Esquire Financial Q2 net income up 13% to $11.9 mln

Overview

• Esquire Financial Q2 net income rises 13% yr/yr to $11.9 mln

• Revenue for Q2 grows 17% yr/yr, driven by deposit and loan growth

• Company maintains solid credit metrics despite increased provisions

Outlook

• Company highlights robust capital foundation supporting future growth

• Company plans to open Los Angeles private banking office this summer

Result Drivers

• DEPOSIT GROWTH - Strong growth in low-cost core deposits facilitated higher yielding commercial loan expansion

• LOAN GROWTH - Significant increase in variable rate commercial loans from national litigation platform

• CREDIT METRICS - Solid credit metrics maintained despite increased provisions for credit losses

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "buy."

• Wall Street's median 12-month price target for Esquire Financial Holdings Inc is $100.50, about 3.3% below its July 23 closing price of $103.77

• The stock recently traded at 18 times the next 12-month earnings vs. a P/E of 13 three months ago

Press Release: ID:nPn29P0Dza