Metropolitan Bank Holding Corp. (NYSE:MCB) Q4 2024 Results Conference Call January 24, 2025 9:00 AM ET
Company Participants
Mark DeFazio – President & CEO
Daniel Dougherty – EVP & CFO
Conference Call Participants
Chris O’Connell – KBW
Mark Fitzgibbon – Piper Sandler
Feddie Strickland – Hovde Group
Operator
Welcome to Metropolitan Commercial Bank’s Fourth Quarter and Full Year 2024 Earnings Call. Hosting the call today for Metropolitan Commercial Bank are Mark DeFazio, President and Chief Executive Officer; and Daniel Dougherty, Executive Vice President and Chief Financial Officer. Today’s call is being recorded. [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. Good morning, and thank you for joining our fourth quarter earnings call. MCB concluded the year with a very strong fourth quarter performance, generating net income of $21.4 million or $1.88 per share. Our quarterly net interest income increased 16.9% versus the fourth quarter 2023 and our annual net interest income increased 13.6% versus full year 2023.
During the year, we had 2 major initiatives underway with one reaching its conclusion. And the other still in full swing. I am pleased to report that MCB successfully exited the BaaS business, which had been a complementary business to the commercial bank for the past 22 years.
The exit of such a technologically integrated business took 2 years, and I
