Esquire Financial reports Q1 adjusted EPS $1.11, consensus $1.17

Reports Q1 NII $22.86M, consensus $24.81M. Q1 net interest margin was 6.06% from 6.12% in the previous quarter. Book value per share was $24.97 from $23.96 in the previous quarter. Tier 1 capital ratio was 14.41% from 14.13% previously. “We have always believed that a strong and fortified balance sheet anchored by outstanding client relationships will consistently generate long term growth, industry leading performance metrics, and continued success into the future,” stated Tony Coelho, Chairman of the Board. “Our strong credit culture, underwriting, and robust risk management coupled with our ability to generate and retain significant capital from earnings will allow us to continue to grow in a safe and sound manner”. “In light of the current economic and interest rate environment surrounding multifamily and commercial real estate, we have tempered our short-term growth targets in these asset classes for the foreseeable future,” stated CEO Andrew Sagliocca. “This short-term decision does not impact our view on growth and earnings for 2024 but only impacts the composition of our assets and earnings. Finally, we believe the NY Metro real estate market sentiment, and more specifically multifamily housing, will stabilize as inflation slows and the Federal Reserve moderates its views on short-term rates.”