US Metro Bancorp Announces First Quarter 2023 Results
The Bank reported total assets of
SBA loan originations for the three months ending
Loan quality remains good with non-performing assets as a percent of total assets of
“The Board of Directors and I are pleased with another good quarter of earnings. Despite the recent industry challenges, the Bank has navigated the situation well and continues to move forward. We are excited to announce the opening of our newest branch location in
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.
CONSOLIDATED FINANCIAL HIGHLIGHTS (unaudited) | |||||||||||||||||||
(All amounts in thousands except per share information) | |||||||||||||||||||
At or for the Three Months Ended | |||||||||||||||||||
% Change | % Change | ||||||||||||||||||
Net Income | $ |
3,165 |
|
$ |
4,871 |
|
|
-35.01 |
% |
$ |
3,680 |
|
|
-13.98 |
% |
||||
Net Income Per Share (Basic) | $ |
0.19 |
|
$ |
0.30 |
|
|
-35.13 |
% |
$ |
0.23 |
|
|
-14.82 |
% |
||||
ROAA (Annualized) |
|
1.12 |
% |
|
1.76 |
% |
|
-0.64 |
% |
|
1.45 |
% |
|
-0.33 |
% |
||||
ROAE (Annualized) |
|
14.59 |
% |
|
23.56 |
% |
|
-8.98 |
% |
|
19.11 |
% |
|
-4.53 |
% |
||||
Efficiency Ratio |
|
62.45 |
% |
|
53.23 |
% |
|
9.22 |
% |
|
51.22 |
% |
|
11.23 |
% |
||||
Assets | $ |
1,137,559 |
|
$ |
1,122,179 |
|
|
1.37 |
% |
$ |
1,062,023 |
|
|
7.11 |
% |
||||
Gross Loans | $ |
957,983 |
|
$ |
930,748 |
|
|
2.93 |
% |
$ |
834,714 |
|
|
14.77 |
% |
||||
Deposits | $ |
984,751 |
|
$ |
976,263 |
|
|
0.87 |
% |
$ |
950,918 |
|
|
3.56 |
% |
||||
Non-Interest Bearing Deposits | $ |
256,491 |
|
$ |
299,422 |
|
|
-14.34 |
% |
$ |
324,658 |
|
|
-21.00 |
% |
||||
Common Equity | $ |
88,741 |
|
$ |
84,878 |
|
|
4.55 |
% |
$ |
77,374 |
|
|
14.69 |
% |
||||
Ending Common Shares O/S |
|
16,390,000 |
|
|
16,360,000 |
|
|
16,230,000 |
|
||||||||||
Book Value Per Common Shares | $ |
5.41 |
|
$ |
5.19 |
|
$ |
0.23 |
|
$ |
4.77 |
|
$ |
0.65 |
|
FINANCIAL HIGHLIGHTS (unaudited) | ||||||||||||||
BALANCE SHEET | ||||||||||||||
(All amounts in thousands except per share information) | ||||||||||||||
Assets | Y-O-Y Change | |||||||||||||
Cash and Due From Bank | $ |
12,842 |
|
$ |
13,149 |
|
$ |
(307 |
) |
-2.3 |
% |
|||
Investments and Fed Funds Sold | $ |
148,560 |
|
$ |
203,487 |
|
|
(54,927 |
) |
-27.0 |
% |
|||
Loans Outstanding |
|
957,983 |
|
|
835,064 |
|
|
122,919 |
|
14.7 |
% |
|||
Loan Loss Reserve |
|
(13,318 |
) |
|
(12,415 |
) |
|
(903 |
) |
7.3 |
% |
|||
Other Assets |
|
30,592 |
|
|
22,318 |
|
|
8,274 |
|
37.1 |
% |
|||
Total Assets | $ |
1,136,660 |
|
$ |
1,061,603 |
|
$ |
75,057 |
|
7.1 |
% |
|||
Liabilities and Capital | Y-O-Y Change | |||||||||||||
Deposits | $ |
985,341 |
|
$ |
951,243 |
|
$ |
34,098 |
|
3.6 |
% |
|||
Borrowings |
|
31,346 |
|
|
3,892 |
|
|
27,454 |
|
705.4 |
% |
|||
Other Liabilities |
|
6,629 |
|
|
3,760 |
|
|
2,869 |
|
76.3 |
% |
|||
Equity |
|
113,343 |
|
|
102,708 |
|
|
10,635 |
|
10.4 |
% |
|||
Total Liabilities and Capital | $ |
1,136,660 |
|
$ |
1,061,603 |
|
$ |
75,057 |
|
7.1 |
% |
|||
STATEMENT OF OPERATIONS | Three Months Ended | |||||||||||||
Income Statement | Q-O-Q Change | |||||||||||||
Interest Income | $ |
15,255 |
|
$ |
13,718 |
|
$ |
1,537 |
|
11.2 |
% |
|||
Interest Expense |
|
5,873 |
|
|
3,043 |
|
|
2,829 |
|
93.0 |
% |
|||
Net Interest Income |
|
9,382 |
|
|
10,675 |
|
|
(1,293 |
) |
-12.1 |
% |
|||
Provision for Loan Losses |
|
200 |
|
|
- |
|
|
200 |
|
|||||
Other Income |
|
3,102 |
|
|
2,958 |
|
|
144 |
|
4.9 |
% |
|||
Operating Expenses |
|
7,525 |
|
|
7,013 |
|
|
511 |
|
7.3 |
% |
|||
Tax |
|
1,300 |
|
|
1,461 |
|
|
(161 |
) |
-11.0 |
% |
|||
Net Income | $ |
3,459 |
|
$ |
5,158 |
|
$ |
(1,699 |
) |
-32.9 |
% |
|||
STATEMENT OF OPERATIONS | Three Months Ended | |||||||||||||
Income Statement | Y-O-Y Change | |||||||||||||
Interest Income | $ |
15,255 |
|
$ |
9,162 |
|
$ |
6,093 |
|
66.5 |
% |
|||
Interest Expense |
|
5,873 |
|
|
595 |
|
|
5,278 |
|
887.0 |
% |
|||
Net Interest Income |
|
9,382 |
|
|
8,567 |
|
|
815 |
|
9.5 |
% |
|||
Provision for Loan Losses |
|
200 |
|
|
600 |
|
|
(400 |
) |
-66.7 |
% |
|||
Other Income |
|
3,102 |
|
|
3,750 |
|
|
(648 |
) |
-17.3 |
% |
|||
Operating Expenses |
|
7,525 |
|
|
5,553 |
|
|
1,972 |
|
35.5 |
% |
|||
Tax |
|
1,300 |
|
|
1,824 |
|
|
(524 |
) |
-28.7 |
% |
|||
Net Income | $ |
3,459 |
|
$ |
4,340 |
|
$ |
(881 |
) |
-20.3 |
% |
|||
Ratios | Y-O-Y Change | |||||||||||||
|
95.87 |
% |
|
86.48 |
% |
|
9.39 |
% |
||||||
ALLL/Gross Loans |
|
1.39 |
% |
|
1.47 |
% |
|
-0.08 |
% |
|||||
NPAs/Total Assets |
|
0.25 |
% |
|
0.28 |
% |
|
-0.03 |
% |
|||||
Tier One Leverage Ratio |
|
10.57 |
% |
|
10.47 |
% |
|
0.10 |
% |
|||||
YTD ROAA (annualized) |
|
1.19 |
% |
|
1.71 |
% |
|
-0.52 |
% |
|||||
YTD ROAE (annualized) |
|
12.08 |
% |
|
16.74 |
% |
|
-4.66 |
% |
|||||
Net Interest Margin (QTD) |
|
3.41 |
% |
|
3.49 |
% |
|
-0.08 |
% |
|||||
Net Interest Margin (YTD) |
|
3.41 |
% |
|
3.49 |
% |
|
-0.08 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20230427006043/en/
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