Metropolitan Bank Holding Corp. has reported its second quarter 2024 results, showcasing strong financial performance and strategic execution. Here are some key financial highlights:
- Loans at June 30, 2024, increased to $5.8 billion, up $119.7 million from March 31, 2024, and up $689.3 million from June 30, 2023.
- Total deposits at June 30, 2024, were $6.2 billion, a decrease of $67.9 million from March 31, 2024, but an increase of $881.1 million from June 30, 2023.
- Net interest margin for the second quarter of 2024 expanded to 3.44% from 3.40% in the first quarter of 2024.
- Diluted earnings per share for the second quarter of 2024 were $1.50, representing a 2.7% increase compared to the first quarter of 2024.
- Return on average equity was 9.9% and return on average tangible common equity was 10.1% for the second quarter of 2024.
Moreover, the company reported stable asset quality, with non-performing loans declining to 0.53% at June 30, 2024, compared to 0.91% at March 31, 2024. The liquidity position remained strong, with cash on deposit with the Federal Reserve Bank of New York and available secured funding capacity totaling $3.4 billion at June 30, 2024.
Total cash and cash equivalents were $244.7 million at June 30, 2024, reflecting a decrease of $289.7 million from March 31, 2024, and an increase of $42.9 million from June 30, 2023.
The income statement for the three months ended June 30, 2024, reported total revenues of $67,678, net income of $16,799, and diluted earnings per common share of $1.50.
Net interest income for the second quarter of 2024 was $61.5 million, up from $59.7 million for the prior linked quarter and $53.8 million for the prior year period.
Non-interest income was $6.1 million for the second quarter of 2024, representing a decrease of $865,000 from the prior linked quarter.
Non-interest expense was $42.3 million for the second quarter of 2024, inclusive of $5.5 million of expenses related to the global payments group wind down, regulatory remediation, and the core banking digital transformation.
The effective tax rate for the second quarter of 2024 was 29.7%, down from 33.3% for the prior linked quarter and 37.4% for the prior year period.
The market has reacted to these announcements by moving the company's shares -4.1% to a price of $54.18. Check out the company's full 8-K submission here.
