Esquire Financial Holdings, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Tax Rate Guidance for the Subsequent Quarters
January 25, 2018 at 12:28 pm EST
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Esquire Financial Holdings, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. Net income for the quarter ended December 31, 2017 was $661,000 or $0.09 per diluted common share, compared to $691,000 or $0.14 per diluted common share for 2016. Returns on average assets and common equity for the current quarter were 0.52% and 3.14%, respectively, compared to 0.67% and 5.29% in 2016, respectively. Net interest income for the fourth quarter of 2017 increased $1.5 million, or 34.4%, to $5.7 million, primarily due to growth in average interest earning assets totaling $92.6 million, or 23.0%, to $495.1 million when compared to 2016. Interest income was $5,852,000 compared to $4,389,000 a year ago. Income before income taxes was $2,328,000 compared to $1,114,000 a year ago. Adjusted return on average assets was 1.06% compared to 0.67% a year ago. Adjusted return on average common equity was 6.39% compared to 5.29% a year ago. Adjusted net income was 1,344,000 or $0.18 per diluted share compared to $691,000 or $0.14 per diluted share a year ago.
Net income for the year ended December 31, 2017 was $3.6 million or $0.58 per diluted common share, compared to $2.8 million or $0.55 per diluted common share for 2016. Returns on average assets and common equity for the year ended December 31, 2017 and 2016 were 0.80% and 5.38%, respectively, compared to 0.74% and 5.48% in 2016, respectively. For the year ended December 31, 2017, net interest income increased $4.2 million or 26.8% to $19.9 million, primarily due to growth in average interest earning assets totaling $79.4 million, or 21.5%, to $448.2 million when compared to the year ended December 31, 2016. Interest income was $20,398,000 compared to $16,168,000 a year ago. Income before income taxes was $7,034,000 compared to $4,588,000 a year ago. Adjusted return on average assets was 0.95% compared to 0.74% a year ago. Adjusted return on average common equity was 6.38% compared to 5.48% a year ago. Adjusted net income was 4,327,000 or $0.69 per diluted share compared to $2,822,000 or $0.55 per diluted share a year ago.
The company expect effective tax rate for subsequent quarters to be approximately 27%.
Esquire Financial Holdings, Inc. is a financial holding company, which operates through its subsidiary, Esquire Bank, National Association (the Bank). The Bank is a full-service commercial bank dedicated to serving the financial needs of the legal and small business communities on a national basis, as well as commercial and retail customers in the New York metropolitan market. It offers tailored products and solutions to the legal community and their clients as well as dynamic and flexible payment processing solutions to small business owners, both on a national basis. The Bank also offers traditional banking products for businesses and consumers in its local market area. Its products offered to businesses and consumers include checking, savings, money market, and time deposits, a wide range of commercial and consumer loans, as well as customary banking services. The Bank operates a payment processing platform through third-party Independent Sales Organizations (ISOs).
Esquire Financial Holdings, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Tax Rate Guidance for the Subsequent Quarters
ESQUIRE FINANCIAL HOLDINGS, INC. 
