Metropolitan Bank Holding Corp. Reports First Quarter 2024 Results
- Total deposits grew to $6.2 billion, up $500.3 million from the previous quarter.
- Net interest margin expanded to 3.40% for the first quarter of 2024.
- Loans increased to $5.7 billion, with a $94.4 million increase from the previous quarter.
- Diluted earnings per share rose to $1.46, a 14.1% increase from the previous quarter.
- Return on average equity was 9.8% for the first quarter of 2024.
- Liquidity remains strong with cash reserves totaling $3.4 billion at March 31, 2024.
- Asset quality continues to be stable with a non-performing loan ratio of 0.91% at March 31, 2024.
- None.
Insights
Strong commercial bank franchise underscores resiliency in challenging macroeconomic environment
Investment in core banking digital transformation underway to support continued growth
Financial Highlights
-
Total deposits at March 31, 2024 were
$6.2 billion $500.3 million $1.1 billion -
Net interest margin expanded 4 basis points to
3.40% for the first quarter of 2024 compared to3.36% for the fourth quarter of 2023. -
Loans at March 31, 2024 were
$5.7 billion $94.4 million $867.5 million -
Diluted earnings per share of
$1.46 14.1% compared to the fourth quarter of 2023, inclusive of$4.9 million -
Return on average equity of
9.8% and return on average tangible common equity1 of9.9% for the first quarter of 2024. - Asset quality continues to be stable and a source of strength.
-
Liquidity remains strong. At March 31, 2024, cash on deposit with the Federal Reserve Bank of
New York and available secured funding capacity totaled$3.4 billion 222% of uninsured deposit balances. -
The Company and Bank are “well capitalized” across all measures of regulatory capital, with total risk-based capital ratios of
12.9% and12.6% , respectively, at March 31, 2024, well above regulatory minimums.
1 Non-GAAP financial measure. See Reconciliation of Non-GAAP Measures on page 11.
Mark DeFazio, President and Chief Executive Officer, commented,
“As the only true mid-sized commercial bank headquartered in NYC, we continue to deliver strong returns for our shareholders while simultaneously and diligently preparing the bank for the future. We are ready, willing, and able to support our clients with our strong capital position and outstanding liquidity, supported by a continued focus on risk management.”
Balance Sheet
Total cash and cash equivalents were
Total loans, net of deferred fees and unamortized costs, were
Total deposits were
At March 31, 2024, cash on deposit with the Federal Reserve Bank of
Income Statement
Financial Highlights
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Three months ended |
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|||||||
|
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Mar. 31, |
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Dec. 31, |
|
Mar. 31, |
|
|||
(dollars in thousands, except per share data) |
|
2024 |
|
2023 |
|
2023 |
|
|||
Total revenues(1) |
|
$ |
66,713 |
|
$ |
63,555 |
|
$ |
65,508 |
|
Net income (loss) |
|
$ |
16,203 |
|
$ |
14,568 |
|
$ |
25,076 |
|
Diluted earnings (loss) per common share |
|
$ |
1.46 |
|
$ |
1.28 |
|
$ |
2.25 |
|
Return on average assets(2) |
|
|
0.91 |
% |
|
0.84 |
% |
|
1.64 |
% |
Return on average equity(2) |
|
|
9.8 |
% |
|
9.0 |
% |
|
17.2 |
% |
Return on average tangible common equity(2), (3), (4) |
|
|
9.9 |
% |
|
9.1 |
% |
|
17.4 |
% |
_____________________________
|
||||||||||
Net Interest Income
Net interest income for the first quarter of 2024 was
Net Interest Margin
Net interest margin for the first quarter of 2024 was
Total cost of funds for the first quarter of 2024 was 330 basis points compared to 314 basis points and 183 basis points for the prior linked quarter and prior year period, respectively. The increase in the cost of funds reflects the continued effects of high short-term interest rates, intense competition, and the shift from non-interest bearing deposits to interest bearing funding related to the final exit from the crypto-related deposit vertical.
Non-Interest Income
Non-interest income was
Non-Interest Expense
Non-interest expense was
The increase from the prior year period was due primarily to an increase of
Income Tax Expense
The effective tax rate for the first quarter of 2024 was
Asset Quality
Credit quality remains stable. The ratio of non-performing loans to total loans was
Conference Call
The Company will conduct a conference call at 9:00 a.m. ET on Friday, April 19, 2024, to discuss the results. To access the event by telephone, please dial 800-267-6316 (US), 203-518-9783 (INTL), and provide conference ID: MCBQ124 approximately 15 minutes prior to the start time (to allow time for registration).
The call will also be broadcast live over the Internet and accessible at MCB Quarterly Results Conference Call and in the Investor Relations section of the Company’s website at MCB News. To listen to the live webcast, please visit the site at least 15 minutes prior to the start time to register, download and install any necessary audio software. For those unable to join for the live presentation, a replay of the webcast will also be available later that day accessible at MCB Quarterly Results Conference Call.
About Metropolitan Bank Holding Corp.
Metropolitan Bank Holding Corp. (NYSE: MCB) is the parent company of Metropolitan Commercial Bank (the “Bank”), a
Metropolitan Commercial Bank was named one of Newsweek’s Best Regional Banks and Credit Unions 2024. The Bank was ranked by Independent Community Bankers of America among the top ten successful loan producers for 2023 by loan category and asset size for commercial banks with more than
The Bank is a
For more information, please visit the Bank’s website at MCBankNY.com.
Forward-Looking Statement Disclaimer
This release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include but are not limited to the Company’s future financial condition and capital ratios, results of operations and the Company’s outlook and business. Forward-looking statements are not historical facts. Such statements may be identified by the use of such words as “may,” “believe,” “expect,” “anticipate,” “plan,” “continue” or similar terminology. These statements relate to future events or our future financial performance and involve risks and uncertainties that are difficult to predict and are generally beyond our control and may cause our actual results, levels of activity, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we caution you not to place undue reliance on these forward-looking statements. Factors which may cause our forward-looking statements to be materially inaccurate include, but are not limited to the following: the interest rate policies of the Board of Governors of the Federal Reserve System; inflation; an unexpected deterioration in our loan or securities portfolios; changes in liquidity, including the size and composition of our deposit portfolio, including the percentage of uninsured deposits in the portfolio; further deterioration in the financial condition or stock prices of financial institutions generally; unexpected increases in our expenses; different than anticipated growth and our ability to manage our growth; the lingering effects of the COVID-19 pandemic on our business and results of operation; unanticipated regulatory action or changes in regulations; potential recessionary conditions; unanticipated volatility in deposits; unexpected increases in credit losses or in the level of delinquent, nonperforming, classified and criticized loans; our ability to absorb the amount of actual losses inherent in our existing loan portfolio; an unanticipated loss of key personnel or existing customers; competition from other institutions resulting in unanticipated changes in our loan or deposit rates; an unexpected adverse financial, regulatory or bankruptcy event experienced by our non-bank financial service partners; unanticipated increases in FDIC costs; changes in regulations, legislation or tax or accounting rules, monetary and fiscal policies of the
Forward-looking statements speak only as of the date of this release. We do not undertake (and expressly disclaim) any obligation to update or revise any forward-looking statement, except as may be required by law.
Consolidated Balance Sheet (unaudited)
|
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|
|
|
|
|
|
Mar. 31, |
|
Dec. 31, |
|
Sept. 30, |
|
Jun. 30, |
|
Mar. 31, |
|||||
(in thousands) |
|
2024 |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
|||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
34,037 |
|
$ |
31,973 |
|
$ |
36,438 |
|
$ |
33,534 |
|
$ |
32,525 |
Overnight deposits |
|
|
500,366 |
|
|
237,492 |
|
|
140,929 |
|
|
168,242 |
|
|
266,978 |
Total cash and cash equivalents |
|
|
534,403 |
|
|
269,465 |
|
|
177,367 |
|
|
201,776 |
|
|
299,503 |
Investment securities available-for-sale |
|
|
497,789 |
|
|
461,207 |
|
|
429,850 |
|
|
426,068 |
|
|
444,169 |
Investment securities held-to-maturity |
|
|
460,249 |
|
|
468,860 |
|
|
478,886 |
|
|
515,613 |
|
|
501,525 |
Equity investment securities, at fair value |
|
|
2,115 |
|
|
2,123 |
|
|
2,015 |
|
|
2,066 |
|
|
2,087 |
Total securities |
|
|
960,153 |
|
|
932,190 |
|
|
910,751 |
|
|
943,747 |
|
|
947,781 |
Other investments |
|
|
32,669 |
|
|
38,966 |
|
|
35,015 |
|
|
28,040 |
|
|
27,099 |
Loans, net of deferred fees and unamortized costs |
|
|
5,719,218 |
|
|
5,624,797 |
|
|
5,354,487 |
|
|
5,149,546 |
|
|
4,851,694 |
Allowance for credit losses |
|
|
(58,538) |
|
|
(57,965) |
|
|
(52,298) |
|
|
(51,650) |
|
|
(47,752) |
Net loans |
|
|
5,660,680 |
|
|
5,566,832 |
|
|
5,302,189 |
|
|
5,097,896 |
|
|
4,803,942 |
Receivables from global payments business, net |
|
|
93,852 |
|
|
87,648 |
|
|
79,892 |
|
|
84,919 |
|
|
83,787 |
Other assets |
|
|
171,614 |
|
|
172,571 |
|
|
178,145 |
|
|
165,772 |
|
|
147,870 |
Total assets |
|
$ |
7,453,371 |
|
$ |
7,067,672 |
|
$ |
6,683,359 |
|
$ |
6,522,150 |
|
$ |
6,309,982 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
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|
|
|
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing demand deposits |
|
$ |
1,927,629 |
|
$ |
1,837,874 |
|
$ |
1,746,626 |
|
$ |
1,730,380 |
|
$ |
2,122,606 |
Interest-bearing deposits |
|
|
4,309,913 |
|
|
3,899,418 |
|
|
3,774,963 |
|
|
3,558,185 |
|
|
3,009,182 |
Total deposits |
|
|
6,237,542 |
|
|
5,737,292 |
|
|
5,521,589 |
|
|
5,288,565 |
|
|
5,131,788 |
Federal funds purchased |
|
|
100,000 |
|
|
99,000 |
|
|
— |
|
|
243,000 |
|
|
195,000 |
Federal Home Loan Bank of |
|
|
300,000 |
|
|
440,000 |
|
|
355,000 |
|
|
200,000 |
|
|
200,000 |
Trust preferred securities |
|
|
20,620 |
|
|
20,620 |
|
|
20,620 |
|
|
20,620 |
|
|
20,620 |
Secured borrowings |
|
|
7,549 |
|
|
7,585 |
|
|
7,621 |
|
|
7,655 |
|
|
7,689 |
Prepaid third-party debit cardholder balances |
|
|
18,685 |
|
|
10,178 |
|
|
10,297 |
|
|
10,772 |
|
|
11,102 |
Other liabilities |
|
|
95,434 |
|
|
93,976 |
|
|
133,322 |
|
|
130,263 |
|
|
135,896 |
Total liabilities |
|
|
6,779,830 |
|
|
6,408,651 |
|
|
6,048,449 |
|
|
5,900,875 |
|
|
5,702,095 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
|
112 |
|
|
111 |
|
|
110 |
|
|
110 |
|
|
112 |
Additional paid in capital |
|
|
393,341 |
|
|
395,871 |
|
|
393,544 |
|
|
392,742 |
|
|
394,124 |
Retained earnings |
|
|
332,178 |
|
|
315,975 |
|
|
301,407 |
|
|
279,344 |
|
|
263,783 |
Accumulated other comprehensive gain (loss), net of tax effect |
|
|
(52,090) |
|
|
(52,936) |
|
|
(60,151) |
|
|
(50,921) |
|
|
(50,132) |
Total stockholders’ equity |
|
|
673,541 |
|
|
659,021 |
|
|
634,910 |
|
|
621,275 |
|
|
607,887 |
Total liabilities and stockholders’ equity |
|
$ |
7,453,371 |
|
$ |
7,067,672 |
|
$ |
6,683,359 |
|
$ |
6,522,150 |
|
$ |
6,309,982 |
Consolidated Statement of Income (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|||||||
|
|
Mar. 31, |
|
Dec. 31, |
|
Mar. 31, |
|||
(dollars in thousands, except per share data) |
|
2024 |
|
2023 |
|
2023 |
|||
Total interest income |
|
$ |
112,335 |
|
$ |
105,267 |
|
$ |
83,263 |
Total interest expense |
|
|
52,626 |
|
|
48,273 |
|
|
24,729 |
Net interest income |
|
|
59,709 |
|
|
56,994 |
|
|
58,534 |
Provision for credit losses |
|
|
528 |
|
|
6,541 |
|
|
646 |
Net interest income after provision for credit losses |
|
|
59,181 |
|
|
50,453 |
|
|
57,888 |
|
|
|
|
|
|
|
|
|
|
Non-interest income |
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
|
1,863 |
|
|
1,671 |
|
|
1,456 |
Global Payments Group revenue |
|
|
4,069 |
|
|
4,177 |
|
|
4,850 |
Other income |
|
|
1,072 |
|
|
713 |
|
|
668 |
Total non-interest income |
|
|
7,004 |
|
|
6,561 |
|
|
6,974 |
|
|
|
|
|
|
|
|
|
|
Non-interest expense |
|
|
|
|
|
|
|
|
|
Compensation and benefits |
|
|
19,827 |
|
|
18,210 |
|
|
16,255 |
Bank premises and equipment |
|
|
2,343 |
|
|
2,317 |
|
|
2,344 |
Professional fees |
|
|
5,972 |
|
|
5,031 |
|
|
4,187 |
Technology costs |
|
|
3,011 |
|
|
974 |
|
|
1,313 |
Licensing fees |
|
|
3,276 |
|
|
3,638 |
|
|
2,662 |
FDIC assessments |
|
|
2,925 |
|
|
2,639 |
|
|
2,814 |
Regulatory settlement reserve |
|
|
— |
|
|
— |
|
|
(2,500) |
Other expenses |
|
|
4,546 |
|
|
4,338 |
|
|
3,950 |
Total non-interest expense |
|
|
41,900 |
|
|
37,147 |
|
|
31,025 |
|
|
|
|
|
|
|
|
|
|
Net income before income tax expense |
|
|
24,285 |
|
|
19,867 |
|
|
33,837 |
Income tax expense |
|
|
8,082 |
|
|
5,299 |
|
|
8,761 |
Net income (loss) |
|
$ |
16,203 |
|
$ |
14,568 |
|
$ |
25,076 |
|
|
|
|
|
|
|
|
|
|
Earnings per common share: |
|
|
|
|
|
|
|
|
|
Average common shares outstanding: |
|
|
|
|
|
|
|
|
|
Basic |
|
|
11,132,989 |
|
|
11,062,729 |
|
|
11,044,624 |
Diluted |
|
|
11,132,989 |
|
|
11,366,463 |
|
|
11,103,008 |
Basic earnings (loss) |
|
$ |
1.46 |
|
$ |
1.31 |
|
$ |
2.26 |
Diluted earnings (loss) |
|
$ |
1.46 |
|
$ |
1.28 |
|
$ |
2.25 |
Loan Production, Asset Quality & Regulatory Capital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mar. 31, |
|
Dec. 31, |
|
Sept. 30, |
|
Jun. 30, |
|
Mar. 31, |
|
|||||
|
|
2024 |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
|
|||||
LOAN PRODUCTION (in millions) |
|
$ |
269.6 |
|
$ |
342.5 |
|
$ |
333.5 |
|
$ |
425.4 |
|
$ |
265.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY (in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate |
|
$ |
44,939 |
|
$ |
44,939 |
|
$ |
24,000 |
|
$ |
24,000 |
|
$ |
24,000 |
|
Commercial and industrial |
|
|
6,989 |
|
|
6,934 |
|
|
6,934 |
|
|
— |
|
|
— |
|
Consumer |
|
|
— |
|
|
24 |
|
|
24 |
|
|
24 |
|
|
24 |
|
Total non-accrual loans |
|
$ |
51,928 |
|
$ |
51,897 |
|
$ |
30,958 |
|
$ |
24,024 |
|
$ |
24,024 |
|
Non-accrual loans to total loans |
|
|
0.91 |
% |
|
0.92 |
% |
|
0.58 |
% |
|
0.47 |
% |
|
0.50 |
% |
Allowance for credit losses |
|
$ |
58,538 |
|
$ |
57,965 |
|
$ |
52,298 |
|
$ |
51,650 |
|
$ |
47,752 |
|
Allowance for credit losses to total loans |
|
|
1.02 |
% |
|
1.03 |
% |
|
0.98 |
% |
|
1.00 |
% |
|
0.98 |
% |
Charge-offs |
|
$ |
(3) |
|
$ |
(946) |
|
$ |
(129) |
|
$ |
(44) |
|
$ |
(100) |
|
Recoveries |
|
$ |
2 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
Net charge-offs/(recoveries) to average loans (annualized) |
|
|
— |
% |
|
0.07 |
% |
|
0.01 |
% |
|
— |
% |
|
0.01 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REGULATORY CAPITAL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 Leverage: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metropolitan Bank Holding Corp. |
|
|
10.3 |
% |
|
10.6 |
% |
|
10.7 |
% |
|
10.8 |
% |
|
10.8 |
% |
Metropolitan Commercial Bank |
|
|
10.1 |
% |
|
10.3 |
% |
|
10.5 |
% |
|
10.5 |
% |
|
10.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Equity Tier 1 Risk-Based (CET1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metropolitan Bank Holding Corp. |
|
|
11.6 |
% |
|
11.5 |
% |
|
11.8 |
% |
|
11.9 |
% |
|
12.3 |
% |
Metropolitan Commercial Bank |
|
|
11.7 |
% |
|
11.6 |
% |
|
11.9 |
% |
|
11.9 |
% |
|
12.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 Risk-Based: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metropolitan Bank Holding Corp. |
|
|
11.9 |
% |
|
11.9 |
% |
|
12.2 |
% |
|
12.2 |
% |
|
12.7 |
% |
Metropolitan Commercial Bank |
|
|
11.7 |
% |
|
11.6 |
% |
|
11.9 |
% |
|
11.9 |
% |
|
12.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Risk-Based: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metropolitan Bank Holding Corp. |
|
|
12.9 |
% |
|
12.8 |
% |
|
13.1 |
% |
|
13.2 |
% |
|
13.6 |
% |
Metropolitan Commercial Bank |
|
|
12.6 |
% |
|
12.5 |
% |
|
12.8 |
% |
|
12.9 |
% |
|
13.2 |
% |
Performance Measures
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|||||||
|
|
Mar. 31, |
|
Dec. 31, |
|
Mar. 31, |
|
|||
(dollars in thousands, except per share data) |
|
2024 |
|
2023 |
|
2023 |
|
|||
Net income per consolidated statements of income |
|
$ |
16,203 |
|
$ |
14,568 |
|
$ |
25,076 |
|
Less: Earnings allocated to participating securities |
|
|
— |
|
|
(78) |
|
|
(84) |
|
Net income (loss) available to common shareholders |
|
$ |
16,203 |
|
$ |
14,490 |
|
$ |
24,992 |
|
|
|
|
|
|
|
|
|
|
|
|
Per common share: |
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss) |
|
$ |
1.46 |
|
$ |
1.31 |
|
$ |
2.26 |
|
Diluted earnings (loss) |
|
$ |
1.46 |
|
$ |
1.28 |
|
$ |
2.25 |
|
Common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
Period end |
|
|
11,191,958 |
|
|
11,062,729 |
|
|
11,211,274 |
|
Average fully diluted |
|
|
11,132,989 |
|
|
11,366,463 |
|
|
11,103,008 |
|
Return on:(1) |
|
|
|
|
|
|
|
|
|
|
Average total assets |
|
|
0.91 |
% |
|
0.84 |
% |
|
1.64 |
% |
Average equity |
|
|
9.8 |
% |
|
9.0 |
% |
|
17.2 |
% |
Average tangible common equity(2), (3) |
|
|
9.9 |
% |
|
9.1 |
% |
|
17.4 |
% |
Yield on average earning assets(1) |
|
|
6.40 |
% |
|
6.21 |
% |
|
5.51 |
% |
Total cost of deposits(1) |
|
|
3.16 |
% |
|
2.98 |
% |
|
1.72 |
% |
Net interest spread(1) |
|
|
1.77 |
% |
|
1.81 |
% |
|
2.25 |
% |
Net interest margin(1) |
|
|
3.40 |
% |
|
3.36 |
% |
|
3.86 |
% |
Net charge-offs as % of average loans(1) |
|
|
— |
% |
|
0.07 |
% |
|
0.01 |
% |
Efficiency ratio(4) |
|
|
62.8 |
% |
|
58.4 |
% |
|
47.4 |
% |
_____________________________
|
||||||||||
Interest Margin Analysis
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
||||||||||||||||||||||||
|
|
Mar. 31, 2024 |
|
|
Dec. 31, 2023 |
|
|
Mar. 31, 2023 |
|
||||||||||||||||||
|
|
Average |
|
|
|
|
Yield / |
|
|
Average |
|
|
|
|
Yield / |
|
|
Average |
|
|
|
|
Yield / |
|
|||
(dollars in thousands) |
|
Balance |
|
Interest |
|
Rate (1) |
|
|
Balance |
|
Interest |
|
Rate (1) |
|
|
Balance |
|
Interest |
|
Rate (1) |
|
||||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (2) |
|
$ |
5,696,841 |
|
$ |
102,381 |
|
7.23 |
% |
|
$ |
5,538,095 |
|
$ |
97,897 |
|
7.01 |
% |
|
$ |
4,838,336 |
|
$ |
75,960 |
|
6.34 |
% |
Available-for-sale securities |
|
|
565,292 |
|
|
2,957 |
|
2.10 |
|
|
|
532,970 |
|
|
2,430 |
|
1.82 |
|
|
|
530,503 |
|
|
2,106 |
|
1.59 |
|
Held-to-maturity securities |
|
|
465,270 |
|
|
2,172 |
|
1.88 |
|
|
|
474,475 |
|
|
2,217 |
|
1.87 |
|
|
|
506,655 |
|
|
2,377 |
|
1.88 |
|
Equity investments |
|
|
2,416 |
|
|
15 |
|
2.47 |
|
|
|
2,401 |
|
|
14 |
|
2.30 |
|
|
|
2,362 |
|
|
12 |
|
2.08 |
|
Overnight deposits |
|
|
297,992 |
|
|
4,154 |
|
5.61 |
|
|
|
139,009 |
|
|
1,966 |
|
5.53 |
|
|
|
207,917 |
|
|
2,484 |
|
4.78 |
|
Other interest-earning assets |
|
|
33,428 |
|
|
656 |
|
7.89 |
|
|
|
35,718 |
|
|
743 |
|
8.32 |
|
|
|
20,163 |
|
|
324 |
|
6.42 |
|
Total interest-earning assets |
|
|
7,061,239 |
|
|
112,335 |
|
6.40 |
|
|
|
6,722,668 |
|
|
105,267 |
|
6.21 |
|
|
|
6,105,936 |
|
|
83,263 |
|
5.51 |
|
Non-interest-earning assets |
|
|
183,046 |
|
|
|
|
|
|
|
|
192,237 |
|
|
|
|
|
|
|
|
152,302 |
|
|
|
|
|
|
Allowance for credit losses |
|
|
(58,517) |
|
|
|
|
|
|
|
|
(53,570) |
|
|
|
|
|
|
|
|
(45,614) |
|
|
|
|
|
|
Total assets |
|
$ |
7,185,768 |
|
|
|
|
|
|
|
$ |
6,861,335 |
|
|
|
|
|
|
|
$ |
6,212,624 |
|
|
|
|
|
|
Liabilities and Stockholders' Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market and savings accounts |
|
$ |
4,099,466 |
|
|
46,611 |
|
4.57 |
|
|
$ |
3,891,476 |
|
|
42,395 |
|
4.32 |
|
|
$ |
2,840,271 |
|
|
22,030 |
|
3.15 |
|
Certificates of deposit |
|
|
34,264 |
|
|
275 |
|
3.22 |
|
|
|
34,179 |
|
|
272 |
|
3.16 |
|
|
|
52,912 |
|
|
343 |
|
2.63 |
|
Total interest-bearing deposits |
|
|
4,133,730 |
|
|
46,886 |
|
4.56 |
|
|
|
3,925,655 |
|
|
42,667 |
|
4.31 |
|
|
|
2,893,183 |
|
|
22,373 |
|
3.14 |
|
Borrowed funds |
|
|
437,389 |
|
|
5,740 |
|
5.28 |
|
|
|
427,250 |
|
|
5,606 |
|
5.25 |
|
|
|
188,230 |
|
|
2,356 |
|
5.01 |
|
Total interest-bearing liabilities |
|
|
4,571,119 |
|
|
52,626 |
|
4.63 |
|
|
|
4,352,905 |
|
|
48,273 |
|
4.40 |
|
|
|
3,081,413 |
|
|
24,729 |
|
3.26 |
|
Non-interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing deposits |
|
|
1,835,368 |
|
|
|
|
|
|
|
|
1,748,178 |
|
|
|
|
|
|
|
|
2,390,840 |
|
|
|
|
|
|
Other non-interest-bearing liabilities |
|
|
112,272 |
|
|
|
|
|
|
|
|
116,995 |
|
|
|
|
|
|
|
|
147,850 |
|
|
|
|
|
|
Total liabilities |
|
|
6,518,759 |
|
|
|
|
|
|
|
|
6,218,078 |
|
|
|
|
|
|
|
|
5,620,103 |
|
|
|
|
|
|
Stockholders' equity |
|
|
667,009 |
|
|
|
|
|
|
|
|
643,257 |
|
|
|
|
|
|
|
|
592,521 |
|
|
|
|
|
|
Total liabilities and equity |
|
$ |
7,185,768 |
|
|
|
|
|
|
|
$ |
6,861,335 |
|
|
|
|
|
|
|
$ |
6,212,624 |
|
|
|
|
|
|
Net interest income |
|
|
|
|
$ |
59,709 |
|
|
|
|
|
|
|
$ |
56,994 |
|
|
|
|
|
|
|
$ |
58,534 |
|
|
|
Net interest rate spread (3) |
|
|
|
|
|
|
|
1.77 |
% |
|
|
|
|
|
|
|
1.81 |
% |
|
|
|
|
|
|
|
2.25 |
% |
Net interest margin (4) |
|
|
|
|
|
|
|
3.40 |
% |
|
|
|
|
|
|
|
3.36 |
% |
|
|
|
|
|
|
|
3.86 |
% |
Total cost of deposits (5) |
|
|
|
|
|
|
|
3.16 |
% |
|
|
|
|
|
|
|
2.98 |
% |
|
|
|
|
|
|
|
1.72 |
% |
Total cost of funds (6) |
|
|
|
|
|
|
|
3.30 |
% |
|
|
|
|
|
|
|
3.14 |
% |
|
|
|
|
|
|
|
1.83 |
% |
_____________________________
|
|||||||||||||||||||||||||||
Reconciliation of Non-GAAP Measures
In addition to the results presented in accordance with Generally Accepted Accounting Principles (“GAAP”), this earnings release includes certain non-GAAP financial measures. Management believes these non-GAAP financial measures provide meaningful information to investors in understanding the Company’s operating performance and trends. These non-GAAP measures have inherent limitations and are not required to be uniformly applied and are not audited. They should not be considered in isolation or as a substitute for an analysis of results reported under GAAP. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies. Reconciliations of non-GAAP/adjusted financial measures disclosed in this earnings release to the comparable GAAP measures are provided in the following tables:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly Data |
|
|||||||||||||||||
(dollars in thousands, |
|
Mar. 31, |
|
|
Dec. 31, |
|
|
Sept. 30, |
|
|
Jun. 30, |
|
|
Mar. 31, |
|
|||||
except per share data) |
|
2024 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
|||||
Average assets |
|
$ |
7,185,768 |
|
|
$ |
6,861,335 |
|
|
$ |
6,589,857 |
|
|
$ |
6,354,597 |
|
|
$ |
6,212,624 |
|
Less: average intangible assets |
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
Average tangible assets (non-GAAP) |
|
$ |
7,176,035 |
|
|
$ |
6,851,602 |
|
|
$ |
6,580,124 |
|
|
$ |
6,344,864 |
|
|
$ |
6,202,891 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average common equity |
|
$ |
667,009 |
|
|
$ |
643,257 |
|
|
$ |
631,205 |
|
|
$ |
616,370 |
|
|
$ |
592,521 |
|
Less: average intangible assets |
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
Average tangible common equity (non-GAAP) |
|
$ |
657,276 |
|
|
$ |
633,524 |
|
|
$ |
621,472 |
|
|
$ |
606,637 |
|
|
$ |
582,788 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
7,453,371 |
|
|
$ |
7,067,672 |
|
|
$ |
6,683,359 |
|
|
$ |
6,522,150 |
|
|
$ |
6,309,982 |
|
Less: intangible assets |
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
Tangible assets (non-GAAP) |
|
$ |
7,443,638 |
|
|
$ |
7,057,939 |
|
|
$ |
6,673,626 |
|
|
$ |
6,512,417 |
|
|
$ |
6,300,249 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common equity |
|
$ |
673,541 |
|
|
$ |
659,021 |
|
|
$ |
634,910 |
|
|
$ |
621,275 |
|
|
$ |
607,887 |
|
Less: intangible assets |
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
Tangible common equity (book value) (non-GAAP) |
|
$ |
663,808 |
|
|
$ |
649,288 |
|
|
$ |
625,177 |
|
|
$ |
611,542 |
|
|
$ |
598,154 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding |
|
|
11,191,958 |
|
|
|
11,062,729 |
|
|
|
11,062,729 |
|
|
|
10,991,074 |
|
|
|
11,211,274 |
|
Book value per share (GAAP) |
|
$ |
60.18 |
|
|
$ |
59.57 |
|
|
$ |
57.39 |
|
|
$ |
56.53 |
|
|
$ |
54.22 |
|
Tangible book value per share (non-GAAP) (1) |
|
$ |
59.31 |
|
|
$ |
58.69 |
|
|
$ |
56.51 |
|
|
$ |
55.64 |
|
|
$ |
53.35 |
|
_____________________________
|
||||||||||||||||||||
Explanatory Note
Some amounts presented within this document may not recalculate due to rounding.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240418563734/en/
Daniel F. Dougherty
EVP & Chief Financial Officer
Metropolitan Commercial Bank
(212) 365-6721
IR@MCBankNY.com
Source: Metropolitan Bank Holding Corp.
FAQ
What were Metropolitan Bank Holding Corp.'s total deposits at the end of the first quarter of 2024?
What was the net interest margin for Metropolitan Bank Holding Corp. in the first quarter of 2024?
What was the increase in loans for Metropolitan Bank Holding Corp. from the previous quarter?
How much did diluted earnings per share increase for Metropolitan Bank Holding Corp. in the first quarter of 2024?
What was the return on average equity for Metropolitan Bank Holding Corp. in the first quarter of 2024?
What was the total cash reserve for Metropolitan Bank Holding Corp. at March 31, 2024?
What was the non-performing loan ratio for Metropolitan Bank Holding Corp. at March 31, 2024?
