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Annual Report Esquire Financial Holdings, Inc. Holdings, Financial Esquire

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Annual Report Esquire Financial Holdings, Inc. Holdings, Financial Esquire 2018Annual Report Esquire Financial Holdings, Inc. Esquire Financial Holdings, Inc. 100 JERICHO QUADRANGLE, SUITE 100 JERICHO, NEW YORK 11753 Esquire Financial Holdings, Inc. 2018 ANNUAL REPORT esq ESQ_AR18_CV.indd 1-3 4/12/19 4:11 PM CORPORATE INFORMATION DIRECTORS AND EXECUTIVE OFFICERS DIRECTORS Todd Deutsch EXECUTIVE OFFICERS Anthony Coelho Marc Grossman Andrew C. Sagliocca Chairman of the Board Russ M. Herman President, Chief Executive Officer and Director Andrew C. Sagliocca Janet Hill President, Chief Executive Officer Eric S. Bader and Director Robert J. Mitzman Executive Vice President, Chief Operating John Morgan Officer and Corporate Secretary Richard T. Powers Ari P. Kornhaber Executive Vice President, Director of Sales Jack Thompson Michael Lacapria Kevin C. Waterhouse Senior Vice President, Chief Financial Officer Selig A. Zises INVESTOR INFORMATION CORPORATE HEADQUARTERS INDEPENDENT REGISTERED PUBLIC GENERAL INQUIRIES 100 Jericho Quadrangle, Suite 100 ACCOUNTING FIRM A copy of our Annual Report to the SEC Jericho, New York 11753 Crowe LLP may be obtained without charge by written (800) 996-0213 354 Eisenhower Parkway, Suite 2050 request of stockholders to Eric Bader or by www.esquirebank.com Livingston, New Jersey 07039 calling us at (800) 996-0213. The Annual SPECIAL COUNSEL (973) 422-2420 Report is also available on our website at Luse Gorman, PC ANNUAL MEETING www.esquirebank.com. Our Code of Ethics, 5335 Wisconsin Ave., N.W., Suite 780 The Annual Meeting of the Stockholders Audit Committee Charter, Corporate Gov­er­ Washington, D.C. 20015 will be held on May 30, 2019 at 10:00 a.m., nance and Nominating Committee Charter, (202) 274-2000 Eastern time, at the executive offices of Compensation Committee Charter, and Beneficial Ownership reports of our directors TRANSFER AGENT Esquire Financial Holdings, Inc. located at 100 Jericho Quadrangle, Jericho, and executive officers are also available on American Stock Transfer & our website. Trust Company, LLC New York 11753. 6201 15th Avenue Brooklyn, New York 11219 (800) 937-5449 ESQ_AR18_CV.indd 4-6 4/12/19 4:11 PM OUR FELLOW SHAREHOLDER, In 2018, our Company delivered outstanding financial results and record earnings through the combined efforts of our Board of Directors, management team and employees. Our unique national platforms in the litiga- our employees and investing in technology and exclusive development agreement with tion and small business (merchant) com- and talent for the future. At Esquire, we Litify, this team has developed proprietary munities were the keys to our success. appreciate and value our employees and real time asset-based lending applications Industry leading returns were driven by our client-partners, understanding that for commercial law firms. These apps, Litify our strong net interest margin, low-cost these relationships need to be earned and our internal nCino cloud banking branchless deposits, diverse mix of revenue every day. These attributes have and will system, are built on a Salesforce platform including fee-based merchant income continue to transform Esquire into a leading and will allow Esquire to continue to build and a strong efficiency ratio. Based on financial and technology provider (fintech) a unique technology stack tailored for the our outstanding performance, Raymond in the national litigation and small business legal and small business communities. We James ranked our Company #3 out of all markets, differentiating us from other finan- plan to further enhance our IT infrastructure publicly held community banks nationally, cial institutions. by implementing a tailored Salesforce CRM while locally, we were recognized as one system, developing payment processing We remain steadfast and focused on our of the best workplaces. Despite a very and online consumer-based products and long-term vision, transforming Esquire into challenging and competitive banking investing in our brand and website technol- a top performing fintech institution primarily environment and rising short-term interest ogy throughout 2019. driven by our litigation and payment rates, we significantly grew our net income processing platforms and supported by The continued success of our unique model by 140%, primarily due to notable loan our talent and technology initiatives. 2018 has been the key component to delivering growth of 34%, a strong net interest margin included several achievements that pro- outstanding financial results and record of 4.73% and a 42% increase in fee income. pelled us toward our goal. We successfully earnings in 2018. Net income increased Financial markets had a challenging year expanded resources in every department, 140% to $8.7 million or $1.13 per diluted in 2018 with most major indexes declining, including hiring a Chief Financial Officer common share. This was driven by a including bank indexes and stocks. The and Chief Administrative Officer of Merchant $119.1 million or 34% increase in loans to KBW bank index declined 19.6% in 2018 Services, both with extensive experience in $468.1 million and a 42% increase in fee while Esquire’s stock increased 9.9% their fields. Our expanded resources and income to $7.9 million. Our net interest during the same period. However, it is talent across the Company will allow us to margin was an enviable 4.73%, driven by important to note that we do not manage implement our business strategy, capitaliz- higher yielding commercial loans funded our Company based on short-term stock ing on exciting growth opportunities. Due with low-cost core deposits. The litigation price goals. We believe in building long-term to our strong performance and growth, community remains the foundation for our shareholder value through strong growth we expanded our footprint in our Jericho, impressive loan growth, increased loan based on our brand recognition, quality NY, headquarters and launched an internal yields and our branchless low-cost deposits. earnings and returns, smart diversification IT development team under our Chief This foundation is supported by our strong in revenue streams, a positive culture for Technology Officer. Based on our marketing brand recognition in the litigation and small ESQ_AR18_PR.indd 1 4/12/19 3:56 PM business markets nationally, increasing our net interest margin, and fee-based merchant entrepreneurial spirit that brought us all distribution network. services platform drove our efficiency ratio together to create Esquire. His vision was to 55.6% in the fourth quarter of 2018. We to transform Esquire into a top performing The growth in our fee income, representing expect efficiency gains to continue as we scale financial and technology provider in the 22% of total revenue, has been driven by our unique business model beyond 2018. industry. Our goal is to make his vision a focused expansion in our merchant services reality. Our thoughts, prayers and love are platform on a national basis. There are less Our diligent approach to underwriting is with his family. than 70 merchant acquiring banks in the evident in our strong asset quality with no U.S., with our Company providing dynamic non-performing assets and an allowance We want to thank each member of the and flexible merchant services solutions to for loan losses representing 1.20% of total Board of Directors for their friendship, small business owners, differentiating us loans. We anticipate strong loan growth in service and leadership throughout the years from the larger institutions. Our merchant 2019, focusing on our litigation market as well as our motivated and talented services platform has grown to approxi- products and services as well as our employees that embody the spirit and mately $7.2 billion in annual card volume, commercial real estate lending, while our reputation of our Company. We are inspired servicing approximately 28,000 merchants pipeline of merchant opportunities also by our customers who trust us to serve throughout the U.S. and generating $5.0 remains strong. Both loan and fee income them and will continue to earn their trust million in fee-based income for 2018. The opportunities will continue to enhance every day. merchant platform also provided over $40 earnings in 2019. Sincerely, million in low-cost core deposits at year end. Esquire enters 2019 well positioned for Since inception in 2012, we have not had future growth. Our solid capital base and any merchant processing losses. These commitment to the litigation and small small business customers represent a Anthony Coelho business communities on a national basis Chairman of the Board significant opportunity for future growth in will continue to drive strong performance in fee income, core deposits and enhanced 2019. We became a member of the broad lending opportunities. market Russell 3000 Index and the small-cap Our branchless deposits, representing our Russell 2000 Index less than a year after primary funding source for growth, totaled our initial public offering. As we continue to Andrew C. Sagliocca President & Chief Executive Officer $568.4 million, a 27% increase from 2017, achieve strong growth and earnings, we with an impressive cost of funds of 0.23% believe the inclusion in the Russell 3000 (including demand deposits). These stable Index should serve to increase our exposure funds are primarily driven by our commercial among investors, leading to increased law firms’ operating and escrow deposits, liquidity in our stock and added value to representing more than 60% of total deposits. our shareholders. We continue to prudently manage growth Finally, it is with deep sadness that we in deposits, utilizing commercial sweep pro- write this year’s Shareholder Letter, mourning grams for our larger mass tort and class the loss of our dear friend, business partner action business banking clients. Overall, our and founding Executive Chairman, Dennis low-cost branchless deposit model, strong Shields. It was his vision, passion and ESQ_AR18_PR.indd 2 4/12/19 3:56 PM Esquire Financial Holdings, Inc. FORM 10-K ESQ_AR18_FN.indd 1 4/12/19 3:57 PM [This page intentionally left blank.] TABLE OF CONTENTS PAGE PART I .....................................................................................
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