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Esquire Financial Holdings, Inc. (ESQ) SEC Filing 10-Q Quarterly Report for the period ending Thursday, September 30, 2021

Esquire Financial Holdings, Inc.

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CIK: 1531031 Ticker: ESQ

Exhibit 99.1

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ESQUIRE FINANCIAL HOLDINGS, INC.

REPORTS THIRD QUARTER 2021 RESULTS

Industry Leading Loan Growth Drives Record Revenues

Jericho, NY – October 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 third quarter of 2021. Significant achievements during the quarter include:

●Net income of $2.5 million, or $0.32 per diluted share, as compared to $4.5 million, or $0.57 per diluted share on a linked quarter basis.

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●Returns on average assets and common equity of 0.97% and 7.32%, respectively, as compared to 1.84% and 13.76% on a linked quarter basis.

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●Industry leading net interest margin of 4.50% despite historically low interest rate environment.

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●Reclassified its legacy NFL consumer post settlement loan portfolio totaling $23.6 million to loans held for sale, incurring a pretax charge totaling $3.4 million ($2.5 million net of tax), or $0.31 per diluted share. The fair value of these loans held for sale was $14.2 million. Excluding this charge, adjusted (1) net income, diluted earnings per share, return on average assets, and return on average common equity would have been $5.0 million, $0.63, 1.93%, and 14.49%, respectively. This accounting reclassification to held for sale is reflective of management’s intent to sell these assets to a fund in the near term as previously disclosed.

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●Loans held for investment increased $36.7 million, or 21% annualized, to $744.1 million on a linked quarter basis. Excluding the effects of the NFL reclassification and repayments on Paycheck Protection Program (“PPP”) loans totaling $23.6 million and $11.9 million, respectively, loans held for investment increased 41% annualized on a linked quarter basis. The Company continues to deploy excess liquidity from core deposits into higher yielding loans.

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●Deposits increased $62.4 million on a linked quarter basis, or 27% annualized, to $977.0 million, primarily driven by commercial deposits, with a cost of funds of 0.09% (including demand deposits). Demand deposits, totaling $416.8 million, represent 43% of total deposits while off-balance sheet sweep funds totaled $443.9 million at quarter end, demonstrating the continued strength of our branchless business model.

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●Total assets increased $65.2 million on a linked quarter basis, or 24% annualized, to $1.1 billion.

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●Payment processing fee income totaled $5.2 million in the current quarter, consistent with the prior quarter and an increase of $1.5 million, or 41%, as compared to the third quarter of 2020. Payment processing fee income represented 32% of total revenues.
●Continued solid asset quality metrics with a reserve for loan losses to total loans of 1.16%. Excluding Small Business Administration (“SBA”) guaranteed PPP loans totaling $11.7 million, our reserve for loan losses to total loans was 1.18%.
●Esquire Bank remains well above the bank regulatory “Well Capitalized” standards.

“Our unique business model, focus on financial technology and commitment to our employees and customers, continues to demonstrate Esquire’s leadership within the banking industry. We are well positioned to continue delivering exceptional products to our customers, resulting in excellent returns for our investors” stated Tony Coelho, Chairman of the Board.

(1)Adjusted to exclude the $2.5 million charge, net of tax, related to the reclassification of our legacy NFL consumer post settlement loan portfolio from held for investment to held for sale. See non-GAAP reconciliation provided elsewhere herein.

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The following information was filed by Esquire Financial Holdings, Inc. (ESQ) on Monday, October 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Esquire Financial Holdings, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:

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Inside Esquire Financial Holdings, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Changes In Stockholders' Equity
Condensed Consolidated Statements Of Changes In Stockholders' Equity (Parenthetical)
Condensed Consolidated Statements Of Comprehensive Income
Condensed Consolidated Statements Of Financial Condition
Condensed Consolidated Statements Of Financial Condition (Parentheticals)
Condensed Consolidated Statements Of Income
Accounting Policy (Policies)
Accumulated Other Comprehensive (Loss) Income
Accumulated Other Comprehensive (Loss) Income (Tables)
Accumulated Other Comprehensive (Loss) Income - Summary Of Changes In Accumulated Other Comprehensive Income (Loss) By Component, Net Of Tax (Details)
Business And Summary Of Significant Accounting Policies
Business And Summary Of Significant Accounting Policies (Details)
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)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Summary Of Earnings Per Share Computation (Details)
Fair Value Measurements
Fair Value Measurements (Details)
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)
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)
Noninterest Income
Noninterest Income (Details)
Noninterest Income (Tables)
Share-Based Payment Plans
Share-Based Payment Plans (Tables)
Share-Based Payment Plans - Additional Disclosures (Details)
Share-Based Payment Plans - Summary Of Options Activity (Details)
Share-Based Payment Plans - Summary Of Restricted Stock Activity (Details)

Material Contracts, Statements, Certifications & more

Esquire Financial Holdings, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32: Section 1350 Certification
Ticker: ESQ
CIK: 1531031
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-21-015422
Submitted to the SEC: Wed Nov 10 2021 11:04:26 AM EST
Accepted by the SEC: Wed Nov 10 2021
Period: Thursday, September 30, 2021
Industry: Commercial Banks

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