense (Details)
Income Taxes - Deferred Tax Assets And Deferred Tax Liabilities (Details)
Income Taxes - Effective Tax Rate (Details)
Leases
Leases (Details)
Leases (Tables)
Leases - Lease Cost (Details)
Leases - Maturities Of Operating Lease (Details)
Loans
Loans (Tables)
Loans - Summary Of Activity In Allowance For Loan Losses By Class (Details)
Loans - Summary Of Balance In Allowance For Loan Losses And Recorded Investment In Loans By Class And Based On Impairment Method (Details)
Loans - Summary Of Impaired Loans By Segment (Details)
Loans - Summary Of Loan Composition (Details)
Loans - Summary Of Loans By Credit Quality Indicator Based On Internally Assigned Credit Grade (Details)
Loans - Summary Of Loans By Past Due Status (Details)
Loans - Summary Of Related Party Loans (Details)
Noninterest Income
Noninterest Income (Details)
Noninterest Income (Tables)
Parent Company Only Condensed Financial Information
Parent Company Only Condensed Financial Information (Tables)
Parent Company Only Condensed Financial Information - Condensed Financial Information (Details)
Parent Company Only Condensed Financial Information - Condensed Statements Of Cash Flows (Details)
Parent Company Only Condensed Financial Information - Condensed Statements Of Income And Comprehensive Income (Detail)
Premises And Equipment
Premises And Equipment (Details)
Premises And Equipment (Details)
Premises And Equipment (Tables)
Ticker: ESQ
CIK: 1531031
Form Type: 10-K Annual Report
Accession Number: 0001558370-21-003259
Submitted to the SEC: Fri Mar 19 2021 3:20:02 PM EST
Accepted by the SEC: Fri Mar 19 2021
Period: Thursday, December 31, 2020
Industry: Commercial Banks

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