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Dec 31, 2023
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.
Metropolitan Bank
Metropolitan Bank
Forward Guidance
As we enter 2024, MCB is well-positioned to grow our business and drive EPS growth while supporting the needs of our clients.