Metropolitan Bank Holding Corp. (NYSE:MCB) Q3 2024 Earnings Conference Call October 18, 2024 9:00 AM ET
Company Participants
Mark DeFazio - President & CEO
Daniel Dougherty - EVP & CFO
Conference Call Participants
Mark Fitzgibbon - Piper Sandler
Christopher O'Connell - KBW
Feddie Strickland - Hovde Group
Operator
Welcome to the Metropolitan Commercial Bank Third Quarter 2024 Earnings Call. Hosting the call today from Metropolitan Commercial Bank are Mark DeFazio, President and Chief Executive Officer; and Dan Dougherty, Executive Vice President and Chief Financial Officer. Today's call is being recorded. At this time, all participants have been placed in a listen-only mode, and the floor will be open for your questions following the prepared remarks. [Operator Instructions]
During today's presentation reference will be made to the company's earnings release and investor presentation, copies of which are available at mcbankny.com. Today's presentation may include forward-looking statements that are subject to risks and uncertainties that may cause actual results to differ materially. Please refer to the company's notices regarding forward-looking statements and non-GAAP measures that appear in the earnings release and investor presentation.
It is now my pleasure to turn the floor over to Mark DeFazio, President and Chief Executive Officer. You may begin.
Mark DeFazio
Thank you, Ashley. Good morning, and thank you all for joining our third quarter MCB earnings call. MCB delivered another strong core financial performance in the third quarter. Our results are underpinned by our commercial banking franchise and our commitment to excellent customer service.
During the third quarter, we posted strong top line growth with significant NIM expansion. The outlook for monetary policy indicates that we are at the beginning of an easing cycle. While the pace and depth of that cycle is unknown, any further easing will benefit from the bank's earnings momentum.
During the quarter, we thoughtfully grew the balance sheet while maintaining our price discipline on both loans and deposits. As well, we upheld our credit standards and continue to operate with a sharp focus on liquidity and interest rate risk management. Looking forward, we expect continued growth in our loan book supported by our branch light deposit gathering initiatives.
The bank reported earnings per share of $1.08. The reported figure includes $12.6 million or $0.78 per share in charges. Both charges included $2.6 million in pretax expenses associated primarily with the digital transformation investment and regulatory remediation. The balance of the charges was a result of the bank's posting a pretax $10 million reserve related to a pending settlement with a state attorney general.