MCB Q2 net income $16.8M ($1.50 EPS) beats Q1; NIM expands to 3.44%; NPLs drop to 0.53%

Metropolitan Bank Holding Corp.

2024-Q2 EPS reported $2.96 revenue$13,174,000

Q2 2024 diluted EPS $1.50 vs Q1 $1.46 and prior Q2 $1.37; net income $16.8M vs $16.2M linked quarter.
Net interest margin 3.44% up 4 bp from Q1; net interest income $61.5M vs $59.7M linked quarter.
Loans at $5.8B, up $119.7M from Q1; total deposits $6.2B, down $67.9M; strong liquidity coverage 228% of uninsured deposits.
Non-performing loans ratio fell to 0.53% from 0.91% Q1; allowance for credit losses $60.0M.
Incurred $5.5M in strategic expenses (GPG wind-down, regulatory remediation, digital transformation) in Q2.

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