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Mar 31, 2024
Metropolitan Bank Q1 2024 Earnings Report
Metropolitan Bank Holding Corp. reported strong Q1 2024 results, demonstrating resilience in a challenging macroeconomic environment and investing in core banking digital transformation.
Key Takeaways
Metropolitan Bank Holding Corp. reported a net income of $16.2 million, or $1.46 per diluted common share, for the first quarter of 2024. Total deposits increased by $500.3 million from the previous quarter and $1.1 billion year-over-year, while loans increased by $94.4 million from the previous quarter and $867.5 million year-over-year.
Total deposits reached $6.2 billion, up $500.3 million from the previous quarter and $1.1 billion year-over-year.
Net interest margin expanded 4 basis points to 3.40% compared to the previous quarter.
Loans totaled $5.7 billion, an increase of $94.4 million from the previous quarter and $867.5 million year-over-year.
Diluted earnings per share were $1.46, a 14.1% increase compared to the fourth quarter of 2023.
Revenue by Segment
Forward Guidance
This release contains forward-looking statements regarding the Company's future financial condition, capital ratios, results of operations, and business outlook, which are subject to risks and uncertainties.
Challenges Ahead
- Interest rate policies of the Federal Reserve System.
- Inflation.
- Unexpected deterioration in loan or securities portfolios.
- Changes in liquidity, including the size and composition of deposit portfolio.
- Further deterioration in the financial condition or stock prices of financial institutions.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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