US Metro Bancorp reports recurring developments as a bank holding company for its wholly owned subsidiary, US Metro Bank, a California-chartered full-service commercial bank. News releases focus on quarterly and annual earnings, net interest income, return on average assets and equity, earnings per share, book value per share, and balance-sheet measures tied to the bank's deposit and lending operations.
Company updates also cover common-stock dividends and capital actions such as subordinated debt offerings or redemptions. US Metro Bank's lending categories include commercial real estate, commercial and industrial, mortgage, SBA and USDA loans, alongside deposit products and related banking services.
US Metro Bancorp (OTCQX: USMT) reported Q2 2024 earnings of $2.2 million, up from $1.5 million in Q1 2024 but down from $2.7 million in Q2 2023. EPS for Q2 2024 was $0.13, compared to $0.09 in Q1 2024 and $0.17 in Q2 2023. The bank's total assets grew 16.6% year-over-year to $1.348 billion, with loan growth of 17.0% and deposit growth of 18.4%.
Year-to-date, the bank reported net interest income of $40.0 million, up from $31.3 million in the same period last year. However, net income for the first six months of 2024 decreased to $4.3 million from $6.4 million in 2023. The bank's loan quality remained strong, with non-performing assets at 0.28% of total assets and an Allowance for Credit Losses (ACL) to gross loans ratio of 1.20%.
US Metro Bancorp (OTCQX: USMT) announced that its Board of Directors has approved an interim cash dividend of $0.03 per share.
This dividend will be payable on June 24, 2024, to shareholders who are on record by the close of business on June 7, 2024.
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