MCB Q1 2024 net income $16.2M ($1.46 EPS); deposits up 8.7% QoQ; NIM expands 4bps

Metropolitan Bank Holding Corp.

2024-Q1 EPS reported $1.46 revenue$7,027,000

Net income $16.2M ($1.46 diluted EPS) vs $14.6M ($1.28) in Q4 2023 and $25.1M ($2.25) in Q1 2023.
Total deposits grew $500.3M (8.7%) to $6.2B; loans increased $94.4M to $5.7B from Dec 31, 2023.
Net interest margin 3.40%, up 4bps QoQ but down 46bps YoY; net interest income $59.7M.
Non-interest expense $41.9M included $4.9M of GPG wind-down, regulatory remediation, and digital transformation costs.
Asset quality stable: NPLs to total loans 0.91%; total risk-based capital ratio 12.9% (well capitalized).

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 0.95

Metropolitan Bank Holding Corp. reported first quarter of 2024 results: revenue $66,713 thousand, net income $16,203 thousand, EPS $1.46.

Period: first quarter of 2024
Revenue: $66,713 thousand
Net income: $16,203 thousand
EPS: $1.46
Result: reported results

Exact text from the filing

Net income of $16.2 million, or $1.46 per diluted common share, for the first quarter of 2024

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Metropolitan Bank Holding Corp. filing history →

Source: SEC EDGAR

accession 0001558370-24-005312

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