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US Metro Bancorp Announces Fourth Quarter 2024 Results

News provided by business wire2025-01-24

US Metro Bancorp Announces Fourth Quarter 2024 Results

GARDEN GROVE, Calif.--(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, Bancorp earned $1.7 million in the fourth quarter of 2024, compared to $1.7 million in the third quarter of 2024. For the twelve months ending December 31, 2024, the consolidated Bancorp earned $7.1 million compared to $10.6 million for the twelve months ending December 31, 2023. On a year-to-date basis, Bancorp recorded an annualized return on average assets (“ROAA”) of 0.53% and an annualized return on average equity (“ROAE”) of 7.24%. With 16,520,000 shares outstanding, earnings per share (“EPS”) for the fourth quarter of 2024 was $0.11 compared to $0.11 in the third quarter of 2024. For the twelve months ending December 31, 2024, EPS was $0.43 compared to $0.65 for the twelve months ending December 31, 2023. On December 31, 2024, Bancorp’s book value per share was $6.11 compared to $5.81 a year earlier.

The Bank recorded on a year-to-date basis net interest income of $36.1 million compared to $34.8 million in the same period a year earlier. Net income of $8.4 million for the twelve months ending December 31, 2024, compares to $12.0 million reported for the same twelve months in 2023, a year over year decrease of $3.6 million.

The Bank reported total assets of $1.396 billion as of December 31, 2024, representing a 13.9% increase compared to the reporting period ending December 31, 2023, and year over year loan growth of $155.3 million or 15.2%. Total Bank deposits ended the fourth quarter of 2024 at $1.229 billion, a $164.0 million or 15.4% increase from $1.065 billion on December 31, 2023.

Loan quality remains good with non-performing assets as a percentage of total assets of 0.66% on December 31, 2024, compared to 0.09% as of December 31, 2023. The Bank had no Other Real Estate Owned (OREO) on December 31, 2024. Allowance for credit losses (ACL) to gross loans was 1.20% as of December 31, 2024, compared to 1.27% as of December 31, 2023. The Bank recorded a $1.6 million provision for loan loss expense, for the twelve months ending December 31, 2024, compared to $0.5 million recorded for the twelve months ending December 31, 2023.

“The Bank continued its growth in both loans and deposits in 2024. We are optimistic about 2025 and the future of US Metro 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
	12/31/2024			9/30/2024			% Change			12/31/2023			% Change
Net Income	$	1,745		$	1,741			0.25	%	$	2,479			-29.60	%
Net Income Per Share (Basic)	$	0.11		$	0.11			-		$	0.15			-29.57	%
ROAA (Annualized)		0.50	%		0.51	%		-0.01	%		0.82	%		-0.32	%
ROAE (Annualized)		6.91	%		7.00	%		-0.09	%		10.65	%		-3.74	%
Efficiency Ratio		74.15	%		76.42	%		-2.27	%		70.03	%		4.12	%
Assets	$	1,397,183		$	1,388,089			0.66	%	$	1,225,976			13.96	%
Gross Loans	$	1,176,385		$	1,129,300			4.17	%	$	1,021,079			15.21	%
Deposits	$	1,227,177		$	1,214,579			1.04	%	$	1,063,481			15.39	%
Non-Interest Bearing Deposits	$	211,060		$	201,331			4.83	%	$	173,600			21.58	%
Common Equity	$	101,004		$	100,918			0.09	%	$	95,229			6.07	%
Ending Common Shares O/S		16,520,000			16,520,000			-			16,390,000			130,000
Book Value Per Common Shares	$	6.11		$	6.11		$	-		$	5.81		$	0.30

	At or for the Twelve Months Ended
	12/31/2024			12/31/2023			Y-O-Y Change
Net Income	$	7,138		$	10,615		$	(3,477	)		-32.76	%
Net Income Per Share (Basic)	$	0.43		$	0.65		$	(0.22	)		-34.64	%
ROAA (Annualized)		0.53	%		0.88	%		-0.35	%		-39.44	%
ROAE (Annualized)		7.24	%		11.40	%		-4.16	%		-36.50	%
Efficiency Ratio		74.74	%		67.03	%		7.71	%		11.50	%
Assets	$	1,397,183		$	1,225,976		$	171,207			13.96	%
Gross Loans (Excl. Loans HFS)	$	1,161,242		$	1,010,838		$	150,404			14.88	%
Deposits	$	1,227,177		$	1,063,481		$	163,696			15.39	%
Non-Interest Bearing Deposits	$	211,060		$	173,600		$	37,460			21.58	%
Common Equity	$	101,004		$	95,229		$	5,776			6.07	%
Ending Common Shares O/S		16,520,000			16,390,000			130,000			0.79	%
Book Value Per Common Shares	$	6.11		$	5.81		$	0.30			5.23	%

US METRO BANK (only)
FINANCIAL HIGHLIGHTS (unaudited)
BALANCE SHEET
(All amounts in thousands except per share information)
Assets	12/31/2024			12/31/2023			Y-O-Y Change
Cash and Due From Bank	$	20,275		$	13,428		$	6,847		51.0	%
Investments and Fed Funds Sold	$	178,489		$	169,664			8,825		5.2	%
Gross Loans		1,176,385			1,021,079			155,306		15.2	%
Allowance for Credit Losses		(14,106	)		(12,961	)		(1,145	)	8.8	%
Other Assets		34,830			33,898			932		2.7	%
Total Assets	$	1,395,874		$	1,225,108		$	170,766		13.9	%

Liabilities and Capital	12/31/2024			12/31/2023			Y-O-Y Change
Deposits	$	1,228,525		$	1,064,534		$	163,991		15.4	%
Borrowings		25,000			25,000			-		-
Other Liabilities		17,893			16,328			1,565		9.6	%
Equity		124,456			119,246			5,210		4.4	%
Total Liabilities and Capital	$	1,395,874		$	1,225,108		$	170,766		13.9	%

STATEMENT OF OPERATIONS	Three Months Ended
Income Statement	12/31/2024			9/30/2024			Q-O-Q Change
Interest Income	$	21,262		$	21,151		$	111		0.5	%
Interest Expense		11,428			11,763			(335	)	-2.8	%
Net Interest Income		9,833			9,388			445		4.7	%
Provision for Credit Losses		700			300			400		133.3	%
Other Income		3,290			2,913			377		12.9	%
Operating Expenses		9,368			9,034			334		3.7	%
Tax		966			907			59		6.5	%
Net Income	$	2,090		$	2,060		$	30		1.4	%

STATEMENT OF OPERATIONS	Twelve Months Ended
Income Statement	12/31/2024			12/31/2023			Y-O-Y Change
Interest Income	$	81,397		$	66,757		$	14,640		21.9	%
Interest Expense		45,293			31,991			13,303		41.6	%
Net Interest Income		36,103			34,766			1,337		3.8	%
Provision for Credit Losses		1,600			500			1,100		220.0	%
Other Income		12,249			12,817			(568	)	-4.4	%
Operating Expenses		34,684			30,368			4,316		14.2	%
Tax		3,634			4,699			(1,065	)	-22.7	%
Net Income	$	8,435		$	12,016		$	(3,581	)	-29.8	%

Ratios	12/31/2024			12/31/2023			Y-O-Y Change
Net Loan to Deposits		94.61	%		94.70	%		-0.09	%
ACL/Gross Loans		1.20	%		1.27	%		-0.07	%
NPAs/Total Assets		0.66	%		0.09	%		0.57	%
Tier One Leverage Ratio		9.37	%		10.30	%		-0.93	%
YTD ROAA (annualized)		0.63	%		1.03	%		-0.40	%
YTD ROAE (annualized)		6.92	%		10.46	%		-3.54	%
Net Interest Margin (QTD)		2.92	%		2.81	%		0.11	%
Net Interest Margin (YTD)		2.77	%		3.03	%		-0.26	%