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Metropolitan Bank Holding Corp. (MCB-2.93%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total assets to $7.4 billion from $7.1 billion at the end of 2023. This growth was driven by a rise in total loans to $5.9 billion, reflecting an increase in commercial real estate loans.
Total deposits rose to $6.3 billion, with non-interest-bearing demand deposits making up 28.4% of total deposits, compared to 32.0% at the end of 2023. The increase in deposits was primarily due to growth in money market accounts.
Net income for the quarter was $12.3 million, down from $22.1 million in the same period the previous year. The decrease was attributed to a $20.3 million increase in non-interest expenses, including a regulatory reserve.
Net interest income increased to $65.2 million from $53.6 million in the third quarter of 2023, driven by higher loan balances and yields. The net interest margin improved to 3.62% from 3.27% in the previous year.
The provision for credit losses was $2.7 million for the quarter, reflecting loan growth and a specific credit loss provision.
Non-interest income decreased slightly to $6.3 million, with lower revenues from the Global Payments Group offset by higher service charges on deposit accounts.
Non-interest expenses rose significantly to $51.3 million, primarily due to a regulatory reserve and increased compensation and technology costs.
The company reported a total allowance for credit losses of $62.5 million, covering 201.7% of non-performing loans, which decreased to $31.0 million from $51.9 million at the end of 2023.
Metropolitan Bank Holding Corp. continues to focus on its core markets in New York and South Florida, with a diversified loan portfolio and a strong deposit base.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Metropolitan Bank Holding Corp. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.