Esquire Q2 Net Income Hits $13M, Revenue $82.6M; Multifamily Nonaccrual Emerges
ESQ sits 28% above its 52-week low of $90.57 on elevated volume (2.4× avg).
Summary
Esquire Financial posted Q2 net income of $13.0 million, or $14.0 million adjusted, on net revenue of $82.6 million. The quarter included loan growth and deposit expansion, but also a multifamily credit moving to nonaccrual and a $1.6 million charge-off. The loan loss allowance stood at 1.3% with two nonperforming loans. This is the first earnings report since the Signature Bancorporation merger received all approvals and shareholder votes in June, and it provides the first look at standalone performance ahead of the deal closing. The multifamily nonaccrual is a new credit quality flag worth tracking as the merger integration approaches.
At the time of this announcement, ESQ was trading at $116.02 on NASDAQ in the Finance sector, with a market capitalization of approximately $1B. The 52-week trading range was $90.57 to $134.82. This news item was assessed with neutral market sentiment and an importance score of 8 out of 10. Source: Wiseek News.