Metropolitan Bank Holding Corp. reported a net income of $16.4 million for the first quarter of 2025, reflecting a slight increase of $151,000 compared to $16.2 million in the same period last year. The bank's total assets grew to $7.6 billion, up 4.3% from $7.3 billion at the end of 2024. This growth was primarily driven by a $308 million increase in net loans, which reached $6.3 billion, and a $466 million rise in total deposits, which amounted to $6.4 billion. The bank's net interest income also saw a significant increase, rising to $66.9 million from $59.7 million year-over-year, attributed to a higher average balance of loans and a decrease in the cost of funds.
In terms of operational metrics, the bank's total loans increased by 5.1% from the previous quarter, with commercial real estate (CRE) loans, including multi-family loans, accounting for a substantial portion of this growth. The bank's loan production for the quarter was $409.8 million, a notable increase from $269.6 million in the same quarter of 2024. The bank's allowance for credit losses (ACL) rose to $67.8 million, reflecting a provision of $4.5 million for the quarter, primarily due to loan growth and a specific unsecured commercial and industrial loan.
Strategically, the bank has been active in managing its capital structure, having announced a share repurchase plan on March 12, 2025, authorizing the buyback of up to $50 million of its common stock. During the first quarter, the bank repurchased 228,926 shares at an average cost of $55.80 per share. The bank's board is also considering the declaration of a quarterly cash dividend as early as the third quarter of 2025, contingent upon board approval.
The bank's asset quality remained stable, with non-performing loans increasing slightly to $34.5 million, representing 0.54% of total loans. The ACL to total loans ratio was 1.07%, indicating a solid buffer against potential credit losses. The bank's capital ratios remained strong, meeting all regulatory requirements to be classified as "well capitalized." Looking ahead, the bank anticipates continued growth in its loan portfolio and deposit base, while also navigating the challenges posed by market conditions and interest rate fluctuations.
About Metropolitan Bank Holding Corp.
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