Metropolitan Bank Q4 2023 Earnings Report

Stable performance demonstrates MCB’s ability to execute on its business plan in a challenging economic environment.

Key Takeaways

Metropolitan Bank Holding Corp. reported a net income of $14.6 million, or $1.28 per diluted common share, for Q4 2023, compared to a net loss of $7.7 million, or $0.71 per diluted common share, for Q4 2022. The increase was primarily driven by responsible loan growth and disciplined balance sheet management.

Total deposits reached $5.7 billion, marking an increase of $215.7 million from the previous quarter and $459.4 million year-over-year.

Net loans grew to $5.6 billion, reflecting a strong growth of $270.3 million from the prior quarter and $784.3 million from the prior year.

Net interest margin for the quarter increased to 3.36%, compared to 3.27% for the prior linked quarter.

Liquidity remains strong with $3.1 billion in cash on deposit with the Federal Reserve Bank of New York and available secured funding capacity.

Total Revenue

$63.6M

Previous year: $70.2M