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Esquire Financial Holdings Inc. (ESQ-0.15%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total assets of $1.89 billion, an increase from $1.62 billion in the previous year, primarily due to growth in the loan portfolio and securities available-for-sale.
Net income for the year was $43.7 million, up from $41.0 million in the previous year, with a reported earnings per share of $5.58.
The company's net interest income increased to $99.9 million from $83.8 million, driven by higher interest income from loans and securities.
Esquire Financial reported a provision for credit losses of $4.7 million, slightly higher than the $4.5 million reported in the prior year.
Noninterest income decreased to $24.9 million from $29.8 million, with the decline attributed to a decrease in payment processing income and a nonrecurring gain on equity investments in the prior year.
Total noninterest expense increased to $60.8 million from $53.1 million, due to higher employee compensation and benefits, data processing costs, and advertising expenses.
The company’s total deposits increased to $1.64 billion from $1.41 billion, with a focus on acquiring core deposit relationships.
Esquire Financial's capital ratios remain strong, with a total risk-based capital ratio of 15.92% and a Tier 1 leverage ratio of 11.70%, classifying the bank as well-capitalized.
The filing also highlights the company's continued focus on serving the legal community and expanding its payment processing platform, with plans to open a branch in Los Angeles, California in 2025.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Esquire Financial Holdings Inc. annual 10-K report dated March 17, 2025. To report an error, please email earnings@qz.com.