US Metro Bancorp Announces First Quarter 2025 Results
The Bank recorded on a year-to-date basis net interest income of $10.0 million compared to $8.1 million in the same period a year earlier. Net income of $2.9 million for the three months ending March 31, 2025, compares to $1.8 million reported for the same three months in 2024, a year over year increase of $1.1 million.
The Bank reported total assets of $1.417 billion as of March 31, 2025, representing a 9.4% increase compared to the reporting period ending March 31, 2024, and year over year loan growth of $123 million or 11.4%. Total Bank deposits ended the first quarter of 2025 at $1.236 billion, a $104 million or 9.1% increase from $1.134 billion on March 31, 2024.
Loan quality remains good with non-performing assets as a percentage of total assets of 0.92% on March 31, 2025, compared to 0.17% as of March 31, 2024. The Bank had no Other Real Estate Owned (OREO) on March 31, 2025. Allowance for credit losses (ACL) to gross loans was 1.20% as of March 31, 2025, compared to 1.21% as of March 31, 2024. The Bank recorded a $0.3 million provision for loan loss expense, for the three months ending March 31, 2025, compared to no provision recorded for the three months ending March 31, 2024.
'We are pleased with the performance in the first quarter of 2025 with improved ROAE, NIM and efficiency ratio while the Bank continued to grow in both loans and deposits. Additionally, during the first quarter, the Bank opened its newest branch in Lakewood, Washington, which has expanded our presence in the Seattle, Washington area. US Metro Bank is well positioned to handle any challenges that 2025 may present,' 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 BANK (only)
FINANCIAL HIGHLIGHTS (unaudited)
BALANCE SHEET
(All amounts in thousands except per share information)
Assets
3/31/2025
3/31/2024
Y-O-Y Change
Cash and Due From Bank
$
26,056
$
11,977
$
14,079
117.6
%
Investments and Fed Funds Sold
$
172,758
$
186,940
(14,182
)
-7.6
%
Gross Loans
1,198,131
1,075,134
122,997
11.4
%
Allowance for Credit Losses
(14,406
)
(12,961
)
(1,445
)
11.1
%
Other Assets
34,662
33,874
788
2.3
%
Total Assets
$
1,417,201
$
1,294,964
$
122,237
9.4
%
Liabilities and Capital
3/31/2025
3/31/2024
Y-O-Y Change
Deposits
$
1,237,500
$
1,133,915
$
103,585
9.1
%
Borrowings
35,000
25,000
10,000
40.0
%
Other Liabilities
17,251
15,469
1,782
11.5
%
Equity
127,450
120,580
6,870
5.7
%
Total Liabilities and Capital
$
1,417,201
$
1,294,964
$
122,237
9.4
%
STATEMENT OF OPERATIONS Three Months Ended
Income Statement
3/31/2025
12/31/2024
Q-O-Q Change
Interest Income
$
20,277
$
21,262
$
(985
)
-4.6
%
Interest Expense
10,250
11,428
(1,178
)
-10.3
%
Net Interest Income
10,027
9,833
194
2.0
%
Provision for Credit Losses
300
700
(400
)
-57.1
%
Other Income
3,158
3,290
(132
)
-4.0
%
Operating Expenses
8,743
9,368
(625
)
-6.7
%
Tax
1,244
966
278
28.8
%
Net Income
$
2,898
$
2,090
$
808
38.7
%
STATEMENT OF OPERATIONS Three Months Ended
Income Statement
3/31/2025
3/31/2024
Y-O-Y Change
Interest Income
$
20,277
$
18,915
$
1,362
7.2
%
Interest Expense
10,250
10,833
(583
)
-5.4
%
Net Interest Income
10,027
8,082
1,945
24.1
%
Provision for Credit Losses
300
-
300
-
Other Income
3,158
2,564
594
23.2
%
Operating Expenses
8,743
8,124
619
7.6
%
Tax
1,244
737
507
68.8
%
Net Income
$
2,898
$
1,785
$
1,113
62.4
%
Ratios
3/31/2025
3/31/2024
Y-O-Y Change
Net Loan to Deposits
95.65
%
93.67
%
1.98
%
ACL/Gross Loans
1.20
%
1.21
%
-0.01
%
NPAs/Total Assets
0.92
%
0.17
%
0.65
%
Tier One Leverage Ratio
9.61
%
10.03
%
-0.42
%
YTD ROAA (annualized)
0.85
%
0.57
%
0.28
%
YTD ROAE (annualized)
9.25
%
5.97
%
3.28
%
Net Interest Margin (QTD)
3.00
%
2.62
%
0.38
%
Net Interest Margin (YTD)
3.00
%
2.62
%
0.38
%
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