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Jun 30, 2023
Metropolitan Bank Q2 2023 Earnings Report
Reported a decrease in net income compared to the same quarter last year, while maintaining balance sheet strength and stability.
Key Takeaways
Metropolitan Bank Holding Corp. reported a net income of $15.6 million, or $1.37 per diluted common share, for the second quarter of 2023. The bank's balance sheet showed strength and stability with an increase in total deposits and prudent loan growth.
Total deposits increased by $377.2 million, excluding crypto-related deposits, from March 31, 2023.
Insured deposits accounted for approximately 73% of total deposits at June 30, 2023, up from 60% at December 31, 2022.
Cash on deposit with the Federal Reserve Bank of New York and available secured funding capacity totaled $3.6 billion.
Net loan growth of $297.9 million, or 6.1%, for the second quarter of 2023.
Forward Guidance
I am pleased with how MCB navigated a turbulent quarter for the banking industry. The strength and stability of our balance sheet, not to mention the sustainability of our business model, are very apparent in the second quarter's successful deposit and loan growth. I am confident that the funding strategies we have laid out will further differentiate MCB. “We are fortunate to have a team so dedicated to ensuring the success of our clients. That is a key ingredient to MCB's performance in times of market stress.
Historical Earnings Impact
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