US Metro Bancorp Announces First Quarter 2024 Results
April 26 2024 - 5:46PM
Business Wire
US Metro Bancorp (OTCQX: USMT): US Metro Bancorp (“Bancorp”) is
a bank holding company, with a single subsidiary, US Metro Bank
(“Bank”). On a consolidated basis, the Bancorp earned $1.5 million
in the first quarter of 2024, compared to $2.5 million in the
fourth quarter of 2023. For the three months ending March 31, 2024,
the consolidated Bancorp earned $1.5 million compared to $3.2
million for the three months ending March 31, 2023. On a
year-to-date basis, the Bancorp recorded an annualized return on
average assets (“ROAA”) of 0.47% and an annualized return on
average equity (“ROAE”) of 6.13%. With 16,390,000 shares
outstanding, earnings per share (“EPS”) for the first quarter of
2024 was $0.09 compared to $0.15 in the fourth quarter of 2023. For
the three months ending March 31, 2024, EPS was $0.09 compared to
$0.19 for the three months ending March 31, 2023. On March 31,
2024, the Bancorp’s book value per share was $5.87 compared to
$5.41 a year earlier.
The Bank recorded on a year-to-date basis net interest income of
$8.1 million compared to $9.4 million in the same period a year
earlier. Net income of $1.8 million for the three months ending
March 31, 2024, compares to $3.5 million reported for the same
three months in 2023, a year over year decrease of $1.7
million.
The Bank reported total assets of $1.295 billion as of March 31,
2024, representing a 13.9% increase compared to the reporting
period ending March 31, 2023, and year over year loan growth of
$117.2 million or 12.2%. Total Bank deposits ended the first
quarter of 2024 at $1.134 billion, a $148 million or 15.1% increase
from $985 million on March 31, 2023. Six of the Bank’s eight
branches have deposits exceeding $100 million, with two branches
having more than $200 million in deposits. The Bank’s newest branch
in Los Angeles, California opened in December 2023.
Loan quality remains good with non-performing assets as a
percent of total assets of 0.17% on March 31, 2024, compared to
0.25% as of March 31, 2023. The Bank had no Other Real Estate Owned
(OREO) on March 31, 2024, and one TDR loan totaling $32 thousand.
Allowance for loan and lease losses (ALLL) to gross loans was 1.21%
as of March 31, 2024, compared to 1.39% as of March 31, 2023. The
Bank recorded no provision for loan loss expense, for the three
months ending March 31, 2024, compared to $0.2 million recorded for
the three months ending March 31, 2023.
“Loan and deposit growth continued in the first quarter of 2024.
The gain on sale from loans was lower in the first quarter than
typical, which had an impact to net income. However, we expect this
to improve in the second quarter and for the rest of 2024, which
will positively improve income for the Bank,” said CEO Dong Il
Kim.
US Metro Bank is a California chartered, full service commercial
bank headquartered in Garden Grove, California. The Bank opened for
business on September 15, 2006, and offers deposit and loan
products (including commercial real estate, commercial and
industrial, mortgage, SBA and USDA loans), as well as related
banking services to its customers.
This release contains forward-looking statements, including our
expectations with respect to future events that are subject to
various risks and uncertainties. Factors that could cause actual
results to differ materially from management's projections,
forecasts, estimates and expectations include: fluctuation in
market rates of interest and loan and deposit pricing, adverse
changes in the overall national economy as well as adverse economic
conditions in our specific market areas, maintenance and
development of well-established and valued client relationships and
referral source relationships, and acquisition or loss of key
production personnel. Other risks that can affect the Bank are
detailed from time to time in our annual reports. We caution
readers that the list of factors above is not exclusive. The
forward-looking statements are made as of the date of this release,
and we may not undertake steps to update the forward-looking
statements to reflect the impact of any circumstances or events
that arise after the date the forward-looking statements are made.
In addition, our past results of operations are not necessarily
indicative of future performance.
US METRO BANCORP
CONSOLIDATED FINANCIAL
HIGHLIGHTS (unaudited)
(All amounts in thousands except
per share information)
At or for the Three Months
Ended
3/31/2024
12/31/2023
% Change
3/31/2023
% Change
Net Income
$
1,466
$
2,479
-40.86%
$
3,165
-53.68%
Net Income Per Share (Basic)
$
0.09
$
0.15
-40.86%
$
0.19
-53.68%
ROAA (Annualized)
0.47%
0.82%
-0.35%
1.12%
-0.66%
ROAE (Annualized)
6.13%
10.65%
-4.52%
14.59%
-8.46%
Efficiency Ratio
79.83%
70.03%
9.80%
62.45%
17.38%
Assets
$
1,295,938
$
1,225,976
5.71%
$
1,137,559
13.92%
Gross Loans
$
1,075,134
$
1,021,079
5.29%
$
957,983
12.23%
Deposits
$
1,132,836
$
1,063,481
6.52%
$
984,751
15.04%
Non-Interest Bearing Deposits
$
180,050
$
173,600
3.72%
$
256,491
-29.80%
Common Equity
$
96,134
$
95,229
0.95%
$
88,741
8.33%
Ending Common Shares O/S
16,390,000
16,390,000
-
16,390,000
-
Book Value Per Common Shares
$
5.87
$
5.81
$
0.06
$
5.41
$
0.46
US METRO BANK (only) FINANCIAL HIGHLIGHTS
(unaudited) BALANCE SHEET (All amounts in thousands
except per share information)
Assets
3/31/2024
3/31/2023
Y-O-Y Change
Cash and Due From Bank
$
11,977
$
12,842
$
(865
)
-6.7
%
Investments and Fed Funds Sold
$
186,940
$
148,560
38,380
25.8
%
Loans Outstanding
1,075,134
957,983
117,151
12.2
%
Loan Loss Reserve
(12,961
)
(13,318
)
357
-2.7
%
Other Assets
33,870
30,592
3,278
10.7
%
Total Assets
$
1,294,960
$
1,136,660
$
158,300
13.9
%
Liabilities and Capital
3/31/2024
3/31/2023
Y-O-Y Change
Deposits
$
1,133,767
$
985,341
$
148,426
15.1
%
Borrowings
30,062
31,346
(1,284
)
-4.1
%
Other Liabilities
10,691
6,629
4,062
61.3
%
Equity
120,439
113,343
7,096
6.3
%
Total Liabilities and Capital
$
1,294,959
$
1,136,660
$
158,299
13.9
%
STATEMENT OF OPERATIONS Three Months Ended
Income Statement
3/31/2024
12/31/2023
Q-O-Q Change
Interest Income
$
18,915
$
18,244
$
671
3.7
%
Interest Expense
10,833
9,798
1,035
10.6
%
Net Interest Income
8,082
8,446
(364
)
-4.3
%
Provision for Loan Losses
-
-
-
Other Income
2,564
3,159
(595
)
-18.8
%
Operating Expenses
8,124
7,694
430
5.6
%
Tax
737
1,049
(312
)
-29.7
%
Net Income
$
1,785
$
2,862
$
(1,077
)
-37.6
%
STATEMENT OF OPERATIONS Three Months Ended
Income Statement
3/31/2024
3/31/2023
Y-O-Y Change
Interest Income
$
18,915
$
15,255
$
3,660
24.0
%
Interest Expense
10,833
5,873
4,960
84.5
%
Net Interest Income
8,082
9,382
(1,300
)
-13.9
%
Provision for Loan Losses
-
200
(200
)
-100.0
%
Other Income
2,564
3,102
(538
)
-17.3
%
Operating Expenses
8,124
7,525
599
8.0
%
Tax
737
1,300
(563
)
-43.3
%
Net Income
$
1,785
$
3,459
$
(1,674
)
-48.4
%
Ratios
3/31/2024
3/31/2023
Y-O-Y Change
Net Loan to Deposits
93.69
%
95.87
%
-2.19
%
ALLL/Gross Loans
1.21
%
1.39
%
-0.18
%
NPAs/Total Assets
0.17
%
0.25
%
-0.08
%
Tier One Leverage Ratio
10.03
%
10.57
%
-0.54
%
YTD ROAA (annualized)
0.57
%
1.19
%
-0.62
%
YTD ROAE (annualized)
5.97
%
12.08
%
-6.11
%
Net Interest Margin (QTD)
2.62
%
3.41
%
-0.79
%
Net Interest Margin (YTD)
2.62
%
3.41
%
-0.79
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240426746698/en/
Jeremy Johnson (714) 620-8888