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Business Wire
5 days ago
- Business
- Business Wire
US Metro Bancorp Announces Second Quarter 2025 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 $2.5 million in the second quarter of 2025, compared to $2.6 million in the first quarter of 2025 and compared to $2.2 million for the three months ending June 30, 2024. On a year-to-date basis, Bancorp recorded an annualized return on average assets ('ROAA') of 0.68% and an annualized return on average equity ('ROAE') of 9.34%. With 16,520,000 shares outstanding, earnings per share ('EPS') for the second quarter of 2025 was $0.15 compared to $0.16 in the first quarter of 2025 and compared to $0.13 for the three months ending June 30, 2024. On June 30, 2025, Bancorp's book value per share was $6.43 compared to $5.94 a year earlier. The Bank recorded on a year-to-date basis net interest income of $21.1 million compared to $16.9 million in the same period a year earlier. Net income of $5.8 million for the six months ending June 30, 2025, compared to $4.3 million reported for the same six months in 2024, a year over year increase of $1.6 million. The Bank reported total assets of $1.452 billion as of June 30, 2025, representing a 7.7% increase compared to the reporting period ending June 30, 2024, and year over year loan growth of $102 million or 9.0%. Total Bank deposits ended the second quarter of 2025 at $1.281 billion, a $98 million or 8.3% increase from $1.183 billion on June 30, 2024. Non-performing assets as a percentage of total assets was 1.11% on June 30, 2025, compared to 0.28% as of June 30, 2024. The Bank had no Other Real Estate Owned (OREO) on June 30, 2025. Allowance for credit losses (ACL) to gross loans was 1.20% as of June 30, 2025, compared to 1.20% as of June 30, 2024. The Bank recorded a $0.9 million provision for loan loss expense, for the six months ending June 30, 2025, compared to a $0.6 million provision recorded for the six months ending June 30, 2024. 'We are pleased with the positive performance in the second quarter of 2025 and year-over-year improvements to net income and notably to the net interest margin while the Bank continued to grow in both loans and deposits. The positive performance is expected to continue in the second half of the year.' 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 6/30/2025 6/30/2024 Y-O-Y Change Cash and Due From Bank $ 12,663 $ 14,071 $ (1,408 ) -10.0 % Investments and Fed Funds Sold $ 190,392 $ 184,678 5,714 3.1 % Gross Loans 1,229,567 1,127,691 101,876 9.0 % Allowance for Credit Losses (14,763 ) (13,511 ) (1,252 ) 9.3 % Other Assets 34,522 35,123 (601 ) -1.7 % Total Assets $ 1,452,381 $ 1,348,052 $ 104,329 7.7 % Liabilities and Capital 6/30/2025 6/30/2024 Y-O-Y Change Deposits $ 1,281,111 $ 1,183,450 $ 97,661 8.3 % Borrowings 20,000 25,000 (5,000 ) -20.0 % Other Liabilities 15,886 17,887 (2,001 ) -11.2 % Equity 135,384 121,715 13,669 11.2 % Total Liabilities and Capital $ 1,452,381 $ 1,348,052 $ 104,329 7.7 % STATEMENT OF OPERATIONS Three Months Ended Income Statement 6/30/2025 3/31/2025 Q-O-Q Change Interest Income $ 21,695 $ 20,277 $ 1,418 7.0 % Interest Expense 10,576 10,250 326 3.2 % Net Interest Income 11,119 10,027 1,092 10.9 % Provision for Credit Losses 600 300 300 100.0 % Other Income 2,834 3,158 (324 ) -10.3 % Operating Expenses 9,172 8,743 429 4.9 % Tax 1,231 1,244 (13 ) -1.0 % Net Income $ 2,950 $ 2,898 $ 52 1.8 % STATEMENT OF OPERATIONS Six Months Ended Income Statement 6/30/2025 6/30/2024 Y-O-Y Change Interest Income $ 41,972 $ 38,984 $ 2,988 7.7 % Interest Expense 20,826 22,102 (1,276 ) -5.8 % Net Interest Income 21,146 16,882 4,264 25.3 % Provision for Credit Losses 900 600 300 50.0 % Other Income 5,992 6,046 (54 ) -0.9 % Operating Expenses 17,915 16,282 1,633 10.0 % Tax 2,475 1,761 714 40.5 % Net Income $ 5,848 $ 4,285 $ 1,563 36.5 % Ratios 6/30/2025 6/30/2024 Y-O-Y Change Net Loan to Deposits 94.82 % 94.15 % 0.68 % ACL/Gross Loans 1.20 % 1.20 % - NPAs/Total Assets 1.11 % 0.28 % 0.83 % Tier One Leverage Ratio 9.81 % 9.82 % -0.01 % YTD ROAA (annualized) 0.84 % 0.67 % 0.17 % YTD ROAE (annualized) 9.05 % 7.13 % 1.92 % Net Interest Margin (QTD) 3.17 % 2.77 % 0.40 % Net Interest Margin (YTD) 3.09 % 2.70 % 0.39 % Expand
Associated Press
26-04-2025
- Business
- Associated Press
US Metro Bancorp Announces First Quarter 2025 Results
GARDEN GROVE, Calif.--(BUSINESS WIRE)--Apr 25, 2025-- 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 $2.6 million in the first quarter of 2025, compared to $1.7 million in the fourth quarter of 2024. For the three months ending March 31, 2025, the consolidated Bancorp earned $2.6 million compared to $1.5 million for the three months ending March 31, 2024. On a year-to-date basis, Bancorp recorded an annualized return on average assets ('ROAA') of 0.73% and an annualized return on average equity ('ROAE') of 10.10%. With 16,520,000 shares outstanding, earnings per share ('EPS') for the first quarter of 2025 was $0.16 compared to $0.11 in the fourth quarter of 2024. For the three months ending March 31, 2025, EPS was $0.16 compared to $0.09 for the three months ending March 31, 2024. On March 31, 2025, Bancorp's book value per share was $6.29 compared to $5.87 a year earlier. 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. View source version on CONTACT: Jeremy Johnson (714) 620-8888 KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA INDUSTRY KEYWORD: BANKING PROFESSIONAL SERVICES FINANCE SOURCE: US Metro Bancorp Copyright Business Wire 2025. PUB: 04/25/2025 09:04 PM/DISC: 04/25/2025 09:03 PM
Business Wire
26-04-2025
- Business
- Business Wire
US Metro Bancorp Announces First Quarter 2025 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 $2.6 million in the first quarter of 2025, compared to $1.7 million in the fourth quarter of 2024. For the three months ending March 31, 2025, the consolidated Bancorp earned $2.6 million compared to $1.5 million for the three months ending March 31, 2024. On a year-to-date basis, Bancorp recorded an annualized return on average assets ('ROAA') of 0.73% and an annualized return on average equity ('ROAE') of 10.10%. With 16,520,000 shares outstanding, earnings per share ('EPS') for the first quarter of 2025 was $0.16 compared to $0.11 in the fourth quarter of 2024. For the three months ending March 31, 2025, EPS was $0.16 compared to $0.09 for the three months ending March 31, 2024. On March 31, 2025, Bancorp's book value per share was $6.29 compared to $5.87 a year earlier. 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 % Expand
