Metropolitan Bank Q1 net income $25.1M, EPS $2.25, up 33% YoY; core deposits grow

Metropolitan Bank Holding Corp.

2023-Q1 EPS reported $2.25 revenue$6,948,000

Net income $25.1M ($2.25 diluted EPS) vs $19.0M ($1.69) in Q1 2022; revenues $65.5M up 21%.
Net interest margin 3.86% (up 115 bps YoY); total loans $4.9B (+17.7% YoY); core deposits (ex-crypto) $4.9B, up $69M from Q4.
Exiting crypto vertical nearly complete; crypto deposits $217.6M (4% of total) vs $278.5M at year-end.
Insured deposits now 71% of total (up from 60% at Dec 2022); liquidity coverage at 208% of uninsured deposits.
Non-performing loans rose to 0.50% from 0.00% prior quarters; regulatory settlement reserve reduced by $2.5M.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Metropolitan Bank Holding Corp. reported first quarter of 2023 results: revenue $65.5 million, net income $25.1 million, EPS $2.25 per diluted common share.

Period: first quarter of 2023
Revenue: $65.5 million
Net income: $25.1 million
EPS: $2.25 per diluted common share
Result: reported results

Exact text from the filing

Quarterly Financial Highlights Year-Over-Year: ● Net income of $25.1 million, an increase of 31.8%. ● Diluted earnings per share of $2.25, an increase of 33.1%. ● Revenues 1 of $65.5 million, an increase of 21.2%.

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Source: SEC EDGAR

accession 0001558370-23-006144

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