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Member2023-12-310001531031美元指數:房地產成員美元指數:住宅房地產成員2024-09-300001531031美元指數:房地產成員美元指數:聯邦住房管理局證券和債務FHA成員2024-09-300001531031美元指數:房地產成員美元指數:商業房地產成員2024-09-300001531031美元指數:消費者投資組合部門成員2024-09-300001531031美元指數:商業投資組合部門成員2024-09-300001531031us-gaap:房地產成員us-gaap：住宅房地產成員2023-12-310001531031美元指數：房地產成員美元指數：聯邦住房管理局證券和債務（FHA）成員2023-12-310001531031美元指數：房地產成員us-gaap：商業房地產成員2023-12-310001531031us-gaap:消費者投資組合細分成員2023-12-310001531031us-gaap:商業投資組合細分成員2023-12-3100015310312023-01-012023-09-300001531031us-gaap:公允價值輸入等級3成員美元指數：公允價值估計公允價值披露成員2024-09-300001531031US-GAAP：公允價值輸入2級成員美國通用會計準則：公允價值估計公允價值披露成員2024-09-300001531031美國通用會計準則：公允價值輸入一級成員美國通用會計準則：公允價值估計公允價值披露成員2024-09-300001531031美國通用會計準則：公允價值估計公允價值披露成員2024-09-300001531031美元指數：披露的持有報告金額公允價值成員2024-09-300001531031美國通用會計準則：三級成員的公允價值輸入美國通用會計準則：公允價值披露估計2023-12-310001531031美國通用會計準則：二級成員的公允價值輸入美國通用會計準則：公允價值披露估計2023-12-310001531031美國通用會計準則：一級成員的公允價值輸入美國通用會計準則：公允價值披露估計2023-12-310001531031美國通用會計準則：公允價值披露估計2023-12-310001531031美國通用會計準則：負載報告金額公允價值披露成員2023-12-310001531031esq：2023年會員us-gaap：消費者投資組合細分會員2024-01-012024-09-300001531031esq：2022年會員us-gaap：消費者投資組合細分會員2024-01-012024-09-300001531031us-gaap：消費者投資組合細分會員2024-01-012024-09-300001531031esq：2023年會員2024-01-012024-09-300001531031esq：2022年會員2024-01-012024-09-300001531031esq：2022年會員美元指數:消費者投資組合部門成員2023-01-012023-12-310001531031esq: 2021年度成員美元指數:消費者投資組合部門成員2023-01-012023-12-310001531031esq: 2020年度成員美元指數:消費者投資組合部門成員2023-01-012023-12-310001531031esq: 2018年及之前成員美元指數:商業投資組合部門成員2023-01-012023-12-310001531031美元指數:消費者投資組合部門成員2023-01-012023-12-310001531031美國會計準則：商業投資組合分段成員2023-01-012023-12-310001531031esq：2022年份成員2023-01-012023-12-310001531031esq：2021年份成員2023-01-012023-12-310001531031esq：2020年份成員2023-01-012023-12-310001531031esq：2018年及以前的成員2023-01-012023-12-3100015310312023-01-012023-12-3100015310312024-09-3000015310312023-12-3100015310312024-11-0100015310312024-01-012024-09-30XBRLI：股份ISO4217：美元指數iso4217：美元指數xbrli:sharesxbrli：純形

目錄

​

​

美國

證券交易委員會

華盛頓特區 20549

表格10-Q

​

​

☒

根據1934年證券交易法第13或15(d)節的季度報告

​

截至季度期 2024年9月30日

或

​

​

☐

根據1934年證券交易法第13或15(d)條的過渡報告

​

對於過渡期從                            至                           

委員會文件編號 001-38131

Esquire Financial Holdings, Inc.

(註冊人的準確名稱，如其章程所指定)

​

​

​

馬里蘭州

    

27-5107901

(州或其他司法管轄區的
公司註冊或組建)

 

(美國國稅局僱主
識別號)

 

 

 

100 Jericho Quadrangle, Suite 100, 傑里科, 紐約

 

11753

(主要執行辦公室地址)

 

(Zip Code)

​

(516) 535-2002

(註冊人的電話號碼，包括區號)

不適用

(如果自上次報告以來有更改，前名稱、前地址和前財政年度)

根據《法案》第12(b)節註冊的證券:

​

​

​

​

每個類別的標題

​

交易

標的(們)

​

註冊的每個交易所的名稱

普通股，每股面值$0.01

​

ESQ

​

納斯達克證券市場有限責任公司

請用勾號指示註冊人是否在過去12個月內（或註冊人被要求提交這些報告的較短時間內）根據1934年證券交易法第13或15(d)條的要求提交了所有必要的報告，以及在過去90天內是否受到這些要求的約束。

YES  ⌧    不  ◻

請用勾號指示註冊人是否在過去12個月內（或註冊人被要求提交這些文件的較短時間內）根據S-T規則第405條的要求電子提交了每個互動數據文件。

YES  ⌧    否 ◻

請勾選註冊人是否爲大型加速報告公司、加速報告公司、非加速報告公司、較小報告公司或新興成長公司。有關「大型加速報告公司」、「加速報告公司」、「較小報告公司」和「新興成長公司」的定義，請參見《交易法》第120億.2條。

​

大型加速報告公司      ◻

    

加速披露者                       ◻

非加速報告人        ☒

​

小型報告公司      ☒

​

新興成長公司      ◻

​

如果是新興成長公司，請勾選確認註冊人是否選擇不使用根據《交易所法》第13(a)條款提供的任何新的或修訂的財務會計標準的延期過渡期。 ◻

請勾選確認註冊人是否爲殼公司（如《交易所法》第120億.2條款定義）。

是的 ☐    不  ⌧

請指出發行人所有普通股類別截至最近可行日期的流通股數：截至2024年11月1日，共有 8,321,308 的發行人普通股在外流通。

​

​

​

目錄

Esquire Financial Holdings, Inc.

表格10-Q

目錄

 

    

 

    

頁

第一部分 財務信息

​

3

​

​

​

項目 1.

​

基本報表（未經審計）

​

3

​

​

​

​

​

​

​

合併財務狀況基本報表

​

3

​

​

​

​

​

​

​

合併損益表

​

4

​

​

​

​

​

​

​

合併綜合收益表

​

5

​

​

​

​

​

​

​

合併股東權益變動報表

​

6

​

​

​

​

​

​

​

合併現金流量報表

​

7

​

​

​

​

​

​

​

中期說明 合併基本報表

​

8

​

​

​

​

​

項目 2.

​

管理層對控制項和經營結果的討論與分析

​

24

​

​

​

​

​

項目 3。

​

關於市場風險的定量和定性披露

​

44

​

​

​

​

​

項目 4。

​

控制和程序

​

44

​

​

​

​

​

第二部分。其他信息

​

45

​

​

​

項目 1.

​

法律訴訟

​

45

​

​

​

​

​

項目1A.

​

Risk Factors

​

45

​

​

​

​

​

項目 2.

​

未註冊的股票證券銷售及收益使用

​

45

​

​

​

​

​

項目 3。

​

高級證券的缺省

​

45

​

​

​

​

​

項目 4。

​

礦業安全披露

​

45

​

​

​

​

​

項目5。

​

其他信息

​

46

​

​

​

​

​

項目6。

​

展覽品

​

46

​

​

​

​

​

​

簽名

​

47

​

​

​

​

2

目錄

第一部分 – 基本報表

項目 1.基本報表

Esquire Financial HOLDINGS, INC.

合併財務狀況表

(以千美元計算，除每股數據外)

(未經審計)

​

​

​

​

​

​

​

​

​

2023年9月30日，

​

截至12月31日，

​

    

2024

    

2023

資產:

​

​

​

​

​

​

現金及現金等價物

​

$

147,663

​

$

165,209

可供出售的證券，按公允價值計量

​

​

211,460

​

​

122,107

持有至到期的證券，按成本計（公允價值爲$65,110 和 $69,116，截至2024年9月30日和2023年12月31日，分別爲）

​

​

70,794

​

​

77,001

證券，受限，按成本

​

​

3,034

​

​

2,928

​

​

​

​

​

​

​

持有投資的貸款

​

​

1,297,443

​

​

1,207,413

減：信用損失準備金

​

​

(19,451)

​

​

(16,631)

貸款，減去準備金

​

​

1,277,992

​

​

1,190,782

淨資產和設備

​

​

2,610

​

​

2,602

應計利息應收款

​

​

9,712

​

​

9,130

其他資產

​

​

59,209

​

​

47,117

總資產

​

$

1,782,474

​

$

1,616,876

​

​

​

​

​

​

​

負債：

​

​

​

​

​

​

存入資金：

​

​

​

​

​

​

活期

​

$

539,434

​

$

473,274

儲蓄、現在賬戶和貨幣市場

​

​

982,816

​

​

926,264

時間

​

​

14,145

​

​

7,761

總存款

​

​

1,536,395

​

​

1,407,299

​

​

​

​

​

​

​

應計費用和其他負債

​

​

13,511

​

​

11,022

總負債

​

​

1,549,906

​

​

1,418,321

​

​

​

​

​

​

​

承諾與或有事項

​

​

—

​

​

—

​

​

​

​

​

​

​

股東權益：

​

​

​

​

​

​

優先股，每股面值$0.01; 授權 2,000,000 股； 截至2024年9月30日和2023年12月31日，未發行。 已發行

​

​

—

​

​

—

普通股，每股面值$0.01; 授權的 15,000,000 股； 8,399,713 和 8,361,185 股票發行，分別；以及 8,320,317 和 8,287,848 分別流通的股份。

​

​

84

​

​

84

額外實收資本

​

​

102,936

​

​

99,713

滾存收益

​

​

142,434

​

​

114,261

累計其他綜合損失

​

​

(10,319)

​

​

(13,235)

以成本計入的庫藏股（79,396 和 73,337 股份，分別爲)

​

​

(2,567)

​

​

(2,268)

股東權益總額

​

​

232,568

​

​

198,555

總負債和股東權益

​

$

1,782,474

​

$

1,616,876

​

請參見附帶的中期合併基本報表附註。

​

3

目錄

Esquire Financial HOLDINGS, INC.

合併利潤表

(以千美元計算，除每股數據外)

(未經審計)

​

​

​

​

​

​

​

​

​

​

​

​

​

截至9月30日的三個月

​

截至9月30日的九個月

​

2024

    

2023

    

2024

    

2023

利息收入：

​

​

​

​

​

​

​

​

​

​

​

持有投資的貸款

$

25,122

​

$

21,408

​

$

72,727

​

$

58,160

證券，包括限制性股票

​

2,389

​

​

1,238

​

​

6,017

​

​

3,581

根據轉售協議購買的證券

​

—

​

​

158

​

​

—

​

​

1,526

利息收入現金及其他

​

1,620

​

​

1,097

​

​

3,845

​

​

3,054

總利息收入

​

29,131

​

​

23,901

​

​

82,589

​

​

66,321

​

​

​

​

​

​

​

​

​

​

​

​

利息支出：

​

​

​

​

​

​

​

​

​

​

​

儲蓄、NOW賬戶和貨幣市場存款

​

3,129

​

​

1,988

​

​

9,159

​

​

4,809

定期存款

​

143

​

​

187

​

​

384

​

​

406

借款

​

1

​

​

1

​

​

3

​

​

3

總利息支出

​

3,273

​

​

2,176

​

​

9,546

​

​

5,218

​

​

​

​

​

​

​

​

​

​

​

​

淨利息收入

​

25,858

​

​

21,725

​

​

73,043

​

​

61,103

信用損失準備金

​

1,000

​

​

1,200

​

​

3,000

​

​

3,025

扣除信用損失準備後的淨利息收入

​

24,858

​

​

20,525

​

​

70,043

​

​

58,078

​

​

​

​

​

​

​

​

​

​

​

​

非利息收入：

​

​

​

​

​

​

​

​

​

​

​

支付處理費用

​

5,169

​

​

5,621

​

​

15,787

​

​

16,898

行政服務收入

​

658

​

​

619

​

​

2,024

​

​

1,887

股權投資的淨（虧損）收益

​

—

​

​

(14)

​

​

—

​

​

4,013

與客戶相關的費用、服務費和其他

​

235

​

​

302

​

​

915

​

​

687

總非利息收入

​

6,062

​

​

6,528

​

​

18,726

​

​

23,485

​

​

​

​

​

​

​

​

​

​

​

​

非利息費用：

​

​

​

​

​

​

​

​

​

​

​

員工薪酬和福利

​

9,525

​

​

8,433

​

​

28,211

​

​

23,720

房屋和設備

​

977

​

​

836

​

​

3,060

​

​

2,500

專業和諮詢服務

​

955

​

​

1,325

​

​

2,763

​

​

4,483

FDIC和監管評估

​

236

​

​

261

​

​

691

​

​

587

廣告和營銷服務

​

949

​

​

467

​

​

2,702

​

​

1,216

旅行與業務關係

​

264

​

​

254

​

​

722

​

​

648

數據處理

​

1,690

​

​

1,375

​

​

4,923

​

​

3,757

其他營業費用

​

762

​

​

808

​

​

2,086

​

​

2,305

總非利息費用

​

15,358

​

​

13,759

​

​

45,158

​

​

39,216

​

​

​

​

​

​

​

​

​

​

​

​

稅前凈利潤

​

15,562

​

​

13,294

​

​

43,611

​

​

42,347

所得稅費用

​

4,202

​

​

3,457

​

​

11,706

​

​

11,218

​

​

​

​

​

​

​

​

​

​

​

​

凈利潤

$

11,360

​

$

9,837

​

$

31,905

​

$

31,129

​

​

​

​

​

​

​

​

​

​

​

​

每股收益

​

​

​

​

​

​

​

​

​

​

​

基本

$

1.45

​

$

1.27

​

$

4.09

​

$

4.04

稀釋

$

1.34

​

$

1.17

​

$

3.78

​

$

3.74

​

請參見附帶的中期合併基本報表附註。

4

目錄

Esquire Financial HOLDINGS, INC.

綜合收益表

(單位：千美元)

(未經審計)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

截至9月30日的三個月

​

截至9月30日的九個月

​

    

2024

    

2023

    

2024

    

2023

凈利潤

​

$

11,360

​

$

9,837

​

$

31,905

​

$

31,129

其他全面收益（損失）：

​

​

​

​

​

​

​

​

​

​

​

​

在持有證券期間產生的未實現收益（損失）

​

​

5,410

​

​

(4,081)

​

​

4,022

​

​

(3,150)

稅務影響

​

​

(1,488)

​

​

1,122

​

​

(1,106)

​

​

866

其他綜合收益（損失）總額

​

​

3,922

​

​

(2,959)

​

​

2,916

​

​

(2,284)

綜合收益總額

​

$

15,282

​

$

6,878

​

$

34,821

​

$

28,845

​

請參見附帶的中期合併基本報表附註。

​

5

目錄

Esquire Financial HOLDINGS, INC.

合併股東權益變動表

(以千美元計算，除每股數據外)

(未經審計)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

累計

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

額外

​

​

​

​

​

其他

​

​

​

​

​

總計

​

優先股

​

普通股

​

​

優先股

​

​

普通股

​

​

已支付的

​

​

留存收益

​

​

綜合的

​

​

財政部

​

​

股東的

​

股份

​

股份

​

​

股票

​

​

股票

​

​

資本

​

​

收益

​

​

虧損

​

​

股票

​

​

股權

截至2024年7月1日的餘額

—

​

8,292,948

​

$

—

​

$

84

​

$

101,815

​

$

132,320

​

$

(14,241)

​

$

(2,567)

​

$

217,411

凈利潤

—

​

—

​

​

—

​

​

—

​

​

—

​

​

11,360

​

​

—

​

​

—

​

​

11,360

其他綜合收益

—

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

3,922

​

​

—

​

​

3,922

期權的行使，扣除回購（6,063 股）

—

​

30,569

​

​

—

​

​

—

​

​

188

​

​

—

​

​

—

​

​

—

​

​

188

限制性股票獎勵的沒收

—

​

(3,200)

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

股票補償費用

—

​

—

​

​

—

​

​

—

​

​

933

​

​

—

​

​

—

​

​

—

​

​

933

向普通股股東宣告的現金分紅派息（$0.15 每股）

—

​

—

​

​

—

​

​

—

​

​

—

​

​

(1,246)

​

​

—

​

​

—

​

​

(1,246)

截至2024年9月30日的餘額

—

​

8,320,317

​

$

—

​

$

84

​

$

102,936

​

$

142,434

​

$

(10,319)

​

$

(2,567)

​

$

232,568

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

累計

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

額外

​

​

​

​

​

其他

​

​

​

​

​

總計

​

優先股

​

普通股

​

​

優先股

​

​

普通股

​

​

已支付的

​

​

留存收益

​

​

綜合的

​

​

財政部

​

​

股東的

​

股份

​

股份

​

​

股票

​

​

股票

​

​

資本

​

​

收益

​

​

虧損

​

​

股票

​

​

股權

截至2023年7月1日的餘額

—

​

8,192,379

​

$

—

​

$

82

​

$

98,018

​

$

96,593

​

$

(14,442)

​

$

(1,345)

​

$

178,906

凈利潤

—

​

—

​

​

—

​

​

—

​

​

—

​

​

9,837

​

​

—

​

​

—

​

​

9,837

其他綜合損失

—

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

(2,959)

​

​

—

​

​

(2,959)

期權的行使，扣除回購(3,728 股）

—

​

10,880

​

​

—

​

​

1

​

​

49

​

​

—

​

​

—

​

​

—

​

​

50

股票補償費用

—

​

—

​

​

—

​

​

—

​

​

801

​

​

—

​

​

—

​

​

—

​

​

801

現金分紅派息宣佈給普通股股東（$0.125 每股）

—

​

—

​

​

—

​

​

—

​

​

—

​

​

(1,025)

​

​

—

​

​

—

​

​

(1,025)

截至2023年9月30日的餘額

—

​

8,203,259

​

$

—

​

$

83

​

$

98,868

​

$

105,405

​

$

(17,401)

​

$

(1,345)

​

$

185,610

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

累計

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

額外

​

​

​

​

​

其他

​

​

​

​

​

總計

​

優先股

​

普通股

​

​

優先股

​

​

普通股

​

​

已支付的

​

​

留存收益

​

​

綜合的

​

​

財政部

​

​

股東的

​

股份

​

股份

​

​

股票

​

​

股票

​

​

資本

​

​

收益

​

​

虧損

​

​

股票

​

​

股權

2024年1月1日的餘額

—

​

8,287,848

​

$

—

​

$

84

​

$

99,713

​

$

114,261

​

$

(13,235)

​

$

(2,268)

​

$

198,555

凈利潤

—

​

—

​

​

—

​

​

—

​

​

—

​

​

31,905

​

​

—

​

​

—

​

​

31,905

其他綜合收益

—

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

2,916

​

​

—

​

​

2,916

行使期權，扣除回購（6,320 股）

—

​

41,728

​

​

—

​

​

—

​

​

361

​

​

—

​

​

—

​

​

—

​

​

361

限制性股票獎勵的註銷

—

​

(3,200)

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

股票補償費用

—

​

—

​

​

—

​

​

—

​

​

2,862

​

​

—

​

​

—

​

​

—

​

​

2,862

向普通股東宣告的現金分紅派息（$0.45 每股）

—

​

—

​

​

—

​

​

—

​

​

—

​

​

(3,732)

​

​

—

​

​

—

​

​

(3,732)

與稅收扣留相關的分享

—

​

(6,059)

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

(299)

​

​

(299)

截至2024年9月30日的餘額

—

​

8,320,317

​

$

—

​

$

84

​

$

102,936

​

$

142,434

​

$

(10,319)

​

$

(2,567)

​

$

232,568

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

累計

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

額外

​

​

​

​

​

其他

​

​

​

​

​

總計

​

優先股

​

普通股

​

​

優先股

​

​

普通股

​

​

已支付的

​

​

留存收益

​

​

綜合的

​

​

財政部

​

​

股東的

​

股份

​

股份

​

​

股票

​

​

股票

​

​

資本

​

​

收益

​

​

虧損

​

​

股票

​

​

股權

2023年1月1日餘額

—

​

8,195,333

​

$

—

​

$

82

​

$

96,387

​

$

77,712

​

$

(15,117)

​

$

(906)

​

$

158,158

會計原則的累計變更

—

​

—

​

​

—

​

​

—

​

​

—

​

​

(568)

​

​

—

​

​

—

​

​

(568)

2023年1月1日的餘額（已根據會計原則的變更進行調整）

—

​

8,195,333

​

​

—

​

​

82

​

​

96,387

​

​

77,144

​

​

(15,117)

​

​

(906)

​

​

157,590

凈利潤

—

​

—

​

​

—

​

​

—

​

​

—

​

​

31,129

​

​

—

​

​

—

​

​

31,129

其他綜合損失

—

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

(2,284)

​

​

—

​

​

(2,284)

行使股票期權，扣除回購後的（7,146 股）

—

​

19,632

​

​

—

​

​

1

​

​

102

​

​

—

​

​

—

​

​

—

​

​

103

股票補償費用

—

​

—

​

​

—

​

​

—

​

​

2,379

​

​

—

​

​

—

​

​

—

​

​

2,379

向普通股股東宣告的現金分紅派息（$0.35 每股）

—

​

—

​

​

—

​

​

—

​

​

—

​

​

(2,868)

​

​

—

​

​

—

​

​

(2,868)

與稅務扣繳相關的股份

—

​

(3,706)

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

(153)

​

​

(153)

購買普通股

—

​

(8,000)

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

(286)

​

​

(286)

截至2023年9月30日的餘額

—

​

8,203,259

​

$

—

​

$

83

​

$

98,868

​

$

105,405

​

$

(17,401)

​

$

(1,345)

​

$

185,610

​

請參閱附帶的臨時合併基本報表的附註。

​

6

目錄

Esquire Financial HOLDINGS, INC.

合併現金流量表

(單位：千美元)

(未經審計)

​

​

​

​

​

​

​

截止九個月

​

2023年9月30日，

​

2024

    

2023

經營活動產生的現金流：

​

​

​

​

​

凈利潤

$

31,905

​

$

31,129

調整凈利潤與由事件提供的淨現金之間的對賬：

​

​

​

​

​

信用損失準備金

​

3,000

​

​

3,025

房屋和設備的折舊和攤銷

​

622

​

​

529

股票補償費用

​

2,862

​

​

2,379

股權投資收益淨額

​

—

​

​

(4,013)

淨攤銷（增加）：

​

​

​

​

​

證券

​

272

​

​

331

貸款

​

(437)

​

​

(1,054)

使用權資產

​

422

​

​

428

軟體

​

1,422

​

​

944

其他資產和負債的變動：

​

​

​

​

​

應計利息應收款

​

(582)

​

​

(2,040)

其他資產

​

(11,244)

​

​

(9,897)

經營租賃負債

​

(535)

​

​

(452)

應計費用和其他負債

​

2,820

​

​

4,569

經營活動提供的淨現金

​

30,527

​

​

25,878

投資活動的現金流：

​

​

​

​

​

貸款淨變動

​

(89,773)

​

​

(165,009)

根據回購協議購買的證券淨變動

​

—

​

​

49,567

可供出售證券的購買

​

(102,701)

​

​

(17,879)

持有至到期的證券購買

​

—

​

​

(5,978)

可供出售證券的本金償還

​

17,175

​

​

9,370

到期持有證券的本金還款

​

6,130

​

​

5,500

證券限制購買

​

(106)

​

​

(118)

股權投資收益

​

1,467

​

​

5,973

購買權益投資

​

(3,524)

​

​

—

購買場所和設備

​

(630)

​

​

(328)

資本化軟體的開發

​

(1,741)

​

​

(1,884)

投資活動中使用的淨現金

​

(173,703)

​

​

(120,786)

融資活動產生的現金流:

​

​

​

​

​

存款的淨增加

​

129,096

​

​

54,357

借款減少

​

(1)

​

​

(1)

行使期權，扣除回購部分

​

361

​

​

103

已歸屬股權獎勵的稅款預扣支付

​

(299)

​

​

(153)

支付給普通股股東的現金分紅

​

(3,527)

​

​

(2,588)

購買普通股

​

—

​

​

(286)

融資活動提供的淨現金

​

125,630

​

​

51,432

現金及現金等價物減少

​

(17,546)

​

​

(43,476)

期初的現金及現金等價物

​

165,209

​

​

164,122

期末的現金及現金等價物

$

147,663

​

$

120,646

​

​

​

​

​

​

現金流信息的補充披露：

​

​

​

​

​

期間支付的現金包括：

​

​

​

​

​

利息

$

9,554

​

$

5,181

稅收

​

13,352

​

​

13,865

非現金交易：

​

​

​

​

​

已宣佈但未支付的股息

​

205

​

​

280

非現金工具的交換

​

(300)

​

​

1,750

會計原則的累計變更

​

—

​

​

(568)

​

請參閱附帶的臨時合併基本報表的附註。

​

7

目錄

Esquire Financial HOLDINGS, INC.

中期合併基本報表的說明

(未經審計)

說明1 — 報表編制基礎及重要會計政策摘要

財務報表的基礎

中期合併基本報表包括Esquire Financial Holdings, Inc.及其全資子公司Esquire Bank, N.A.的帳目，統稱爲「公司」。所有重要的公司間帳目和交易在合併中已被消除。

所附未經審計的中期合併基本報表是依據公認會計原則爲中期財務信息而編制的。因此，它們不包括公認會計原則所要求的完整財務信息所需的所有信息和附註。管理層認爲，中期報表反映了公正呈現公司合併財務狀況、運營結果和現金流所需的所有必要調整，並且所有這些調整都是經常性的。這些財務報表及其附註應與公司截至2023年和2022年12月31日的審計財務報表一起閱讀。截止2024年9月30日的三個月和九個月的經營結果不一定能反映出截至2024年12月31日或任何其他期間的預期結果。

後續事件

公司已經評估了在發行日期前需要確認和披露的事件。

對變量利益實體的投資

2022年4月1日，公司將其傳統的國家足球聯賽（「NFL」）消費發帖後清算貸款組合出售給一個變量利益實體（「VIE」），以換取價值$的非投票利益。13.5 百萬美元，公司將根據VIE經理的決定繼續擔任貸款組合的服務商。公司的投資被視爲重要的變量利益，但它沒有權力指導對VIE經濟績效影響最顯著的活動。因此，公司不被視爲該VIE的主要受益人，也不將該實體合併入公司的基本報表。公司的最大損失暴露僅限於其投資的賬面金額，並按照權益法進行覈算，反映在合併財務狀況表的其他資產中。由於預期索賠結算的基礎上，來自VIE貸款組合的預計現金流減少，可能會發生損失。公司在截至2024年9月30日的九個月內確認了大約$的權益法損失。500 千美元。截至2024年9月30日，該投資的賬面金額爲$9.4 百萬，剩餘壽命爲 4.5 年。截至2023年12月31日，該投資的賬面金額爲$10.6 百萬的所得稅收益。

損失或損失或可能損失

在正常業務過程中產生的損失或有爭議事項，包括索賠和法律訴訟，在損失可能發生且可以合理估計損失金額或區間時，記錄爲負債。管理層不認爲現在存在會對合並基本報表產生重大影響的事項。

重要會計政策概述

有關在隨附的未經審計的合併基本報表中使用重要估計的領域的討論，請參閱 "第一部分 - 第2項：管理層對財務狀況和經營成果的討論與分析 - 重要會計政策"。

​

8

目錄

新的會計公告

2023年11月，FASB發佈了會計標準更新（「ASU」）2023-07，「分部報告（主題280）：可報告分部披露的改進」，旨在改善可報告分部的披露要求，主要通過增強對重要分部費用的披露。此外，修訂增強了中期披露要求，明確了實體可以披露多個損益分部指標的情況，爲只有一個可報告分部的實體提供新的分部披露要求，幷包含其他披露要求。修訂的目的在於使投資者更好地理解實體的整體表現並評估潛在的未來現金流。在財務報表中，公共實體應追溯適用這些修訂至所有已披露的前期。過渡時，前期披露的分部費用類別和金額應基於在採用期間識別並披露的重要分部費用類別。這項ASU自2023年12月15日後開始的財政年度生效，並適用於2024年12月15日後開始的財政年度內的中期，允許提前採用。公司預計該標準對合並基本報表及相關披露不會產生重大影響。

2023年12月，FASB發佈了ASU 2023-09，「所得稅（主題740）：所得稅披露的改進」，旨在增強所得稅披露的透明度，主要涉及稅率調和和已支付所得稅信息。具體而言，這項ASU中的修訂要求披露：(i) 使用百分比和報告貨幣金額的表格調和，包含必須披露的規定類別，以及單獨披露和分解的調和項目，且其影響等於5%或更高，基於將繼續經營的稅前收入與適用法定稅率相乘得出的金額；(ii) 主要爲州和地方稅務影響（超過50%）所組成的州和地方管轄區的定性描述；以及(iii) 已支付的所得稅金額，扣除收到的退款，按聯邦、州和外國稅以及組成已支付總所得稅5%或更多的各個管轄區進行分解。該ASU還包括其他修訂，以提高所得稅披露的有效性。更新自2024年12月15日後開始的財政年度生效，允許提前採用。過渡方法爲前瞻性，允許使用追溯方法。公司目前正在評估對此披露的影響。

9

目錄

註釋 2 — 債務證券

下表總結了截至所示日期的主要證券類別：

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2024年9月30日

​

​

​

​

總計

​

總計

​

​

​

​

攤餘

​

未實現

​

未實現

​

公平

​

    

成本

    

收益

    

虧損

    

價值

​

​

(以千計)

可供出售的證券：

​

​

​

​

​

​

​

​

​

​

​

​

抵押貸款支持證券 – 機構

​

$

102,359

​

$

20

​

$

(13,416)

​

$

88,963

擔保抵押貸款義務（"CMOs"）– 機構

​

​

123,334

​

​

931

​

​

(1,768)

​

​

122,497

可供出售的總數

​

$

225,693

​

$

951

​

$

(15,184)

​

$

211,460

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

總計

​

總計

​

​

​

​

攤餘

​

未被確認

​

未被確認

​

公平

​

​

成本

    

收益

    

虧損

    

價值

​

​

(以千計)

到期持有的證券：

​

​

​

​

​

​

​

​

​

​

​

​

首席營銷官 – 代理機構

​

$

70,794

​

$

1

​

$

(5,685)

​

$

65,110

到期持有總額

​

$

70,794

​

$

1

​

$

(5,685)

​

$

65,110

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2023年12月31日

​

​

​

​

總計

​

總計

​

​

​

​

攤餘

​

未實現

​

未實現

​

公平

​

​

成本

    

收益

    

虧損

    

價值

​

​

(以千計)

可供出售的證券：

​

​

​

​

​

​

​

​

​

​

​

​

抵押貸款支持證券 – 機構

​

$

107,396

​

$

6

​

$

(16,392)

​

$

91,010

首席營銷官 - 機構

​

​

32,966

​

​

264

​

​

(2,133)

​

​

31,097

可供出售的總額

​

$

140,362

​

$

270

​

$

(18,525)

​

$

122,107

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

總計

​

總計

​

​

​

​

攤餘

​

未被確認

​

未被確認

​

公平

​

​

成本

    

收益

    

虧損

    

價值

​

​

(以千計)

到期持有的證券：

​

​

​

​

​

​

​

​

​

​

​

​

首席營銷官 – 代理機構

​

$

77,001

​

$

9

​

$

(7,894)

​

$

69,116

到期持有的總額

​

$

77,001

​

$

9

​

$

(7,894)

​

$

69,116

​

抵押貸款支持證券包括由FHLMC、FNMA或GNMA擔保的所有通過證書，CMOs由政府機構的通過證書支持。CMOs由於其所擁有的住宅抵押品或結構，通常是固定利率當前支付的連續證券或計劃攤銷類（"PACs"）。由於某些借款人有權請求提前償還某些債務，實際到期可能與合同到期有所不同，因此這些證券不被視爲具有單一的到期日期。

截至2024年11月14日，註冊人的普通股總共有 無 截至2024年和2023年9月30日的三個月和九個月內的證券銷售或購回。

截至2024年9月30日，公允價值爲$219.9 百萬美元的證券已質押給紐約聯邦住房貸款銀行（"FHLB"），用於總借款能力爲$204.9 百萬美元。截止到2023年12月31日，公允價值爲$131.5 百萬美元的證券已質押給FHLB，用於總借款能力爲$125.7 百萬。截至2024年9月30日和2023年12月31日，公司擁有 無 未償還的FHLB借款。

10

目錄

截至2024年9月30日，公允價值爲$的證券被質押給紐約聯邦儲備銀行（「FRB」）以獲得總借款能力爲$的額度。56.7 百萬美元。54.9 截至2023年12月31日，公允價值爲$的證券被質押給FRB以獲得總借款能力爲$的額度。59.7 百萬美元。58.0 截至2024年9月30日和2023年12月31日，公司有 無 未償還的FRB借款。

下表提供了按投資類別和個別證券處於持續未實現或未確認虧損狀態的時間長度彙總的總未實現和未確認損失及公允價值：

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2024年9月30日

​

​

少於12個月

​

12個月或更長

​

總計

​

    

公平
價值

    

總計
未實現
虧損

    

公平
價值

    

總計
未實現
虧損

    

公平
價值

    

總計
未實現
虧損

​

​

(以千計)

可供出售的證券：

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

抵押貸款支持證券 - 機構

​

$

4,873

​

$

(28)

​

$

82,456

​

$

(13,388)

​

$

87,329

​

$

(13,416)

首席營銷官 – 代理機構

​

​

35,846

​

​

(113)

​

​

11,566

​

​

(1,655)

​

​

47,412

​

​

(1,768)

可供出售總額

​

$

40,719

​

$

(141)

​

$

94,022

​

$

(15,043)

​

$

134,741

​

$

(15,184)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

少於12個月

​

12個月或更長

​

總計

​

    

公平
價值

    

總計
未被確認
虧損

    

公平
價值

    

總計
未被確認
虧損

    

公平
價值

    

總計
未被確認
虧損

​

​

(以千計)

到期持有的證券：

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

CMOs – 機構

​

$

—

​

$

—

​

$

60,370

​

$

(5,685)

​

$

60,370

​

$

(5,685)

到期持有總額

​

$

—

​

$

—

​

$

60,370

​

$

(5,685)

​

$

60,370

​

$

(5,685)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2023年12月31日

​

​

少於12個月

​

12個月或更長時間

​

總計

​

​

公平
價值

    

總計
未實現
虧損

    

公平
價值

    

總計
未實現
虧損

    

公平
價值

    

總計
未實現
虧損

​

​

(以千計)

可供出售的證券：

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

抵押貸款支持證券 - 代理

​

$

3,143

​

$

(17)

​

$

86,082

​

$

(16,375)

​

$

89,225

​

$

(16,392)

首席市場官 – 代理

​

​

—

​

​

—

​

​

13,176

​

​

(2,133)

​

​

13,176

​

​

(2,133)

可供出售的總額

​

$

3,143

​

$

(17)

​

$

99,258

​

$

(18,508)

​

$

102,401

​

$

(18,525)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

少於12個月

​

12個月或更長時間

​

總計

​

    

公平
價值

    

總計
未被確認
虧損

    

公平
價值

    

總計
未被確認
虧損

    

公平
價值

    

總計
未被確認
虧損

​

​

(以千計)

到期持有的證券：

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

CMOs – 代理機構

​

$

—

​

$

—

​

$

63,739

​

$

(7,894)

​

$

63,739

​

$

(7,894)

到期持有的總額

​

$

—

​

$

—

​

$

63,739

​

$

(7,894)

​

$

63,739

​

$

(7,894)

​

管理層評估可供出售證券在未實現損失中是否由於信用相關因素導致減值。由於公允價值的下降是由於利率變化而非信用質量，並且公司沒有出售這些證券的意圖，且在預期回收之前不太可能被要求出售這些證券，因此公司不認爲截至2024年9月30日的這些證券是減值的。

11

目錄

截至2024年9月30日和2023年12月31日， 截至2024年9月30日和2023年12月31日，未發行。 公司的可供出售證券因信用原因處於未實現虧損狀態，因此 無 可供出售證券的信用損失準備是必須的。此外，由於截止到2024年9月30日和2023年12月31日的高信用質量組成，包括來自政府資助機構的發行，因此對到期投資的證券沒有信用損失準備。

截至2024年9月30日，證券的應計利息應收總額爲$913 千美元和$515 截至2023年12月31日的千元，包含在合併財務狀況表的應收利息中，並從上述表格的攤餘成本和估計公允價值中排除。

註釋3 — 貸款

貸款按類別的組成總結如下：

​

​

​

​

​

​

​

​

​

​

2023年9月30日，

​

截至12月31日，

​

​

2024

​

2023

​

​

（單位：千）

房地產業：

 

​

  

​

​

  

多戶住宅

​

$

350,857

​

$

348,241

商業房地產

​

 

87,544

​

 

89,498

1 – 4家庭

​

​

14,749

​

​

17,937

房地產總計

​

 

453,150

​

 

455,676

商業

​

 

825,439

​

 

737,914

消費

​

 

18,874

​

 

14,491

投資持有的總貸款

​

​

1,297,463

​

​

1,208,081

遞延費用和未賺取的保費，淨額

​

 

(20)

​

 

(668)

信用損失準備

​

 

(19,451)

​

 

(16,631)

持有投資的貸款，淨額

​

$

1,277,992

​

$

1,190,782

​

以下表格呈現截至2024年9月30日和2023年9月30日的各類別信貸損失準備的活動情況：

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

商業

    

​

    

​

    

​

    

​

​

    

多戶住宅

​

房地產業

​

1‑4 家庭

​

商業

​

消費

​

總計

​

​

(以千計)

2024年9月30日

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

信貸損失準備金：

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

期初餘額

​

$

3,403

​

$

744

​

$

55

​

$

13,535

​

$

784

​

$

18,521

貸款損失準備（信用）

​

​

(4)

​

​

(33)

​

​

(1)

​

​

1,154

​

​

(116)

​

​

1,000

回收

​

​

—

​

​

—

​

​

—

​

​

—

​

​

1

​

​

1

已沖銷貸款

​

​

—

​

​

—

​

​

—

​

​

—

​

​

(71)

​

​

(71)

總結餘允許餘額

​

$

3,399

​

$

711

​

$

54

​

$

14,689

​

$

598

​

$

19,451

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2023年9月30日

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

信貸損失準備金：

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

期初餘額

​

$

2,423

​

$

867

​

$

65

​

$

10,566

​

$

258

​

$

14,179

貸款損失準備（信用）

​

​

652

​

​

(23)

​

​

(2)

​

​

462

​

​

111

​

​

1,200

回收

​

​

—

​

​

—

​

​

—

​

​

—

​

​

12

​

​

12

已沖銷貸款

​

​

—

​

​

—

​

​

—

​

​

—

​

​

(63)

​

​

(63)

總的期末補助餘額

​

$

3,075

​

$

844

​

$

63

​

$

11,028

​

$

318

​

$

15,328

​

​

​

12

目錄

下表展示了截至2024年9月30日和2023年9月30日的各類別信用損失準備活動：

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

商業

    

​

    

​

    

​

    

​

​

    

多戶住宅

​

房地產業

​

1‑4 家庭

​

商業

​

消費

​

總計

​

​

(以千計)

2024年9月30日

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

信貸損失準備金：

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

期初餘額

​

$

3,236

​

$

823

​

$

58

​

$

12,056

​

$

458

​

$

16,631

貸款損失準備（信用）

​

​

163

​

​

(112)

​

​

(4)

​

​

2,633

​

​

320

​

​

3,000

回收

​

​

—

​

​

—

​

​

—

​

​

—

​

​

25

​

​

25

已沖銷貸款

​

​

—

​

​

—

​

​

—

​

​

—

​

​

(205)

​

​

(205)

總的期末津貼餘額

​

$

3,399

​

$

711

​

$

54

​

$

14,689

​

$

598

​

$

19,451

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2023年9月30日

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

信貸損失準備金：

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

在採用CECL標準之前的初始餘額

​

$

2,017

​

$

1,022

​

$

192

​

$

8,645

​

$

347

​

$

12,223

採用CECL標準的影響

​

​

8

​

​

(109)

​

​

(131)

​

​

514

​

​

1

​

​

283

貸款損失準備（信用）

​

​

1,050

​

​

(69)

​

​

2

​

​

1,874

​

​

168

​

​

3,025

回收

​

​

—

​

​

—

​

​

—

​

​

—

​

​

28

​

​

28

已沖銷貸款

​

​

—

​

​

—

​

​

—

​

​

(5)

​

​

(226)

​

​

(231)

總的期末餘額

​

$

3,075

​

$

844

​

$

63

​

$

11,028

​

$

318

​

$

15,328

​

截至2024年9月30日和2023年12月31日，存在一筆由房地產業擔保的多家庭控制項依賴貸款，總額爲$10.9 百萬，合併財務狀況報表上沒有相關的特定準備金。

以下表格顯示截至2024年9月30日和2023年12月31日，按貸款類別記錄的逾期貸款投資的老化情況：

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total Past

​

​

​

​

​

​

​

​

30-59

​

60-89

​

90天

​

​

​

​

由於 &

​

​

​

​

​

​

​

​

天數

​

天數

​

或更多

​

非應計

​

非應計

​

貸款未

​

​

​

​

    

過期

    

過期

    

過期

    

貸款

    

貸款

    

逾期

    

總計

​

​

(以千計)

2024年9月30日

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

多戶住宅

​

$

—

​

$

—

​

$

—

​

$

10,940

​

$

10,940

​

$

339,917

​

$

350,857

商業房地產

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

87,544

​

​

87,544

1 – 4 家庭

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

14,749

​

​

14,749

商業

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

825,439

​

​

825,439

消費

​

​

46

​

​

51

​

​

88

​

​

—

​

​

185

​

​

18,689

​

​

18,874

總計

​

$

46

​

$

51

​

$

88

​

$

10,940

​

$

11,125

​

$

1,286,338

​

$

1,297,463

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total Past

​

​

​

​

​

​

​

​

30-59

​

60-89

​

90天

​

​

​

​

到期和

​

​

​

​

​

​

​

​

天數

​

天數

​

或更多

​

非應計

​

非應計

​

貸款不

​

​

​

​

    

逾期

    

逾期

    

逾期

    

貸款

    

貸款

    

逾期

    

總計

​

​

(以千計)

2023年12月31日

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

多戶住宅

​

$

—

​

$

—

​

$

—

​

$

10,940

​

$

10,940

​

$

337,301

​

$

348,241

商業房地產

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

89,498

​

​

89,498

1-4家庭

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

17,937

​

​

17,937

商業

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

737,914

​

​

737,914

消費

​

​

24

​

​

41

​

​

69

​

​

—

​

​

134

​

​

14,357

​

​

14,491

總計

​

$

24

​

$

41

​

$

69

​

$

10,940

​

$

11,074

​

$

1,197,007

​

$

1,208,081

​

13

目錄

信用質量因數

公司根據借款人償還債務能力的相關信息將貸款分類爲風險類別，例如：當前財務信息、歷史還款經驗、信用文件、公開信息和當前經濟趨勢等其他因素。公司通過將貸款分類爲信用風險對單個貸款進行分析。每當授予、續期或修改信用時，或在發生可觀察事件表明信用質量可能下降時，都會進行此分析，並且對於大額貸款每年至少進行一次。

公司對風險評級使用以下定義：

特別關注 - 被分類爲特別關注的貸款存在潛在弱點，值得管理層密切關注。如果不加以糾正，這些潛在弱點可能導致貸款的還款前景或機構的信用狀況在未來某個時候惡化。

亞標準 - 被分類爲不合格的貸款在當前淨資產和債務人或所抵押的擔保物（如有）還款能力方面保護不足。被如此分類的貸款存在明確的弱點，這些弱點危及債務的清償。如果不糾正這些缺陷，機構將面臨一定的損失的明確可能性。

疑似被歸類爲可疑的貸款具有被歸類爲次級貸款的所有固有缺陷，另外還具有這樣一個特徵，即根據當前存在的事實、條件和價值，缺陷使得完全收回或清算變得高度不確定和不太可能。

不符合上述標準的貸款，在上述描述的過程中單獨分析後，被視爲通過評級的貸款。

​

14

目錄

以下是截至所示期間的貸款信用風險概況摘要，按內部分配的等級進行測量，年份代表非循環貸款的發放年份：

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2024年9月30日

​

2024

​

2023

​

2022

​

2021

​

2020

​

2019年及之前

​

循環

​

循環期限

​

總計

​

(以千計)

多家庭：

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

通過

$

18,530

​

$

104,998

​

$

26,793

​

$

108,155

​

$

23,127

​

$

58,481

​

$

—

​

$

—

​

$

340,084

特別關注

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

亞標準

​

—

​

​

—

​

​

—

​

​

—

​

​

10,940

​

​

—

​

​

—

​

​

—

​

​

10,940

疑似

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

總計

​

18,530

​

​

104,998

​

​

26,793

​

​

108,155

​

​

34,067

​

​

58,481

​

​

—

​

​

—

​

​

351,024

當前期間的總沖銷

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

商業房地產：

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

通過

​

—

​

​

3,089

​

​

57,880

​

​

10,378

​

​

1,725

​

​

14,413

​

​

—

​

​

—

​

​

87,485

特別關注

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

亞標準

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

疑似

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

總計

​

—

​

​

3,089

​

​

57,880

​

​

10,378

​

​

1,725

​

​

14,413

​

​

—

​

​

—

​

​

87,485

當前期間的總沖銷

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

1-4家庭：

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

通過

​

—

​

​

—

​

​

1,832

​

​

—

​

​

—

​

​

12,920

​

​

—

​

​

—

​

​

14,752

特別關注

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

亞標準

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

疑似

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

總計

​

—

​

​

—

​

​

1,832

​

​

—

​

​

—

​

​

12,920

​

​

—

​

​

—

​

​

14,752

當前期間的總沖銷

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

商業：

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

通過

​

49,828

​

​

41,763

​

​

18,588

​

​

2,873

​

​

310

​

​

397

​

​

704,258

​

​

3,292

​

​

821,309

特別關注

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

3,987

​

​

—

​

​

3,987

亞標準

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

疑似

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

總計

​

49,828

​

​

41,763

​

​

18,588

​

​

2,873

​

​

310

​

​

397

​

​

708,245

​

​

3,292

​

​

825,296

當前期間的總沖銷

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

消費:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

通過

​

1,614

​

​

4,337

​

​

3,040

​

​

—

​

​

296

​

​

1,021

​

​

8,578

​

​

—

​

​

18,886

特別關注

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

亞標準

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

疑似

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

總計

​

1,614

​

​

4,337

​

​

3,040

​

​

—

​

​

296

​

​

1,021

​

​

8,578

​

​

—

​

​

18,886

當前期間的總沖銷

​

—

​

​

38

​

​

167

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

205

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

總計：

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

通過

​

69,972

​

​

154,187

​

​

108,133

​

​

121,406

​

​

25,458

​

​

87,232

​

​

712,836

​

​

3,292

​

​

1,282,516

特別關注

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

3,987

​

​

—

​

​

3,987

亞標準

​

—

​

​

—

​

​

—

​

​

—

​

​

10,940

​

​

—

​

​

—

​

​

—

​

​

10,940

疑似

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

總貸款

$

69,972

​

$

154,187

​

$

108,133

​

$

121,406

​

$

36,398

​

$

87,232

​

$

716,823

​

$

3,292

​

$

1,297,443

當前期間總的毛額減值

$

—

​

$

38

​

$

167

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

205

​

​

15

目錄

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2023年12月31日

​

2023

​

2022

​

2021

​

2020

​

2019

​

2018年及之前

​

循環

​

循環期限

​

總計

​

(以千計)

多家庭：

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

通過

$

105,175

​

$

29,116

​

$

109,919

​

$

23,512

​

$

22,155

​

$

47,566

​

$

—

​

$

—

​

$

337,443

特別關注

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

亞標準

​

—

​

​

—

​

​

—

​

​

10,940

​

​

—

​

​

—

​

​

—

​

​

—

​

​

10,940

疑似

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

總計

​

105,175

​

​

29,116

​

​

109,919

​

​

34,452

​

​

22,155

​

​

47,566

​

​

—

​

​

—

​

​

348,383

當前期間的總沖銷

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

商業房地產：

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

通過

​

3,401

​

​

58,552

​

​

10,560

​

​

1,757

​

​

5,651

​

​

9,515

​

​

—

​

​

—

​

​

89,436

特別關注

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

亞標準

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

疑似

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

總計

​

3,401

​

​

58,552

​

​

10,560

​

​

1,757

​

​

5,651

​

​

9,515

​

​

—

​

​

—

​

​

89,436

當前期間的總沖銷

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

1-4家庭：

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

通過

​

—

​

​

1,861

​

​

—

​

​

—

​

​

4,296

​

​

11,776

​

​

—

​

​

—

​

​

17,933

特別關注

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

亞標準

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

疑似

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

總計

​

—

​

​

1,861

​

​

—

​

​

—

​

​

4,296

​

​

11,776

​

​

—

​

​

—

​

​

17,933

當前期間的總沖銷

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

商業：

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

通過

​

43,500

​

​

59,203

​

​

9,212

​

​

489

​

​

—

​

​

465

​

​

615,177

​

​

5,024

​

​

733,070

特別關注

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

3,988

​

​

—

​

​

3,988

亞標準

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

疑似

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

總計

​

43,500

​

​

59,203

​

​

9,212

​

​

489

​

​

—

​

​

465

​

​

619,165

​

​

5,024

​

​

737,058

當前期間的總沖銷

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

5

​

​

—

​

​

—

​

​

5

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

消費:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

通過

​

5,414

​

​

5,397

​

​

56

​

​

358

​

​

1,106

​

​

32

​

​

2,240

​

​

—

​

​

14,603

特別關注

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

亞標準

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

疑似

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

總計

​

5,414

​

​

5,397

​

​

56

​

​

358

​

​

1,106

​

​

32

​

​

2,240

​

​

—

​

​

14,603

當前期間的總沖銷

​

—

​

​

324

​

​

25

​

​

90

​

​

—

​

​

—

​

​

—

​

​

—

​

​

439

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

總計：

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

通過

​

157,490

​

​

154,129

​

​

129,747

​

​

26,116

​

​

33,208

​

​

69,354

​

​

617,417

​

​

5,024

​

​

1,192,485

特別關注

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

3,988

​

​

—

​

​

3,988

亞標準

​

—

​

​

—

​

​

—

​

​

10,940

​

​

—

​

​

—

​

​

—

​

​

—

​

​

10,940

疑似

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

總貸款

$

157,490

​

$

154,129

​

$

129,747

​

$

37,056

​

$

33,208

​

$

69,354

​

$

621,405

​

$

5,024

​

$

1,207,413

本期總的毛額沖銷

$

—

​

$

324

​

$

25

​

$

90

​

$

—

​

$

5

​

$

—

​

$

—

​

$

444

​

公司會考慮貸款組合的表現及其對信用損失準備金的影響。對於小額商業貸款和消費貸款類別，公司根據貸款的逾期狀態進行信用質量評估，該狀態之前已經展示過，並通過還款活動進行評估。

貸款修改

爲了判斷借款人是否遇到財務困難，會評估借款人在可預見的未來將會違約的概率，而不進行修改。在截止2024年和2023年9月30日的三個月和九個月期間，公司沒有修改任何貸款或承諾的條款，以減少利率、延長期限、免除本金或其他非微不足道的支付延遲來幫助經歷財務困難的借款人。

16

目錄

質押貸款

截至2024年9月30日，總額爲$的貸款294.3 百萬被質押給FHLB，用於總借款能力$的190.9 截至2023年12月31日，總額爲$的貸款222.4 百萬被質押給FHLB，用於總借款能力$的158.5 百萬的所得稅收益。

註釋 4 — 非利息收入

公司的營業收入交易大多數不受會計標準編纂（「ASC」）606《客戶合同收入》的限制，包括從金融工具中產生的收入，如貸款、信用證和投資證券。屬於ASC 606範圍內的營業收入活動的描述，呈現在合併收入報表中的非利息收入組成部分如下：

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

截至9月30日的三個月

​

截至9月30日的九個月

​

    

2024

    

2023

    

2024

    

2023

​

​

(以千計)

支付處理費用：

​

​

​

​

​

​

​

​

​

​

​

​

支付處理收入

​

$

4,999

​

$

5,400

​

$

15,239

​

$

16,250

ACH收入

​

​

170

​

​

221

​

​

548

​

​

648

總支付處理費用

​

​

5,169

​

​

5,621

​

​

15,787

​

​

16,898

客戶相關費用、服務收費和其他：

​

​

​

​

​

​

​

​

​

​

​

​

行政服務收入

​

​

658

​

​

619

​

​

2,024

​

​

1,887

權益投資的淨（損失）收益 (1)

​

​

—

​

​

(14)

​

​

—

​

​

4,013

其他

​

​

235

​

​

302

​

​

915

​

​

687

總客戶相關費用、服務費和其他

​

​

893

​

​

907

​

​

2,939

​

​

6,587

總非利息收入

​

$

6,062

​

$

6,528

​

$

18,726

​

$

23,485

(1)代表一個不在ASC 606範圍內的估值調整

公司在應用ASC 606中規定的營業收入指導原則時沒有做出重大判斷，這些判斷影響客戶上述合同的營業收入金額和時間的確定。

●支付處理收入 – 我們作爲收單銀行，通過第三方或獨立銷售組織（「ISO」）業務模型提供支付處理服務，我們代表商戶處理信用卡和借記卡交易。我們與公司、ISO和每個商戶之間簽署三方商戶協議。公司的履約義務是代表商戶清算和結算信用卡和借記卡交易。公司在每月底確認營業收入，一旦它彙總並計算出適用於每個ISO的所有收入和費用，這就是我們的履約義務。
●ACH收入 – 我們爲商戶和其他商業客戶提供ACH服務。與第三方簽訂的合同要求在其客戶的要求下處理ACH交易。費用是變量，基於特定月份內的成交量。我們的履約義務是代表客戶處理和結算ACH。在每個工作日，當交易（ACH文件）發送到FRB進行清算時，我們的責任得以滿足。營業收入是根據特定客戶在該月處理的總交易量確認的。
●行政服務收入 - 行政服務收入主要來源於合格結算基金（「QSFs」）的管理，該基金來自解決的大規模侵權和集體訴訟。我們與QSF的履約義務在法院批准的訂單中有詳細說明，包括確保資金投資於安全的投資工具，如美國國債和FDIC保險的產品。我們在適當工具中放置這些資金的費用是在一個月內賺取的，代表公司滿足履約義務的期間。

17

目錄

●其他 – 其他類別包括存款賬戶上的服務收費、借記卡費用、資產管理費用以及某些貸款相關費用的營業收入，這些營業收入在履行義務時予以確認。

註釋 5 — 股權支付計劃

公司根據股東批准的股權激勵計劃，向特定員工和董事發放激勵性和非法定股票期權以及限制性股票獎勵。這些以股票爲基礎的獎項由董事會的薪酬委員會授予。

根據這些計劃，期權的授予價格等於授予日期公司股票的公允價值。授予的期權在三年內歸屬， 五年 並具有 十年 合同條款。所有期權在控制權變更時（按計劃定義）提供加速歸屬。限制性股票在授予日按公允價值授予，通常按以下方式歸屬， 六年 在四年、五年和六年後有三次歸屬。限制性股票擁有與普通股票相同的投票權，未歸屬的限制性股東在歸屬前沒有權利獲得已累積的分紅派息。

每個期權授予的公允價值是在授予日使用閉式期權定價（布萊克-舒爾斯）模型進行估算的，模型使用下表中列出的假設。預期波動率基於同行波動率。公司利用同行數據來估算期權行使和歸屬後終止行爲。授予的期權預期期限基於同行數據，代表期權授予預計仍然有效的時間段，這考慮到期權不可轉讓。期權預期期限的無風險利率基於授予時生效的美國國債收益率曲線。

截至2024年11月14日，註冊人的普通股總共有 無 截至九月的三個月和九個月期間授予的股票期權 30, 2024 和 2023。

下表呈現截至2024年9月30日的九個月期間與期權相關的活動摘要：

​

​

​

​

​

​

​

​

​

​

    

截至2024年9月30日的九個月

​

​

​

​

​

​

​

加權

​

​

​

​

加權

​

平均

​

​

​

​

平均

​

剩餘

​

​

​

​

行使

​

合同的

​

    

選項

    

價格

    

壽命（年）

年初未決

 

639,519

​

$

20.76

 

  

授予

 

—

​

 

—

 

  

已行使

 

(48,048)

​

 

15.21

 

  

被註銷

 

(1,352)

​

 

42.99

 

  

已到期

 

—

​

 

—

 

  

期末未兌現

 

590,119

​

$

21.17

 

3.79

已歸屬或預計將歸屬

 

590,119

​

$

21.17

 

3.79

期末可行使

 

492,338

​

$

16.85

 

2.86

​

公司確認與期權相關的補償費用爲 $178 千和$165 截至2024年和2023年9月30日的三個月內爲千美元。公司確認了與期權相關的薪酬費用爲$546 千和$490 截至2024年和2023年9月30日的九個月內爲千美元。截至2024年9月30日，與未歸屬期權相關的未確認薪酬成本約爲$895 千美元，預計將在一個加權平均期間內確認 1.81年。到2024年9月30日，已發行、已歸屬或預計歸屬的期權的內在價值爲$26.0 百萬和$23.8 百萬美元，適用於可行使的期權，截止到2024年9月30日。

​

18

目錄

每個期間的股權期權行使相關信息如下：

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

截止三個月

​

截止九個月

​

​

2023年9月30日，

​

2023年9月30日，

​

    

2024

    

2023

    

2024

    

2023

​

​

(以千計)

行使期權的內在價值

​

$

1,658

​

$

476

​

$

2,035

​

$

806

從期權行使中收到的現金

​

​

188

​

​

50

​

​

361

​

​

103

期權行使的超額稅收利益

​

​

161

​

​

108

​

​

246

​

​

181

​

下表總結了截至2024年9月30日的九個月間與限制性股票相關的活動：

​

​

​

​

​

​

​

​

    

截至2024年9月30日的九個月

​

​

​

​

加權平均

​

​

​

​

授予日期

​

​

股份

​

公允價值

年初未決

 

514,935

 

$

32.44

授予

 

—

​

​

—

Vested

 

(20,503)

​

​

19.25

被註銷

 

(3,200)

​

​

46.06

期末未支付

 

491,232

 

$

32.90

​

公司確認與限制性股票相關的補償費用爲$755 千和$636 千，截止到2024年和2023年9月30日的三個月。公司確認與限制性股票相關的補償費用爲$2.3 百萬和$1.9 百萬，截止到2024年和2023年9月30日的九個月。截至2024年9月30日，有$9.7 與計劃下授予的非歸屬股份相關的未確認補償成本爲百萬。預計該成本將在加權平均期間內確認， 4.08 年。

注 6 — 每股收益

計算每股收益所用的因素如下：

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

截止三個月

​

截止九個月

​

​

2023年9月30日，

​

2023年9月30日，

​

    

2024

    

2023

    

2024

    

2023

​

​

(以千美元計算，除每股數據外)

基本：

​

​

​

​

​

​

​

​

​

​

​

​

凈利潤

​

$

11,360

​

$

9,837

​

$

31,905

​

$

31,129

加權平均流通股數

​

​

7,815,197

​

​

7,717,971

​

​

7,800,230

​

​

7,711,722

基本每股收益

​

$

1.45

​

$

1.27

​

$

4.09

​

$

4.04

​

​

​

​

​

​

​

​

​

​

​

​

​

攤薄：

​

​

​

​

​

​

​

​

​

​

​

​

凈利潤

​

$

11,360

​

$

9,837

​

$

31,905

​

$

31,129

基本每股收益的加權平均流通股數

​

​

7,815,197

​

​

7,717,971

​

​

7,800,230

​

​

7,711,722

增加：基於股份獎勵的稀釋效應

​

​

688,769

​

​

661,141

​

​

639,763

​

​

618,387

加權平均股份和潛在稀釋股份

​

​

8,503,966

​

​

8,379,112

​

​

8,439,993

​

​

8,330,109

攤薄後每股收益

​

$

1.34

​

$

1.17

​

$

3.78

​

$

3.74

​

基於股份的獎勵總計 44,156 和 49,496 的普通股股份在計算截至2024年9月30日的三個月及九個月的攤薄每普通股收益時未被考慮，因爲它們具有反稀釋特性。基於股份的獎勵總計 50,500 的普通股股份在計算截至2023年9月30日的三個月及九個月的攤薄每普通股收益時未被考慮，因爲它們具有反稀釋特性。

​

19

目錄

註釋 7 - 租賃

公司在綜合財務狀況表中確認其辦公室設施和零售分行的經營租賃支付的現值，作爲經營租賃資產和相應的租賃負債。這些經營租賃資產代表公司在租賃期限內使用基礎資產的權利，而租賃負債代表公司在租賃期限內支付租賃款項的義務。由於這些租賃沒有提供隱含利率，公司在租賃開始日期使用其增量借款利率，即在類似期限內以有擔保方式借款的利率，以判斷現值。

短期租賃支付，即原始期限爲12個月或更短的租賃，按照直線法在租賃期限內在綜合收入表中確認。某些租賃可能包括一個或多個續租期權的選項。續租期權的行使通常由公司自行決定，並在經營租賃負債中包含，前提是可以合理確定續租選項會被行使。某些房地產業租賃可能包含租賃和非租賃元件，例如公共區域維護費、房產稅和保險，這些通常單獨覈算，並不包括在租賃負債的計算中，因爲它們通常是可以分隔的。公司沒有轉租其任何租賃物業。公司不從任何相關方租賃物業。

截至2024年9月30日，使用權（"ROU"）租賃 資產 和相關租賃 負債 爲 $1.3 百萬和$1.6 百萬，截至2023年12月31日，ROU租賃 資產 及相關租賃 負債 爲 $1.7 百萬和$2.2 百萬，分別。使用權資產包含在其他資產中，相關的租賃負債包含在合併財務狀況表中的應計費用和其他負債中。

截至2024年9月30日，公司在若干不可取消的租賃下承擔義務，涉及某些房屋和設備。不可取消租賃協議下，截止2024年9月30日的最低年度租金承諾（不包括稅費和其他費用）總結如下：

​

​

​

​

​

​

​

​

經營租賃

​

​

​

負債

​

​

​

(以千計)

2024

​

$

198

2025

​

 

803

2026

​

 

754

2027

​

 

—

2028

​

 

—

此後

​

 

—

總運營租賃付款

​

​

1,755

減：利息

​

​

107

經營租賃負債的現值

​

$

1,648

​

除了上表外，截至2024年9月30日，公司還有一項額外的未來經營租賃承諾，金額爲$2.6 百萬，該承諾已簽署但尚未開始。該經營租賃將於2024年第四季度開始，租期爲 10 年。

​

​

​

​

​

​

​

​

​

​

​

2023年9月30日，

​

​

​

2024

​

2023

​

加權平均剩餘租賃期限

​

​

2.17

年

​

3.17

年

加權平均折現率

​

​

3.29

%

​

3.30

%

​

​

​

20

目錄

總租賃成本的元件如下：

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

截止三個月

​

​

截止九個月

​

    

2023年9月30日，

​

​

2023年9月30日，

​

​

2024

​

2023

​

​

2024

​

2023

​

​

(以千計)

運營租賃成本

​

$

158

​

$

158

​

​

$

473

​

$

473

短期租賃成本

​

​

34

​

​

55

​

​

​

93

​

​

176

總租賃成本

​

$

192

​

$

213

​

​

$

566

​

$

649

​

​

​

​

​

​

​

​

​

​

​

​

​

​

爲經營租賃支付的現金

​

$

232

​

$

237

​

​

$

679

​

$

673

​

​

註釋 8 — 公允價值計量

公允價值是指在計量日期，市場參與者之間有序交易中，在資產或負債的主要或最有利市場上，爲資產獲得的價格或爲轉移負債支付的價格（退出價格）。可以使用三種輸入級別來測量公允價值。

一級 – 在計量日期實體能夠訪問的活躍市場中，相同資產或負債的報價（未經調整）價格。

二級 – 除了一級價格外的顯著可觀察輸入，例如類似資產或負債的報價價格；在不活躍市場中的報價價格；或其他可觀察或可通過可觀察市場數據證實的輸入。

第三級– 重要的不可觀察輸入，反映了公司對市場參與者在定價資產或負債時所使用假設的假設。

對於沒有報價的可供出售證券，公允價值是基於類似證券的市場價格計算的（第2等級）。

定期以公允價值計量的資產和負債總結如下：

​

​

​

​

​

​

​

​

​

​

​

​

​

公允價值測量使用

​

​

報價
在活躍市場中
市場
 相同資產

​

顯著
其他
可觀察的
輸入

​

顯著
不可觀察
輸入

​

    

(等級 1)

    

(等級 2)

    

(三級)

​

​

(以千計)

2024年9月30日

​

​

​

​

​

​

​

​

​

資產

​

​

​

​

​

​

​

​

​

可供出售的證券

​

​

​

​

​

​

​

​

​

抵押貸款支持證券 – 機構

​

$

—

​

$

88,963

​

$

—

CMOs – 代理機構

​

​

—

​

​

122,497

​

​

—

可供出售的總計

​

$

—

​

$

211,460

​

$

—

​

​

​

​

​

​

​

​

​

​

2023年12月31日

​

​

​

​

​

​

​

​

​

資產

​

​

​

​

​

​

​

​

​

可供出售的證券

​

​

​

​

​

​

​

​

​

抵押貸款支持證券 – 機構

​

$

—

​

$

91,010

​

$

—

CMO - 代理

​

​

—

​

​

31,097

​

​

—

可供出售的資產總額

​

$

—

​

$

122,107

​

$

—

​

21

Table of Contents

There were no transfers between Level 1 and Level 2 during the three and nine months ended September 30, 2024 and 2023.

The following tables present the carrying amounts and fair values (represents exit price) of financial instruments not carried at fair value at September 30, 2024 and December 31, 2023:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurement at September 30, 2024, Using:

​

​

Carrying

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Value

    

(Level 1)

    

(Level 2)

    

(Level 3)

    

Total

​

​

(In thousands)

Financial Assets:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cash and cash equivalents

​

$

147,663

​

$

147,663

​

$

—

​

$

—

​

$

147,663

Securities, held-to-maturity

​

​

70,794

​

​

—

​

​

65,110

​

​

—

​

​

65,110

Securities, restricted, at cost

​

​

3,034

​

​

N/A

​

​

N/A

​

​

N/A

​

​

N/A

Loans held for investment, net

​

​

1,277,992

​

​

—

​

​

—

​

​

1,256,389

​

​

1,256,389

Accrued interest receivable

​

​

9,712

​

​

—

​

​

1,081

​

​

8,631

​

​

9,712

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Financial Liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Time deposits

​

​

14,145

​

​

—

​

​

14,145

​

​

—

​

​

14,145

Demand and other deposits

​

​

1,522,250

​

​

1,522,250

​

​

—

​

​

—

​

​

1,522,250

Secured borrowings

​

​

43

​

​

—

​

​

—

​

​

43

​

​

43

Accrued interest payable

​

​

3

​

​

—

​

​

3

​

​

—

​

​

3

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurement at December 31, 2023, Using:

​

​

Carrying

​

​

​

​

​

​

    

Value

    

(Level 1)

    

(Level 2)

    

    (Level 3)    

    

Total

​

​

(In thousands)

Financial Assets:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cash and cash equivalents

​

$

165,209

​

$

165,209

​

$

—

​

$

—

​

$

165,209

Securities, held-to-maturity

​

​

77,001

​

​

—

​

​

69,116

​

​

—

​

​

69,116

Securities, restricted, at cost

​

​

2,928

​

​

N/A

​

​

N/A

​

​

N/A

​

​

N/A

Loans held for investment, net

​

​

1,190,782

​

​

—

​

​

—

​

​

1,172,226

​

​

1,172,226

Accrued interest receivable

​

​

9,130

​

​

—

​

​

579

​

​

8,551

​

​

9,130

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Financial Liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Time deposits

​

​

7,761

​

​

—

​

​

7,647

​

​

—

​

​

7,647

Demand and other deposits

​

​

1,399,538

​

​

1,399,538

​

​

—

​

​

—

​

​

1,399,538

Secured borrowings

​

​

44

​

​

—

​

​

—

​

​

44

​

​

44

Accrued interest payable

​

​

11

​

​

—

​

​

11

​

​

—

​

​

11

​

​

22

Table of Contents

NOTE 9 — Accumulated Other Comprehensive Loss

The following presents changes in accumulated other comprehensive loss by component, net of tax, for the three and nine months ended September 30, 2024 and 2023:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Nine Months Ended

​

​

September 30, 

​

​

2024

    

2023

    

2024

    

2023

​

    

(In thousands)

Unrealized (Losses) Gains on Securities Available-for-Sale

​

​

​

​

​

​

​

​

​

​

​

​

Beginning balance

​

$

(14,241)

​

$

(14,442)

​

$

(13,235)

​

$

(15,117)

Other comprehensive income (loss) before reclassifications, net of tax

​

​

3,922

​

​

(2,959)

​

​

2,916

​

​

(2,284)

Net current period other comprehensive income (loss)

​

​

3,922

​

​

(2,959)

​

​

2,916

​

​

(2,284)

Ending balance

​

$

(10,319)

​

$

(17,401)

​

$

(10,319)

​

$

(17,401)

​

There were no reclassifications out of accumulated other comprehensive loss for the three and nine months ended September 30, 2024 and 2023.

​

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Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations

General

Management’s discussion and analysis of financial condition at September 30, 2024 and December 31, 2023 and results of operations for the three and nine months ended September 30, 2024 and 2023 is intended to assist in understanding the financial condition and results of operations of Esquire Financial Holdings, Inc. The information contained in this section should be read in conjunction with the unaudited Consolidated Financial Statements and the notes thereto appearing in Part I, Item 1, of this quarterly report on Form 10-Q and the audited Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

Cautionary Note Regarding Forward-Looking Statements

This quarterly report contains forward-looking statements, which can be identified by the use of words such as “may,” “might,” “should,” “could,” “predict,” “potential,” “believe,” “expect,” “attribute,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,” “goal,” “target,” “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 include, but are not limited to:

●statements of our goals, intentions and expectations;
●statements regarding our business plans, prospects, growth and operating strategies;
●statements regarding the quality of our loan and investment portfolios; and
●estimates of our risks and future costs and benefits.

These forward-looking statements are based on our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. We are under no duty to and do not take any obligation to update any forward-looking statements after the date of this quarterly report.

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 market area;
●risks related to a high concentration of loans and deposits dependent upon the legal and “litigation” market;
●the impact of any potential strategic transactions;
●unexpected outflows of uninsured deposits could require us to sell investment securities at a loss;
●our ability to enter new markets successfully and capitalize on growth opportunities;

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●significant increases in our credit losses, including as a result of our inability to resolve classified and nonperforming assets or reduce risks associated with our loans, and management’s assumptions in determining the adequacy of the allowance for credit losses;
●interest rate fluctuations, which could have an adverse effect on our profitability;
●external economic and/or market factors, such as changes in monetary and fiscal policies and laws, including the interest rate policies of the Board of Governors of the Federal Reserve System (“FRB”), inflation or deflation, changes in the demand for loans, and fluctuations in consumer spending, borrowing and savings habits, which may have an adverse impact on our financial condition;
●continued or increasing competition from other financial institutions, credit unions, and non-bank financial services companies, many of which are subject to different regulations than we are;
●credit risks of lending activities, including changes in the level and trend of loan delinquencies and write-offs and in our allowance for credit losses and provision for credit losses;
●our success in increasing our legal and “litigation” market lending;
●our ability to attract and maintain deposits and our success in introducing new financial products;
●losses suffered by merchants or Independent Sales Organizations (“ISOs”) with whom we do business;
●our ability to effectively manage risks related to our payment processing business;
●changes in interest rates generally, including changes in the relative differences between short-term and long-term interest rates and in deposit interest rates, that may affect our net interest margin and funding sources;
●fluctuations in the demand for loans;
●technological changes that may be more difficult or expensive than expected;
●changes in consumer spending, borrowing and savings habits;
●declines in our payment processing income as a result of reduced demand, competition and changes in laws or government regulations or policies affecting financial institutions, which could result in, among other things, increased deposit insurance premiums and assessments, capital requirements, regulatory fees and compliance costs;
●changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards Board (“FASB”), the Securities and Exchange Commission or the Public Company Accounting Oversight Board;
●loan delinquencies and changes in the underlying cash flows of our borrowers;
●the impairment of our investment securities;
●our ability to control costs and expenses;
●the failure or security breaches of computer systems on which we depend;

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●acts of war, terrorism, natural disasters, global market disruptions, including global pandemics or political instability;
●the effects of any federal government shutdown;
●competition and innovation with respect to financial products and services by banks, financial institutions and non-traditional providers, including retail businesses and technology companies;
●changes in our organization and management and our ability to retain or expand our management team and our board of directors, as necessary;
●the costs and effects of legal, compliance and regulatory actions, changes and developments, including the initiation and resolution of legal proceedings, regulatory or other governmental inquiries or investigations, and/or the results of regulatory examinations and reviews;
●the ability of key third-party service providers to perform their obligations to us; and
●other economic, competitive, governmental, regulatory and operational factors affecting our operations, pricing, products and services described elsewhere in this Quarterly Report on Form 10-Q.

The foregoing factors should not be construed as exhaustive and should be read in conjunction with other cautionary statements that are included in our Annual Report on Form 10-K for the year ended December 31, 2023, as supplemented by subsequent Quarterly Reports on Form 10-Q. If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and we do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. New risks and uncertainties arise from time to time, and it is not possible for us to predict those events or how they may affect us. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

Critical Accounting Estimates

A summary of our significant accounting policies is described in Note 1 to the Consolidated Financial Statements included in our annual report. Critical accounting estimates are necessary in the application of certain accounting policies and procedures and are particularly susceptible to significant change. Critical accounting policies are defined as those involving significant judgments and assumptions by management that could have a material impact on the carrying value of certain assets or on income under different assumptions or conditions. Management believes that the most critical accounting policies, which involve the most complex or subjective decisions or assessments, are as follows:

Allowance for Credit Losses.  Management considers the accounting policy relating to the allowance for credit losses to be a critical accounting policy given the inherent subjectivity and uncertainty in estimating the levels of the allowance required to cover credit losses in the portfolio and the material effect that such judgments can have on the results of operations. See Note 1 “Business and Summary of Significant Accounting Policies” in our annual report for discussion of our allowance for credit losses policy.

On January 1, 2023, we adopted the CECL Standard. The Company is required under the CECL Standard to estimate and record lifetime credit losses expected to be incurred on such financial instruments over the entire contractual term at the time they are recorded in the financial statements, such as with the funding or purchasing of a loan, or a commitment to lend unless the commitment is unconditionally cancellable. Because this allowance methodology follows a forward-looking lifetime expected loss approach, it is not necessary for a loss event to have been incurred before a credit loss is recognized.  The estimation process in determining an appropriate level for the allowance for credit losses requires

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consideration of past events, current conditions, and reasonable and supportable forecasts, and involves a significant degree of management judgment. The Company determines the allowance for credit losses using methods it believes are appropriate given the characteristics of each loan portfolio and applies these methods consistently over time.  

The Company employs a static pool methodology for all loan segments. In a static pool approach, statistical information about a pool of loans originated during a specified period is tracked over its life (including losses, delinquencies, and prepayments). In general, this methodology operates by calculating a rate representing the current balance expected to not be collected for each pool. This loss rate is then applied against the current portfolio loans with similar characteristics of those established in the pool.

In accordance with the CECL Standard, the Company must estimate expected credit losses over the contractual term of a loan, adjusted for expected prepayments.  In estimating the life of a loan, the Company cannot extend the contractual term of a loan for expected extensions, renewals, and modifications, unless there is a borrower-held extension or renewal option that is not unconditionally cancelable. In developing the estimate of expected credit losses, the Company must reflect information about past events, current conditions, and reasonable and supportable forecasts. This information should include what is reasonably available without undue cost and effort and may include information sourced internally, externally, or a combination of both.

The estimation of expected credit losses requires the use of forward-looking information that is both reasonable and supportable, including information that relates to economic forecasts and how those forecasts are expected to impact expected future losses. The Company incorporates reasonable and supportable forecasts as qualitative adjustments applied to the historical loss rates over the reasonable and supportable forecast period. The CECL Standard does not require a specific method for developing economic forecasts, nor does it require a specific timeframe over which a reasonable and supportable forecast should be employed in the Company’s CECL model. While the Company is not precluded from utilizing economic forecasts over the entire contractual term of a loan, the Company utilizes forecasts it believes are reasonable and supportable. The Company considers its methodologies to determine reasonable and supportable forecasts and reversion techniques to be accounting estimates rather than accounting policies or principles. For periods beyond which the Company is unable to determine a reasonable and supportable forecast, it will revert to unadjusted historical loss information in accordance with the CECL Standard. Management assesses the sensitivity of key assumptions by stressing the quantitative inputs utilized in its economic forecasts. This sensitivity analysis provides management with a hypothetical result to assess the sensitivity of our allowance for credit losses to a change in a key quantitative input.

Qualitative factors are used to supplement the static pool methodology to determine total estimated expected credit losses during a given period. Because the static pool methodology estimates losses based on historical loss information, management utilizes qualitative factors to measure expected credit losses which are not sufficiently captured within the static pool model during a given period.

On a quarterly basis, management determines the extent to which qualitative factors are used to bring the allowance for credit losses to a level deemed appropriate. These adjustments to the allowance for credit losses may be positive or negative to the quantitatively modeled results from the static pool methodology. Final qualitative adjustments to the allowance for credit losses are subject to management judgment.

The Company measures the allowance for credit losses on a collective basis by pooling loans according to similar risk characteristics. When a loan is deemed to no longer share risk characteristics similar to others in the portfolio, the Company evaluates such loans on an individual basis. Management may consider changes to a borrower’s circumstances impacting cash collections, delinquency and non-accrual status, probability of default, industry, or other facts and circumstances when determining whether a loan shares risk characteristics with other loans in a pool. For a loan that does not share risk characteristics with other loans in a pool and is not collateral dependent, expected credit loss is measured based on the discounted value of the expected future cash flows and the amortized cost of the loan. If an entity determines that foreclosure of the collateral is probable, the CECL Standard requires the entity to measure expected credit losses of collateral dependent loans based on the difference between the current fair value of the collateral and the amortized cost basis of the financial asset. As of September 30, 2024 and December 31, 2023, there was one multifamily loan totaling $10.9 million that was individually analyzed, collateral dependent and had no specific reserve on the Consolidated Statements of Financial Condition.

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When applying this critical accounting estimate, management’s inputs and estimates of the timing and amounts of future losses are subject to significant judgment as these projected cash flows rely upon factors that depend on current or expected future conditions. Management expects there to be differences between actual and estimated results.

Future changes to the allowance for credit losses may be necessary based on changes in economic, market, or other conditions. Changes to estimates could result in a material change in the allowance for credit losses and charges to provision for credit losses would materially decrease the Company’s net income. The Company’s loan portfolio may experience significant credit losses, which could have a material adverse effect on our operating results.

Overview

We are a financial holding company headquartered in Jericho, New York and registered under the Bank Holding Company Act of 1956, as amended. Through our wholly owned bank subsidiary, Esquire Bank, National Association (“Esquire Bank” or the “Bank”), we are a full service commercial bank dedicated to serving the financial needs of the legal and small business communities on a national basis, as well as commercial and retail customers in the New York metropolitan market. We offer tailored products and solutions to the legal community and their clients as well as dynamic and flexible payment processing solutions to small business owners, both on a national basis. We also offer traditional banking products for businesses and consumers in our local market area.

Our results of operations depend primarily on our net interest income which is the difference between the interest income we earn on our interest-earning assets and the interest we pay on our interest-bearing liabilities. Our results of operations also are affected by our provisions for credit losses, noninterest income and noninterest expense. Noninterest income currently consists primarily of payment processing income, administrative service payment fee income and customer related fees and charges. Noninterest expense currently consists primarily of employee compensation and benefits, data processing costs, occupancy and equipment costs and professional and consulting services. Our results of operations also may be affected significantly by general and local economic and competitive conditions, changes in market interest rates, governmental policies, the litigation market and actions of regulatory authorities.

The Company’s foundation for success has been our nationwide branchless litigation and payment processing verticals supported by our forward-thinking senior managers, outstanding client service teams, and inclusive corporate culture. The future of our success will be the ability to continue developing and embracing cutting-edge technology to significantly leverage these verticals, differentiating us from other technology enabled financial firms and creating the catalyst for industry leading growth and returns.

Litigation Market Commercial Banking. The litigation market has been and will continue to be a significant growth opportunity for our Company as we offer focused and tailored products and services to law firms nationally. According to the U.S. Chamber of Commerce Institute for Legal Reform (“Tort Costs in America – An Empirical Analysis of Costs and Compensation of U.S. Tort System”), published in November 2022, U.S. tort actions alone are estimated to consume approximately 2.1% of U.S. GDP annually, with a total addressable market (“TAM”) of $443 billion for 2020. We do not compete directly with non-bank finance companies, the primary funders in this market, and believe there are various and significant barriers to entry including, but not limited to, our clear industry track record for decades, extensive in-house experience, deep relationships with respected firms nationally, and unique products tailored to commercial law firms’ needs and wants.

We currently have lending clients in 30 states and our larger markets include the New York metro area, California, Texas, Florida, Pennsylvania, South Carolina and New Jersey. Our success is tied to our unique ability to couple traditional commercial underwriting with non-traditional asset-based underwriting. Our team understands law firms’ contingent case inventory valuation process (as well as traditional hourly billing firms). Typically, these inventories of claims for injured consumers or claimants have a duration of 2-3 years, significantly longer than traditional accounts receivables or inventories of goods that can have a duration of 30-60 days or 120 days, respectively. These factors (the unique industry, contingent collateral, longer durations of the law firms’ inventories, atypical revenue streams of the law firms and more) coupled with the TAM create a unique and valuable opportunity for the Company with minimal incumbent competition. This unique risk profile translates approximately into a blended 10% variable rate asset yield on these commercial loans for the quarter ended September 30, 2024. More importantly, since our commercial banking platform is focused on full

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service relationship banking, for every $1.00 we advance on these loans we receive on average $1.52 of low-cost (our cost-of-funds for the quarter ended September 30, 2024 is 88 basis points) core operating and escrow deposits from these law firms through our branchless platform, fueling and funding additional growth in our other asset classes. Our extremely low historic delinquency rates and low charge-off rates clearly demonstrate our strong underwriting process and expertise in this vertical. Our longer duration escrow or claimant trust settlement deposits represent accounts where the law firm is trustee for the claimant settlement funds and represent $828.9 million, or 54%, of total deposits. These law firm escrow accounts as well as other fiduciary deposit accounts are for the benefit of the law firm’s customers (or claimants) and are titled in a manner to ensure that the maximum amount of FDIC insurance coverage passes through the account to the beneficial owner of the funds held in the account. Therefore, these law firm escrow accounts carry FDIC insurance at the claimant settlement level, not at the deposit account level. Coupling these types of commercial relationships with our off-balance sheet commercial litigation funds of $488.0 million at September 30, 2024, makes this litigation vertical a highly desirable core low-cost funding platform fueling growth in other lending areas.

Other Commercial Banking. In addition to our Litigation Commercial Banking business, commercial loans are also originated to local small to mid-size businesses to provide short-term financing for inventory, receivables, the purchase of supplies, or other operating needs arising during the normal course of business and loans made to our qualified ISO payment processing customers. The balance of these loans totaled $97.7 million at September 30, 2024 and represented approximately 7.5% of our total loans.

Payment Processing. The payment processing (merchant acquiring) market has also been and will continue to be a significant growth opportunity for our company, as we offer focused and tailored products and services to small businesses nationally. The payment industry grew approximately 10% on a compound annual growth rate from 2019 to 2023 with payment volumes or TAM of $10.9 trillion according to company records on U.S. payment industry trends. Couple this with the fact that there are less than approximately 100 acquiring financial institutions in the U.S. and this vertical clearly represents a significant growth opportunity for our Company. We believe there are various and significant barriers to entry to this market including, but not limited to, our clear industry track record for decades, extensive in-house experience, deep relationships with non-bank acquirers, and our unique approach to servicing these small business merchants and their respective verticals. We use proprietary and industry leading technology to ensure card brand and regulatory compliance, support multiple processing platforms, manage daily risk across approximately 84,000 small business merchants in all 50 states, and perform commercial treasury clearing services for approximately $9 billion in credit and debit card processing volume across 152 million transactions in the quarter ended September 30, 2024.

Proprietary Technology. We are currently a branchless digital first company with best-in-class technology to fuel future growth with industry leading client retention rates. We have built a customized and fully integrated customer relationship management (“CRM”) platform, integrated into our digital marketing cloud and our nCino loan platform (all built on Salesforce for excellence in client service and operational efficiency) and invest in artificial intelligence (“AI”) to facilitate precision marketing and client acquisition across both national verticals with an initial focus on the litigation vertical.

The success of our national litigation and payment processing verticals coupled with our branchless technology has led to industry leading performance. For the quarter ended September 30, 2024, we have produced industry leading returns including, but not limited to, a return on average assets and average equity of 2.62% and 20.29%, respectively; an industry leading net interest margin of 6.16%; a strong efficiency ratio of 48.1%; and a diversified revenue stream as demonstrated by a strong net interest margin and stable fee income representing 19% of total revenue (our payment processing vertical has a compound annual growth rate of 19% since 2019). Coupling these performance metrics with strong balance sheet management including, but not limited to, loan portfolio diversification, an asset sensitive balance sheet with 64% of our loans being variable rate tied to prime, interest rate floors in place on 83% of our variable rate loan portfolio, solid credit metrics with limited nonperforming assets, a stable low cost deposit base, and strong available liquidity of $972.4 million, or 63% of deposits, with no outstanding borrowings ensures that our Company is poised for future growth and success.

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Comparison of Financial Condition at September 30, 2024 and December 31, 2023

Assets.  Our total assets were $1.78 billion at September 30, 2024, an increase of $165.6 million, or 10.2%, from $1.62 billion at December 31, 2023, due to growth in loans held for investment of $90.0 million, or 7.5%, and securities available-for-sale of $89.4 million, or 73.2%, partially offset by a decrease in cash and cash equivalents of $17.5 million, or 10.6%, as we deployed our strong liquidity into higher yielding commercial loans and agency securities.

Loan Portfolio Analysis. At September 30, 2024, loans, net of deferred fees and unearned premiums, were $1.30 billion, or 84.4% of total deposits, compared to $1.21 billion, or 85.8% of total deposits, at December 31, 2023. The growth in loans was primarily driven by net production in commercial loans, and to a lesser extent, consumer loans. Commercial loans increased $87.5 million, or 11.9%, to $825.4 million at September 30, 2024 from $737.9 million at December 31, 2023, driven by our litigation related loans. Consumer loans increased $4.4 million, or 30.2%, to $18.9 million at September 30, 2024 from $14.5 million at December 31, 2023.

Loan Portfolio Composition. The following table sets forth the composition of our loan portfolio by type of loan at the dates indicated:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 

​

​

December 31, 

​

​

​

2024

​

​

2023

​

​

    

Amount

    

Percent

    

​

Amount

    

Percent

    

​

​

(Dollars in thousands)

Real estate:

 

​

  

 

  

 

​

​

  

 

  

 

Multifamily

​

$

350,857

 

27.0

%  

​

$

348,241

 

28.8

%  

Commercial real estate

​

 

87,544

 

6.8

​

​

 

89,498

 

7.4

​

1 – 4 family

​

​

14,749

 

1.1

​

​

​

17,937

 

1.5

​

Total real estate

​

 

453,150

 

34.9

​

​

 

455,676

 

37.7

​

Commercial

​

 

825,439

 

63.6

​

​

 

737,914

 

61.1

​

Consumer

​

 

18,874

 

1.5

​

​

 

14,491

 

1.2

​

Total loans held for investment

​

$

1,297,463

 

100.0

%  

​

$

1,208,081

 

100.0

%  

Deferred loan fees and unearned premiums, net

​

 

(20)

 

  

​

​

 

(668)

 

  

​

Allowance for credit losses

​

 

(19,451)

 

  

​

​

 

(16,631)

 

  

​

Loans held for investment, net

​

$

1,277,992

 

  

​

​

$

1,190,782

 

  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

The following table sets forth the composition of our held for investment Litigation-Related Loan portfolio by type of loan at the dates indicated:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 

​

​

December 31, 

​

​

​

2024

​

​

2023

​

​

    

Amount

    

Percent

    

    

Amount

    

Percent

    

​

​

(Dollars in thousands)

Litigation-Related Loans:

​

​

​

​

​

​

​

​

​

​

​

​

Commercial Litigation-Related:

​

​

​

​

​

​

​

​

​

​

​

​

Working capital lines of credit

​

$

434,338

​

59.4

%

​

$

373,338

​

60.7

%

Case cost lines of credit

​

​

181,590

​

24.9

​

​

​

152,165

​

24.8

​

Term loans

​

​

111,821

​

15.3

​

​

​

86,954

​

14.1

​

Total Commercial Litigation-Related

​

​

727,749

​

99.6

​

​

​

612,457

​

99.6

​

Consumer Litigation-Related:

​

​

​

​

​

​

​

​

​

​

​

​

Post-settlement consumer loans

​

​

2,628

​

0.4

​

​

​

2,406

​

0.4

​

Structured settlement loans

​

​

1

​

—

​

​

​

16

​

—

​

Total Consumer Litigation-Related

​

​

2,629

​

0.4

​

​

​

2,422

​

0.4

​

Total Litigation-Related Loans

​

$

730,378

​

100.0

%

​

$

614,879

​

100.0

%

​

At September 30, 2024, our Litigation-Related loans, which include commercial loans to law firms and consumer lending to plaintiffs/claimants and attorneys, totaled $730.4 million, or 56.3% of our total loan portfolio, compared to

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$614.9 million, or 50.9% of our total loan portfolio at December 31, 2023. We remain focused on prudently growing our Litigation-Related loan portfolio as our regional Business Development Officers (“BDOs”) and related support staff continue to drive growth across our national commercial platform. We also had Commercial Litigation-Related committed and uncommitted undrawn lines of credit totaling $91.1 million and $577.3 million, respectively, at September 30, 2024.

Debt Securities Portfolio. Securities available-for-sale increased $89.4 million, or 73.2%, to $211.5 million at September 30, 2024 from $122.1 million at December 31, 2023, due to our current balance sheet management strategy of deploying funds in short duration agency mortgage-backed securities at peak market interest rates, while simultaneously moderating multifamily and commercial real estate (“CRE”) growth due to the current economic and interest rate environment. The increase was driven by purchases of $102.7 million, and unrealized gains of $4.0 million, partially offset by paydowns of $17.2 million. Securities held-to-maturity decreased $6.2 million, or 8.1%, to $70.8 million at September 30, 2024 from $77.0 million at December 31, 2023, driven by paydowns of $6.1 million and net premium amortization of $77 thousand.

Funding. Total deposits increased $129.1 million, or 9.2%, to $1.54 billion at September 30, 2024 from $1.41 billion at December 31, 2023. We continue to focus on the acquisition and expansion of core deposit relationships. Core deposits, which we define as total deposits excluding time deposits, totaled $1.52 billion at September 30, 2024, or 99.1% of total deposits, compared to $1.40 billion or 99.4% of total deposits at December 31, 2023. Litigation and payment processing deposits represent $1.27 billion, or 82.9%, of total deposits at September 30, 2024. Savings, NOW and money market deposits increased $56.6 million, or 6.1%, to $982.8 million at September 30, 2024.

Core commercial relationship banking clients in our two national verticals represent approximately 80% of our $1.54 billion deposit base at September 30, 2024. These relationship banking clients are derived from coupling lending facilities, payment processing, and other unique custodial banking needs with commercial cash management depository services. Our deposit strategy primarily focuses on developing full service commercial banking relationships with our clients through lending facilities, payment processing, and other unique commercial cash management services in our two national verticals, rather than competing with other institutions on rate. Our longer duration interest on lawyer trust accounts (“IOLTA”), escrow and claimant trust settlement deposits represent $828.9 million, or 54.0%, of total deposits. As of September 30, 2024, uninsured deposits were $458.9 million, or 30%, of our total deposits of $1.54 billion, excluding $10.6 million of affiliate deposits held by the Bank. Approximately 80% of our uninsured deposits represent clients with full relationship banking (loans, payment processing, and other service-oriented relationships) including, but not limited to, law firm operating accounts, law firm IOLTA/escrow accounts, merchant reserves, ISO reserves, ACH processing, and custodial accounts.

Due to the nature of our larger mass tort and class action settlements related to the litigation vertical, we participate in FDIC insured sweep programs as well as treasury secured money market funds. As of September 30, 2024, off-balance sheet sweep funds totaled approximately $488.0 million, of which approximately $356.5 million, or 73.1%, was available to be swept onto our balance sheet as reciprocal client relationship deposits. Our deposit growth and off-balance sheet funds continue to demonstrate our highly efficient branchless and technology enabled deposit platforms.

At September 30, 2024, we had the ability to borrow a total of $395.8 million from the Federal Home Loan Bank of New York. We also had an available line of credit with the Federal Reserve Bank of New York discount window of $54.9 million. No borrowing amounts were outstanding as of September 30, 2024. Historically, we have never leveraged our balance sheet to generate earnings and have always utilized core client deposits to fund our asset growth and related earnings.

Stockholders’ Equity. Total stockholders’ equity increased $34.0 million to $232.6 million at September 30, 2024, from $198.6 million at December 31, 2023, primarily due to net income of $31.9 million and decreases in other comprehensive losses of $2.9 million, as unrealized losses on our securities available-for-sale declined due to current short-term market interest rates, and amortization of share-based compensation of $2.9 million, partially offset by dividends declared to common stockholders of $3.7 million.

Asset Quality. Nonperforming assets consisted of one multifamily loan totaling $10.9 million as of September 30, 2024 and December 31, 2023. We had no exposure to commercial office space, no construction loans, and $14.8

31

Table of Contents

million in performing loans to the hospitality industry. The allowance for credit losses was $19.5 million, or 1.50% of total loans, as of September 30, 2024, as compared to $16.6 million, or 1.38% of total loans at December 31, 2023. The increase in the allowance as a percentage of loans was general reserve driven considering loan growth and qualitative factors associated with the current short-term interest rate environment as well as the current uncertain economic environment including, but not limited to, its potential impact on the New York Metro multifamily and commercial real estate market. At September 30, 2024, special mention and substandard loans totaled $4.0 million and $10.9 million, respectively, substantially unchanged from December 31, 2023. The ratio of nonperforming loans to total loans and total assets was 0.84% and 0.61%, respectively, as of September 30, 2024, as compared to 0.91% and 0.68%, respectively, as of December 31, 2023. The allowance for credit losses to the nonperforming loans was 178% as of September 30, 2024, as compared to 152% as of December 31, 2023.

Due to the interest rate environment since 2022, management enhanced its ongoing credit risk management monitoring and testing of its commercial real estate loan portfolio. The following is a brief summary of our risk management results for our multifamily and CRE portfolios as of September 30, 2024:

●The multifamily portfolio, excluding one nonperforming loan, totaling $339.9 million, has a current weighted average DSCR and an original LTV (defined as unpaid principal balance as of September 30, 2024 divided by appraised value at origination) of approximately 1.67 and 54%, respectively, and the CRE portfolio, totaling $87.5 million, has a current weighted average DSCR and an original LTV of approximately 1.51 and 59%, respectively.
●Multifamily loans maturing in less than one year totaled $59.8 million and had a current weighted average DSCR and an original LTV of approximately 1.37 and 57%, respectively. CRE loans maturing in less than one year totaled $1.8 million and had a current weighted average DSCR and an original LTV of approximately 3.54 and 48%, respectively.
●Multifamily loans maturing in one to two years totaled $39.0 million and had a current weighted average DSCR and an original LTV of approximately 1.36 and 66%, respectively. CRE loans maturing in one to two years totaled $5.6 million and had a current weighted average DSCR and an original LTV of approximately 1.46 and 59%, respectively.

​

​

32

Table of Contents

Average Balance Sheets and Rate/Volume Analysis

The following tables present average balance sheet information, interest income, interest expense and the corresponding average yields earned and rates paid for periods indicated. The average balances are daily averages and, for loans, include both performing and nonperforming balances. Interest income on loans includes the effects of net premium amortization and net deferred loan origination fees accounted for as yield adjustments. No tax-equivalent yield adjustments were made, as we have no tax exempt investments.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

 

​

​

2024

​

2023

 

​

​

Average

​

    

​

​

Average

​

Average

​

    

​

​

Average

 

​

    

Balance

    

Interest

    

Yield/Cost

    

Balance

    

Interest

    

Yield/Cost

 

​

​

​

​

​

​

​

​

(Dollars in thousands)

​

​

​

​

​

​

INTEREST EARNING ASSETS

 

​

  

 

​

  

 

  

 

​

  

 

​

  

 

  

​

Loans, held for investment

​

$

1,270,491

​

$

25,122

 

7.87

%  

$

1,090,112

​

$

21,408

 

7.79

%

Securities, includes restricted stock

​

 

279,768

​

 

2,389

 

3.40

%  

 

207,873

​

 

1,238

 

2.36

%

Securities purchased under agreements to resell

​

 

—

​

 

—

 

—

​

 

9,932

​

 

158

 

6.31

%

Interest earning cash and other

​

 

120,316

​

 

1,620

 

5.36

%  

 

84,581

​

 

1,097

 

5.15

%

Total interest earning assets

​

 

1,670,575

​

 

29,131

 

6.94

%  

 

1,392,498

​

 

23,901

 

6.81

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

NONINTEREST EARNING ASSETS

​

 

52,008

​

 

  

 

  

​

 

49,762

​

 

  

 

  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

TOTAL AVERAGE ASSETS

​

$

1,722,583

​

 

​

​

​

​

$

1,442,260

​

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

INTEREST BEARING LIABILITIES

​

 

  

​

 

  

 

  

​

 

  

​

 

  

 

  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Savings, NOW, Money Market deposits

​

$

940,920

​

$

3,129

 

1.32

%  

$

722,684

​

$

1,988

 

1.09

%

Time deposits

​

 

12,251

​

 

143

 

4.64

%  

 

18,565

​

 

187

 

4.00

%

Total interest bearing deposits

​

 

953,171

​

 

3,272

 

1.37

%  

 

741,249

​

 

2,175

 

1.16

%

Borrowings

​

 

44

​

 

1

 

9.04

%  

 

46

​

 

1

 

8.62

%

Total interest bearing liabilities

​

 

953,215

​

 

3,273

 

1.37

%  

​

741,295

​

 

2,176

 

1.16

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

NONINTEREST BEARING LIABILITIES

​

 

  

​

 

  

 

  

​

 

  

​

 

  

 

  

​

Demand deposits

​

 

531,864

​

 

  

 

  

​

 

501,841

​

 

  

 

  

​

Other liabilities

​

 

14,762

​

 

  

 

  

​

 

17,091

​

 

  

 

  

​

Total noninterest bearing liabilities

​

 

546,626

​

 

  

 

  

​

 

518,932

​

 

  

 

  

​

Stockholders' equity

​

 

222,742

​

 

  

 

  

​

 

182,033

​

 

  

 

  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

TOTAL AVG. LIABILITIES AND EQUITY

​

$

1,722,583

​

 

  

 

  

​

$

1,442,260

​

 

  

 

  

​

Net interest income

​

 

  

​

$

25,858

 

​

​

 

  

​

$

21,725

 

​

​

Net interest spread

​

​

​

​

​

​

​

5.57

%  

​

​

​

​

​

​

5.65

%

Net interest margin

​

 

  

​

 

  

 

6.16

%  

 

  

​

 

  

 

6.19

%

Deposits (including noninterest bearing demand deposits)

​

$

1,485,035

​

$

3,272

 

0.88

%  

$

1,243,090

​

$

2,175

 

0.69

%

​

​

33

Table of Contents

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 

​

​

​

2024

​

2023

 

​

​

Average

​

    

​

​

Average

​

Average

​

    

​

​

Average

 

​

    

Balance

    

Interest

    

Yield/Cost

    

Balance

    

Interest

    

Yield/Cost

 

​

​

(Dollars in thousands)

​

INTEREST EARNING ASSETS

 

​

  

 

​

  

 

  

 

​

  

 

​

  

 

  

​

Loans, held for investment

​

$

1,239,950

​

$

72,727

 

7.83

%  

$

1,012,469

​

$

58,160

 

7.68

%

Securities, includes restricted stock

​

 

253,188

​

 

6,017

 

3.17

%  

 

208,298

​

 

3,581

 

2.30

%

Securities purchased under agreements to resell

​

 

—

​

 

—

 

—

​

 

36,289

​

 

1,526

 

5.62

%

Interest earning cash and other

​

 

96,448

​

 

3,845

 

5.33

%  

 

86,247

​

 

3,054

 

4.73

%

Total interest earning assets

​

 

1,589,586

​

 

82,589

 

6.94

%  

 

1,343,303

​

 

66,321

 

6.60

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

NONINTEREST EARNING ASSETS

​

 

50,439

​

 

  

 

  

​

 

45,836

​

 

  

 

  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

TOTAL AVERAGE ASSETS

​

$

1,640,025

​

 

​

​

​

​

$

1,389,139

​

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

INTEREST BEARING LIABILITIES

​

 

  

​

 

  

 

  

​

 

  

​

 

  

 

  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Savings, NOW, Money Market deposits

​

$

900,315

​

$

9,159

 

1.36

%  

$

681,613

​

$

4,809

 

0.94

%

Time deposits

​

 

11,667

​

 

384

 

4.40

%  

 

14,774

​

 

406

 

3.67

%

Total interest bearing deposits

​

 

911,982

​

 

9,543

 

1.40

%  

 

696,387

​

 

5,215

 

1.00

%

Borrowings

​

 

44

​

 

3

 

9.11

%  

 

46

​

 

3

 

8.72

%

Total interest bearing liabilities

​

 

912,026

​

 

9,546

 

1.40

%  

​

696,433

​

 

5,218

 

1.00

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

NONINTEREST BEARING LIABILITIES

​

 

  

​

 

  

 

  

​

 

  

​

 

  

 

  

​

Demand deposits

​

 

502,851

​

 

  

 

  

​

 

502,211

​

 

  

 

  

​

Other liabilities

​

 

14,149

​

 

  

 

  

​

 

17,737

​

 

  

 

  

​

Total noninterest bearing liabilities

​

 

517,000

​

 

  

 

  

​

 

519,948

​

 

  

 

  

​

Stockholders' equity

​

 

210,999

​

 

  

 

  

​

 

172,758

​

 

  

 

  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

TOTAL AVG. LIABILITIES AND EQUITY

​

$

1,640,025

​

 

  

 

  

​

$

1,389,139

​

 

  

 

  

​

Net interest income

​

 

  

​

$

73,043

 

​

​

 

  

​

$

61,103

 

​

​

Net interest spread

​

​

​

​

​

​

​

5.54

%  

​

​

​

​

​

​

5.60

%

Net interest margin

​

 

  

​

 

  

 

6.14

%  

 

  

​

 

  

 

6.08

%

Deposits (including noninterest bearing demand deposits)

​

$

1,414,833

​

$

9,543

 

0.90

%  

$

1,198,598

​

$

5,215

 

0.58

%  

34

Table of Contents

The following table presents the dollar amount of changes in interest income and interest expense for major components of interest earning assets and interest bearing liabilities for the periods indicated. The table distinguishes between: (1) changes attributable to volume (changes in volume multiplied by the prior period’s rate); (2) changes attributable to rate (change in rate multiplied by the prior year’s volume); and (3) total increase (decrease) (the sum of the previous columns). Changes attributable to both volume and rate are allocated ratably between the volume and rate categories.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Nine Months Ended

​

​

September 30, 

​

September 30, 

​

​

2024 vs. 2023

​

2024 vs. 2023

​

    

Increase

    

Total

    

Increase

    

Total

​

​

(Decrease) due to

​

Increase

​

 (Decrease) due to

​

Increase

​

​

Volume

​

​

​

Rate

​

(Decrease)

​

Volume

    

Rate

​

(Decrease)

​

​

(In thousands)

Interest earned on:

 

​

  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Loans held for investment

​

$

3,559

​

​

​

$

155

​

$

3,714

​

$

13,680

​

$

887

​

$

14,567

Securities, includes restricted stock

​

 

489

​

​

​

 

662

​

 

1,151

​

 

880

​

 

1,556

​

 

2,436

Securities purchased under agreements to resell

​

 

(158)

​

​

​

 

—

​

 

(158)

​

 

(1,526)

​

 

—

​

 

(1,526)

Interest earning cash and other

​

 

447

​

​

​

 

76

​

 

523

​

 

385

​

 

406

​

 

791

Total interest income

​

 

4,337

​

​

​

 

893

​

 

5,230

​

 

13,419

​

 

2,849

​

 

16,268

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest paid on:

​

 

  

​

​

​

 

​

​

​

​

​

 

  

​

 

  

​

 

  

Savings, NOW, money market deposits

​

 

445

​

​

​

 

696

​

 

1,141

​

 

1,527

​

 

2,823

​

 

4,350

Time deposits

​

 

(67)

​

​

​

 

23

​

 

(44)

​

 

(94)

​

 

72

​

 

(22)

Total deposits

​

 

378

​

​

​

 

719

​

 

1,097

​

 

1,433

​

 

2,895

​

 

4,328

Borrowings

​

 

—

​

​

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total interest expense

​

 

378

​

​

​

 

719

​

 

1,097

​

 

1,433

​

 

2,895

​

 

4,328

Change in net interest income

​

$

3,959

​

​

​

$

174

​

$

4,133

​

$

11,986

​

$

(46)

​

$

11,940

​

​

Comparison of Operating Results for the Three Months Ended September 30, 2024 and 2023

General.  Net income increased $1.5 million, or 15.5%, to $11.4 million for the three months ended September 30, 2024 from $9.8 million for the three months ended September 30, 2023. The increase resulted from a $4.1 million increase in net interest income, partially offset by an increase of $1.6 million in noninterest expense and a decrease of $466 thousand in noninterest income.

Net Interest Income.  Net interest income increased $4.1 million, or 19.0%, to $25.9 million for the three months ended September 30, 2024 from $21.7 million for the three months ended September 30, 2023, due to a $5.2 million increase in interest income, partially offset by a $1.1 million increase in interest expense.

Our net interest margin decreased 3 basis points, and was negatively impacted by an 18 basis point increase in our cost-of-funds, partially offset by growth in higher yielding variable rate commercial loans and low-cost escrow or IOLTA deposits, to 6.16% for the three months ended September 30, 2024 from 6.19% for the three months ended September 30, 2023.

Interest Income.  Interest income increased $5.2 million, or 21.9%, to $29.1 million for the three months ended September 30, 2024 from $23.9 million for the three months ended September 30, 2023 and was attributable to increases in loan, securities and interest earning cash and other interest income, and partially offset by a decrease in reverse repurchase interest income.

35

Table of Contents

Loan interest income increased $3.7 million, or 17.3%, to $25.1 million for the three months ended September 30, 2024 from $21.4 million for the three months ended September 30, 2023. This increase was attributable to a $180.4 million, or 16.5%, increase in the average loan balance primarily due to growth in our higher yielding national commercial lending platform and, to a lesser extent, our regional multifamily loan portfolio during the latter part of 2023, and an 8 basis point increase in loan yields to 7.87%. Our commercial loan platform drove a $3.3 million increase in interest income, of which, $3.6 million was due to increased volume, offset slightly by a $275 thousand decrease due to yields decreasing 17 basis points. Commercial loans had a portfolio yield of 9.72%. Additionally, our multifamily platform contributed $561 thousand to the increase in interest income, of which, $337 thousand was due to increased volume and $224 thousand was due to a 27 basis point increase in yields, driving a portfolio yield of 4.33%.

Securities interest income increased $1.2 million, or 93.0%, to $2.4 million for the three months ended September 30, 2024 from $1.2 million for the three months ended September 30, 2023. This increase was primarily attributable to our current balance sheet management strategy of deploying funds in short duration agency mortgage-backed securities at peak market interest rates, while simultaneously moderating multifamily and CRE growth due to the current economic and interest rate environment. Average securities increased $71.9 million, or 34.6%, and yields increased 104 basis points to 3.40%.

Interest earning cash interest income increased $523 thousand to $1.6 million for the three months ended September 30, 2024 from $1.1 million for the three months ended September 30, 2023, attributable to a 21 basis point increase in yields which was positively impacted by increases in short-term interest rates, and a $35.7 million, or 42.2%, increase in the average balance of interest earning cash.

Securities purchased under agreements to resell interest income decreased $158 thousand as management elected to close out its reverse repurchase agreements and reinvest funds into higher yielding commercial loans.

Interest Expense.  Interest expense increased $1.1 million, or 50.4%, to $3.3 million for the three months ended September 30, 2024 from $2.2 million for the three months ended September 30, 2023, primarily attributable to increases in average rate (primarily IOLTA) comprising $681 thousand and an increase of $460 thousand (primarily IOLTA) attributable to average deposit balances. Average interest bearing deposit balances (primarily IOLTA) increased $211.9 million, or 28.6%, when compared to September 30, 2023. Our deposit cost-of-funds, excluding demand deposits, increased 21 basis points for the three months ended September 30, 2024 as compared to the three months ended September 30, 2023, due to increases in short-term interest rates as well as management proactively increasing rates on IOLTA accounts in the various states we operate.

Provision for Credit Losses.  Our provision for credit losses was $1.0 million for the three months ended September 30, 2024, a decrease of $200 thousand from the $1.2 million provision for the three months ended September 30, 2023. As of September 30, 2024, our allowance to loans ratio was 1.50% as compared to 1.38% as of September 30, 2023. The increase in the allowance as a percentage of loans was general reserve driven considering loan growth and qualitative factors associated with the current short-term interest rate environment as well as the current uncertain economic environment including, but not limited to, its potential impact on the New York Metro multifamily and commercial real estate market.

36

Table of Contents

Noninterest Income.  Noninterest income information is as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

​

​

​

​

​

September 30, 

​

Change

​

​

    

2024

    

2023

    

Amount

    

Percent

    

​

​

(Dollars in thousands)

​

Payment processing fees:

​

​

​

​

​

​

​

​

​

​

​

​

Payment processing income

​

$

4,999

​

$

5,400

​

$

(401)

​

(7.4)

%

ACH income

​

​

170

​

​

221

​

​

(51)

​

(23.1)

​

Total payment processing fees

​

​

5,169

​

​

5,621

​

​

(452)

​

(8.0)

​

Customer related fees, service charges and other:

​

​

​

​

​

​

​

​

​

​

​

​

Administrative service income

​

​

658

​

​

619

​

​

39

​

6.3

​

Net loss on equity investments

​

​

—

​

​

(14)

​

​

14

​

(100.0)

​

Other

​

​

235

​

​

302

​

​

(67)

​

(22.2)

​

Total customer related fees, service charges and other

​

​

893

​

​

907

​

​

(14)

​

(1.5)

​

Total noninterest income

​

$

6,062

​

$

6,528

​

$

(466)

​

(7.1)

%

​

Payment processing income was $5.2 million for the quarter ended September 30, 2024, a $452 thousand decrease from the same period in 2023, primarily due to anticipated ISO and merchant attrition and changes in the volumes of our overall merchant risk profile. Payment processing volumes for the credit and debit card processing platform increased $839 million, or 10.0%, to $9.2 billion and transactions decreased 5.4 million, or 3.4%, to 152.0 million, for the quarter ended September 30, 2024, as compared to the same period in 2023. We continue to focus on the expansion of sales channels through ISOs, prudently managing risk while focusing on new merchant originations, increasing overall volumes as well as risk profiles, and expanding our technology and other resources in the payments vertical. Administrative service income increased $39 thousand, or 6.3%, to $658 thousand for the third quarter of 2024. Off-balance sheet sweep funds totaled $488.0 million at September 30, 2024, demonstrating the continued strength of our branchless core business model. Other income decreased $67 thousand, or 22.2%, to $235 thousand due to decreases in loan and other banking fees.

Noninterest Expense.  Noninterest expense information is as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

​

​

​

​

​

September 30, 

​

Change

​

​

    

2024

    

2023

    

Amount

    

Percent

    

​

​

(Dollars in thousands)

​

Noninterest expense:

​

​

​

​

​

​

​

​

​

​

​

​

Employee compensation and benefits

​

$

9,525

​

$

8,433

​

$

1,092

​

12.9

%

Occupancy and equipment

​

​

977

​

​

836

​

​

141

​

16.9

​

Professional and consulting services

​

​

955

​

​

1,325

​

​

(370)

​

(27.9)

​

FDIC and regulatory assessments

​

​

236

​

​

261

​

​

(25)

​

(9.6)

​

Advertising and marketing

​

​

949

​

​

467

​

​

482

​

103.2

​

Travel and business relations

​

​

264

​

​

254

​

​

10

​

3.9

​

Data processing

​

​

1,690

​

​

1,375

​

​

315

​

22.9

​

Other operating expenses

​

​

762

​

​

808

​

​

(46)

​

(5.7)

​

Total noninterest expense

​

$

15,358

​

$

13,759

​

$

1,599

​

11.6

%

​

​

37

Table of Contents

Employee compensation and benefits costs increased due to increases in employees to support growth and excellence in client service as well as the impact of year end salary, bonus and stock-based compensation increases. Advertising and marketing costs increased as we continued to grow our digital marketing platform, expand our thought leadership in our national verticals, and support our regional BDOs hired in 2023. Data processing costs increased due to increased processing volume, primarily driven by our core banking platform, and additional costs related to our technology implementations. Occupancy and equipment costs increased due to amortization of our investments in internally developed software to support our digital platform and additional office space to support our growth. Professional services costs decreased due to investments in compliance and risk management in the payment processing division in 2023. Our investments in current resources, including employees, technology, and digital marketing, continue to support our long-term growth goals.

Income Tax Expense.  We recorded an income tax expense of $4.2 million for the three months ended September 30, 2024, reflecting an effective tax rate of 27.0%, compared to $3.5 million, or 26.0%, for the three months ended September 30, 2023, resulting from certain discrete tax benefits related to stock-based compensation.

Comparison of Operating Results for the Nine Months Ended September 30, 2024 and 2023

General.  Net income increased $776 thousand, or 2.5%, to $31.9 million for the nine months ended September 30, 2024 from $31.1 million for the nine months ended September 30, 2023. The increase resulted from an $11.9 million increase in net interest income, partially offset by an increase of $5.9 million in noninterest expense and a decrease of $4.8 million in noninterest income, which was primarily attributable to a $4.0 million nonrecurring gain on our equity investment in a litigation fintech company in the first quarter of 2023.

Net Interest Income.  Net interest income increased $11.9 million, or 19.5%, to $73.0 million for the nine months ended September 30, 2024 from $61.1 million for the nine months ended September 30, 2023, due to a $16.3 million increase in interest income, partially offset by a $4.3 million increase in interest expense.

Our net interest margin increased 6 basis points, which was positively impacted by growth in higher yielding variable rate commercial loans and low-cost escrow or IOLTA deposits, to 6.14% for the nine months ended September 30, 2024 from 6.08% for the nine months ended September 30, 2023.

Interest Income.  Interest income increased $16.3 million, or 24.5%, to $82.6 million for the nine months ended September 30, 2024 from $66.3 million for the nine months ended September 30, 2023 and was attributable to increases in loan, securities and interest earning cash and other interest income, and partially offset by a decrease in reverse repurchase interest income.

Loan interest income increased $14.6 million, or 25.0%, to $72.7 million for the nine months ended September 30, 2024 from $58.2 million for the nine months ended September 30, 2023. This increase was attributable to a $227.5 million, or 22.5%, increase in the average loan balance primarily due to growth in our higher yielding national commercial lending platform and, to a lesser extent, our regional multifamily loan portfolio during the latter part of 2023, and a 15 basis point increase in loan yields to 7.83%. Our commercial loan platform drove a $12.5 million increase in interest income, of which $12.6 million was due to increased volume, offset by a $114 thousand decrease due to a yield decrease of 3 basis points, driving a portfolio yield of 9.79%. Additionally, our multifamily platform contributed $2.7 million to the increase in interest income, of which, $1.8 million was due to increased volume and $958 thousand was due to a 41 basis point increase in yields, driving a portfolio yield of 4.27%. Approximately 64% of our loan portfolio is comprised of variable rate commercial loans tied to prime that were positively impacted by increases in short-term interest rates.

38

Table of Contents

Securities interest income increased $2.4 million, or 68.0%, to $6.0 million for the nine months ended September 30, 2024 from $3.6 million for the nine months ended September 30, 2023. This increase was primarily attributable to our current balance sheet management strategy, of deploying funds in short duration agency mortgage-backed securities at peak market interest rates, while simultaneously moderating multifamily and CRE growth due to the current economic and interest rate environment. Average securities increased $44.9 million, or 21.6%, and yields increased 87 basis points to 3.17%.

Interest earning cash interest income increased $791 thousand to $3.8 million for the nine months ended September 30, 2024 from $3.1 million for the nine months ended September 30, 2023, attributable to a 60 basis point increase in yields which was positively impacted by increases in short-term interest rates, as well as a $10.2 million, or 11.8%, increase in the average balance of interest earning cash.

Securities purchased under agreements to resell interest income decreased $1.5 million as management elected to close out its reverse repurchase agreements and reinvest funds into higher yielding commercial loans.

Interest Expense.  Interest expense increased $4.3 million, or 82.9%, to $9.5 million for the nine months ended September 30, 2024 from $5.2 million for the nine months ended September 30, 2023, primarily attributable to increases in average rate (primarily IOLTA) comprising $2.9 million of the increase and the remaining increase of $1.4 million (primarily IOLTA) attributable to average deposit balances. Average interest bearing deposit balances (primarily IOLTA) increased $215.6 million, or 31.0%, when compared to September 30, 2023. Our deposit cost-of-funds, excluding demand deposits, increased 40 basis points for the nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023, due to increases in short-term interest rates as well as management proactively increasing rates on IOLTA accounts in the various states we operate.

Provision for Credit Losses.  Our provision for credit losses was $3.0 million for the nine months ended September 30, 2024, a decrease of $25 thousand from the $3.0 million provision for the nine months ended September 30, 2023. As of September 30, 2024, our allowance to loans ratio was 1.50% as compared to 1.38% as of September 30, 2023. The increase in the allowance as a percentage of loans was general reserve driven considering loan growth and qualitative factors associated with the current short-term interest rate environment as well as the current uncertain economic environment including, but not limited to, its potential impact on the New York Metro multifamily and commercial real estate market.

Noninterest Income.  Noninterest income information is as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended

​

​

​

​

​

​

September 30, 

​

Change

​

​

    

2024

    

2023

    

Amount

    

Percent

    

​

​

(Dollars in thousands)

​

Payment processing fees:

​

​

​

​

​

​

​

​

​

​

​

​

Payment processing income

​

$

15,239

​

$

16,250

​

$

(1,011)

​

(6.2)

%

ACH income

​

​

548

​

​

648

​

​

(100)

​

(15.4)

​

Total payment processing fees

​

​

15,787

​

​

16,898

​

​

(1,111)

​

(6.6)

​

Customer related fees, service charges and other:

​

​

​

​

​

​

​

​

​

​

​

​

Administrative service income

​

​

2,024

​

​

1,887

​

​

137

​

7.3

​

Net gain on equity investments

​

​

—

​

​

4,013

​

​

(4,013)

​

(100.0)

​

Other

​

​

915

​

​

687

​

​

228

​

33.2

​

Total customer related fees, service charges and other

​

​

2,939

​

​

6,587

​

​

(3,648)

​

(55.4)

​

Total noninterest income

​

$

18,726

​

$

23,485

​

$

(4,759)

​

(20.3)

%

​

39

Table of Contents

Payment processing volumes and transactions for the credit and debit card processing platform increased $2.6 billion, or 10.6%, to $27.1 billion and 1.0 million, or 0.2%, to 458.1 million transactions, respectively, for the nine months ended September 30, 2024, as compared to the same period in 2023. These increases were due to the expansion of sales channels through ISOs, an increased number of merchants, volume increases, and were facilitated by our focus on technology and other resources in the payments vertical. Administrative service income increased $137 thousand, or 7.3%, to $2.0 million for the nine months ended September 30, 2024. Off-balance sheet sweep funds totaled $488.0 million at September 30, 2024, demonstrating the continued strength of our branchless core business model. Other income increased $228 thousand, or 33.2%, to $915 thousand primarily due to loan and other banking related fees. Net gain on equity investments decreased $4.0 million due to a nonrecurring gain on our Litify fintech investment in the first quarter of 2023. In February 2023, Litify, Inc. (“Litify”) was reorganized into a partnership and an unrelated third party acquired a majority ownership in the reorganized entity. As an equity holder and party to the reorganization and sale transaction, a majority of the Company’s partnership interests were exchanged for cash and undiscounted noncash consideration of approximately $5.4 million. As a result, the Company recognized a gain on its investment of $4.0 million in the first quarter of 2023. During the second quarter of 2024, the Company received cash consideration resulting in a realized gain on its Litify investment of approximately $500 thousand, offset by an equity method loss of approximately $500 thousand recognized on its investment in a third party sponsored NFL consumer post settlement loan fund.

Noninterest Expense.  Noninterest expense information is as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended

​

​

​

​

​

​

September 30, 

​

Change

​

​

    

2024

    

2023

    

Amount

    

Percent

    

​

​

(Dollars in thousands)

​

Noninterest expense:

​

​

​

​

​

​

​

​

​

​

​

​

Employee compensation and benefits

​

$

28,211

​

$

23,720

​

$

4,491

​

18.9

%

Occupancy and equipment

​

​

3,060

​

​

2,500

​

​

560

​

22.4

​

Professional and consulting services

​

​

2,763

​

​

4,483

​

​

(1,720)

​

(38.4)

​

FDIC and regulatory assessments

​

​

691

​

​

587

​

​

104

​

17.7

​

Advertising and marketing

​

​

2,702

​

​

1,216

​

​

1,486

​

122.2

​

Travel and business relations

​

​

722

​

​

648

​

​

74

​

11.4

​

Data processing

​

​

4,923

​

​

3,757

​

​

1,166

​

31.0

​

Other operating expenses

​

​

2,086

​

​

2,305

​

​

(219)

​

(9.5)

​

Total noninterest expense

​

$

45,158

​

$

39,216

​

$

5,942

​

15.2

%

​

Employee compensation and benefits costs increased due to increases in employees to support growth and client service as well as the impact of year end salary, bonus and stock-based compensation increases. In 2024, we experienced the full year impact of our 2023 key hires including, but not limited to, our regional senior BDOs, sales support, lending underwriting/lending support, and risk management staffing initiatives. Advertising and marketing costs increased as we continued to grow our digital marketing platform, expand our thought leadership in our national verticals, and support our regional BDOs. Data processing costs increased due to increased processing volume, primarily driven by our core banking platform, and additional costs related to our technology implementations. Occupancy and equipment costs increased due to amortization of our investments in internally developed software to support our digital platform and additional office space to support growth. Professional services costs decreased due to our 2023 hiring initiatives noted above and related costs associated with our executive search firm. Our investment in current resources, including employees, technology, and digital marketing, continue to support our long-term growth goals.

Income Tax Expense.  We recorded an income tax expense of $11.7 million for the nine months ended September 30, 2024, reflecting an effective tax rate of 26.8%, compared to $11.2 million, or 26.5%, for the nine months ended September 30, 2023.

40

Table of Contents

Management of Market Risk

General.  The principal objective of our asset and liability management function is to evaluate the interest rate risk within the balance sheet and pursue a controlled assumption of interest rate risk while maximizing net income and preserving adequate levels of liquidity and capital. The board of directors of our bank has oversight of our asset and liability management function, which is managed by our Asset/Liability Management Committee. Our Asset/Liability Management Committee meets regularly to review, among other things, the sensitivity of our assets and liabilities to market interest rate changes, local and national market conditions and market interest rates. That group also reviews our liquidity, capital, deposit mix, loan mix and investment positions.

As a financial institution, our primary component of market risk is interest rate volatility. Fluctuations in interest rates will ultimately impact both the level of income and expense recorded on most of our assets and liabilities, and the fair value of all interest earning assets and interest bearing liabilities, other than those which have a short-term to maturity. Interest rate risk is the potential of economic losses due to future interest rate changes. These economic losses can be reflected as a loss of future net interest income and/or a loss of current fair values. The objective is to measure the effect on net interest income and to adjust the balance sheet to minimize the inherent risk while at the same time maximizing income.

We manage our exposure to interest rates primarily by structuring our balance sheet in the ordinary course of business. We do not typically enter into derivative contracts for the purpose of managing interest rate risk, but we may do so in the future. Based upon the nature of our operations, we are not subject to foreign exchange or commodity price risk. We do not own any trading assets.

Net Interest Income Simulation.  We use an interest rate risk simulation model to test the interest rate sensitivity of net interest income and the balance sheet. Instantaneous parallel rate shift scenarios are modeled and utilized to evaluate risk and establish exposure limits for acceptable changes in net interest margin. These scenarios, known as rate shocks, simulate an instantaneous change in interest rates and use various assumptions, including, but not limited to, prepayments on loans and securities, deposit decay rates, pricing decisions on loans and deposits, reinvestment and replacement of asset and liability cash flows.

The following table presents the estimated changes in net interest income of Esquire Bank, National Association, calculated on a bank-only basis, which would result from changes in market interest rates over a twelve-month period.

​

​

​

​

​

​

​

​

​

September 30, 

​

​

2024

​

​

Estimated

​

​

​

Changes in

​

 12-Months

​

​

​

Interest Rates

​

 Net Interest

​

​

​

(Basis Points)

    

Income

    

​

Change

​

​

(Dollars in thousands)

300

​

$

128,851

​

$

17,697

200

​

​

122,843

​

​

11,689

100

​

​

116,740

​

​

5,586

    0

​

​

111,154

​

​

—

-100

​

​

106,134

​

​

(5,020)

-200

​

​

100,384

​

​

(10,770)

-300

​

​

94,426

​

​

(16,728)

​

Economic Value of Equity Simulation.  We also analyze our sensitivity to changes in interest rates through an economic value of equity (“EVE”) model. EVE represents the present value of the expected cash flows from our assets less the present value of the expected cash flows arising from our liabilities adjusted for the value of off-balance sheet contracts. EVE attempts to quantify our economic value using a discounted cash flow methodology. We estimate what our EVE would be as of a specific date. We then calculate what EVE would be as of the same date throughout a series of interest rate scenarios representing immediate and permanent, parallel shifts in the yield curve.

41

Table of Contents

The following table presents the estimated changes in EVE of Esquire Bank, National Association, calculated on a bank-only basis that would result from changes in market interest rates at September 30, 2024.

​

​

​

​

​

​

​

​

​

September 30, 

​

​

2024

Changes in

​

Economic

​

​

​

Interest Rates

​

Value of

​

​

​

(Basis Points)

    

Equity

    

​

Change

​

​

(Dollars in thousands)

300

​

$

408,006

​

$

58,334

200

​

​

392,080

​

​

42,408

100

​

​

373,285

​

​

23,613

    0

​

​

349,672

​

​

—

-100

​

​

321,321

​

​

(28,351)

-200

​

​

287,009

​

​

(62,663)

-300

​

​

246,173

​

​

(103,499)

​

Many assumptions are used to calculate the impact of interest rate fluctuations. Actual results may be significantly different than our projections due to several factors, including the timing and frequency of rate changes, market conditions and the shape of the yield curve. The computations of interest rate risk shown above do not include actions that our management may undertake to manage the risks in response to anticipated changes in interest rates, and actual results may also differ due to any actions taken in response to the changing rates.

Liquidity and Capital Resources

Liquidity is the ability to meet current and future financial obligations of a short-term nature. Our primary sources of funds consist of deposit inflows, loan repayments and maturities and sales of securities. While maturities and scheduled amortization of loans and securities are predictable sources of funds, deposit flows and mortgage prepayments are greatly influenced by general interest rates, economic conditions and competition.

We regularly review the need to adjust our investments in liquid assets based upon our assessment of: (1) expected loan demand, (2) expected deposit flows, (3) yields available on interest earning deposits and securities, and (4) the objectives of our asset/liability management program. Excess liquid assets are invested generally in interest earning deposits and short- and intermediate-term securities.

Our most liquid assets are cash and cash equivalents. The levels of these assets are dependent on our operating, financing, lending and investing activities during any given period. At September 30, 2024, cash and cash equivalents totaled $147.7 million.

At September 30, 2024, through pledging of our securities and certain loans, we had the ability to borrow up to  $395.8 million from the FHLB of New York and $54.9 million from the FRB of New York discount window. At September 30, 2024, we also had $17.5 million in aggregated unsecured lines of credit with unaffiliated correspondent banks. No amounts were outstanding on any of the aforementioned lines as of September 30, 2024.

At September 30, 2024, our off-balance sheet sweeps funds totaled $488.0 million, of which $356.5 million, or 73.1%, was able to be swept onto our balance sheet as reciprocal client relationship deposits.

Our overall liquidity position (cash, borrowing capacity, and available reciprocal client sweep balances) totaled $972.4 million at September 30, 2024, or 63% of total deposits, creating a highly liquid and unlevered balance sheet.

We have no material commitments or demands that are likely to affect our liquidity other than set forth below. In the event loan demand were to increase faster than expected, or any unforeseen demand or commitment were to occur, we could access our borrowing capacity with the FHLB, FRB, other correspondent bank lines or obtain additional funds through reciprocal deposits.

42

Table of Contents

Esquire Bank is subject to various regulatory capital requirements administered by the Office of the Comptroller of the Currency (the “OCC”), and the Federal Deposit Insurance Corporation. At September 30, 2024, Esquire Bank exceeded all applicable regulatory capital requirements, and was considered “well capitalized” under regulatory guidelines.

We manage our capital to comply with our internal planning targets and regulatory capital standards administered by the OCC and review capital levels on a monthly basis.

The following table presents our capital ratios as of the indicated dates for Esquire Bank.

​

​

​

​

​

​

​

​

​

    

​

    

For Capital Adequacy

    

​

 

​

​

​

​

Purposes

​

​

 

​

​

​

​

Minimum Capital with

​

Actual

 

​

​

“Well Capitalized”

​

Conservation Buffer

​

At September 30, 2024

 

Total Risk-based Capital Ratio

 

  

 

  

 

  

​

Bank

 

10.00

%  

10.50

%  

16.64

%

​

​

​

​

​

​

​

​

Tier 1 Risk-based Capital Ratio

 

  

 

  

 

  

​

Bank

 

8.00

%  

8.50

%  

15.39

%

​

​

​

​

​

​

​

​

Common Equity Tier 1 Capital Ratio

 

  

 

  

 

  

​

Bank

 

6.50

%  

7.00

%  

15.39

%

​

​

​

​

​

​

​

​

Tier 1 Leverage Ratio

 

  

 

  

 

  

​

Bank

 

5.00

%  

4.00

%  

12.60

%

​

Effective January 1, 2020, the federal banking agencies adopted a rule to establish for institutions with assets of less than $10 billion that meet other specified criteria a “community bank leverage ratio” (the ratio of a bank’s tangible equity capital to average total consolidated assets) of 9% that such institutions may elect to utilize in lieu of the generally applicable leverage and risk-based capital requirements noted above. A “qualifying community bank” with capital exceeding 9% will be considered compliant with all applicable regulatory capital and leverage requirements, including the requirement to be “well capitalized”. For the current period, the Bank has elected to continue to utilize the generally applicable leverage and risk based requirements and not apply the community bank leverage ratio.

Effects of Inflation. The impact of inflation, as it affects banks, differs substantially from the impact on non-financial institutions. Banks have assets which are primarily monetary in nature and which tend to move with inflation. This is especially true for banks with a high percentage of rate sensitive interest-earning assets and interest-bearing liabilities. A bank can further reduce the impact of inflation with proper management of its rate sensitivity gap. This gap represents the difference between interest rate sensitive assets and interest rate sensitive liabilities. The Company attempts to structure its assets and liabilities and manages its gap to protect against substantial changes in interest rate scenarios, in order to minimize the potential effects of inflation.

​

​

43

Table of Contents

Item 3.Quantitative and Qualitative Disclosures About Market Risk

The information required by this item is included in Item 2 of this quarterly report under “Management of Market Risk.”

Item 4.Controls and Procedures

An evaluation was performed under the supervision and with the participation of the Company’s management, including the Principal Executive Officer and the Principal Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) promulgated under the Securities and Exchange Act of 1934, as amended) as of September 30, 2024. Based on that evaluation, the Company’s management, including the Principal Executive Officer and the Principal Financial Officer, concluded that the Registrant’s disclosure controls and procedures were effective.

During the quarter ended September 30, 2024, there have been no changes in the Company’s internal controls over financial reporting that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

​

44

Table of Contents

PART II – OTHER INFORMATION

Item 1.        Legal Proceedings

Periodically, we are involved in claims and lawsuits, such as claims to enforce liens, condemnation proceedings on properties in which we hold security interests, claims involving the making and servicing of real property loans and other issues incident to our business. At September 30, 2024, we are not a party to any pending legal proceedings that we believe would have a material adverse effect on our financial condition, results of operations or cash flows.

Item 1A.     Risk Factors

There have been no material changes to our risk factors as disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

Item 2.        Unregistered Sales of Equity Securities and Use of Proceeds

The following table presents information regarding the purchase of our common stock during the quarter ended September 30, 2024 and the stock repurchase program approved by our Board of Directors.

​

​

​

​

​

​

​

​

​

​

Period

​

Total number of shares purchased

​

​

Average price paid per share

​

Total number of shares purchased as part of publicly announced plans or programs

​

Maximum number of shares that may yet be purchased under the plans or programs (1)

July 1, 2024 through July 31, 2024

​

—

​

$

—

​

—

​

257,694

August 1, 2024 through August 31, 2024

​

—

​

​

—

​

—

​

257,694

September 1, 2024 through September 30, 2024

​

—

​

​

—

​

—

​

257,694

​

(1)On January 9, 2019, the Company announced a share repurchase program, which authorized the purchase of up to 300,000 shares of common stock. There is no expiration date for the stock repurchase program.

Participants in the Company’s stock-based incentive plans may have shares withheld to cover income taxes upon the vesting of restricted stock awards and may use a stock swap to exercise stock options. Shares withheld to cover income taxes upon the vesting of restricted stock awards and stock swaps to exercise stock options are repurchased pursuant to the terms of the applicable plan and not under the Company’s share repurchase program. Shares repurchased pursuant to these plans during the three months ended September 30, 2024 were as follows:

​

​

​

​

​

​

Period

​

Total number of shares purchased

​

​

Average price paid per share

July 1, 2024 through July 31, 2024

​

—

​

$

—

August 1, 2024 through August 31, 2024

​

—

​

​

—

September 1, 2024 through September 30, 2024

​

—

​

​

—

​

Item 3.        Defaults Upon Senior Securities

None.

Item 4.        Mine Safety Disclosures

Not applicable.

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Item 5.        Other Information

During the third quarter of 2024, none of our directors or officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement,” as that term is used in SEC regulations.

Item 6.         Exhibits

​

​

Exhibit

 

Number

    

Description

​

3.1

​

Articles of Incorporation of Esquire Financial Holdings, Inc. (1)

​

3.2

​

Amended and Restated Bylaws of Esquire Financial Holdings, Inc. (2)

​

31.1

​

Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

​

31.2

​

Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

​

32

​

Written Statement of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

​

101.0

​

The following materials for the quarter ended September 30, 2024, formatted in iXBRL (Inline Extensible Business Reporting Language): (i) Consolidated Statements of Financial Condition, (ii) Consolidated Statements of Income, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Statements of Changes in Stockholders’ Equity (v) Consolidated Statements of Cash Flows and (v) Notes to the Consolidated Financial Statements, tagged as blocks of text and including detailed tags.

​

104

​

Cover Page Interactive Data File (embedded within the Inline XBRL document).

(1)Incorporated by reference to Exhibit 3.1 in the Registration Statement on Form S-1 (File No. 333-218372) originally filed by the Company under the Securities Act of 1933 with the Commission on May 31, 2017, and all amendments or reports filed thereto.
(2)Incorporated by reference to Exhibit 3.2 in the Registration Statement on Form S-1/A (File No. 333-218372) originally filed by the Company under the Securities Act of 1933 with the Commission on June 22, 2017, and all amendments or reports filed thereto.

​

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

ESQUIRE FINANCIAL HOLDINGS, INC.

 

 

Date: November 13, 2024

/s/ Andrew C. Sagliocca

 

Andrew C. Sagliocca

 

Vice Chairman, Chief Executive Officer and President

 

 

Date: November 13, 2024

/s/ Michael Lacapria

 

Michael Lacapria

 

Senior Vice President and Chief Financial Officer

​

​

​

​

47