Esquire Financial Holdings, Inc. Form 8-K Current Event ...

Business Address100 JERICHO QUADRANGLESUITE 100JERICHO NY 11753(800) 996-0213

Mailing Address100 JERICHO QUADRANGLESUITE 100JERICHO NY 11753

SECURITIES AND EXCHANGE COMMISSION

FORM 8-KCurrent report filing

Filing Date: 2022-01-26 | Period of Report: 2022-01-25SEC Accession No. 0001558370-22-000432

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FILEREsquire Financial Holdings, Inc.CIK:1531031| IRS No.: 000000000 | State of Incorp.:MD | Fiscal Year End: 1231Type: 8-K | Act: 34 | File No.: 001-38131 | Film No.: 22554964SIC: 6029 Commercial banks, nec

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UNITED STATESSECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORTPURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): January 25, 2022

Esquire Financial Holdings, Inc.(Exact name of the registrant as specified in its charter)

Maryland 001-38131 27-5107901(State or other jurisdiction of

incorporation or organization)(Commission File Number) (IRS Employer

Identification No.)

100 Jericho Quadrangle, Suite 100Jericho, New York 11753

(Address of principal executive offices) (Zip Code)

(516) 535-2002(Registrant’s telephone number)

N/A(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filingobligation of the registrant under any of the following provisions (See General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17

CFR 240.14d-2(b))☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17

CFR 240.13e-4c)

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading

Symbol(s) Name of each exchange on which registeredCommon Stock, $0.01 par value ESQ The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 ofthe Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17CFR §240.12b-2).

-



Emerging growth company ☒If an emerging growth company, indicate by check mark if the registrant has elected not to use theextended transition period for complying with any new or revised financial accounting standardsprovided pursuant to Section 13(a) of the Exchange Act. ☒



Item 2.02 Results of Operations and Financial Condition.

On January 25, 2022, Esquire Financial Holdings, Inc. (the “Company”), the holding company forEsquire Bank, National Association (“Esquire Bank”), issued a press release announcing its earningsfor the quarter and year ended December 31, 2021. A copy of the press release is attached as Exhibit99.1 hereto and incorporated herein by reference.

The information contained in this Item 2.02 and Exhibit 99.1 shall not be deemed to be “filed” forpurposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to theliability of that section, and shall not be incorporated by reference into any filings made by theCompany under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, asamended, except as expressly set forth by specific reference in such filing.

Item 7.01. Regulation FD Disclosure.

Esquire Financial Holdings, Inc. (the “Company”) intends to distribute and make available to investors,and to post on its website, the written presentation attached hereto as Exhibit 99.2. The presentationis furnished in this Current Report on Form 8-K, pursuant to this Item 7.01, as Exhibit 99.2, and isincorporated herein by reference.

The information contained in this Item 7.01 and Exhibit 99.2 shall not be deemed to be “filed” forpurposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to theliability of that section, and shall not be incorporated by reference into any filings made by theCompany under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, asamended, except as expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No. Description

99.1 Press Release dated January 25, 2022.

99.2 Written presentation to be distributed and made available toinvestors and postedon the Company’s website.

104 Cover Page Interactive Data File (formatted as inline XBRL andcontained in Exhibit 101).


http://edgar.secdatabase.com/1430/155837022000432/esq-20220125xex99d1.htm





SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has dulycaused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

ESQUIRE FINANCIAL HOLDINGS, INC.

Dated: January 25, 2022 By: /s/ Andrew C. SaglioccaAndrew C. SaglioccaPresident and Chief Executive Officer



Exhibit 99.1

ESQUIRE FINANCIAL HOLDINGS, INC.REPORTS FOURTH QUARTER AND FULL YEAR 2021 RESULTS

Loan and Revenue Growth Continues to Drive Record Earnings and Returns

Jericho, NY – January 25, 2022 – Esquire Financial Holdings, Inc. (NASDAQ: ESQ) (the “Company”), the financialholding company for Esquire Bank, National Association (“Esquire Bank”), today announced its operating results for thefourth quarter and full year of 2021. Significant achievements during the quarter include:

● Net income of $6.7 million, or $0.83 per diluted share, as compared to $2.5 million, or $0.32 per diluted shareon a linked quarter basis.

● Returns on average assets and common equity of 2.44% and 19.19%, respectively, as compared to 0.97% and7.32% on a linked quarter basis.

● Current quarter includes a tax benefit of approximately $1.2 million, or $0.14 per diluted share, related to theexercise of certain stock options. Excluding this tax benefit, adjusted (1) net income, diluted earnings per share,return on average assets, and return on average common equity would have been $5.6 million, $0.69, 2.02%,and 15.85%, respectively.

● Industry leading net interest margin of 4.48% despite the sustained low interest rate environment and itsnegative effects on industry-wide median net interest margins.

● Loans held for investment increased $40.4 million, or 22% annualized, to $784.5 million on a linked quarterbasis. Excluding repayments on Paycheck Protection Program (“PPP”) loans totaling $7.4 million, loans heldfor investment increased 26% annualized on a linked quarter basis as the Company continues to deploy excessliquidity from core deposits into higher yielding loans.

● Deposits increased $51.4 million on a linked quarter basis, or 21% annualized, to $1.0 billion, primarily drivenby commercial deposits, with a cost of funds of 0.10% (including demand deposits). Demand deposits, totaling$409.4 million, represent 40% of total deposits while off-balance sheet sweep funds totaled $537.5 million atquarter end, clearly highlighting our excess liquidity and the continued strength of our branchless businessmodel.

● Total assets increased $55.5 million on a linked quarter basis, or 20% annualized, to $1.2 billion and $242.1million from year end 2020, or 26%.

● Noninterest income totaled $5.2 million or 31% of total revenues, stabilizing in the current quarter andincreasing $479 thousand from the fourth quarter of 2020.

● Continued solid asset quality metrics with a reserve for loan losses to total loans of 1.16%.

● Esquire Bank remains well above the bank regulatory “Well Capitalized” standards.



(1) Adjusted to exclude the fourth quarter 2021 discrete income tax benefit on share-based compensation totaling approximately $1.2 million.See non-GAAP reconciliation provided elsewhere herein.

“The investments in our brand, digital platform, and sales strategy across our national litigation and payment processingplatforms have and will continue to yield strong growth and returns, making Esquire a top performing financial institutionin the industry driven by our technology platforms,” stated Tony Coelho, Chairman of the Board.

“Our timing and investment in digital marketing and related technology has been transformational for our Company,”stated Andrew C. Sagliocca, President and Chief Executive Officer. “Our digital marketing platform has contributed tomore than half of the commercial loan originations, accelerating our growth on a national basis while most financialinstitutions stagnated in 2021. We believe that our



digital platforms are key to the Company’s future success and will play a significant role in 2022. Our sales pipelineremains robust, driven by our current and future digital marketing and technology development plans as well asemployees that will support our future growth plans.”

Fourth Quarter Earnings

Net income for the quarter ended December 31, 2021 was $6.7 million, or $0.83 per diluted share, compared to $3.9million, or $0.51 per diluted share for the same period in 2020. Returns on average assets and common equity for thecurrent quarter were 2.44% and 19.19%, respectively, compared to 1.70% and 12.54% for the same period of 2020.

Net interest income for the fourth quarter of 2021 increased $1.8 million, or 18.4%, to $11.7 million, due to growth inaverage interest earning assets totaling $161.4 million, or 18.4%, to $1.0 billion when compared to the same period in2020. Our net interest margin remained consistent at 4.48% for the fourth quarter of 2021 compared to 4.49% for the sameperiod in 2020, supported by the origination of higher yielding commercial litigation loans during the period. Averageloans in the quarter increased $94.6 million, or 14.4%, to $753.5 million when compared to the fourth quarter of 2020fueled by growth in our litigation and multifamily loan portfolios. Our loan-to-deposit ratio was 76.3% as our low costdeposit base increased $224.4 million, or 27.9%, as compared to December 31, 2020.

The provision for loan losses was $555 thousand for the fourth quarter of 2021, a $1.0 million decrease from the sameperiod in 2020. The decrease in the provision relates to a reduced pandemic related uncertainty and the reclassificationof the NFL loan portfolio to loans held for sale in the third quarter 2021. As of December 31, 2021, Esquire hadnonperforming loans held for investment of $6 thousand and an allowance to loans ratio of 1.16%.

Noninterest income increased $479 thousand, or 10.2%, to $5.2 million for the fourth quarter of 2021, as compared tothe fourth quarter of 2020, driven by our payment processing platform. Payment processing volumes for the platformincreased $1.9 billion, or 42.1%, to $6.3 billion for the quarter ended December 31, 2021, as compared to the same periodin 2020, driven by expansion of our sales channels through ISOs, increased number of merchants, volume increases,and the reopening of the economy as pandemic restrictions continued to ease nationally. During the current quarter, ourpayment processing fee income began to stabilize as higher margin e-commerce volumes decreased, primarily due to thereopening of the economy as pandemic restrictions continued to ease and stabilize nationally.

Noninterest expense increased $1.0 million, or 13.1%, to $8.7 million for the fourth quarter of 2021, as compared tothe same period in 2020. This increase was primarily driven by increases in employee compensation and benefits, dataprocessing and travel and business relations, offset by a decrease in professional and consulting services. Employeecompensation and benefits costs increased $1.1 million, or 25.5%, due to increases in staff and officer level employeesto support our growth, investment in digital platforms and related sales/marketing divisions, and the impact of salary,bonus and stock-based compensation increases. Professional and consulting service costs decreased $277 thousand, or32.7%, partially offsetting the increase in employee compensation and benefits as previously contracted consultants werehired, primarily in our technology development and digital marketing departments. Data processing costs increased $89thousand, or 10.5%, due to increased processing volume, primarily driven by our core banking platform, and additionalcosts related to our technology implementations. Travel and business relations costs increased $77 thousand, as we re-engaged in our traditional high touch marketing and sales efforts to complement our digital marketing efforts.

The Company’s efficiency ratio was 51.9% for the three months ended December 31, 2021, as compared to 53.1% in2020. This decrease is a result of growth in our total revenue with a focus on our national platforms. These nationalplatforms have benefited from our investments in technology, digital marketing, employees, and infrastructure.

The effective tax rate was 11.0% for the fourth quarter of 2021, as compared to 26.5% for the same period in 2020, dueto certain discrete tax benefits totaling approximately $1.2 million related to share-based compensation recognized inthe fourth quarter of 2021, specifically, voluntary stock option exercises.

Full Year Earnings

Net income for the year ended December 31, 2021 was $17.9 million, or $2.26 per diluted share, compared to $12.6million, or $1.65 per diluted share for the same period in 2020. Returns on average assets and common equity for the yearended December 31, 2021 were 1.77% and 13.42%, respectively, compared to 1.45% and 10.69% for the same period of2020.



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Net interest income for the year ended 2021 increased $6.3 million, or 16.7%, to $43.7 million, due to growth in averageinterest earning assets totaling $134.9 million, or 16.1%, to $972.8 million when compared to the same period in 2020.Our net interest margin increased 2 basis points to 4.49% for the year ended 2021 compared to 4.47% for the same periodin 2020, despite the sustained low interest rate environment. Average loans for the year increased $112.4 million, or18.6%, to $717.7 million when compared to the same period in 2020 with growth in our higher yielding litigation loansand the multifamily portfolio.



The provision for loan losses was $7.0 million for the year ended 2021, a $705 thousand increase from the same periodin 2020. In the third quarter of 2021, the Company reclassified its legacy NFL consumer post settlement loan portfoliototaling $23.6 million from held for investment to held for sale, which reduced our exposure and extended the portfolio’sduration. This change in accounting model to the lower of cost or market resulted in a $9.0 million charge-off, of which$3.0 million was recognized as a component of the third quarter provision for loan losses. The remaining 2021 provisionrelates to an increase in the general reserve attributable to loan growth in the current environment with a reduced level ofpandemic related uncertainty.

Noninterest income increased $6.4 million, or 43.5%, to $21.0 million for the year ended 2021, as compared to the sameperiod in 2020, driven by our payment processing platform. Payment processing volumes for this platform increased $8.8billion, or 59.4%, to $23.7 billion for the year ended December 31, 2021, as compared to the same period in 2020, drivenby expansion of our sales channels through ISOs, increased number of merchants, volume increases, and the fact thatpandemic restrictions continued to ease and stabilize nationally throughout 2021.

Noninterest expense increased $6.4 million, or 22.3%, to $35.1 million for the year ended 2021, as compared to the sameperiod in 2020. This increase was primarily driven by increases in employee compensation and benefits, advertising andmarketing, data processing and occupancy and equipment costs. Employee compensation and benefits costs increased$4.9 million, or 28.9%, due to increases in staff and officer level employees to primarily support our growth, investmentin digital platforms and related sales/marketing divisions, and the impact of salary, bonus and stock-based compensationincreases. Advertising and marketing costs increased $590 thousand, as we purposefully enhanced our brand and saleschannels through our new digital marketing efforts and thought leadership in our national verticals. We also re-engagedin our traditional high touch marketing and sales efforts to complement our digital marketing efforts. Data processingcosts increased $551 thousand, or 17.7%, due to increased processing volume, primarily driven by our core bankingplatform, and additional costs related to our technology implementations. Occupancy and equipment costs increased $386thousand, or 15.9%, primarily due to amortization of our investments in internally developed software to support ournew digital platforms, precautionary office cleaning costs related to COVID-19 and additional office space to support ourcontinued growth.

The Company’s efficiency ratio was 54.2% for the year ended December 31, 2021, as compared to 55.0% for the sameperiod in 2020.

The effective tax rate decreased to 21.1% for the year ended 2021, as compared to 26.5% for the same period in 2020,due to certain discrete tax benefits totaling approximately $1.2 million related to share-based compensation recognizedin the fourth quarter of 2021 as previously discussed.

Asset Quality

Nonperforming loans held for investment, totaling $6 thousand, consisted of several nonaccrual consumer loans. As ofDecember 31, 2021, the allowance for loan losses was $9.1 million, or 1.16% of total loans, as compared to $11.4million, or 1.70% of total loans at December 31, 2020. The decrease in the allowance as a percent of loans wasprimarily due to the charge-off of $9.0 million upon reclassification of the legacy NFL consumer post settlement loanportfolio from held for investment to held for sale during the third quarter of 2021. As a result, reserve for loan lossesto total loans returned to approximately pre-pandemic levels.

In 2020, management implemented a customer payment deferral program (principal and interest) under the CARES Actto assist business borrowers and certain consumers that may have been experiencing financial hardship due toCOVID-19 related challenges. As of December 31, 2021, there were no participants in our payment deferral program.

We are participating in the PPP administered by the SBA and have originated $45.5 million PPP loans to date. As ofDecember 31, 2021, our outstanding PPP loan balance was $4.2 million as $41.3 million has been fully repaid by theSBA.

Balance Sheet

At December 31, 2021, total assets were $1.2 billion, reflecting a $242.1 million, or 25.8% increase from December31, 2020. This increase is attributable to increases in loans held for investment totaling $112.1 million, or 16.7%, to$784.5 million, driven by litigation and multifamily loans, funded with low-cost deposits. In the third quarter of 2021,the Company reclassified its legacy consumer NFL loan portfolio totaling $23.6 million to loans held for sale, incurring apretax charge totaling $3.4 million ($2.5 million net of tax), or $0.31 per diluted share. As of December 31, 2021, the fair



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value of these loans held for sale was approximately $14.1 million based on an independent third-party valuation. Thisaccounting reclassification to held for sale is reflective of management’s intent to sell these assets to a fund in the nearterm. These loans held for sale totaling $14.1 million have been included in the other assets financial statement captionon the statement of financial condition. Excluding the effects of the NFL reclassification and net payoffs of our PPPloans totaling $25.9 million and $17.7 million in 2021, respectively, our loan growth would have been $155.7 million or24.9% when comparing the year ended 2021 to 2020. Our available for sale securities portfolio increased $30.7 million,or 26.1%, to $148.4 million as compared to December 31, 2020.



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The following table provides information regarding the composition of our loan portfolio for the periodspresented:

At December 31, At December 31,2021 2020

(Dollars in thousands)Real estate:

1 – 4 family $ 40,753 5.19 % $ 48,433 7.20 %Multifamily 254,852 32.46 169,817 25.24Commercial real estate 48,589 6.19 54,717 8.13Construction — — — —

Total real estate 344,194 43.84 272,967 40.57Commercial 432,108 55.05 358,410 53.28Consumer 8,681 1.11 41,362 6.15

Total loans held for investment 784,983 100.00 % 672,739 100.00 %Deferred loan fees and unearned premiums,net (466) (318)Allowance for loan losses (9,076) (11,402)Loans held for investment, net $ 775,441 $ 661,019

Loans held for sale, net (included in Otherassets) $ 14,100 $ —

Total deposits were $1.0 billion as of December 31, 2021, a $224.4 million, or 27.9%, increase from December 31,2020. This was primarily due to a $158.6 million, or 35.9%, increase in Savings, NOW and Money Market deposits to$599.7 million, a $57.7 million, or 16.4%, increase in noninterest bearing demand deposits to $409.4 million, and an $8.1million, or 72.4%, increase in time deposits to $19.3 million. The increase in deposits was primarily driven by commercialand escrow low-cost deposits from our litigation and small business platforms. Off-balance sheet sweep funds totaled$537.5 million at quarter end. Our deposit growth and our off-balance sheet funds continue to demonstrate our strongliquidity position and the strength of our unique branchless and low-cost funding model.

Stockholders’ equity increased $17.7 million to $143.7 million as of December 31, 2021, compared to December 31,2020. Esquire Bank remains well above bank regulatory “Well Capitalized” standards.



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About Esquire Financial Holdings, Inc.

Esquire Financial Holdings, Inc. is a financial holding company headquartered in Jericho, New York, with one branchoffice in Jericho, New York and an administrative office in Boca Raton, Florida. Its wholly-owned subsidiary, EsquireBank, National Association, is a full-service commercial bank dedicated to serving the financial needs of the litigationindustry and small businesses nationally, as well as commercial and retail customers in the New York metropolitanarea. The bank offers tailored financial and payment processing solutions to the litigation community and their clientsas well as dynamic and flexible payment processing solutions to small business owners. For more information, visitwww.esquirebank.com.

Cautionary Note Regarding Forward-Looking Statements

This press release includes “forward-looking statements” relating to future results of the Company. Forward-lookingstatements are subject to many risks and uncertainties, including, but not limited to: changes in business plans ascircumstances warrant; changes in general economic, business and political conditions, including changes in the financialmarkets; and other risks detailed in the “Cautionary Note Regarding Forward-Looking Statements,” “Risk Factors”and other sections of the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q as filedwith the Securities and Exchange Commission. The forward-looking statements included in this press release arenot a guarantee of future events, and that actual events may differ materially from those made in or suggestedby the forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology 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 similar terminology. Further, given its ongoing and dynamic nature, it is difficultto predict the full impact of the COVID-19 outbreak on our business. The extent of such impact will depend on futuredevelopments, which are highly uncertain, including when the coronavirus can be controlled and abated and when andhow the economy may be reopened. As the result of the COVID-19 pandemic and the related adverse local and nationaleconomic consequences, we could be subject to any of the following risks, any of which could have a material, adverseeffect on our business, financial condition, liquidity, and results of operations: the demand for our products and servicesmay decline, making it difficult to grow assets and income; if the economy worsens, loan delinquencies, problem assets,and foreclosures may increase; collateral for loans, especially real estate, may decline in value; our allowance for loanlosses may increase if borrowers experience financial difficulties; the net worth and liquidity of loan guarantors maydecline, impairing their ability to honor commitments to us; and our cyber security risks are increased as the result of anincrease in the number of employees working remotely. Any forward-looking statements presented herein are made onlyas of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise, except as maybe required by law.

Contact Information:

Eric S. BaderExecutive Vice President and Chief Operating OfficerEsquire Financial Holdings, Inc.(516) [email protected]



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ESQUIRE FINANCIAL HOLDINGS, INC.Condensed Consolidated Statement of Condition (unaudited)(dollars in thousands except per share data)

December 31, December 31,2021 2020

ASSETSCash and cash equivalents $ 149,156 $ 65,185Securities purchased under agreements to resell, at cost 50,271 51,726Securities available for sale, at fair value 148,384 117,655Securities, restricted at cost 2,680 2,694Loans, held for investment 784,517 672,421Less: allowance for loan losses (9,076) (11,402)

Loans, net of allowance 775,441 661,019Premises and equipment, net 3,334 3,017Other assets 49,504 35,418Total Assets $ 1,178,770 $ 936,714

LIABILITIES AND STOCKHOLDERS' EQUITYDemand deposits $ 409,350 $ 351,692Savings, NOW and money market deposits 599,747 441,160Certificates of deposit 19,312 11,202

Total deposits 1,028,409 804,054Other liabilities 6,626 6,584

Total liabilities 1,035,035 810,638Total stockholders' equity 143,735 126,076Total Liabilities and Stockholders' Equity $ 1,178,770 $ 936,714

Selected Financial DataCommon shares outstanding 8,088,846 7,793,482Book value per share $ 17.77 $ 16.18Equity to assets 12.19 % 13.46 %

Capital Ratios (1)

Tier 1 leverage ratio 11.46 % 12.51 %Common equity tier 1 capital ratio 14.79 % 15.44 %Tier 1 capital ratio 14.79 % 15.44 %Total capital ratio 15.89 % 16.69 %

Asset Quality - loans held for investmentLoans 90 days past due and still accruing $ — $ —Nonaccrual loans 6 2,303Nonperforming loans $ 6 $ 2,303

Allowance for loan losses to total loans 1.16 % 1.70 %Nonperforming loans to total loans 0.00 % 0.34 %Nonperforming assets to total assets 0.00 % 0.25 %Allowance to nonperforming loans 157,180 % 495 %

(1) Regulatory capital ratios presented on bank-only basis.



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ESQUIRE FINANCIAL HOLDINGS, INC.Condensed Consolidated Income Statement (unaudited)(dollars in thousands except per share data)

Three months ended Year endedDecember 31, December 31,

2021 2020 2021 2020

Interest income $11,930 $10,094 $44,531 $38,630Interest expense 231 213 828 1,190

Net interest income 11,699 9,881 43,703 37,440Provision for loan losses 555 1,550 6,955 6,250

Net interest income after provision for loan losses 11,144 8,331 36,748 31,190

Noninterest income:

Payment processing fees 4,908 4,572 20,856 14,099Other noninterest income 259 116 168 548

Total noninterest income 5,167 4,688 21,024 14,647

Noninterest expense:

Employee compensation and benefits 5,552 4,424 21,741 16,873

Other expenses 3,197 3,314 13,323 11,797

Total noninterest expense 8,749 7,738 35,064 28,670

Income before income taxes 7,562 5,281 22,708 17,167Income taxes 832 1,399 4,783 4,549

Net income $ 6,730 $ 3,882 $17,925 $12,618

Earnings Per ShareBasic $ 0.89 $ 0.52 $ 2.40 $ 1.70Diluted $ 0.83 $ 0.51 $ 2.26 $ 1.65Basic - adjusted (1) $ 0.74 $ 0.52 $ 2.24 $ 1.70Diluted - adjusted (1) $ 0.69 $ 0.51 $ 2.11 $ 1.65

Selected Financial DataReturn on average assets 2.44 % 1.70 % 1.77 % 1.45 %Return on average equity 19.19 % 12.54 % 13.42 % 10.69 %Adjusted return on average assets (1) 2.02 % 1.70 % 1.66 % 1.45 %Adjusted return on average common equity (1) 15.85 % 12.54 % 12.54 % 10.69 %Net interest margin 4.48 % 4.49 % 4.49 % 4.47 %Efficiency ratio (2) 51.9 % 53.1 % 54.2 % 55.0 %

(2) Adjusted to exclude a discrete income tax benefit of $1.2 million related to share-based compensation recognized in the fourth quarter2021. See non-GAAP reconciliation provided elsewhere herein.

(3) Efficiency ratio represents noninterest expenses divided by the sum of net interest income plus noninterest income.



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ESQUIRE FINANCIAL HOLDINGS, INC.Condensed Consolidated Average Balance Sheets and Average Yield/Cost (unaudited)(dollars in thousands)

For the Three Months Ended December 31,2021 2020

(Dollars in thousands)Average Average Average AverageBalance Interest Yield/Cost Balance Interest Yield/Cost

INTEREST EARNING ASSETS

Loans, held for investment $ 753,500 $ 11,137 5.86 % $658,855 $ 9,533 5.76 %

Securities, includes restricted stock 142,677 585 1.63 % 115,370 423 1.46 %Securities purchased under agreements toresell 50,482 148 1.16 % 29,447 94 1.27 %Interest earning cash and other 90,244 60 0.26 % 71,789 44 0.24 %

Total interest earning assets 1,036,903 11,930 4.56 % 875,461 10,094 4.59 %

NONINTEREST EARNING ASSETS 55,414 30,724

TOTAL AVERAGE ASSETS $1,092,317 $906,185

INTEREST BEARING LIABILITIES

Savings, NOW, Money Market deposits $ 484,972 $ 210 0.17 % $407,186 $ 191 0.19 %Time deposits 11,314 20 0.70 % 10,185 21 0.82 %

Total interest bearing deposits 496,286 230 0.18 % 417,371 212 0.20 %Borrowings 103 1 3.85 % 137 1 2.90 %

Total interest bearing liabilities 496,389 231 0.18 % 417,508 213 0.20 %

NONINTEREST BEARING LIABILITIES

Demand deposits 446,032 353,531Other liabilities 10,778 11,985

Total noninterest bearing liabilities 456,810 365,516

Stockholders' equity 139,118 123,161

TOTAL AVG. LIABILITIES AND EQUITY $1,092,317 $906,185

Net interest income $ 11,699 $ 9,881Net interest spread 4.38 % 4.39 %Net interest margin 4.48 % 4.49 %



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ESQUIRE FINANCIAL HOLDINGS, INC.Condensed Consolidated Average Balance Sheets and Average Yield/Cost (unaudited)(dollars in thousands)

For the Year Ended December 31,2021 2020

(Dollars in thousands)Average Average Average AverageBalance Interest Yield/Cost Balance Interest Yield/Cost

INTEREST EARNING ASSETS

Loans, held for investment $ 717,680 $ 41,545 5.79 % $605,273 $ 35,588 5.88 %

Securities, includes restricted stock 133,958 2,174 1.62 % 126,166 2,556 2.03 %Securities purchased underagreements to resell 51,008 619 1.21 % 7,402 94 1.27 %Interest earning cash and other 70,132 193 0.28 % 99,069 392 0.40 %

Total interest earning assets 972,778 44,531 4.58 % 837,910 38,630 4.61 %

NONINTEREST EARNINGASSETS 37,941 30,028

TOTAL AVERAGE ASSETS $1,010,719 $867,938

INTEREST BEARINGLIABILITIESSavings, NOW, Money Marketdeposits $ 439,718 $ 746 0.17 % $421,530 $ 888 0.21 %Time deposits 11,152 79 0.71 % 16,785 297 1.77 %

Total interest bearing deposits 450,870 825 0.18 % 438,315 1,185 0.27 %Borrowings 78 3 3.85 % 113 5 4.42 %

Total interest bearing liabilities 450,948 828 0.18 % 438,428 1,190 0.27 %

NONINTEREST BEARINGLIABILITIES

Demand deposits 415,662 301,359Other liabilities 10,491 10,066

Total noninterest bearing liabilities 426,153 311,425

Stockholders' equity 133,618 118,085

TOTAL AVG. LIABILITIES ANDEQUITY $1,010,719 $867,938

Net interest income $ 43,703 $ 37,440Net interest spread 4.40 % 4.34 %Net interest margin 4.49 % 4.47 %



10

ESQUIRE FINANCIAL HOLDINGS, INC.Condensed Consolidated Non-GAAP Financial Measure Reconciliation (unaudited)(all dollars in thousands except per share data)

Adjusted net income, which is used to compute adjusted return on average assets, adjusted return on average commonequity and adjusted earnings per common share, excludes a discrete income tax benefit related to share-basedcompensation, specifically, voluntary stock option exercises.

We believe that these non-GAAP financial measures provide information that is important to investors and that is usefulin understanding our financial position, results and ratios. However, these non-GAAP financial measures aresupplemental and are not a substitute for an analysis based on GAAP measures. As other companies may use differentcalculations for this measure, this presentation may not be comparable to other similarly titled measures by othercompanies.

Three months ended Year endedDecember 31, December 31,

2021 2020 2021 2020Net income - GAAP $ 6,730 $ 3,882 $ 17,925 $ 12,618Less: tax benefit on share-based compensation 1,172 — 1,172 —Adjusted net income $ 5,558 $ 3,882 $ 16,753 $ 12,618Return on average assets – GAAP 2.44 % 1.70 % 1.77 % 1.45 %Adjusted return on average assets 2.02 % 1.70 % 1.66 % 1.45 %Return on average common equity – GAAP 19.19 % 12.54 % 13.42 % 10.69 %Adjusted return on average common equity 15.85 % 12.54 % 12.54 % 10.69 %Basic earnings per share – GAAP $ 0.89 $ 0.52 $ 2.40 $ 1.70Adjusted basic earnings per share $ 0.74 $ 0.52 $ 2.24 $ 1.70Diluted earnings per share – GAAP $ 0.83 $ 0.51 $ 2.26 $ 1.65Adjusted diluted earnings per share $ 0.69 $ 0.51 $ 2.11 $ 1.65



Exhibit 99.2

Ensuring

our Clients

and Our

Institution

Succeed

Boldly

Listed as

ESQ

Esquire

Financial

Holdings,

Inc.

(Financial

Holding

Company

for Esquire

Bank, N.A.)

4Q 2021

Investor

Presentation

Exhibit 99.2



Forward Looking

Disclosure This

presentation

contains forward-

looking statements

within the meaning

of the federal

securities laws.

Forward-looking

statements are not

historical fact and

express

management’s

current

expectations,

forecasts of future

events or long-

term goals and, by

their nature, are

subject to

assumptions, risks

and uncertainties,

many of which are

beyond the control

of the Company.

These statements

are may be

identified 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. Forward-

looking statements

speak only as of

the date they are

made and are

inherently subject

to uncertainties

and changes in

circumstances,

including those

described under

the heading “Risk

Factors” in the

Company’s 10-K

and 10-Q, filed

with the Securities

and Exchange

Commission

(“SEC”).Forward-

looking statements

are not guarantees

of future

performance and

should not be

relied upon as

representing



management’s

views as of any

subsequent date.

Actual results

could differ

materially from

those indicated.

The Company

undertakes no

obligation to

update forward-

looking

statements,

whetheras a result

of new information,

future events or

otherwise, except

as may be

required by law.

The forward-

looking statements

speak as of the

date of this

presentation.The

delivery of this

presentation shall

not, under

anycircumstances,

create any

implication there

has been no

change in the

affairs of the

Company after the

date hereof. This

presentation

includes industry

and market data

that we obtained

from periodic

industry

publications, third-

party studies and

surveys. Industry

publications and

surveys generally

state that the

information

contained therein

has been obtained

from sources

believed to be

reliable.Although

we believe the

industry and

market data to be

reliable as of the

date of this

presentation, this

information could

prove to be

inaccurate.Industry

and market

datacould be

wrong because of

the method by

which sources

obtained their data

and because

information cannot

always be verified

with complete

certainty due to

the limitson the

availability and

reliability of raw

data, the voluntary



nature of the data

gathering process

and other

limitations and

uncertainties.In

addition, we do not

know all of the

assumptions

regarding general

economic

conditions or

growth that were

used in preparing

the forecasts from

the sources relied

upon or cited

herein. 2



Ensuring

that our

Company

and clients

succeed

boldly with

innovative

products

and

technology,

driving client

success

through

relationship

banking Our

Mission



Decades

of expertise

in the

national

litigation

market

Asset

Sensitive

model

anchored by

law firm

loans

yielding

approx.

7.0%

Branchless

stable core

DDA and

escrow

deposits

funded at

0.10%

Driving loan

and deposit

growth with

a CAGR of

23% since

2015

Expertise in

sales, risk,

and

compliance

management

for 25+ years

Independent

Sales

Organization

(“ISO”)

model with

65,000+

merchants

nationally

Fee income

represents

33% of total

revenue

Strong

growth and

stable

payment

processing

fee income

with a CAGR

of 58% since

2017

AverageROA

and ROTCE

of 1.77%

and 13.42%,

respectively

Industry

leading NIM

of 4.49%

Diversified

revenue

stream with

strong NIM

and stable

fee income

Strong

efficiency

ratio of

54.2% while

investing in

unique

technology &



future growth

A digital-

first bank

with best-in-

class

technology

fueling

futuregrowth

and industry

leading client

retention

rates

Customized

and fully

integrated

Customer

Relationship

Management

(“CRM”) for

excellence in

client service

and

operational

efficiency

Investments

made in

artificial

intelligence

(“AI”) to

facilitate

precision

marketing

and client

acquisition

across our

national

verticals

Nationwide

Branchless

Litigation &

Payment

Processing

Verticals

Generating

Industry

Leading

Returns

Litigation

Vertical

Commercial

Banking

Nationally

Industry

Leading

Returns

Fueled by

Our Unique

Branchless

National

Verticals

Payment

Processing

Vertical

(Merchant

Services)

Small

Business

Banking

Nationally

Technology

–the Future

A Catalyst

for Strong

Growth 4

How Our

Clients



Succeed

Boldly



Strong

Growth

Driven by

Unique

National

Verticals

How

Esquire

Succeeds

Boldly Key

Highlights

Strong

growth in

higher

yielding

loans

Stable low-

cost deposit

model

Equity to

Assets of

12.19% 5 at

December

31, 2021



Stable

low-cost

deposit

model

Strong

commercial

deposits

franchise

DDA and

escrow-

based NOW

accounts

represent

40% and

38% of total

deposits at

December

31, 2021,

respectively

Higher

yielding

variable rate

commercial

loans

anchored by

our litigation

(attorney

related)

portfolio

How

Esquire

Succeeds

Boldly 6

Industry

Leading Net

Interest

Margin

*Included

noninterest

bearing

demand

deposits

(“DDA”)



Strong

Revenue

Growth How

Esquire

Succeeds

Boldly 7 Key

Highlights

Strong net

interest

margin

Stable

payment

processing

fee income

Net interest

incomeOther

noninterest

income

Payment

processing

income



Financial

Highlights

How

Esquire

Succeeds

Boldly Key

Highlights

Industry

leading

returns from

our unique

national

business

models

Stable

payment

processing

fee income

–noninterest

income

totaled 33%

of revenue

for the year

ended

December

31, 2021

Branchless

low-cost

deposits

with a cost

of funds of

0.10% at

December

31, 2021 *

Book value

per share

and equity

to assets

are $17.77

and 12.19%

at

December

31, 2021,

respectively

Raymond

James’ #1

Top

Performing

Community

Bank (2020,

2019)

Piper

Sandler &

Co.’s “2021

FSG Top

Ideas” 8 at

December

31, 2021

*Included

noninterest

bearing

demand

deposits

(“DDA”)



Financial

Highlights,

cont’d How

Esquire

Succeeds

Boldly 9 at

December

31, 2021

*EPS

–Diluted

Earnings

Per Share



Loan Portfolio

Diversification

with Focused

Growth

Focused

growth in

higher

yielding

commercial

loans with

strong credit

metrics

Selective

multifamily

loan growth

with strong

historical

performance

in the NY

metro market

How Esquire

Succeeds

Boldly 10 at

December

31, 2021



Approximately

55% of our

loan portfolio

is variable

rate of which

92% have

interest rate

floor

protection at

December 31,

2021 Asset

sensitive

–estimated

sensitivity of

projected

annualized

net interest

income (“NII”)

up 100 and

200 basis

point rate

scenarios

increases

projected NII

by 9.6% and

19.5%,

respectively

at September

30, 2021

Loan Portfolio

Diversification

with Focused

Growth How

Esquire

Succeeds

Boldly 11



Solid Credit

Metrics,

Asset

Quality and

ALLL

Coverage

How

Esquire

Succeeds

Boldly 12 at

December

31, 2021

*ALLL

–Allowance

for loan and

lease losses

Note –All

asset quality

metrics are

based on

our loans

held for

investment

portfolio (1)

Reclassified

the legacy

NFL

consumer

loan

portfolio

from held for

investment

to held for

sale which

is accounted

for at the

lower of cost

or market

driving a

$9.0 million

charge off.



*Note:

Excludes

sweeps

totaling $538

million

Deposit

Composition

and Growth

DDA and

NOW

(escrow

funds)

deposits

total 78% of

total

deposits,

representing

stable

funding

sources in

various

interest rate

scenarios

Litigation

and payment

processing

deposits

represent

69% and

14% of total

deposits at

December

31, 2021,

respectively

Off-

balance

sheet

commercial

litigation

funds

(“sweeps”)

total $538

million at

December

31, 2021,

representing

an additional

source of

funding

Commercial

customers

utilize our

corporate

cash

management

suite,

including

remote

deposit

capture

(“RDC”)

while

leveraging

our mobile

banking

application

for personal

banking,

creating a

highly

efficient

branchless

platform

How Esquire

Succeeds

Boldly 13



Large

national

markets

primed for

disruption:

$429 billion

& 100,000+

firms in the

litigation

vertical and

$7.6 trillion

and 10+

million

merchants in

the payment

processing

vertical Key

Takeaways

Why Esquire

is Set to

Succeed

Boldly

Tremendous

untapped

potential:

Esquire’s

current

market share

is a fraction

of both

national

verticals We

are thought

leaders in

the litigation

vertical and

provide C-

suite access

for ISO

flexibility in

payment

processing

vertical

Differentiated

and

positioned

for growth:

With industry

leading

tailored

products and

state-of-the-

art

technology

geared

towards

effective

client

acquisition

14



National

Markets

Litigation &

Payment

Processing

Verticals

Supported

by

Investment

in

Technology



Commercial

Litigation

(Law Firm)

Loans Full

annual

underwriting:

3 years

financials and

tax returns

(business

and personal)

Full

contingent

case

inventory

valuation

process &

collateral

assignment

Diversity

across law

firm

inventories

and collateral

Personal

guarantees

Average LTV

of less than

20%

Average

DSCR is

typically

greater than

1.70x

Average

draws against

committed

and

uncommitted

line-of-credit

(“LOC”) and

case

disbursement

loans of

approximately

50%

Weighted

average

interest rate

approximately

7.0%

Funded with

low-cost

litigation

deposits

Litigation

deposits to

litigation

loans drawn

is

approximately

186% How

Esquire

Succeeds

Boldly 16



Payment

Processing

–Current ISO

Model How

Esquire

Succeeds

Boldly What is

an ISO? ISO

Responsibilities

They Do

Merchant

Vertical and

Technology

Focus Sales

Agent Model

Performs Initial

Underwriting

Boards

Merchant to

Payment

Processing

Platform

Installation of

Merchant

Equipment

Manage Call

Center for

Merchant

Clients

Merchant Risk

and PCI

Compliance

Bank

Responsibilities

We Do

Robust Policies

Card Brand

and Regulatory

Compliance

Support

Multiple

Processing

Systems

Assess ISO

Verticals Re-

underwrite

Merchant

Applications

Utilize Industry

Leading Risk

Management

Technology

Daily and

Month End

Risk and

Compliance

Management

Treasury

Function for

Merchant

Clearing

Maintaining

and Monitor

ISO and

Merchant

Reserves

(DDA) 17



Currently

servicing

65,000+

merchants

across 50

states

Noninterest

income,

primarily

payment

processing

fees,

represents

33% of total

revenue, at

December

31, 2021

How

Esquire

Succeeds

Boldly

*Payment

processing

CAGR is

58% 18

Strong

Growth in

Stable

Noninterest

Income at

December

31, 2021



How Esquire

Succeeds

Boldly Key

Highlights

Strong and

stable DDA

reserves

Protection

from

merchant

chargebacks

and returns

19

Protecting

Our

Company

with Strong

Payment

Processing

Reserves at

December

31, 2021



Technology

Driving Bold

Success

Client

Centric

Technology

A Key Driver

for Future

Growth

Website

Artificial

Intelligence*

Marketing

Sales

Underwriting

Onboarding

Marketing

Cloud AI to

facilitate

precision

marketing

and

exponential

customer

acquisition

across all

verticals

Website

analytics,

data

enrichment

and thought

leadership

content

marketing

Precision

marketing

–right offer

right time

Sales

enablement,

pipeline

management

and

forecasting

Underwriting

efficiency &

risk

management

/ cash

management

and mobile

banking /

online

applications

Customer

onboarding /

core banking

Partnering

with best-in-

class

software

vendors and

solutions,

with custom

development

to service all

verticals at

the bank

Proprietary

CRM built on

Salesforce

platform

housing all

client data

touch points

from



prospect to

boarding

with a single

client view,

enabling

high volume

client

acquisition

strategies

and

excellence in

client service

SIGNATURE

*

Deployment

of AI

technologies

applicable

only to sales

and

marketing

processes

and not used

as a

decisioning

tool for loan

underwriting

processes.

20



Succeeding Boldly Listed

as ESQ Contact

Information: Eric S.

Bader Executive Vice

President & Chief

Operating Officer

516-535-2002

[email protected]



Commercial

Real Estate

Loans, U.S.

Litigation &

Payment

Markets

Appendix



Esquire’s Bold

Opportunities New

York City

properties total

$1.3 trillion in

Market Value.* A

Significant Growth

Opportunity

Thoughtfulin our

property and

borrower selection

process Minimal

historical losses

Average debt-

service

coverage(“DSCR”)

ofapproximately

1.5x Average

loan-to-

value(“LTV”) of

approximately

55% Strong

owner and

operators with

high quality net

worth CRE

exposure is less

than 225% of total

capital plus the

allowance for loan

losses (“ALLL”) 23

*NYC Department

of Finance

publishes fiscal

year 2022

tentative property

tax assessment

roll issued on

January 15, 2021



The Esquire

Competitive

Advantage

Esquire’s Bold

Opportunities U.S.

Litigation Market A

Significant Growth

Opportunity U.S.

Tort actions are

estimated to

consume 1.5-2.0%

of U.S. GDP*

annually or $429

billion** Esquire

does not compete

with non-bank

finance companies

Significant

barriers to

entry–management

expertise, brand

awareness,

regulatory/

compliance, and

decades of

experience

15-Year Industry

Track Record

Extensive Litigation

Experience In-

House Deep

Relationships with

Respected Firms

Nationally Daily

Resources and

Research Cash

Flow Lending

Coupled with

Borrowing Base or

Asset Based

Approach Tailoring

unique products

other banks do not

offer Typically

advancing more

than traditional

banks, on

traditional banking

terms 24 Key

Highlights $429

billion** Total

Addressable

Market (“TAM”) in

litigation vertical

Esquire is a

tailored,

differentiated brand

and thought leader

in the litigation

market *US Tort

actions are

estimated to

consume 1.5-2.0%

of U.S. GDP

annually. –Towers

Watson US Tort

Trends **$429

billion estimated

annual US tort

costs by US

Chamber of

Commerce –US

Chamber of

Commerce IRL

Costs and

Compensation of

US Tort System



25 Digitally

Transforming

The Business

of Law

Aligning Law

Firm Case

Inventory

Lifecycle to

Customer

Retention

Client

Incident

Receive

Intake Case

Management

Settlement/

Verdict

Disbursement

$ 1-3 Years

(+) Products

Case Cost

Loans

Working

Capital and

Term Loans

Qualified

Settlement

Loans

(“QSF”)

Escrow

Banking

QSF

Settlement

Services

Plaintiff

Banking

including

Exclusive

Prepaid Card

Offering

Technology

Esquire

Insight –Case

Management

Technology

Commercial

Cash

Management

Case Cost

Management

Online

Applications

Thought

Leadership -

Digital Assets

and Content

25



The payments industry grew nearly 3% from 2019 to 2020 to an estimated total payment volume of

$7.6 trillion Esquire’s Bold Opportunities Payment Volume Trends – A Significant Growth

Opportunity Sources:CompanyFinancialRecords,Note: PayPalfiguresrepresent PayPal’sestimated

U.S.percent

shareof“TotalPaymentVolume”(TPV).PayPalvolumeincludesvolumefromabankaccount,aPayPal

accountbalance,aPayPalCredit account,acreditordebit cardorotherstored

valueproductssuchascouponsandgiftcards.Assuch,someofthisvolumemaybeincludedinothernetworks

aswell. PayPal’sclassificationinthepaymentsindustryecosystemisvaried/debatedasitperforms

functionsattributedtoapaymentnetwork,anissuer,acquirer,etc.,and its

financialreportingdoesnotdirectly alignwithotherpaymentnetworkreportingstructures

andmethods.DiscovervolumeincludesDiscoverNetworkandPulseNetworktransactions. 2018-2019:

+10.3% CAGR2019-2020: +2.9% CAGR 26 at December 31, 2020 ($ in billions)



Document and EntityInformation Jan. 25, 2022

Document and Entity Information [Abstract]Document Type 8-KDocument Period End Date Jan. 25, 2022Entity File Number 001-38131Entity Registrant Name Esquire Financial Holdings, Inc.Entity Incorporation, State or Country Code MDEntity Tax Identification Number 27-5107901Entity Address, Address Line One 100 Jericho QuadrangleEntity Address, Adress Line Two Suite 100Entity Address, City or Town JerichoEntity Address, State or Province NYEntity Address, Postal Zip Code 11753City Area Code 516Local Phone Number 535-2002Written Communications falseSoliciting Material falsePre-commencement Tender Offer falsePre-commencement Issuer Tender Offer falseTitle of 12(b) Security Common Stock, $0.01 par valueTrading Symbol ESQSecurity Exchange Name NASDAQEntity Emerging Growth Company trueEntity Ex Transition Period trueEntity Central Index Key 0001531031Amendment Flag false


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Esquire Financial Holdings, Inc. Form 8-K Current Event ...

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