Esquire Financial Holdings Earns Prestigious Recognition as Top Performing Community Bank in 2023 Raymond James Community Bankers Cup

Rhea-AI Summary

Esquire Financial Holdings (NASDAQ: ESQ) has been honored with the 2023 Raymond James Community Bankers Cup for the sixth consecutive year. Recognized among the top 10% of community banks in the United States, Esquire Bank was evaluated based on profitability, operational efficiency, and balance sheet metrics. The evaluation included 203 domestic community banks with assets between $500 million and $10 billion. CEO Andrew C. Sagliocca praised the achievement as a testament to the dedication and performance of the Esquire Bank team, despite a challenging year for the banking sector in 2023.

Positive

• Esquire Financial Holdings received the 2023 Raymond James Community Bankers Cup for the sixth consecutive year.
• Ranked among the top 10% of U.S. community banks based on profitability, operational efficiency, and balance sheet metrics.
• Evaluated among 203 domestic community banks with assets between $500 million and $10 billion.
• CEO Andrew C. Sagliocca emphasized the bank's financial strength and resilience despite sector challenges.

Negative

• The banking sector faced significant challenges in 2023, which could impact future performance.
• No specific financial figures were provided to substantiate claims of superior performance.

For six years in a row, Esquire Bank was recognized among the top 10% of community banks in the United States based on various profitability, operational efficiency, and balance sheet metrics.

JERICHO, N.Y., May 20, 2024 /PRNewswire/ -- Esquire Financial Holdings, Inc. (NASDAQ: ESQ) (the "Company"), the holding company for Esquire Bank, National Association (collectively "Esquire"), has been awarded the 2023 Raymond James Community Bankers Cup for the sixth year in a row, which recognizes the top 10% community banks nationally who have demonstrated superior financial and stock price performance.

"While 2023 was a challenging year for the banking sector overall, Esquire remains financially strong and resilient as we continue delivering long-term stakeholder value for the markets we serve and providing excellent client-centric service," said Andrew C. Sagliocca, Vice Chairman, Chief Executive Officer and President. "We are proud to be recognized again as a top community bank by Raymond James. This could not have been achieved without the hard work, dedication, and exceptional performance of the entire Esquire Bank team."

The pool of banks considered for recognition were 203 domestic community banks between $500 million and $10 billion as of December 31, 2023, that are exchange-traded and not an acquisition target or mutual holding companies. The top 10% demonstrated superior performance based on the following measurements:

• Nonperforming assets to loans and real estate owned (NPAs / Loans + OREO)
• Five-year average core deposit percentage
• Net interest margin (NIM)
• Efficiency ratio
• Return on average assets (ROAA)
• Return on average tangible common equity (ROTCE)

About Esquire Financial Holdings, Inc.

Esquire Financial Holdings, Inc. is a bank holding company headquartered in Jericho, New York, with one branch office in Jericho, New York and an administrative office in Boca Raton, Florida. Its wholly owned subsidiary, Esquire Bank, National Association, is a full-service commercial bank dedicated to serving the financial needs of the legal industry and small businesses nationally, as well as commercial and retail customers in the New York metropolitan area. The bank offers tailored products and solutions to the legal community and their clients as well as dynamic and flexible merchant services solutions to small business owners. For more information, visit www.esquirebank.com.

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SOURCE Esquire Financial Holdings, Inc.

FAQ

What recognition did Esquire Financial Holdings receive in 2023?

Esquire Financial Holdings was awarded the 2023 Raymond James Community Bankers Cup for the sixth consecutive year.

What criteria were used to evaluate Esquire Financial Holdings for the 2023 Raymond James Community Bankers Cup?

Esquire Financial Holdings was evaluated based on profitability, operational efficiency, balance sheet metrics, nonperforming assets, core deposit percentage, net interest margin, efficiency ratio, return on average assets, and return on average tangible common equity.

How many banks were considered for the 2023 Raymond James Community Bankers Cup?

A total of 203 domestic community banks with assets between $500 million and $10 billion were considered.

Who praised Esquire Financial Holdings' achievement in the 2023 Raymond James Community Bankers Cup?

CEO Andrew C. Sagliocca praised the achievement and highlighted the dedication and performance of the Esquire Bank team.

What was the performance ranking of Esquire Financial Holdings in the 2023 Raymond James Community Bankers Cup?

Esquire Financial Holdings was ranked among the top 10% of community banks in the United States.