Metropolitan Bank Holding Corp. Reports First Quarter 2025 Results
Metropolitan Bank Holding Corp. (NYSE: MCB) reported strong Q1 2025 financial results with net income of $16.4 million, or $1.45 per diluted share. Total loans reached $6.3 billion, increasing 5.1% from Q4 2024 and 10.9% year-over-year. Total deposits grew to $6.4 billion, up 7.8% from previous quarter.
The bank's net interest margin improved to 3.68%, marking the sixth consecutive quarter of growth. Asset quality remained stable with non-performing loans ratio at 0.54%. The company repurchased $12.9 million of common stock, approximately 2% of outstanding shares. Liquidity position remains strong with $2.9 billion in cash and available secured funding capacity, representing 179% of estimated uninsured deposits.
Both the Company and Bank maintain 'well capitalized' status, with total risk-based capital ratios of 12.8% and 12.1% respectively.
Metropolitan Bank Holding Corp. (NYSE: MCB) ha comunicato solidi risultati finanziari per il primo trimestre 2025, con un utile netto di 16,4 milioni di dollari, pari a 1,45 dollari per azione diluita. I prestiti totali hanno raggiunto 6,3 miliardi di dollari, con un incremento del 5,1% rispetto al quarto trimestre 2024 e del 10,9% su base annua. I depositi totali sono saliti a 6,4 miliardi di dollari, in crescita del 7,8% rispetto al trimestre precedente.
Il margine di interesse netto della banca è migliorato raggiungendo il 3,68%, segnando il sesto trimestre consecutivo di crescita. La qualità degli attivi è rimasta stabile con un rapporto di prestiti non performanti allo 0,54%. La società ha riacquistato azioni ordinarie per un valore di 12,9 milioni di dollari, pari a circa il 2% delle azioni in circolazione. La posizione di liquidità resta solida con 2,9 miliardi di dollari in liquidità e capacità di finanziamento garantito disponibile, corrispondente al 179% dei depositi stimati non assicurati.
Sia la Società che la Banca mantengono lo status di “ben capitalizzate”, con rapporti di capitale totale basato sul rischio rispettivamente del 12,8% e del 12,1%.
Metropolitan Bank Holding Corp. (NYSE: MCB) reportó sólidos resultados financieros en el primer trimestre de 2025, con un ingreso neto de 16,4 millones de dólares, o 1,45 dólares por acción diluida. Los préstamos totales alcanzaron 6,3 mil millones de dólares, aumentando un 5,1% respecto al cuarto trimestre de 2024 y un 10,9% interanual. Los depósitos totales crecieron hasta 6,4 mil millones de dólares, un 7,8% más que el trimestre anterior.
El margen neto de interés del banco mejoró a 3,68%, marcando el sexto trimestre consecutivo de crecimiento. La calidad de los activos se mantuvo estable con una tasa de préstamos morosos del 0,54%. La compañía recompró acciones comunes por valor de 12,9 millones de dólares, aproximadamente el 2% de las acciones en circulación. La posición de liquidez sigue siendo sólida con 2,9 mil millones de dólares en efectivo y capacidad de financiamiento garantizado disponible, representando el 179% de los depósitos no asegurados estimados.
Tanto la Compañía como el Banco mantienen el estatus de “bien capitalizados”, con índices de capital total basado en riesgo del 12,8% y 12,1%, respectivamente.
Metropolitan Bank Holding Corp. (NYSE: MCB)는 2025년 1분기 견고한 재무 실적을 발표했으며, 순이익은 1,640만 달러, 희석 주당 순이익은 1.45달러였습니다. 총 대출금은 63억 달러로 2024년 4분기 대비 5.1%, 전년 동기 대비 10.9% 증가했습니다. 총 예금은 64억 달러로 전 분기 대비 7.8% 증가했습니다.
은행의 순이자마진은 3.68%로 개선되어 6분기 연속 성장세를 기록했습니다. 자산 건전성은 안정적이며 부실대출 비율은 0.54%입니다. 회사는 약 2%에 해당하는 1,290만 달러 규모의 보통주를 자사주로 매입했습니다. 유동성 상태는 강력하며, 현금 및 사용 가능한 담보 자금 조달 능력이 29억 달러에 달해 추정 비보험 예금의 179%를 차지합니다.
회사와 은행 모두 ‘우량 자본’ 상태를 유지하고 있으며, 총 위험기반자본 비율은 각각 12.8%와 12.1%입니다.
Metropolitan Bank Holding Corp. (NYSE : MCB) a annoncé de solides résultats financiers pour le premier trimestre 2025, avec un bénéfice net de 16,4 millions de dollars, soit 1,45 dollar par action diluée. Les prêts totaux ont atteint 6,3 milliards de dollars, en hausse de 5,1 % par rapport au quatrième trimestre 2024 et de 10,9 % sur un an. Les dépôts totaux ont augmenté à 6,4 milliards de dollars, soit une hausse de 7,8 % par rapport au trimestre précédent.
La marge nette d’intérêt de la banque s’est améliorée à 3,68 %, marquant le sixième trimestre consécutif de croissance. La qualité des actifs est restée stable avec un ratio de prêts non performants à 0,54 %. La société a racheté pour 12,9 millions de dollars d’actions ordinaires, soit environ 2 % des actions en circulation. La position de liquidité reste solide avec 2,9 milliards de dollars en liquidités et une capacité de financement garanti disponible, représentant 179 % des dépôts estimés non assurés.
La Société et la Banque conservent leur statut de « bien capitalisées », avec des ratios de fonds propres pondérés en fonction des risques de 12,8 % et 12,1 % respectivement.
Metropolitan Bank Holding Corp. (NYSE: MCB) meldete starke Finanzergebnisse für das erste Quartal 2025 mit einem Nettogewinn von 16,4 Millionen US-Dollar bzw. 1,45 US-Dollar je verwässerter Aktie. Die Gesamtkredite erreichten 6,3 Milliarden US-Dollar, was einem Anstieg von 5,1 % gegenüber dem vierten Quartal 2024 und 10,9 % im Jahresvergleich entspricht. Die Gesamteinlagen stiegen auf 6,4 Milliarden US-Dollar, ein Plus von 7,8 % gegenüber dem Vorquartal.
Die Nettozinsmarge der Bank verbesserte sich auf 3,68 % und verzeichnete damit das sechste Quartal in Folge Wachstum. Die Vermögensqualität blieb stabil, mit einer Quote notleidender Kredite von 0,54 %. Das Unternehmen kaufte Stammaktien im Wert von 12,9 Millionen US-Dollar zurück, was etwa 2 % der ausstehenden Aktien entspricht. Die Liquiditätslage bleibt stark mit 2,9 Milliarden US-Dollar an Bargeld und verfügbarer besicherter Finanzierungskapazität, was 179 % der geschätzten nicht versicherten Einlagen entspricht.
Sowohl das Unternehmen als auch die Bank behalten den Status „gut kapitalisiert“ bei, mit risikobasierten Gesamtkapitalquoten von 12,8 % bzw. 12,1 %.
- Net interest margin increased to 3.68%, marking six consecutive quarters of growth
- Total loans grew by $308 million (5.1%) quarterly and $622.9 million (10.9%) annually
- Total deposits increased by $466.3 million (7.8%) quarterly
- Strong liquidity position with $2.9 billion in cash and funding capacity
- Improved asset quality with non-performing loans ratio stable at 0.54%, down from 0.91% year-over-year
- Net income decreased to $16.4 million from $21.4 million in Q4 2024
- Non-interest income decreased by $3.4 million year-over-year due to BaaS business wind-down
- Non-interest expense increased by $4.6 million from previous quarter
- Commercial real estate loan concentration increased to 367% of total risk-based capital
Insights
Strong loan/deposit growth and improving margins offset by quarterly earnings decline; mixed Q1 results with stable credit quality.
Metropolitan Bank delivered impressive balance sheet growth in Q1 2025, with loans increasing 5.1% quarter-over-quarter and 10.9% year-over-year to $6.3 billion. This expansion was primarily driven by commercial real estate lending. Loan production reached $409.8 million, significantly outpacing both the previous quarter (
The bank demonstrated exceptional deposit gathering strength, with deposits growing 7.8% quarter-over-quarter to $6.4 billion. This substantial deposit growth allowed MCB to fund loan expansion while simultaneously reducing wholesale funding by
The net interest margin improved to 3.68%, marking the sixth consecutive quarterly increase. This margin expansion occurred despite declining short-term interest rates, reflecting effective loan and deposit pricing strategies. The total cost of funds decreased to
However, quarterly earnings declined substantially to
Asset quality remained stable with non-performing loans at
The strategic wind-down of Banking-as-a-Service operations impacted non-interest income, which declined
Liquidity remains robust with
Non-owner-occupied commercial real estate loans increased to
Strong Financial Results and Robust Capital Position
Financial Highlights
-
Total loans at March 31, 2025 were
$6.3 billion $308.0 million 5.1% , from December 31, 2024 and$622.9 million 10.9% , from March 31, 2024. -
Total deposits at March 31, 2025 were
$6.4 billion $466.3 million 7.8% , from December 31, 2024 and$211.8 million 3.4% , from March 31, 2024. -
The net interest margin for the first quarter of 2025 was
3.68% , an increase of 2 basis points compared to3.66% for the prior linked quarter and an increase of 28 basis points compared to3.40% for the prior year period. -
Asset quality continues to be stable. The ratio of non-performing loans to total loans was
0.54% at March 31, 2025, compared to0.54% for the prior linked quarter and0.91% for the prior year period. -
Repurchased
$12.9 million 2% of shares outstanding at December 31, 2024, and approximately26.0% of the$50.0 million -
Liquidity remains strong. At March 31, 2025, cash on deposit with the Federal Reserve Bank of
New York and available secured funding capacity totaled$2.9 billion 179% of our estimated uninsured deposits. -
The Company and Bank are “well capitalized” under applicable regulatory guidelines, with total risk-based capital ratios of
12.8% and12.1% , respectively, at March 31, 2025, well above regulatory minimums.
Mark DeFazio, President and Chief Executive Officer, commented,
“MCB continues to deliver strong financial results while maintaining our focus on risk management. The Bank produced exceptional loan and deposit growth in the first quarter and we continued to benefit from NIM improvement for the sixth consecutive quarter. Our business development pipelines are strong, which underpins our outlook for continued growth. The strength of our balance sheet and earnings positions us well to achieve continued strategic growth while advancing our initial share repurchase program that we announced in March.
Mark DeFazio added, “We are steadfast in our commitment to support our clients and communities, especially during volatile or challenging times.”
Balance Sheet
Total cash and cash equivalents were
Total loans, net of deferred fees and unamortized costs, were
Total deposits were
At March 31, 2025, cash on deposit with the Federal Reserve Bank of
Income Statement
Financial Highlights
|
|
Three months ended |
|
|||||||||
|
|
Mar. 31, |
|
Dec. 31, |
|
Mar. 31, |
|
|||||
(dollars in thousands, except per share data) |
|
2025 |
|
2024 |
|
2024 |
|
|||||
Total revenues(1) |
|
$ |
70,590 |
|
$ |
71,004 |
|
$ |
66,713 |
|
||
Net income (loss) |
|
$ |
16,354 |
|
$ |
21,418 |
|
$ |
16,203 |
|
||
Diluted earnings (loss) per common share |
|
$ |
1.45 |
|
$ |
1.88 |
|
$ |
1.46 |
|
||
Return on average assets(2) |
|
|
0.89 |
% |
|
1.16 |
% |
|
0.91 |
% |
||
Return on average equity(2) |
|
|
9.0 |
% |
|
11.8 |
% |
|
9.8 |
% |
||
Return on average tangible common equity(2), (3), (4) |
|
|
9.1 |
% |
|
12.0 |
% |
|
9.9 |
% |
||
____________________ |
||
(1) |
|
Total revenues equal net interest income plus non-interest income. |
(2) |
|
Ratios are annualized. |
(3) |
|
Non-GAAP financial measure. See Reconciliation of Non-GAAP Measures on page 12. |
(4) |
|
Net income divided by average tangible common equity. |
Net Interest Income
Net interest income for the first quarter of 2025 was
Net Interest Margin
Net interest margin for the first quarter of 2025 was
The total cost of funds for the first quarter of 2025 was 319 basis points compared to 325 basis points and 330 basis points for the prior linked quarter and prior year period, respectively. The decrease from the prior linked quarter and prior year period reflects the reduction in short-term interest rates. The first quarter of 2025 decline in the cost of funds was significantly muted by the decline in low-cost BaaS deposits that occurred in the fourth quarter of 2024.
Non-Interest Income
Non-interest income was
Non-Interest Expense
Non-interest expense was
Income Tax Expense
The effective tax rate for the first quarter of 2025 was
Asset Quality
Credit quality remains stable. The ratio of non-performing loans to total loans was
The allowance for credit losses was
Conference Call
The Company will conduct a conference call at 9:00 a.m. ET on Tuesday, April 22, 2025, to discuss the results. To access the event by telephone, please dial 800-579-2543 (US), 785-424-1789 (INTL), and provide conference ID: MCBQ125 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 in 2024 and 2025. The Bank was ranked by Independent Community Bankers of America among the top ten successful loan producers for 2024 by loan category and asset size for commercial banks with more than
The Bank is a
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 Federal Reserve and other regulatory bodies; an unexpected deterioration in the performance of our loan or securities portfolios; changes in liquidity, including the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio; unexpected increases in our expenses; different than anticipated growth and our ability to manage our growth; global pandemics, or localized epidemics, could adversely affect the Company’s financial condition and results of operations; potential recessionary conditions, including the related effects on our borrowers and on our financial condition and results of operations; an unanticipated loss of key personnel or existing clients, or an inability to attract key employees; increases in competitive pressures among financial institutions or from non-financial institutions which may result in unanticipated changes in our loan or deposit rates; unanticipated increases in FDIC insurance premiums or future assessments; legislative, tax or regulatory changes or actions, which may adversely affect the Company’s business; impacts related to or resulting from regional and community bank failures and stresses to regional banks; changes in deposit flows, funding sources or loan demand, which may adversely affect the Company’s business; changes in accounting principles, policies or guidelines may cause the Company’s financial condition or results of operation to be reported or perceived differently; general economic conditions, including unemployment rates, either nationally or locally in some or all of the areas in which the Company does business, or conditions in the securities markets or the banking industry being less favorable than currently anticipated; inflation, which may lead to higher operating costs; declines in real estate values in the Company’s market area, which may adversely affect our loan production; an unexpected adverse financial, regulatory, legal or bankruptcy event experienced by our non-bank financial service clients; system failures or cybersecurity breaches of our information technology infrastructure and/or confidential information or those of the Company’s third-party service providers or those of our non-bank financial service clients for which we provide global payments infrastructure; emerging issues related to the development and use of artificial intelligence that could give rise to legal or regulatory action, damage our reputation or otherwise materially harm our business or clients; failure to maintain current technologies or technological changes that may be more difficult or expensive to implement than anticipated, and failure to successfully implement future information technology enhancements; the costs, including the possible incurrence of fines, penalties, or other negative effects (including reputational harm) of any adverse judicial, administrative, or arbitral rulings or proceedings, regulatory enforcement actions, or other legal actions to which we or any of our subsidiaries are a party, and which may adversely affect our results; the current or anticipated impact of military conflict, terrorism or other geopolitical events; the successful implementation or consummation of new business initiatives, which may be more difficult or expensive than anticipated; the timely and efficient development of new products and services offered by the Company or its strategic partners, as well as risks (including reputational and litigation) attendant thereto, and the perceived overall value and acceptance of these products and services by clients; changes in consumer spending, borrowing or savings habits; the risks associated with adverse changes to credit quality; an unexpected failure to successfully manage our credit risk and the sufficiency of our allowance for credit losses; credit and other risks from borrower and depositor concentrations (e.g., by geographic area and by industry); difficulties associated with achieving or predicting expected future financial results; and the potential impact on the Company’s operations and clients resulting from natural or man-made disasters, wars, acts of terrorism, cyberattacks and pandemics, as well as those discussed under the heading “Risk Factors” in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q which have been filed with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended. 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)
|
|
Mar. 31, |
|
Dec. 31, |
|
Sept. 30, |
|
Jun. 30, |
|
Mar. 31, |
||||||||||
(in thousands) |
|
2025 |
|
2024 |
|
2024 |
|
2024 |
|
2024 |
||||||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cash and due from banks |
|
$ |
18,572 |
|
|
$ |
13,078 |
|
|
$ |
16,674 |
|
|
$ |
18,152 |
|
|
$ |
34,037 |
|
Overnight deposits |
|
|
177,891 |
|
|
|
187,190 |
|
|
|
301,804 |
|
|
|
226,510 |
|
|
|
500,366 |
|
Total cash and cash equivalents |
|
|
196,463 |
|
|
|
200,268 |
|
|
|
318,478 |
|
|
|
244,662 |
|
|
|
534,403 |
|
Investment securities available-for-sale |
|
|
523,542 |
|
|
|
482,085 |
|
|
|
510,966 |
|
|
|
504,748 |
|
|
|
497,789 |
|
Investment securities held-to-maturity |
|
|
398,973 |
|
|
|
428,557 |
|
|
|
438,445 |
|
|
|
449,368 |
|
|
|
460,249 |
|
Equity investment securities, at fair value |
|
|
5,221 |
|
|
|
5,109 |
|
|
|
5,213 |
|
|
|
2,122 |
|
|
|
2,115 |
|
Total securities |
|
|
927,736 |
|
|
|
915,751 |
|
|
|
954,624 |
|
|
|
956,238 |
|
|
|
960,153 |
|
Other investments |
|
|
27,062 |
|
|
|
30,636 |
|
|
|
26,586 |
|
|
|
26,584 |
|
|
|
32,669 |
|
Loans, net of deferred fees and unamortized costs |
|
|
6,342,122 |
|
|
|
6,034,076 |
|
|
|
5,897,119 |
|
|
|
5,838,892 |
|
|
|
5,719,218 |
|
Allowance for credit losses |
|
|
(67,803 |
) |
|
|
(63,273 |
) |
|
|
(62,493 |
) |
|
|
(60,008 |
) |
|
|
(58,538 |
) |
Net loans |
|
|
6,274,319 |
|
|
|
5,970,803 |
|
|
|
5,834,626 |
|
|
|
5,778,884 |
|
|
|
5,660,680 |
|
Receivables from global payments business, net |
|
|
— |
|
|
|
— |
|
|
|
96,048 |
|
|
|
90,626 |
|
|
|
93,852 |
|
Other assets |
|
|
190,718 |
|
|
|
183,291 |
|
|
|
172,996 |
|
|
|
168,597 |
|
|
|
171,614 |
|
Total assets |
|
$ |
7,616,298 |
|
|
$ |
7,300,749 |
|
|
$ |
7,403,358 |
|
|
$ |
7,265,591 |
|
|
$ |
7,453,371 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Non-interest-bearing demand deposits |
|
$ |
1,384,524 |
|
|
$ |
1,334,054 |
|
|
$ |
1,780,305 |
|
|
$ |
1,883,176 |
|
|
$ |
1,927,629 |
|
Interest-bearing deposits |
|
|
5,064,768 |
|
|
|
4,648,919 |
|
|
|
4,489,602 |
|
|
|
4,286,486 |
|
|
|
4,309,913 |
|
Total deposits |
|
|
6,449,292 |
|
|
|
5,982,973 |
|
|
|
6,269,907 |
|
|
|
6,169,662 |
|
|
|
6,237,542 |
|
Federal funds purchased |
|
|
125,000 |
|
|
|
210,000 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Federal Home Loan Bank of |
|
|
160,000 |
|
|
|
240,000 |
|
|
|
150,000 |
|
|
|
150,000 |
|
|
|
300,000 |
|
Trust preferred securities |
|
|
20,620 |
|
|
|
20,620 |
|
|
|
20,620 |
|
|
|
20,620 |
|
|
|
20,620 |
|
Secured and other borrowings |
|
|
17,403 |
|
|
|
7,441 |
|
|
|
107,478 |
|
|
|
107,514 |
|
|
|
107,549 |
|
Prepaid third-party debit cardholder balances |
|
|
— |
|
|
|
— |
|
|
|
21,970 |
|
|
|
22,631 |
|
|
|
18,685 |
|
Other liabilities |
|
|
106,137 |
|
|
|
109,888 |
|
|
|
118,192 |
|
|
|
102,760 |
|
|
|
95,434 |
|
Total liabilities |
|
|
6,878,452 |
|
|
|
6,570,922 |
|
|
|
6,688,167 |
|
|
|
6,573,187 |
|
|
|
6,779,830 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Common stock |
|
|
113 |
|
|
|
112 |
|
|
|
112 |
|
|
|
112 |
|
|
|
112 |
|
Additional paid in capital |
|
|
398,823 |
|
|
|
400,188 |
|
|
|
397,963 |
|
|
|
395,520 |
|
|
|
393,341 |
|
Retained earnings |
|
|
399,015 |
|
|
|
382,661 |
|
|
|
361,243 |
|
|
|
348,977 |
|
|
|
332,178 |
|
Accumulated other comprehensive gain (loss), net of tax effect |
|
|
(47,170 |
) |
|
|
(53,134 |
) |
|
|
(44,127 |
) |
|
|
(52,205 |
) |
|
|
(52,090 |
) |
Treasury stock, at cost |
|
|
(12,935 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total stockholders’ equity |
|
|
737,846 |
|
|
|
729,827 |
|
|
|
715,191 |
|
|
|
692,404 |
|
|
|
673,541 |
|
Total liabilities and stockholders’ equity |
|
$ |
7,616,298 |
|
|
$ |
7,300,749 |
|
|
$ |
7,403,358 |
|
|
$ |
7,265,591 |
|
|
$ |
7,453,371 |
|
Consolidated Statement of Income (unaudited)
|
|
Three months ended |
||||||||||
|
|
Mar. 31, |
|
Dec. 31, |
|
Mar. 31, |
||||||
(dollars in thousands, except per share data) |
|
2025 |
|
2024 |
|
2024 |
||||||
Total interest income |
|
$ |
118,770 |
|
|
$ |
119,829 |
|
|
$ |
112,335 |
|
Total interest expense |
|
|
51,818 |
|
|
|
53,226 |
|
|
|
52,626 |
|
Net interest income |
|
|
66,952 |
|
|
|
66,603 |
|
|
|
59,709 |
|
Provision for credit losses |
|
|
4,506 |
|
|
|
1,500 |
|
|
|
528 |
|
Net interest income after provision for credit losses |
|
|
62,446 |
|
|
|
65,103 |
|
|
|
59,181 |
|
|
|
|
|
|
|
|
|
|
|
|||
Non-interest income |
|
|
|
|
|
|
|
|
|
|||
Service charges on deposit accounts |
|
|
2,173 |
|
|
|
2,177 |
|
|
|
1,863 |
|
Global Payments Group revenue |
|
|
— |
|
|
|
2,100 |
|
|
|
4,069 |
|
Other income |
|
|
1,465 |
|
|
|
124 |
|
|
|
1,072 |
|
Total non-interest income |
|
|
3,638 |
|
|
|
4,401 |
|
|
|
7,004 |
|
|
|
|
|
|
|
|
|
|
|
|||
Non-interest expense |
|
|
|
|
|
|
|
|
|
|||
Compensation and benefits |
|
|
21,739 |
|
|
|
19,615 |
|
|
|
19,827 |
|
Bank premises and equipment |
|
|
2,463 |
|
|
|
2,520 |
|
|
|
2,343 |
|
Professional fees |
|
|
4,986 |
|
|
|
3,687 |
|
|
|
5,972 |
|
Technology costs |
|
|
2,220 |
|
|
|
1,989 |
|
|
|
3,011 |
|
Licensing fees |
|
|
2,474 |
|
|
|
3,217 |
|
|
|
3,276 |
|
FDIC assessments |
|
|
2,967 |
|
|
|
2,980 |
|
|
|
2,925 |
|
Regulatory settlement reserve |
|
|
— |
|
|
(537 |
) |
|
|
— |
||
Other expenses |
|
|
5,873 |
|
|
|
4,690 |
|
|
|
4,546 |
|
Total non-interest expense |
|
|
42,722 |
|
|
|
38,161 |
|
|
|
41,900 |
|
|
|
|
|
|
|
|
|
|
|
|||
Net income before income tax expense |
|
|
23,362 |
|
|
|
31,343 |
|
|
|
24,285 |
|
Income tax expense |
|
|
7,008 |
|
|
|
9,925 |
|
|
|
8,082 |
|
Net income (loss) |
|
$ |
16,354 |
|
|
$ |
21,418 |
|
|
$ |
16,203 |
|
|
|
|
|
|
|
|
|
|
|
|||
Earnings per common share: |
|
|
|
|
|
|
|
|
|
|||
Average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|||
Basic |
|
|
11,215,118 |
|
|
|
11,196,822 |
|
|
|
11,132,989 |
|
Diluted |
|
|
11,281,375 |
|
|
|
11,388,163 |
|
|
|
11,132,989 |
|
Basic earnings (loss) |
|
$ |
1.46 |
|
|
$ |
1.91 |
|
|
$ |
1.46 |
|
Diluted earnings (loss) |
|
$ |
1.45 |
|
|
$ |
1.88 |
|
|
$ |
1.46 |
|
Loan Production, Asset Quality & Regulatory Capital
|
|
Mar. 31, |
|
|
Dec. 31, |
|
|
Sept. 30, |
|
|
Jun. 30, |
|
|
Mar. 31, |
|
|||||
|
|
2025 |
|
|
2024 |
|
|
2024 |
|
|
2024 |
|
|
2024 |
|
|||||
LOAN PRODUCTION (in millions) |
|
$ |
409.8 |
|
$ |
309.0 |
|
$ |
460.6 |
|
$ |
290.8 |
|
$ |
269.6 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
ASSET QUALITY (in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Non-performing loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Commercial real estate |
|
$ |
25,087 |
|
$ |
25,087 |
|
$ |
24,000 |
|
$ |
24,000 |
|
$ |
44,939 |
|
||||
Commercial and industrial |
|
|
8,989 |
|
|
6,989 |
|
|
6,989 |
|
|
6,989 |
|
|
6,989 |
|
||||
One- to four- family |
|
|
446 |
|
|
452 |
|
|
— |
|
|
— |
|
|
— |
|
||||
Consumer |
|
|
22 |
|
|
72 |
|
|
— |
|
|
108 |
|
|
145 |
|
||||
Total non-performing loans |
|
$ |
34,544 |
|
$ |
32,600 |
|
$ |
30,989 |
|
$ |
31,097 |
|
$ |
52,073 |
|
||||
Non-performing loans to total loans |
|
|
0.54 |
% |
|
0.54 |
% |
|
0.53 |
% |
|
0.53 |
% |
|
0.91 |
% |
||||
Allowance for credit losses |
|
$ |
67,803 |
|
$ |
63,273 |
|
$ |
62,493 |
|
$ |
60,008 |
|
$ |
58,538 |
|
||||
Allowance for credit losses to total loans |
|
|
1.07 |
% |
|
1.05 |
% |
|
1.06 |
% |
|
1.03 |
% |
|
1.02 |
% |
||||
Charge-offs |
|
$ |
(118 |
) |
$ |
(106 |
) |
$ |
(122 |
) |
$ |
(16 |
) |
$ |
(3 |
) |
||||
Recoveries |
|
$ |
180 |
|
$ |
120 |
|
$ |
2 |
|
$ |
— |
|
$ |
2 |
|
||||
Net charge-offs/(recoveries) to average loans (annualized) |
|
|
— |
% |
|
— |
% |
|
0.01 |
% |
|
— |
% |
|
— |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
REGULATORY CAPITAL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Tier 1 Leverage: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Metropolitan Bank Holding Corp. |
|
|
10.7 |
% |
|
10.8 |
% |
|
10.6 |
% |
|
10.3 |
% |
|
10.3 |
% |
||||
Metropolitan Commercial Bank |
|
|
10.1 |
% |
|
10.6 |
% |
|
10.3 |
% |
|
10.1 |
% |
|
10.1 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Common Equity Tier 1 Risk-Based (CET1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Metropolitan Bank Holding Corp. |
|
|
11.4 |
% |
|
11.9 |
% |
|
11.9 |
% |
|
11.7 |
% |
|
11.6 |
% |
||||
Metropolitan Commercial Bank |
|
|
11.0 |
% |
|
12.0 |
% |
|
11.9 |
% |
|
11.8 |
% |
|
11.7 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Tier 1 Risk-Based: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Metropolitan Bank Holding Corp. |
|
|
11.7 |
% |
|
12.3 |
% |
|
12.2 |
% |
|
12.1 |
% |
|
11.9 |
% |
||||
Metropolitan Commercial Bank |
|
|
11.0 |
% |
|
12.0 |
% |
|
11.9 |
% |
|
11.8 |
% |
|
11.7 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total Risk-Based: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Metropolitan Bank Holding Corp. |
|
|
12.8 |
% |
|
13.3 |
% |
|
13.2 |
% |
|
13.0 |
% |
|
12.9 |
% |
||||
Metropolitan Commercial Bank |
|
|
12.1 |
% |
|
13.0 |
% |
|
12.9 |
% |
|
12.8 |
% |
|
12.6 |
% |
||||
Performance Measures
|
|
Three months ended |
|
|||||||||
|
|
Mar. 31, |
|
|
Dec. 31, |
|
|
Mar. 31, |
|
|||
(dollars in thousands, except per share data) |
|
2025 |
|
|
2024 |
|
|
2024 |
|
|||
Net income per consolidated statements of income |
|
$ |
16,354 |
|
$ |
21,418 |
|
$ |
16,203 |
|
||
Less: Earnings allocated to participating securities |
|
|
— |
|
|
— |
|
|
— |
|
||
Net income (loss) available to common shareholders |
|
$ |
16,354 |
|
$ |
21,418 |
|
$ |
16,203 |
|
||
|
|
|
|
|
|
|
|
|
|
|
||
Per common share: |
|
|
|
|
|
|
|
|
|
|
||
Basic earnings (loss) |
|
$ |
1.46 |
|
$ |
1.91 |
|
$ |
1.46 |
|
||
Diluted earnings (loss) |
|
$ |
1.45 |
|
$ |
1.88 |
|
$ |
1.46 |
|
||
Common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
||
Period end |
|
|
11,066,234 |
|
|
11,197,625 |
|
|
11,191,958 |
|
||
Average fully diluted |
|
|
11,281,375 |
|
|
11,388,163 |
|
|
11,132,989 |
|
||
Return on:(1) |
|
|
|
|
|
|
|
|
|
|
||
Average total assets |
|
|
0.89 |
% |
|
1.16 |
% |
|
0.91 |
% |
||
Average equity |
|
|
9.0 |
% |
|
11.8 |
% |
|
9.8 |
% |
||
Average tangible common equity(2), (3) |
|
|
9.1 |
% |
|
12.0 |
% |
|
9.9 |
% |
||
Yield on average earning assets(1) |
|
|
6.52 |
% |
|
6.58 |
% |
|
6.40 |
% |
||
Total cost of deposits(1) |
|
|
3.09 |
% |
|
3.15 |
% |
|
3.16 |
% |
||
Net interest spread(1) |
|
|
2.53 |
% |
|
2.28 |
% |
|
1.77 |
% |
||
Net interest margin(1) |
|
|
3.68 |
% |
|
3.66 |
% |
|
3.40 |
% |
||
Net charge-offs as % of average loans(1) |
|
|
— |
% |
|
— |
% |
|
— |
% |
||
Efficiency ratio(4) |
|
|
60.5 |
% |
|
53.7 |
% |
|
62.8 |
% |
||
___________________ |
||
(1) |
|
Ratios are annualized. |
(2) |
|
Net income divided by average tangible common equity. |
(3) |
|
Non-GAAP financial measure. See Reconciliation of Non-GAAP Measures on page 12. |
(4) |
|
Total non-interest expense divided by total revenues. |
Interest Margin Analysis
|
|
Three months ended |
|
||||||||||||||||||||||
|
|
Mar. 31, 2025 |
|
Dec. 31, 2024 |
|
Mar. 31, 2024 |
|
||||||||||||||||||
|
|
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) |
|
$ |
6,202,311 |
|
$ |
110,865 |
|
7.25 |
% |
$ |
6,027,313 |
|
$ |
111,486 |
|
7.36 |
% |
$ |
5,696,841 |
|
$ |
102,381 |
|
7.23 |
% |
Available-for-sale securities |
|
|
577,184 |
|
|
3,415 |
|
2.40 |
|
|
567,548 |
|
|
3,256 |
|
2.28 |
|
|
565,292 |
|
|
2,957 |
|
2.10 |
|
Held-to-maturity securities |
|
|
417,326 |
|
|
1,943 |
|
1.89 |
|
|
434,234 |
|
|
2,012 |
|
1.84 |
|
|
465,270 |
|
|
2,172 |
|
1.88 |
|
Equity investments |
|
|
5,516 |
|
|
39 |
|
2.90 |
|
|
5,477 |
|
|
39 |
|
2.81 |
|
|
2,416 |
|
|
15 |
|
2.47 |
|
Overnight deposits |
|
|
154,357 |
|
|
1,925 |
|
5.06 |
|
|
180,175 |
|
|
2,469 |
|
5.45 |
|
|
297,992 |
|
|
4,154 |
|
5.61 |
|
Other interest-earning assets |
|
|
30,917 |
|
|
583 |
|
7.65 |
|
|
30,255 |
|
|
567 |
|
7.46 |
|
|
33,428 |
|
|
656 |
|
7.89 |
|
Total interest-earning assets |
|
|
7,387,611 |
|
|
118,770 |
|
6.52 |
|
|
7,245,002 |
|
|
119,829 |
|
6.58 |
|
|
7,061,239 |
|
|
112,335 |
|
6.40 |
|
Non-interest-earning assets |
|
|
128,676 |
|
|
|
|
|
|
|
181,786 |
|
|
|
|
|
|
|
183,046 |
|
|
|
|
|
|
Allowance for credit losses |
|
|
(64,584 |
) |
|
|
|
|
|
|
(63,536 |
) |
|
|
|
|
|
|
(58,517 |
) |
|
|
|
|
|
Total assets |
|
$ |
7,451,703 |
|
|
|
|
|
|
$ |
7,363,252 |
|
|
|
|
|
|
$ |
7,185,768 |
|
|
|
|
|
|
Liabilities and Stockholders' Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market and savings accounts |
|
$ |
4,747,995 |
|
|
45,844 |
|
3.92 |
|
$ |
4,459,792 |
|
|
47,581 |
|
4.24 |
|
$ |
4,099,466 |
|
|
46,611 |
|
4.57 |
|
Certificates of deposit |
|
|
126,471 |
|
|
1,334 |
|
4.28 |
|
|
116,062 |
|
|
1,254 |
|
4.30 |
|
|
34,264 |
|
|
275 |
|
3.22 |
|
Total interest-bearing deposits |
|
|
4,874,466 |
|
|
47,178 |
|
3.93 |
|
|
4,575,854 |
|
|
48,835 |
|
4.25 |
|
|
4,133,730 |
|
|
46,886 |
|
4.56 |
|
Borrowed funds |
|
|
392,453 |
|
|
4,640 |
|
4.80 |
|
|
350,892 |
|
|
4,391 |
|
4.98 |
|
|
437,389 |
|
|
5,740 |
|
5.28 |
|
Total interest-bearing liabilities |
|
|
5,266,919 |
|
|
51,818 |
|
3.99 |
|
|
4,926,746 |
|
|
53,226 |
|
4.30 |
|
|
4,571,119 |
|
|
52,626 |
|
4.63 |
|
Non-interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing deposits |
|
|
1,319,688 |
|
|
|
|
|
|
|
1,586,005 |
|
|
|
|
|
|
|
1,835,368 |
|
|
|
|
|
|
Other non-interest-bearing liabilities |
|
|
126,872 |
|
|
|
|
|
|
|
128,995 |
|
|
|
|
|
|
|
112,272 |
|
|
|
|
|
|
Total liabilities |
|
|
6,713,479 |
|
|
|
|
|
|
|
6,641,746 |
|
|
|
|
|
|
|
6,518,759 |
|
|
|
|
|
|
Stockholders' equity |
|
|
738,224 |
|
|
|
|
|
|
|
721,506 |
|
|
|
|
|
|
|
667,009 |
|
|
|
|
|
|
Total liabilities and equity |
|
$ |
7,451,703 |
|
|
|
|
|
|
$ |
7,363,252 |
|
|
|
|
|
|
$ |
7,185,768 |
|
|
|
|
|
|
Net interest income |
|
|
|
|
$ |
66,952 |
|
|
|
|
|
|
$ |
66,603 |
|
|
|
|
|
|
$ |
59,709 |
|
|
|
Net interest rate spread (3) |
|
|
|
|
|
|
|
2.53 |
% |
|
|
|
|
|
|
2.28 |
% |
|
|
|
|
|
|
1.77 |
% |
Net interest margin (4) |
|
|
|
|
|
|
|
3.68 |
% |
|
|
|
|
|
|
3.66 |
% |
|
|
|
|
|
|
3.40 |
% |
Total cost of deposits (5) |
|
|
|
|
|
|
|
3.09 |
% |
|
|
|
|
|
|
3.15 |
% |
|
|
|
|
|
|
3.16 |
% |
Total cost of funds (6) |
|
|
|
|
|
|
|
3.19 |
% |
|
|
|
|
|
|
3.25 |
% |
|
|
|
|
|
|
3.30 |
% |
___________________ |
||
(1) |
|
Ratios are annualized. |
(2) |
|
Amount includes deferred loan fees and non-performing loans. |
(3) |
|
Determined by subtracting the annualized average cost of total interest-bearing liabilities from the annualized average yield on total interest-earning assets. |
(4) |
|
Determined by dividing annualized net interest income by total average interest-earning assets. |
(5) |
|
Determined by dividing annualized interest expense on deposits by total average interest-bearing and non-interest bearing deposits. |
(6) |
|
Determined by dividing annualized interest expense by the sum of total average interest-bearing liabilities and total average non-interest-bearing deposits. |
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) |
|
2025 |
|
|
2024 |
|
|
2024 |
|
|
2024 |
|
|
2024 |
|
|||||
Average assets |
|
$ |
7,451,703 |
|
|
$ |
7,363,252 |
|
|
$ |
7,297,503 |
|
|
$ |
7,322,480 |
|
|
$ |
7,185,768 |
|
Less: average intangible assets |
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
Average tangible assets (non-GAAP) |
|
$ |
7,441,970 |
|
|
$ |
7,353,519 |
|
|
$ |
7,287,770 |
|
|
$ |
7,312,747 |
|
|
$ |
7,176,035 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average common equity |
|
$ |
738,224 |
|
|
$ |
721,506 |
|
|
$ |
706,442 |
|
|
$ |
680,064 |
|
|
$ |
667,009 |
|
Less: average intangible assets |
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
Average tangible common equity (non-GAAP) |
|
$ |
728,491 |
|
|
$ |
711,773 |
|
|
$ |
696,709 |
|
|
$ |
670,331 |
|
|
$ |
657,276 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
7,616,298 |
|
|
$ |
7,300,749 |
|
|
$ |
7,403,358 |
|
|
$ |
7,265,591 |
|
|
$ |
7,453,371 |
|
Less: intangible assets |
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
Tangible assets (non-GAAP) |
|
$ |
7,606,565 |
|
|
$ |
7,291,016 |
|
|
$ |
7,393,625 |
|
|
$ |
7,255,858 |
|
|
$ |
7,443,638 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common equity |
|
$ |
737,846 |
|
|
$ |
729,827 |
|
|
$ |
715,191 |
|
|
$ |
692,404 |
|
|
$ |
673,541 |
|
Less: intangible assets |
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
Tangible common equity (book value) (non-GAAP) |
|
$ |
728,113 |
|
|
$ |
720,094 |
|
|
$ |
705,458 |
|
|
$ |
682,671 |
|
|
$ |
663,808 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding |
|
|
11,066,234 |
|
|
|
11,197,625 |
|
|
|
11,194,411 |
|
|
|
11,192,936 |
|
|
|
11,191,958 |
|
Book value per share (GAAP) |
|
$ |
66.68 |
|
|
$ |
65.18 |
|
|
$ |
63.89 |
|
|
$ |
61.86 |
|
|
$ |
60.18 |
|
Tangible book value per share (non-GAAP) (1) |
|
$ |
65.80 |
|
|
$ |
64.31 |
|
|
$ |
63.02 |
|
|
$ |
60.99 |
|
|
$ |
59.31 |
|
___________________ |
||
(1) |
|
Tangible book value divided by common shares outstanding at period-end. |
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/20250421407331/en/
Daniel F. Dougherty
EVP & Chief Financial Officer
Metropolitan Commercial Bank
(212) 365-6721
IR@MCBankNY.com
Source: Metropolitan Bank Holding Corp.
FAQ
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