US Metro Bancorp Announces Third Quarter 2024 Results
US Metro Bancorp (USMT) reported Q3 2024 earnings of $1.7 million, down from $2.2 million in Q2 2024 and $2.3 million in Q3 2023. The bank's EPS decreased to $0.11 from $0.13 in Q2 2024. Total assets reached $1.387 billion, showing a 15.7% year-over-year increase. Total deposits grew 17.3% to $1.216 billion, while loans increased 17.6% to $169 million. The bank's book value per share improved to $6.11 from $5.55 a year earlier. Year-to-date net interest income rose to $60.1 million from $48.5 million, though net income decreased by $2.8 million to $6.3 million compared to 2023.
US Metro Bancorp (USMT) ha riportato utili di $1,7 milioni per il terzo trimestre del 2024, in calo rispetto ai $2,2 milioni del secondo trimestre 2024 e ai $2,3 milioni del terzo trimestre 2023. L'utile per azione (EPS) della banca è diminuito a $0,11 rispetto a $0,13 del secondo trimestre 2024. Il totale delle attività ha raggiunto $1,387 miliardi, mostrando un incremento del 15,7% rispetto all'anno precedente. I depositi totali sono aumentati del 17,3% a $1,216 miliardi, mentre i prestiti sono cresciuti del 17,6% a $169 milioni. Il valore contabile per azione della banca è migliorato a $6,11 rispetto ai $5,55 di un anno fa. I ricavi netti da interessi da inizio anno sono aumentati a $60,1 milioni rispetto ai $48,5 milioni, anche se l'utile netto è diminuito di $2,8 milioni a $6,3 milioni rispetto al 2023.
US Metro Bancorp (USMT) reportó ganancias de $1.7 millones en el tercer trimestre de 2024, una baja respecto a los $2.2 millones en el segundo trimestre de 2024 y los $2.3 millones en el tercer trimestre de 2023. El EPS del banco disminuyó a $0.11 desde $0.13 en el segundo trimestre de 2024. Los activos totales alcanzaron $1.387 mil millones, mostrando un aumento del 15.7% en comparación con el año anterior. Los depósitos totales crecieron un 17.3% a $1.216 mil millones, mientras que los préstamos aumentaron un 17.6% a $169 millones. El valor contable por acción del banco mejoró a $6.11 desde $5.55 hace un año. Los ingresos netos por intereses acumulados hasta la fecha llegaron a $60.1 millones, en comparación con los $48.5 millones, aunque el ingreso neto disminuyó en $2.8 millones a $6.3 millones en comparación con 2023.
US Metro Bancorp (USMT)는 2024년 3분기에 $170만의 수익을 보고했으며, 이는 2024년 2분기의 $220만 및 2023년 3분기의 $230만에서 감소한 수치입니다. 은행의 주당순이익(EPS)은 2024년 2분기 $0.13에서 $0.11로 감소했습니다. 총 자산은 $1,387억에 도달하여 전년 대비 15.7% 증가했습니다. 총 예치금은 $1,216억으로 17.3% 증가했으며, 대출은 $169백만으로 17.6% 증가했습니다. 은행의 주당 장부가치는 1년 전 $5.55에서 $6.11로 개선되었습니다. 연초부터 현재까지 순이자 수익은 $4850만에서 $6010만으로 증가했지만, 순이익은 2023년 대비 $280만 감소하여 $630만으로 줄었습니다.
US Metro Bancorp (USMT) a annoncé des bénéfices de 1,7 million de dollars pour le troisième trimestre 2024, en baisse par rapport à 2,2 millions de dollars au deuxième trimestre 2024 et 2,3 millions de dollars au troisième trimestre 2023. Le BPA de la banque a diminué à 0,11 $ contre 0,13 $ au deuxième trimestre 2024. Les actifs totaux ont atteint 1,387 milliard de dollars, enregistrant une augmentation de 15,7 % par rapport à l'année précédente. Les dépôts totaux ont augmenté de 17,3 % pour atteindre 1,216 milliard de dollars, tandis que les prêts ont augmenté de 17,6 % pour s'établir à 169 millions de dollars. La valeur comptable par action de la banque a été améliorée à 6,11 $ contre 5,55 $ l'année précédente. Les revenus d'intérêts nets cumulés depuis le début de l'année ont augmenté à 60,1 millions de dollars contre 48,5 millions de dollars, bien que le bénéfice net ait diminué de 2,8 millions de dollars pour atteindre 6,3 millions de dollars par rapport à 2023.
US Metro Bancorp (USMT) meldete im dritten Quartal 2024 einen Gewinn von 1,7 Millionen US-Dollar, ein Rückgang von 2,2 Millionen US-Dollar im zweiten Quartal 2024 und 2,3 Millionen US-Dollar im dritten Quartal 2023. Der Gewinn pro Aktie (EPS) der Bank sank auf 0,11 US-Dollar von 0,13 US-Dollar im zweiten Quartal 2024. Die Gesamtn Vermögenswerte betrugen 1,387 Milliarden US-Dollar, was im Vergleich zum Vorjahr einem Anstieg von 15,7 % entspricht. Die Gesamt-/Einlagen stiegen um 17,3 % auf 1,216 Milliarden US-Dollar, während die Kredite um 17,6 % auf 169 Millionen US-Dollar zunahmen. Der Buchwert pro Aktie der Bank verbesserte sich auf 6,11 US-Dollar von 5,55 US-Dollar im Vorjahr. Das Zinsergebnis bis dato stieg auf 60,1 Millionen US-Dollar von 48,5 Millionen US-Dollar, während das Nettoeinkommen im Vergleich zu 2023 um 2,8 Millionen US-Dollar auf 6,3 Millionen US-Dollar sank.
- Total assets increased 15.7% year-over-year to $1.387 billion
- Deposits grew 17.3% to $1.216 billion
- Loan portfolio expanded 17.6% year-over-year
- Net interest income increased to $60.1 million from $48.5 million YoY
- Book value per share improved to $6.11 from $5.55 YoY
- Q3 2024 earnings declined to $1.7M from $2.2M in Q2 2024
- EPS decreased to $0.11 from $0.13 QoQ and $0.14 YoY
- Year-to-date net income fell by $2.8M compared to 2023
- Non-performing assets increased to 0.36% from 0.10% YoY
- Provision for loan losses increased to $0.9M from $0.5M YoY
The Bank recorded on a year-to-date basis net interest income of
The Bank reported total assets of
Loan quality remains good with non-performing assets as a percentage of total assets of
“The Bank continued its growth in the third quarter with both loans and deposits. The Bank is looking to end the year strong heading into 2025,” said CEO Dong Il Kim.
US Metro Bank is a
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 |
||||||||||||||||||
9/30/2024 |
6/30/2024 |
% Change |
9/30/2023 |
% Change |
|||||||||||||||
| Net Income | $ |
1,741 |
|
$ |
2,185 |
|
|
-20.33 |
% |
$ |
2,309 |
|
|
-24.58 |
% |
||||
| Net Income Per Share (Basic) | $ |
0.11 |
|
$ |
0.13 |
|
|
-20.33 |
% |
$ |
0.14 |
|
|
-24.72 |
% |
||||
| ROAA (Annualized) |
|
0.51 |
% |
|
0.66 |
% |
|
-0.15 |
% |
|
0.78 |
% |
|
-0.27 |
% |
||||
| ROAE (Annualized) |
|
7.00 |
% |
|
9.00 |
% |
|
-2.00 |
% |
|
10.19 |
% |
|
-3.19 |
% |
||||
| Efficiency Ratio |
|
76.42 |
% |
|
69.30 |
% |
|
7.13 |
% |
|
70.93 |
% |
|
5.50 |
% |
||||
| Assets | $ |
1,388,089 |
|
$ |
1,349,130 |
|
|
2.89 |
% |
$ |
1,199,631 |
|
|
15.71 |
% |
||||
| Gross Loans | $ |
1,129,300 |
|
$ |
1,127,690 |
|
|
0.14 |
% |
$ |
960,639 |
|
|
17.56 |
% |
||||
| Deposits | $ |
1,214,579 |
|
$ |
1,181,974 |
|
|
2.76 |
% |
$ |
1,035,746 |
|
|
17.27 |
% |
||||
| Non-Interest Bearing Deposits | $ |
201,331 |
|
$ |
188,077 |
|
|
7.05 |
% |
$ |
198,575 |
|
|
1.39 |
% |
||||
| Common Equity | $ |
100,918 |
|
$ |
98,163 |
|
|
2.81 |
% |
$ |
90,937 |
|
|
10.98 |
% |
||||
| Ending Common Shares O/S |
|
16,520,000 |
|
|
16,520,000 |
|
|
- |
|
|
16,390,000 |
|
|
130,000 |
|
||||
| Book Value Per Common Shares | $ |
6.11 |
|
$ |
5.94 |
|
$ |
0.17 |
|
$ |
5.55 |
|
$ |
0.57 |
|
||||
At or for the Nine Months Ended |
|||||||||||||||||||
9/30/2024 |
9/30/2023 |
Y-O-Y Change |
|||||||||||||||||
| Net Income | $ |
5,392 |
|
$ |
8,136 |
|
$ |
(2,743 |
) |
|
-33.72 |
% |
|||||||
| Net Income Per Share (Basic) | $ |
0.33 |
|
$ |
0.50 |
|
$ |
(0.17 |
) |
|
-33.99 |
% |
|||||||
| ROAA (Annualized) |
|
0.53 |
% |
|
0.92 |
% |
|
-0.40 |
% |
|
-42.93 |
% |
|||||||
| ROAE (Annualized) |
|
7.22 |
% |
|
11.97 |
% |
|
-4.74 |
% |
|
-39.65 |
% |
|||||||
| Efficiency Ratio |
|
74.96 |
% |
|
66.08 |
% |
|
8.88 |
% |
|
13.45 |
% |
|||||||
| Assets | $ |
1,388,089 |
|
$ |
1,199,631 |
|
$ |
188,458 |
|
|
15.71 |
% |
|||||||
| Gross Loans (Excl. Loans HFS) | $ |
1,116,739 |
|
$ |
949,987 |
|
$ |
166,752 |
|
|
17.55 |
% |
|||||||
| Deposits | $ |
1,214,579 |
|
$ |
1,035,746 |
|
$ |
178,833 |
|
|
17.27 |
% |
|||||||
| Non-Interest Bearing Deposits | $ |
201,331 |
|
$ |
198,575 |
|
$ |
2,756 |
|
|
1.39 |
% |
|||||||
| Common Equity | $ |
100,918 |
|
$ |
90,937 |
|
$ |
9,981 |
|
|
10.98 |
% |
|||||||
| Ending Common Shares O/S |
|
16,520,000 |
|
|
16,390,000 |
|
|
130,000 |
|
|
0.79 |
% |
|||||||
| Book Value Per Common Shares | $ |
6.11 |
|
$ |
5.55 |
|
$ |
0.56 |
|
|
10.10 |
% |
|||||||
| US METRO BANK (only) | |||||||||||||||||||
| FINANCIAL HIGHLIGHTS (unaudited) | |||||||||||||||||||
| BALANCE SHEET | |||||||||||||||||||
| (All amounts in thousands except per share information) | |||||||||||||||||||
| Assets | 9/30/2024 |
9/30/2023 |
Y-O-Y Change |
||||||||||||||||
| Cash and Due From Bank | $ |
14,048 |
|
$ |
12,511 |
|
$ |
1,537 |
|
|
12.3 |
% |
|||||||
| Investments and Fed Funds Sold | $ |
222,684 |
|
$ |
204,547 |
|
|
18,137 |
|
|
8.9 |
% |
|||||||
| Gross Loans |
|
1,129,300 |
|
|
960,639 |
|
|
168,661 |
|
|
17.6 |
% |
|||||||
| Allowance for Credit Losses |
|
(13,584 |
) |
|
(13,117 |
) |
|
(467 |
) |
|
3.6 |
% |
|||||||
| Other Assets |
|
34,450 |
|
|
34,364 |
|
|
86 |
|
|
0.3 |
% |
|||||||
| Total Assets | $ |
1,386,899 |
|
$ |
1,198,944 |
|
$ |
187,955 |
|
|
15.7 |
% |
|||||||
| Liabilities and Capital | 9/30/2024 |
9/30/2023 |
Y-O-Y Change |
||||||||||||||||
| Deposits | $ |
1,216,005 |
|
$ |
1,036,776 |
|
$ |
179,229 |
|
|
17.3 |
% |
|||||||
| Borrowings |
|
30,119 |
|
|
30,749 |
|
|
(630 |
) |
|
-2.0 |
% |
|||||||
| Other Liabilities |
|
16,011 |
|
|
15,988 |
|
|
23 |
|
|
0.1 |
% |
|||||||
| Equity |
|
124,763 |
|
|
115,431 |
|
|
9,332 |
|
|
8.1 |
% |
|||||||
| Total Liabilities and Capital | $ |
1,386,899 |
|
$ |
1,198,944 |
|
$ |
187,955 |
|
|
15.7 |
% |
|||||||
| STATEMENT OF OPERATIONS | Three Months Ended | ||||||||||||||||||
| Income Statement | 9/30/2024 |
6/30/2024 |
Q-O-Q Change |
||||||||||||||||
| Interest Income | $ |
21,151 |
|
$ |
20,069 |
|
$ |
1,082 |
|
|
5.4 |
% |
|||||||
| Interest Expense |
|
11,763 |
|
|
11,269 |
|
|
494 |
|
|
4.4 |
% |
|||||||
| Net Interest Income |
|
9,388 |
|
|
8,800 |
|
|
588 |
|
|
6.7 |
% |
|||||||
| Provision for Credit Losses |
|
300 |
|
|
600 |
|
|
(300 |
) |
||||||||||
| Other Income |
|
2,913 |
|
|
3,482 |
|
|
(569 |
) |
|
-16.3 |
% |
|||||||
| Operating Expenses |
|
9,034 |
|
|
8,158 |
|
|
876 |
|
|
10.7 |
% |
|||||||
| Tax |
|
907 |
|
|
1,024 |
|
|
(117 |
) |
|
-11.4 |
% |
|||||||
| Net Income | $ |
2,060 |
|
$ |
2,500 |
|
$ |
(440 |
) |
|
-17.6 |
% |
|||||||
| STATEMENT OF OPERATIONS | Nine Months Ended | ||||||||||||||||||
| Income Statement | 9/30/2024 |
9/30/2023 |
Y-O-Y Change |
||||||||||||||||
| Interest Income | $ |
60,135 |
|
$ |
48,513 |
|
$ |
11,622 |
|
|
24.0 |
% |
|||||||
| Interest Expense |
|
33,865 |
|
|
22,193 |
|
|
11,672 |
|
|
52.6 |
% |
|||||||
| Net Interest Income |
|
26,270 |
|
|
26,320 |
|
|
(50 |
) |
|
-0.2 |
% |
|||||||
| Provision for Credit Losses |
|
900 |
|
|
500 |
|
|
400 |
|
|
80.0 |
% |
|||||||
| Other Income |
|
8,959 |
|
|
9,658 |
|
|
(699 |
) |
|
-7.2 |
% |
|||||||
| Operating Expenses |
|
25,316 |
|
|
22,674 |
|
|
2,642 |
|
|
11.7 |
% |
|||||||
| Tax |
|
2,668 |
|
|
3,650 |
|
|
(982 |
) |
|
-26.9 |
% |
|||||||
| Net Income | $ |
6,345 |
|
$ |
9,154 |
|
$ |
(2,809 |
) |
|
-30.7 |
% |
|||||||
| Ratios | 9/30/2024 |
9/30/2023 |
Y-O-Y Change |
||||||||||||||||
| Net Loan to Deposits |
|
91.75 |
% |
|
91.39 |
% |
|
0.36 |
% |
||||||||||
| ACL/Gross Loans |
|
1.20 |
% |
|
1.37 |
% |
|
-0.16 |
% |
||||||||||
| NPAs/Total Assets |
|
0.36 |
% |
|
0.10 |
% |
|
0.26 |
% |
||||||||||
| Tier One Leverage Ratio |
|
9.57 |
% |
|
10.33 |
% |
|
-0.76 |
% |
||||||||||
| YTD ROAA (annualized) |
|
0.65 |
% |
|
1.06 |
% |
|
-0.41 |
% |
||||||||||
| YTD ROAE (annualized) |
|
6.96 |
% |
|
10.72 |
% |
|
-3.76 |
% |
||||||||||
| Net Interest Margin (QTD) |
|
2.81 |
% |
|
2.91 |
% |
|
-0.10 |
% |
||||||||||
| Net Interest Margin (YTD) |
|
2.74 |
% |
|
3.11 |
% |
|
-0.37 |
% |
||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20241028164928/en/
Jeremy Johnson
(714) 620-8888
Source: US Metro Bancorp
FAQ
What was US Metro Bancorp's (USMT) earnings per share in Q3 2024?
How much did US Metro Bancorp's (USMT) total deposits grow in Q3 2024?
What was US Metro Bancorp's (USMT) total asset growth in Q3 2024?
What is US Metro Bancorp's (USMT) book value per share as of Q3 2024?
