Loan growth - Net interest income rose due to higher average loan balances, especially in commercial real estate.
Credit loss provision - Earnings were reduced by a $13.3 million provision for credit losses tied mainly to a single non-core commercial and industrial loan.
One-time expenses - Non-interest expense increased due to a one-time legal accrual and higher professional fees and compensation.
Quarterly results
Diluted EPS fell from the prior quarter and year over year due to a credit loss provision and one-time expenses.
The U.S. commercial bank's Q2 net interest income rose 23% year over year, and revenue increased 22%.
The company authorized a $50 million share buyback and raised its quarterly dividend by $0.10.
Outlook and key details
Metropolitan Bank expects the lending pipeline and deposit forecast to remain robust.
The company anticipates momentum in core operating trends to persist.
MCB•
