Esquire Financial Holdings, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Esquire Financial Holdings, Inc. has filed its 2023 10-K report detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

Esquire Financial Holdings, Inc. (ESQ) filed a Annual Report (10-K) with the SEC on March 29, 2024. Esquire Financial Holdings, Inc. filed its 2023 Form 10-K on March 29, 2024. The filing covers the fiscal year ending December 31, 2023. The company is incorporated in Maryland (MD). Its principal business address is in Jericho, NY. The SIC code for Esquire Financial Holdings, Inc. is 6029 (COMMERCIAL BANKS, NEC).

Why It Matters

For investors and stakeholders tracking Esquire Financial Holdings, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Esquire Financial Holdings, Inc.'s financial health, operational strategies, and risk factors for the past fiscal year, crucial for investors and stakeholders to assess the company's performance and future outlook. As a publicly traded entity, the timely filing of a 10-K is a regulatory requirement that ensures transparency and provides essential information for market participants to make informed investment decisions.

Risk Assessment

Risk Level: medium — Esquire Financial Holdings, Inc. shows moderate risk based on this filing. The company operates in the commercial banking sector, which is subject to significant regulatory oversight and economic fluctuations, as indicated by its SIC code and the nature of a 10-K filing.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Esquire Financial Holdings, Inc.'s performance and potential challenges.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period of report)
• 2024-03-29 — Filing Date (Date filed)
• 109 — Public Document Count (Number of documents in the filing)
• 001-38131 — SEC File Number (SEC registration number)

Key Players & Entities

• Esquire Financial Holdings, Inc. (company) — Filer name
• 2023 (date) — Fiscal year end
• 2024-03-29 (date) — Filing date
• 0001531031 (company) — Central Index Key
• 6029 (category) — Standard Industrial Classification
• MD (location) — State of incorporation
• NY (location) — Business address state
• 100 JERICHO QUADRANGLE (address) — Business address street

FAQ

Industry Context

Esquire Financial Holdings, Inc. operates within the commercial banking sector, a highly regulated industry sensitive to economic conditions and interest rate changes.

Regulatory Implications

As a financial institution, the company is subject to extensive regulation by federal and state authorities, including oversight from the SEC and potentially banking-specific regulators.

What Investors Should Do

1. Analyze the company's financial statements for revenue, net income, and asset growth.
2. Review the risk factors section for potential challenges and mitigation strategies.
3. Examine management's discussion and analysis for insights into operational performance and outlook.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-29: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the annual 10-K for the fiscal year 2023, providing a year-end summary of the company's financial position and performance.

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value ESQ The Nasdaq Stock Mark
• $45.74 — he closing price of the common stock of $45.74 as of June 30, 2023, was $310.9 million
• $310.9 million — tock of $45.74 as of June 30, 2023, was $310.9 million. As of March 1, 2024, there were 8,28
• $41.0 million — December 31, 2023: Our net income was $41.0 million or $4.91 per diluted share while our re
• $4.91 — 3: Our net income was $41.0 million or $4.91 per diluted share while our return on a
• $260.1 m — held for investment increased 27.5%, or $260.1 million, to $1.2 billion, primarily drive
• $1.2 b — increased 27.5%, or $260.1 million, to $1.2 billion, primarily driven by growth in hi
• $29.8 m — s Our noninterest income increased to $29.8 million, which represented 26.2% of our t
• $1.6 b — posits and stockholders' equity totaled $1.6 billion, $1.2 billion, $1.4 billion and $
• $1.4 billion — ity totaled $1.6 billion, $1.2 billion, $1.4 billion and $198.6 million, respectively. We
• $198.6 m — billion, $1.2 billion, $1.4 billion and $198.6 million, respectively. We remain true t
• $684.2 m — deposit base at December 31, 2023, with $684.2 million, or 49%, of total deposits in lon
• $443 billion — h a total addressable market ("TAM") of $443 billion for 2020. We do not compete directly wi
• $1.00 — service relationship banking, for every $1.00 we advance on these loans we receive on
• $1.75 — ce on these loans we receive on average $1.75 of low-cost (our cost of funds for the

Filing Documents

• esq-20231231x10k.htm (10-K) — 5138KB
• esq-20231231xex21.htm (EX-21) — 4KB
• esq-20231231xex23.htm (EX-23) — 4KB
• esq-20231231xex31d1.htm (EX-31.1) — 11KB
• esq-20231231xex31d2.htm (EX-31.2) — 11KB
• esq-20231231xex32.htm (EX-32) — 8KB
• esq-20231231xex97d1.htm (EX-97.1) — 46KB
• esq-20231231x10k008.jpg (GRAPHIC) — 7KB
• esq-20231231x10k009.jpg (GRAPHIC) — 1KB
• 0001558370-24-004363.txt (&nbsp;) — 19339KB
• esq-20231231.xsd (EX-101.SCH) — 66KB
• esq-20231231_cal.xml (EX-101.CAL) — 82KB
• esq-20231231_def.xml (EX-101.DEF) — 319KB
• esq-20231231_lab.xml (EX-101.LAB) — 619KB
• esq-20231231_pre.xml (EX-101.PRE) — 594KB
• esq-20231231x10k_htm.xml (XML) — 4716KB

Business

Business 2 ITEM 1A.

Risk Factors

Risk Factors 25 ITEM 1B. Unresolved Staff Comments 39 ITEM 1C. Cybersecurity 40 ITEM 2.

Properties

Properties 41 ITEM 3.

Legal Proceedings

Legal Proceedings 41 ITEM 4. Mine Safety Disclosures 41 PART II 42 ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 42 ITEM 6. [Reserved] 43 ITEM 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 44 ITEM 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 65 ITEM 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 66 ITEM 9. Changes In and Disagreements With Accountants on Accounting and Financial Disclosure 105 ITEM 9A.

Controls and Procedures

Controls and Procedures 105 ITEM 9B. Other Information 105 ITEM 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 105 PART III 106 ITEM 10. Directors, Executive Officers and Corporate Governance 106 ITEM 11.

Executive Compensation

Executive Compensation 106 ITEM 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 106 ITEM 13. Certain Relationships and Related Transactions, and Director Independence 106 ITEM 14. Principal Accountant Fees and Services 106 PART IV 107 ITEM 15. Exhibits and Financial Statement Schedules 107 ITEM 16. Form 10-K Summary 108

SIGNATURES

SIGNATURES 109 i Table of Contents PART I

Forward-Looking Statements

Forward-Looking Statements This annual report contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as "may," "might," "should," "could," "predict," "potential," "believe," "expect," "attribute," "continue," "will," "anticipate," "seek," "estimate," "intend," "plan," "projection," "goal," "target," "outlook," "aim," "would," "annualized" and "outlook," or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management's beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: our ability to manage our operations under the current economic conditions nationally and in our market area; adverse changes in the financial industry, securities, credit and national local real estate markets (including real estate values); risks related to a high concentration of loans secured by real estate located in our marke

View Full Filing

View this 10-K filing on SEC EDGAR