US Metro Bancorp Announces Third Quarter 2022 Financial Results
US Metro Bancorp (OTCQX: USMT) reported a year-to-date earnings increase of 11% in 2022 compared to 2021, with third-quarter earnings of $4,076,000, a slight decline from $4,220,000 in Q2 2022. Total income for the nine months ending September 30, 2022, was $11,976,000, up from $10,758,000 last year. Loans grew 26% year-over-year, while deposits increased by 11%. Earnings per share (EPS) was $0.25 for Q3 2022, down from $0.26 Q2 2022. The bank maintains strong asset growth and credit quality, but SBA loan originations decreased from the previous year.
- 11% year-to-date earnings increase compared to 2021.
- 26% annual increase in loans, with core loan growth of 34%.
- Net income for nine months was $13,207,000, up 14% year-over-year.
- Deposits increased by 11% year-over-year.
- EPS decreased from $0.26 in Q2 2022 to $0.25 in Q3 2022.
- SBA loan originations fell from $154 million in 2021 to $134 million in 2022.
- Current unrealized loss in the investment portfolio is $(9.3) million.
The Bank reported total assets of
SBA loan originations for the nine months ending
Credit quality remains good with non-performing assets as a percent of total assets of
“The Board of Directors is pleased with the continued growth and profitability of the Bank during 2022. Government guaranteed loan demand has been affected by the increased interest rate environment while the Bank has been proactive in implementing elements of the Strategic Plan.
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 | $ |
4,076 |
|
$ |
4,220 |
|
|
-3.41 |
% |
$ |
4,218 |
|
|
-3.37 |
% |
||||
Net Income Per Share (Basic) | $ |
0.25 |
|
$ |
0.26 |
|
|
-3.41 |
% |
$ |
0.26 |
|
|
-4.13 |
% |
||||
ROAA (Annualized) |
|
1.50 |
% |
|
1.57 |
% |
|
-0.08 |
% |
|
1.81 |
% |
|
-0.31 |
% |
||||
ROAE (Annualized) |
|
20.47 |
% |
|
21.62 |
% |
|
-1.15 |
% |
|
23.78 |
% |
|
-3.31 |
% |
||||
Efficiency Ratio |
|
52.89 |
% |
|
48.66 |
% |
|
4.23 |
% |
|
48.23 |
% |
|
4.66 |
% |
||||
Assets | $ |
1,095,222 |
|
$ |
1,082,173 |
|
|
1.21 |
% |
$ |
991,765 |
|
|
10.43 |
% |
||||
Gross Loans | $ |
892,144 |
|
$ |
871,687 |
|
|
2.35 |
% |
$ |
705,880 |
|
|
26.39 |
% |
||||
Deposits | $ |
978,721 |
|
$ |
970,890 |
|
|
0.81 |
% |
$ |
885,847 |
|
|
10.48 |
% |
||||
Non-Interest Bearing Deposits | $ |
319,511 |
|
$ |
305,061 |
|
|
4.74 |
% |
$ |
315,525 |
|
|
1.26 |
% |
||||
Common Equity | $ |
80,515 |
|
$ |
78,782 |
|
|
2.20 |
% |
$ |
72,777 |
|
|
10.63 |
% |
||||
Ending Common Shares O/S |
|
16,360,000 |
|
|
16,360,000 |
|
|
16,230,000 |
|
||||||||||
Book Value Per Common Shares | $ |
4.92 |
|
$ |
4.82 |
|
$ |
0.11 |
|
$ |
4.48 |
|
$ |
0.44 |
|
||||
|
At or for the Nine Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Y-O-Y Change | |||||||||||||||||
Net Income | $ |
11,976 |
|
$ |
10,758 |
|
$ |
1,218 |
|
|
11.32 |
% |
|||||||
Net Income Per Share (Basic) | $ |
0.74 |
|
$ |
0.66 |
|
$ |
0.07 |
|
|
10.95 |
% |
|||||||
ROAA (Annualized) |
|
1.47 |
% |
|
1.66 |
% |
|
-0.20 |
% |
|
-11.77 |
% |
|||||||
ROAE (Annualized) |
|
20.05 |
% |
|
20.84 |
% |
|
-0.79 |
% |
|
-3.79 |
% |
|||||||
Efficiency Ratio |
|
50.96 |
% |
|
46.79 |
% |
|
4.17 |
% |
|
8.90 |
% |
|||||||
Assets | $ |
1,095,222 |
|
$ |
991,765 |
|
$ |
103,457 |
|
|
10.43 |
% |
|||||||
Gross Loans | $ |
892,144 |
|
$ |
705,880 |
|
$ |
186,264 |
|
|
26.39 |
% |
|||||||
Deposits | $ |
978,721 |
|
$ |
885,847 |
|
$ |
92,874 |
|
|
10.48 |
% |
|||||||
Non-Interest Bearing Deposits | $ |
319,511 |
|
$ |
315,525 |
|
$ |
3,986 |
|
|
1.26 |
% |
|||||||
Common Equity | $ |
80,515 |
|
$ |
72,777 |
|
$ |
7,738 |
|
|
10.63 |
% |
|||||||
Ending Common Shares O/S |
|
16,360,000 |
|
|
16,230,000 |
|
|
130,000 |
|
|
0.80 |
% |
|||||||
Book Value Per Common Shares | $ |
4.92 |
|
$ |
4.48 |
|
$ |
0.44 |
|
|
9.75 |
% |
FINANCIAL HIGHLIGHTS (unaudited) | ||||||||||||||
BALANCE SHEET | ||||||||||||||
(All amounts in thousands except per share information) | ||||||||||||||
Assets |
|
|
Y-O-Y Change | |||||||||||
Cash and Due From Bank | $ |
13,182 |
|
$ |
16,886 |
|
$ |
(3,704 |
) |
-21.9 |
% |
|||
Investments and Fed Funds Sold | $ |
172,454 |
|
$ |
261,011 |
|
|
(88,557 |
) |
-33.9 |
% |
|||
Loans Outstanding |
|
892,144 |
|
|
705,880 |
|
|
186,264 |
|
26.4 |
% |
|||
Loan Loss Reserve |
|
(13,116 |
) |
|
(11,749 |
) |
|
(1,367 |
) |
11.6 |
% |
|||
Other Assets |
|
29,910 |
|
|
19,446 |
|
|
10,464 |
|
53.8 |
% |
|||
Total Assets | $ |
1,094,574 |
|
$ |
991,474 |
|
$ |
103,100 |
|
10.4 |
% |
|||
Liabilities and Capital |
|
|
Y-O-Y Change | |||||||||||
Deposits | $ |
979,330 |
|
$ |
886,628 |
|
$ |
92,702 |
|
10.5 |
% |
|||
Borrowings |
|
6,440 |
|
|
4,238 |
|
|
2,202 |
|
52.0 |
% |
|||
Other Liabilities |
|
3,461 |
|
|
2,964 |
|
|
497 |
|
16.8 |
% |
|||
Equity |
|
105,343 |
|
|
97,644 |
|
|
7,699 |
|
7.9 |
% |
|||
Total Liabilities and Capital | $ |
1,094,574 |
|
$ |
991,474 |
|
$ |
103,100 |
|
10.4 |
% |
|||
STATEMENT OF OPERATIONS | Three Months Ended | |||||||||||||
Income Statement |
|
|
Q-O-Q Change | |||||||||||
Interest Income | $ |
12,368 |
|
$ |
10,250 |
|
$ |
2,118 |
|
20.7 |
% |
|||
Interest Expense |
|
1,425 |
|
|
755 |
|
|
670 |
|
88.7 |
% |
|||
Net Interest Income |
|
10,943 |
|
|
9,495 |
|
|
1,448 |
|
15.3 |
% |
|||
Provision for Loan Losses |
|
300 |
|
|
400 |
|
|
(100 |
) |
-25.0 |
% |
|||
Other Income |
|
2,624 |
|
|
3,314 |
|
|
(690 |
) |
-20.8 |
% |
|||
Operating Expenses |
|
6,930 |
|
|
6,024 |
|
|
906 |
|
15.0 |
% |
|||
Tax |
|
1,964 |
|
|
1,892 |
|
|
72 |
|
3.8 |
% |
|||
Net Income | $ |
4,373 |
|
$ |
4,493 |
|
$ |
(120 |
) |
-2.7 |
% |
|||
STATEMENT OF OPERATIONS | Nine Months Ended | |||||||||||||
Income Statement |
|
|
Y-O-Y Change | |||||||||||
Interest Income | $ |
31,780 |
|
$ |
22,732 |
|
$ |
9,048 |
|
39.8 |
% |
|||
Interest Expense |
|
2,775 |
|
|
1,907 |
|
|
868 |
|
45.5 |
% |
|||
Net Interest Income |
|
29,005 |
|
|
20,825 |
|
|
8,180 |
|
39.3 |
% |
|||
Provision for Loan Losses |
|
1,300 |
|
|
2,700 |
|
|
(1,400 |
) |
N/A |
|
|||
Other Income |
|
9,688 |
|
|
14,032 |
|
|
(4,344 |
) |
-31.0 |
% |
|||
Operating Expenses |
|
18,506 |
|
|
15,691 |
|
|
2,815 |
|
17.9 |
% |
|||
Tax |
|
5,680 |
|
|
4,870 |
|
|
810 |
|
NM |
|
|||
Net Income | $ |
13,207 |
|
$ |
11,596 |
|
$ |
1,612 |
|
13.9 |
% |
|||
Ratios |
|
|
Y-O-Y Change |
|||||||||||
|
89.76 |
% |
|
78.29 |
% |
|
11.47 |
% |
||||||
ALLL/Gross Loans |
|
1.47 |
% |
|
1.66 |
% |
|
-0.19 |
% |
|||||
NPAs/Total Assets |
|
0.24 |
% |
|
0.16 |
% |
|
0.08 |
% |
|||||
Tier One Leverage Ratio |
|
10.31 |
% |
|
10.52 |
% |
|
-0.21 |
% |
|||||
YTD ROAA (annualized) |
|
1.66 |
% |
|
1.79 |
% |
|
-0.13 |
% |
|||||
YTD ROAE (annualized) |
|
16.83 |
% |
|
16.65 |
% |
|
0.18 |
% |
|||||
Net Interest Margin (QTD) |
|
4.06 |
% |
|
3.34 |
% |
|
0.72 |
% |
|||||
Net Interest Margin (YTD) |
|
3.73 |
% |
|
3.29 |
% |
|
0.44 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20221028005451/en/
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