Sign in Subscribe
Banks (Finance)

Metropolitan Bank Holding Corp Reports Net Income of $12.3 Million in Q3 2024

Strategic Insights

— 2 min read

Metropolitan Bank Holding Corp, the parent company of Metropolitan Commercial Bank, reported a net income of $12.3 million, or $1.08 per diluted common share, for the third quarter of 2024. This represents a decrease from the second quarter of 2024, where the company reported a net income of $16.8 million, or $1.50 per diluted common share. The company's net interest income increased 6% quarter over quarter and 12% year to date, supported by continued strength and growth in its net interest margin.

Key Takeaways:

  • The company's net interest income increased 6% quarter over quarter and 12% year to date, driven by continued strength and growth in its net interest margin.
  • Total revenues for the third quarter of 2024 were $71.5 million, a decrease of $3.8 million from the prior quarter and an increase of $11.4 million from the prior year period.
  • Non-interest income was $6.3 million for the third quarter of 2024, an increase of $146,000 from the prior linked quarter and a decrease of $228,000 from the prior year period.
  • The company's non-interest expense was $51.3 million for the third quarter of 2024, an increase of $9.0 million from the prior linked quarter and an increase of $20.3 million from the prior year period.
  • The effective tax rate for the third quarter of 2024 was 30.2%, compared to 29.7% for the prior linked quarter and 22.2% for the prior year period.
  • Credit quality remains stable, with a ratio of non-performing loans to total loans of 0.53% at September 30, 2024, no change from June 30, 2024, and a decrease of 0.05% from September 30, 2023.

Statistics:

  • Net income: $12.3 million in Q3 2024, down from $16.8 million in Q2 2024 and $22.1 million in Q3 2023.
  • Net interest income: $65.2 million in Q3 2024, up 6% from $61.5 million in the prior linked quarter and 22% from $53.6 million in the prior year period.
  • Net interest margin: 3.62% in Q3 2024, up 18 basis points from the prior linked quarter and 35 basis points from the prior year period.
  • Non-interest income: $6.3 million in Q3 2024, up $146,000 from the prior linked quarter and down $228,000 from the prior year period.
  • Non-interest expense: $51.3 million in Q3 2024, up $9.0 million from the prior linked quarter and $20.3 million from the prior year period.
  • Effective tax rate: 30.2% in Q3 2024, up from 29.7% in the prior linked quarter and down from 22.2% in the prior year period.
  • Ratio of non-performing loans to total loans: 0.53% at September 30, 2024, no change from June 30, 2024, and a decrease of 0.05% from September 30, 2023.

Sources:

  • "Metropolitan Bank Holding Corp. Reports Strong Financial Performance and Emphasizes Stability in the Face of Market Uncertainty." Press Release, September 30, 2024, Metropolitan Bank Holding Corp.
  • "MCB Quarterly Results Conference Call." Metropolitan Bank Holding Corp., October 18, 2024.

Read more