Esquire Bank reports 37 percent jump in net income after IPO
Esquire Bank headquarters at 100 Jericho Quadrangle in Jericho. Credit: Mojo Stumer Associates
Esquire Financial Holdings, a Jericho bank holding company that makes loans to law firms and small businesses, said Tuesday that net income for its second quarter rose 37 percent to $1 million.
The bank said it had assets of $456 million as of June 30, a 17.6 percent increase from the same period in 2016.
Esquire held its $33.1 million initial public offering last month on the Nasdaq Capital Market. The company had priced its IPO at $14 per share.
The bank said in a regulatory filing before the IPO that it would use the proceeds from the event to expand its loan portfolio, finance potential acquisitions and for general corporate purposes.
The company’s shares were up less than 1 percent to $14.75 in midday trading.
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