July 26 2017 | News
Garden Grove, California: July 26, 2017: US Metro Bank (OTC Pink: USMT) Mr. Dong Il Kim, President and CEO, announced the bank's financial results for the second quarter 2017, reporting net income of $1,130,000 for the three months ending June 30, 2017. This reflects a 95.8% increase over the $577,000 earned for the three months ended June 30, 2016. Earnings per share (EPS) of $0.07 per share on 16,130,000 shares for the quarter ended June 30, 2017 compares to EPS of $0.07 per share on 7,730,000 shares for the same time period in 2016. The year over year EPS reflects the addition of the $21 million capital raise completed in the first quarter of 2017. Net income for the six months ended June 30, 2017 was $5.4 million or $0.33 per share compared to $1.1 million or $0.14 per share for the same period in 2016. Included in the six month 2017 income is the tax benefit from reversing a $3.5 million valuation allowance for the deferred tax asset.
March 17, 2017 | Press Release
President and Chief Executive Officer Dong Il Kim discussed the offering: "We were pleased that the offering was significantly oversubscribed. Investors clearly understand that Southern California is a great place to do business and that US Metro Bank is well positioned in the marketplace. This new capital will be used to support organic growth opportunities in the markets we serve and further enhance the value of our franchise. Furthermore, the addition of premier institutional bank investors to our shareholder base will help to promote increased liquidity and financial sponsorship."