Metropolitan Bank Holding Corp. Reports Fourth Quarter and Full Year 2024 Results
Metropolitan Bank Holding Corp. (NYSE: MCB) reported strong Q4 2024 results with net income of $21.4 million, or $1.88 per diluted share, compared to $12.3 million ($1.08/share) in Q3 2024 and $14.6 million ($1.28/share) in Q4 2023.
Key highlights include: Net interest margin increased to 3.66% in Q4 2024, up from 3.62% in Q3 2024; Total loans reached $6.0 billion, up 7.3% year-over-year; Total deposits also hit $6.0 billion, increasing 4.3% from December 2023. The bank successfully completed its BaaS business wind down, maintaining stable asset quality with non-performing loans ratio at 0.54%.
The company maintains strong liquidity with $2.9 billion in cash and available secured funding capacity, representing 192% of estimated uninsured deposits. Both the Company and Bank remain 'well capitalized' with total risk-based capital ratios of 13.3% and 13.0% respectively.
Metropolitan Bank Holding Corp. (NYSE: MCB) ha riportato risultati solidi per il quarto trimestre del 2024, con un utile netto di 21,4 milioni di dollari, pari a 1,88 dollari per azione diluita, rispetto ai 12,3 milioni di dollari (1,08 dollari/azione) nel terzo trimestre del 2024 e ai 14,6 milioni di dollari (1,28 dollari/azione) nel quarto trimestre del 2023.
I principali punti salienti includono: Il margine di interesse netto è aumentato al 3,66% nel quarto trimestre del 2024, in aumento rispetto al 3,62% nel terzo trimestre del 2024; Il totale dei prestiti ha raggiunto i 6,0 miliardi di dollari, con un incremento del 7,3% rispetto all'anno precedente; Il totale dei depositi ha anch'esso toccato i 6,0 miliardi di dollari, con un aumento del 4,3% rispetto a dicembre 2023. La banca ha completato con successo la chiusura della sua attività BaaS, mantenendo una qualità degli asset stabile con un rapporto di prestiti non performanti dello 0,54%.
L'azienda mantiene una solida liquidità con 2,9 miliardi di dollari in contante e capacità di finanziamento collaterale disponibile, rappresentando il 192% delle stime dei depositi non assicurati. Sia l'azienda che la banca rimangono 'ben capitalizzate' con un rapporto di capitale totale basato sul rischio del 13,3% e del 13,0% rispettivamente.
Metropolitan Bank Holding Corp. (NYSE: MCB) reportó resultados sólidos para el cuarto trimestre de 2024, con un ingreso neto de 21.4 millones de dólares, o 1.88 dólares por acción diluida, en comparación con 12.3 millones de dólares (1.08 dólares/acción) en el tercer trimestre de 2024 y 14.6 millones de dólares (1.28 dólares/acción) en el cuarto trimestre de 2023.
Los aspectos destacados incluyen: El margen de interés neto aumentó al 3.66% en el cuarto trimestre de 2024, subiendo desde el 3.62% en el tercer trimestre de 2024; El total de préstamos alcanzó los 6.0 mil millones de dólares, un incremento del 7.3% en comparación con el año anterior; El total de depósitos también llegó a 6.0 mil millones de dólares, aumentando un 4.3% desde diciembre de 2023. El banco completó exitosamente el cierre de su negocio BaaS, manteniendo una calidad de activos estable con una tasa de préstamos no productivos del 0.54%.
La empresa mantiene una sólida liquidez con 2.9 mil millones de dólares en efectivo y capacidad de financiamiento garantizado disponible, representando el 192% de los depósitos no asegurados estimados. Tanto la Compañía como el Banco se mantienen 'bien capitalizados' con ratios de capital total basado en riesgos del 13.3% y 13.0%, respectivamente.
메트로폴리탄 뱅크 홀딩 주식회사 (NYSE: MCB)는 2024년 4분기 실적이 강하게 나타났으며, 순이익은 2천140만 달러로, 희석 주당 1.88 달러를 기록했습니다. 이는 2024년 3분기 1천230만 달러(주당 1.08 달러)와 2023년 4분기 1천460만 달러(주당 1.28 달러)에 비해 증가한 수치입니다.
주요 사항은 다음과 같습니다: 순이자 마진은 2024년 4분기 3.66%로 증가했으며, 2024년 3분기에 비해 3.62%에서 상승했습니다; 총 대출은 60억 달러에 도달했으며, 전년 대비 7.3% 증가했습니다; 총 예금도 60억 달러에 도달했으며, 2023년 12월 대비 4.3% 증가했습니다. 은행은 BaaS 사업 종료를 성공적으로 완료했고, 부실 대출 비율은 0.54%로 안정적인 자산 품질을 유지했습니다.
회사는 29억 달러의 현금과 가용 담보 대출 용량으로 강력한 유동성을 유지하고 있으며, 이는 추정된 비보장 예금의 192%에 해당합니다. 회사와 은행 모두 '자본이 충분함' 상태를 유지하고 있으며, 총 위험 기반 자본 비율은 각각 13.3%와 13.0%입니다.
Metropolitan Bank Holding Corp. (NYSE: MCB) a annoncé de solides résultats pour le quatrième trimestre 2024, avec un bénéfice net de 21,4 millions de dollars, soit 1,88 dollar par action diluée, par rapport à 12,3 millions de dollars (1,08 dollar/action) au troisième trimestre 2024 et 14,6 millions de dollars (1,28 dollar/action) au quatrième trimestre 2023.
Les principaux faits saillants incluent : Le taux de marge d'intérêt nette a augmenté à 3,66% au quatrième trimestre 2024, contre 3,62% au troisième trimestre 2024 ; Le total des prêts a atteint 6,0 milliards de dollars, soit une augmentation de 7,3% par rapport à l'année précédente ; Le total des dépôts a également atteint 6,0 milliards de dollars, en hausse de 4,3% par rapport à décembre 2023. La banque a réussi à fermer son activité BaaS tout en maintenant une qualité d'actifs stable, avec un ratio de prêts non performants de 0,54%.
L'entreprise maintient une solide liquidité avec 2,9 milliards de dollars en cash et une capacité de financement sécurisé disponible, représentant 192% des dépôts non assurés estimés. La société et la banque restent toutes deux 'bien capitalisées' avec des ratios de capital total basé sur le risque de 13,3% et 13,0% respectivement.
Metropolitan Bank Holding Corp. (NYSE: MCB) hat starke Ergebnisse für das 4. Quartal 2024 gemeldet, mit einem Nettogewinn von 21,4 Millionen Dollar, oder 1,88 Dollar pro verwässerter Aktie, verglichen mit 12,3 Millionen Dollar (1,08 Dollar/Aktie) im 3. Quartal 2024 und 14,6 Millionen Dollar (1,28 Dollar/Aktie) im 4. Quartal 2023.
Wichtige Highlights sind: Die Nettomarge erhöhte sich im 4. Quartal 2024 auf 3,66%, von 3,62% im 3. Quartal 2024; Die Gesamtdarlehen erreichten 6,0 Milliarden Dollar, was einer Steigerung von 7,3% im Jahresvergleich entspricht; Die Gesamteinlagen stiegen ebenfalls auf 6,0 Milliarden Dollar und erhöhten sich um 4,3% gegenüber Dezember 2023. Die Bank hat ihren Geschäftsbetrieb im Bereich BaaS erfolgreich eingestellt und dabei eine stabile Vermögensqualität mit einer Quote notleidender Kredite von 0,54% beibehalten.
Das Unternehmen verfügt über eine starke Liquidität mit 2,9 Milliarden Dollar in bar und verfügbaren gesicherten Finanzierungsfähigkeiten, was 192% der geschätzten unversicherten Einlagen entspricht. Sowohl die Gesellschaft als auch die Bank bleiben 'gut kapitalisiert' mit Gesamtkapitalquoten von 13,3% bzw. 13,0%.
- Net income increased 74.3% QoQ to $21.4 million in Q4 2024
- Net interest margin improved to 3.66%, up 30 basis points YoY
- Total loans grew 7.3% YoY to $6.0 billion
- Total deposits increased 4.3% YoY to $6.0 billion
- Strong liquidity position with $2.9 billion available funding
- Stable asset quality with NPL ratio at 0.54%
- Non-interest income decreased by $2.2 million YoY in Q4 2024
- Non-interest expense increased by $42.0 million YoY for full year 2024
- Higher effective tax rate of 31.3% compared to 27.7% in previous year
Insights
Metropolitan Bank's Q4 2024 results showcase impressive execution across multiple fronts. The 74.5% QoQ surge in net income to
The bank's margin management deserves particular attention. The expansion of NIM to
Three key strengths emerge from the results:
- Robust liquidity position with
$2.9 billion in available funding, covering192% of uninsured deposits - well above peer averages - Strong capital position with total risk-based capital ratios of
13.3% at the holding company level - Stable asset quality with NPL ratio at
0.54% , indicating disciplined underwriting standards
The bank's digital transformation initiative, scheduled for completion by end-2025, positions it for enhanced operational efficiency and competitive advantage. The
However, investors should monitor the concentration in non-owner-occupied CRE at
Strong Quarter and Full Year Results Underscored by Successful Execution of Strategic Initiatives
Financial Highlights
-
The net interest margin for the fourth quarter of 2024 was
3.66% , an increase of 4 basis points compared to3.62% for the prior linked quarter and an increase of 30 basis points compared to3.36% for the prior year period. -
Total loans at December 31, 2024 were
$6.0 billion $137.0 million 2.3% , from September 30, 2024 and$409.3 million 7.3% , from December 31, 2023. -
Total deposits at December 31, 2024 were
$6.0 billion $245.7 million 4.3% , from December 31, 2023. The increase in deposits was due to a$934.7 million $689.0 million -
Diluted earnings per share of
$1.88 $1.08 $1.28 -
Return on average equity of
11.8% and return on average tangible common equity1 of12.0% for the fourth quarter of 2024. -
Asset quality continues to be stable. The ratio of non-performing loans to total loans was
0.54% at December 31, 2024, compared to0.53% for the prior linked quarter. -
Liquidity remains strong. At December 31, 2024, cash on deposit with the Federal Reserve Bank of
New York and available secured funding capacity totaled$2.9 billion 192% of our estimated uninsured deposits. -
The Company and Bank are “well capitalized” under applicable regulatory guidelines, with total risk-based capital ratios of
13.3% and13.0% , respectively, at December 31, 2024, well above regulatory minimums. - Continued progress on the Company’s previously announced Modern Banking in Motion Digital Transformation initiative.
1 Non-GAAP financial measure. See Reconciliation of Non-GAAP Measures on page 13.
Mark DeFazio, President and Chief Executive Officer, commented,
“I am pleased with MCB’s fourth quarter and full year performance for 2024. Beyond our core commercial banking business, we made meaningful progress on two major initiatives in 2024. First, MCB reached a significant milestone and successfully exited its 22-year old BaaS business with only a few minor operational tasks remaining. Throughout the exit, MCB demonstrated its core strengths by replacing the deposits associated with this business timely and efficiently, while increasing our NIM. The other significant initiative, our investment in a franchise-wide new technology stack, is expected to be completed by year end 2025. We are confident we have scaled these new technologies to support MCB’s diversified commercial banking business for years to come.
“While managing these initiatives, MCB advanced its sustained growth strategy with strong profitability, continued solid asset quality, and further solidified its presence in
“Our solid performance in the dynamic environment of 2024 sets the stage for enhanced performance in 2025. I am particularly optimistic, in light of the anticipated improvement in the operating environment and the positive economic outlook. By maintaining our core discipline and implementing other opportunistic growth initiatives, we plan to continue to enhance our strong industry position in 2025 and beyond.”
Balance Sheet
Total cash and cash equivalents were
Total loans, net of deferred fees and unamortized costs, were
Total deposits were
At December 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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Year ended |
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Dec. 31, |
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Sept. 30, |
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Dec. 31, |
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Dec. 31, |
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Dec. 31, |
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|||||
(dollars in thousands, except per share data) |
|
2024 |
|
2024 |
|
2023 |
|
|
2024 |
|
2023 |
|
|||||
Total revenues(1) |
|
$ |
71,004 |
|
$ |
71,518 |
|
$ |
63,555 |
|
|
$ |
276,913 |
|
$ |
250,739 |
|
Net income (loss) |
|
$ |
21,418 |
|
$ |
12,266 |
|
$ |
14,568 |
|
|
|
66,686 |
|
|
77,268 |
|
Diluted earnings (loss) per common share |
|
$ |
1.88 |
|
$ |
1.08 |
|
$ |
1.28 |
|
|
|
5.93 |
|
|
6.91 |
|
Return on average assets(2) |
|
|
1.16 |
% |
|
0.67 |
% |
|
0.84 |
% |
|
|
0.91 |
% |
|
1.19 |
% |
Return on average equity(2) |
|
|
11.8 |
% |
|
6.9 |
% |
|
9.0 |
% |
|
|
9.6 |
% |
|
12.4 |
% |
Return on average tangible common equity(2), (3), (4) |
|
|
12.0 |
% |
|
7.0 |
% |
|
9.1 |
% |
|
|
9.7 |
% |
|
12.6 |
% |
| ____________________ | ||
(1) |
|
Total revenues equal net interest income plus non-interest income. |
(2) |
|
For periods less than a year, ratios are annualized. |
(3) |
|
Non-GAAP financial measure. See Reconciliation of Non-GAAP Measures on page 13. |
(4) |
|
Net income divided by average tangible common equity. |
Net Interest Income
Net interest income for the fourth quarter of 2024 was
Net interest income for the year 2024 was
Net Interest Margin
Net interest margin for the fourth quarter of 2024 was
Net interest margin for the year 2024 was
The total cost of funds for the fourth quarter of 2024 was 325 basis points compared to 339 basis points and 314 basis points for the prior linked quarter and prior year, respectively. The decrease from the prior linked quarter reflects the recent reduction in short-term interest rates, partially offset by the runoff of lower cost GPG deposits replaced with market rate deposits and wholesale borrowings. The increase from the prior year reflects the relatively high short-term interest rates in the earlier part of the year, the intense competition for deposits, and a shift from non-interest bearing deposits to interest bearing funding primarily related to the GPG exit.
The total cost of funds for the year 2024 was 332 basis points compared to 265 basis points for the prior year. The increase reflects the relatively high short-term interest rates in the earlier part of the year, the intense competition for deposits, and a shift from non-interest bearing deposits to interest bearing funding primarily related to the GPG exit.
Non-Interest Income
Non-interest income was
Non-interest income was
Non-Interest Expense
Non-interest expense was
Non-interest expense was
Income Tax Expense
The effective tax rate for the year 2024 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 Friday, January 24, 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: MCBQ424 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 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)
|
|
Dec. 31, |
|
Sept. 30, |
|
Jun. 30, |
|
Mar. 31, |
|
Dec. 31, |
||||||||||
(in thousands) |
|
2024 |
|
2024 |
|
2024 |
|
2024 |
|
2023 |
||||||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cash and due from banks |
|
$ |
13,078 |
|
|
$ |
16,674 |
|
|
$ |
18,152 |
|
|
$ |
34,037 |
|
|
$ |
31,973 |
|
Overnight deposits |
|
|
187,190 |
|
|
|
301,804 |
|
|
|
226,510 |
|
|
|
500,366 |
|
|
|
237,492 |
|
Total cash and cash equivalents |
|
|
200,268 |
|
|
|
318,478 |
|
|
|
244,662 |
|
|
|
534,403 |
|
|
|
269,465 |
|
Investment securities available-for-sale |
|
|
482,085 |
|
|
|
510,966 |
|
|
|
504,748 |
|
|
|
497,789 |
|
|
|
461,207 |
|
Investment securities held-to-maturity |
|
|
428,557 |
|
|
|
438,445 |
|
|
|
449,368 |
|
|
|
460,249 |
|
|
|
468,860 |
|
Equity investment securities, at fair value |
|
|
5,109 |
|
|
|
5,213 |
|
|
|
2,122 |
|
|
|
2,115 |
|
|
|
2,123 |
|
Total securities |
|
|
915,751 |
|
|
|
954,624 |
|
|
|
956,238 |
|
|
|
960,153 |
|
|
|
932,190 |
|
Other investments |
|
|
30,636 |
|
|
|
26,586 |
|
|
|
26,584 |
|
|
|
32,669 |
|
|
|
38,966 |
|
Loans, net of deferred fees and unamortized costs |
|
|
6,034,076 |
|
|
|
5,897,119 |
|
|
|
5,838,892 |
|
|
|
5,719,218 |
|
|
|
5,624,797 |
|
Allowance for credit losses |
|
|
(63,273 |
) |
|
|
(62,493 |
) |
|
|
(60,008 |
) |
|
|
(58,538 |
) |
|
|
(57,965 |
) |
Net loans |
|
|
5,970,803 |
|
|
|
5,834,626 |
|
|
|
5,778,884 |
|
|
|
5,660,680 |
|
|
|
5,566,832 |
|
Receivables from global payments business, net |
|
|
— |
|
|
|
96,048 |
|
|
|
90,626 |
|
|
|
93,852 |
|
|
|
87,648 |
|
Other assets |
|
|
183,291 |
|
|
|
172,996 |
|
|
|
168,597 |
|
|
|
171,614 |
|
|
|
172,571 |
|
Total assets |
|
$ |
7,300,749 |
|
|
$ |
7,403,358 |
|
|
$ |
7,265,591 |
|
|
$ |
7,453,371 |
|
|
$ |
7,067,672 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Non-interest-bearing demand deposits |
|
$ |
1,334,054 |
|
|
$ |
1,780,305 |
|
|
$ |
1,883,176 |
|
|
$ |
1,927,629 |
|
|
$ |
1,837,874 |
|
Interest-bearing deposits |
|
|
4,648,919 |
|
|
|
4,489,602 |
|
|
|
4,286,486 |
|
|
|
4,309,913 |
|
|
|
3,899,418 |
|
Total deposits |
|
|
5,982,973 |
|
|
|
6,269,907 |
|
|
|
6,169,662 |
|
|
|
6,237,542 |
|
|
|
5,737,292 |
|
Federal funds purchased |
|
|
210,000 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
99,000 |
|
Federal Home Loan Bank of |
|
|
240,000 |
|
|
|
150,000 |
|
|
|
150,000 |
|
|
|
300,000 |
|
|
|
440,000 |
|
Trust preferred securities |
|
|
20,620 |
|
|
|
20,620 |
|
|
|
20,620 |
|
|
|
20,620 |
|
|
|
20,620 |
|
Secured and other borrowings |
|
|
7,441 |
|
|
|
107,478 |
|
|
|
107,514 |
|
|
|
107,549 |
|
|
|
7,585 |
|
Prepaid third-party debit cardholder balances |
|
|
— |
|
|
|
21,970 |
|
|
|
22,631 |
|
|
|
18,685 |
|
|
|
10,178 |
|
Other liabilities |
|
|
109,888 |
|
|
|
118,192 |
|
|
|
102,760 |
|
|
|
95,434 |
|
|
|
93,976 |
|
Total liabilities |
|
|
6,570,922 |
|
|
|
6,688,167 |
|
|
|
6,573,187 |
|
|
|
6,779,830 |
|
|
|
6,408,651 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Common stock |
|
|
112 |
|
|
|
112 |
|
|
|
112 |
|
|
|
112 |
|
|
|
111 |
|
Additional paid in capital |
|
|
400,188 |
|
|
|
397,963 |
|
|
|
395,520 |
|
|
|
393,341 |
|
|
|
395,871 |
|
Retained earnings |
|
|
382,661 |
|
|
|
361,243 |
|
|
|
348,977 |
|
|
|
332,178 |
|
|
|
315,975 |
|
Accumulated other comprehensive gain (loss), net of tax effect |
|
|
(53,134 |
) |
|
|
(44,127 |
) |
|
|
(52,205 |
) |
|
|
(52,090 |
) |
|
|
(52,936 |
) |
Total stockholders’ equity |
|
|
729,827 |
|
|
|
715,191 |
|
|
|
692,404 |
|
|
|
673,541 |
|
|
|
659,021 |
|
Total liabilities and stockholders’ equity |
|
$ |
7,300,749 |
|
|
$ |
7,403,358 |
|
|
$ |
7,265,591 |
|
|
$ |
7,453,371 |
|
|
$ |
7,067,672 |
|
Consolidated Statement of Income (unaudited)
|
|
Three months ended |
|
Year ended |
||||||||||||||||
|
|
Dec. 31, |
|
Sept. 30, |
|
Dec. 31, |
|
Dec. 31, |
|
Dec. 31, |
||||||||||
(dollars in thousands, except per share data) |
|
2024 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||||
Total interest income |
|
$ |
119,829 |
|
|
$ |
120,454 |
|
|
$ |
105,267 |
|
|
$ |
468,379 |
|
|
$ |
375,405 |
|
Total interest expense |
|
|
53,226 |
|
|
|
55,221 |
|
|
|
48,273 |
|
|
|
215,295 |
|
|
|
152,569 |
|
Net interest income |
|
|
66,603 |
|
|
|
65,233 |
|
|
|
56,994 |
|
|
|
253,084 |
|
|
|
222,836 |
|
Provision for credit losses |
|
|
1,500 |
|
|
|
2,691 |
|
|
6,541 |
|
|
6,257 |
|
|
12,283 |
|
|||
Net interest income after provision for credit losses |
|
|
65,103 |
|
|
|
62,542 |
|
|
|
50,453 |
|
|
|
246,827 |
|
|
|
210,553 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Non-interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Service charges on deposit accounts |
|
|
2,177 |
|
|
|
2,135 |
|
|
|
1,671 |
|
|
|
8,269 |
|
|
|
6,071 |
|
Global Payments Group revenue |
|
|
2,100 |
|
|
|
3,500 |
|
|
|
4,177 |
|
|
|
13,355 |
|
|
|
19,005 |
|
Other income |
|
|
124 |
|
|
|
650 |
|
|
|
713 |
|
|
|
2,205 |
|
|
|
2,827 |
|
Total non-interest income |
|
|
4,401 |
|
|
|
6,285 |
|
|
|
6,561 |
|
|
|
23,829 |
|
|
|
27,903 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Non-interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Compensation and benefits |
|
|
19,615 |
|
|
|
19,885 |
|
|
|
18,210 |
|
|
|
77,859 |
|
|
|
66,961 |
|
Bank premises and equipment |
|
|
2,520 |
|
|
|
2,471 |
|
|
|
2,317 |
|
|
|
9,656 |
|
|
|
9,344 |
|
Professional fees |
|
|
3,687 |
|
|
|
4,745 |
|
|
|
5,031 |
|
|
|
21,320 |
|
|
|
18,064 |
|
Technology costs |
|
|
1,989 |
|
|
|
2,969 |
|
|
|
974 |
|
|
|
11,012 |
|
|
|
4,940 |
|
Licensing fees |
|
|
3,217 |
|
|
|
3,411 |
|
|
|
3,638 |
|
|
|
13,084 |
|
|
|
12,818 |
|
FDIC assessments |
|
|
2,980 |
|
|
|
2,950 |
|
|
|
2,639 |
|
|
|
11,780 |
|
|
|
9,077 |
|
Regulatory settlement reserve |
|
|
(537 |
) |
|
|
10,000 |
|
|
|
— |
|
|
|
9,463 |
|
|
|
(5,521 |
) |
Other expenses |
|
|
4,690 |
|
|
|
4,826 |
|
|
|
4,338 |
|
|
|
19,401 |
|
|
|
15,855 |
|
Total non-interest expense |
|
|
38,161 |
|
|
|
51,257 |
|
|
|
37,147 |
|
|
|
173,575 |
|
|
|
131,538 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net income before income tax expense |
|
|
31,343 |
|
|
|
17,570 |
|
|
|
19,867 |
|
|
|
97,081 |
|
|
|
106,918 |
|
Income tax expense |
|
|
9,925 |
|
|
|
5,304 |
|
|
|
5,299 |
|
|
|
30,395 |
|
|
|
29,650 |
|
Net income (loss) |
|
$ |
21,418 |
|
|
$ |
12,266 |
|
|
$ |
14,568 |
|
|
$ |
66,686 |
|
|
$ |
77,268 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic |
|
|
11,196,822 |
|
|
|
11,193,063 |
|
|
|
11,062,729 |
|
|
|
11,179,074 |
|
|
|
11,060,110 |
|
Diluted |
|
|
11,388,163 |
|
|
|
11,312,773 |
|
|
|
11,366,463 |
|
|
|
11,255,223 |
|
|
|
11,129,900 |
|
Basic earnings (loss) |
|
$ |
1.91 |
|
|
$ |
1.10 |
|
|
$ |
1.31 |
|
|
$ |
5.97 |
|
|
$ |
6.95 |
|
Diluted earnings (loss) |
|
$ |
1.88 |
|
|
$ |
1.08 |
|
|
$ |
1.28 |
|
|
$ |
5.93 |
|
|
$ |
6.91 |
|
Loan Production, Asset Quality & Regulatory Capital
|
|
Dec. 31, |
|
Sept. 30, |
|
Jun. 30, |
|
Mar. 31, |
|
Dec. 31, |
|
|||||
|
|
2024 |
|
2024 |
|
2024 |
|
2024 |
|
2023 |
|
|||||
LOAN PRODUCTION (in millions) |
|
$ |
309.0 |
|
$ |
460.6 |
|
$ |
290.8 |
|
$ |
269.6 |
|
$ |
342.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY (in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate |
|
$ |
25,087 |
|
$ |
24,000 |
|
$ |
24,000 |
|
$ |
44,939 |
|
$ |
44,939 |
|
Commercial and industrial |
|
|
6,989 |
|
|
6,989 |
|
|
6,989 |
|
|
6,989 |
|
|
6,934 |
|
One- to four- family |
|
|
452 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Consumer |
|
|
72 |
|
|
— |
|
|
108 |
|
|
145 |
|
|
24 |
|
Total non-performing loans |
|
$ |
32,600 |
|
$ |
30,989 |
|
$ |
31,097 |
|
$ |
52,073 |
|
$ |
51,897 |
|
Non-performing loans to total loans |
|
|
0.54 |
% |
|
0.53 |
% |
|
0.53 |
% |
|
0.91 |
% |
|
0.92 |
% |
Allowance for credit losses |
|
$ |
63,273 |
|
$ |
62,493 |
|
$ |
60,008 |
|
$ |
58,538 |
|
$ |
57,965 |
|
Allowance for credit losses to total loans |
|
|
1.05 |
% |
|
1.06 |
% |
|
1.03 |
% |
|
1.02 |
% |
|
1.03 |
% |
Charge-offs |
|
$ |
(106 |
) |
$ |
(122 |
) |
$ |
(16 |
) |
$ |
(3 |
) |
$ |
(946 |
) |
Recoveries |
|
$ |
120 |
|
$ |
2 |
|
$ |
— |
|
$ |
2 |
|
$ |
— |
|
Net charge-offs/(recoveries) to average loans (annualized) |
|
|
— |
% |
|
0.01 |
% |
|
— |
% |
|
— |
% |
|
0.07 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REGULATORY CAPITAL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 Leverage: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metropolitan Bank Holding Corp. |
|
|
10.8 |
% |
|
10.6 |
% |
|
10.3 |
% |
|
10.3 |
% |
|
10.6 |
% |
Metropolitan Commercial Bank |
|
|
10.6 |
% |
|
10.3 |
% |
|
10.1 |
% |
|
10.1 |
% |
|
10.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Equity Tier 1 Risk-Based (CET1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metropolitan Bank Holding Corp. |
|
|
11.9 |
% |
|
11.9 |
% |
|
11.7 |
% |
|
11.6 |
% |
|
11.5 |
% |
Metropolitan Commercial Bank |
|
|
12.0 |
% |
|
11.9 |
% |
|
11.8 |
% |
|
11.7 |
% |
|
11.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 Risk-Based: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metropolitan Bank Holding Corp. |
|
|
12.3 |
% |
|
12.2 |
% |
|
12.1 |
% |
|
11.9 |
% |
|
11.8 |
% |
Metropolitan Commercial Bank |
|
|
12.0 |
% |
|
11.9 |
% |
|
11.8 |
% |
|
11.7 |
% |
|
11.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Risk-Based: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metropolitan Bank Holding Corp. |
|
|
13.3 |
% |
|
13.2 |
% |
|
13.0 |
% |
|
12.9 |
% |
|
12.8 |
% |
Metropolitan Commercial Bank |
|
|
13.0 |
% |
|
12.9 |
% |
|
12.8 |
% |
|
12.6 |
% |
|
12.5 |
% |
Performance Measures
|
|
Three months ended |
|
Year ended |
|
|||||||||||
|
|
Dec. 31, |
|
Sept. 30, |
|
Dec. 31, |
|
Dec. 31, |
|
Dec. 31, |
|
|||||
(dollars in thousands, except per share data) |
|
2024 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|||||
Net income per consolidated statements of income |
|
$ |
21,418 |
|
$ |
12,266 |
|
$ |
14,568 |
|
$ |
66,686 |
|
$ |
77,268 |
|
Less: Earnings allocated to participating securities |
|
|
— |
|
|
— |
|
|
(78 |
) |
|
— |
|
|
(365 |
) |
Net income (loss) available to common shareholders |
|
$ |
21,418 |
|
$ |
12,266 |
|
$ |
14,490 |
|
$ |
66,686 |
|
$ |
76,903 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss) |
|
$ |
1.91 |
|
$ |
1.10 |
|
$ |
1.31 |
|
$ |
5.97 |
|
$ |
6.95 |
|
Diluted earnings (loss) |
|
$ |
1.88 |
|
$ |
1.08 |
|
$ |
1.28 |
|
$ |
5.93 |
|
$ |
6.91 |
|
Common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period end |
|
|
11,197,625 |
|
|
11,194,411 |
|
|
11,062,729 |
|
|
11,197,625 |
|
|
11,062,729 |
|
Average fully diluted |
|
|
11,388,163 |
|
|
11,312,773 |
|
|
11,366,463 |
|
|
11,255,223 |
|
|
11,129,900 |
|
Return on:(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total assets |
|
|
1.16 |
% |
|
0.67 |
% |
|
0.84 |
% |
|
0.91 |
% |
|
1.19 |
% |
Average equity |
|
|
11.8 |
% |
|
6.9 |
% |
|
9.0 |
% |
|
9.6 |
% |
|
12.4 |
% |
Average tangible common equity(2), (3) |
|
|
12.0 |
% |
|
7.0 |
% |
|
9.1 |
% |
|
9.7 |
% |
|
12.6 |
% |
Yield on average earning assets(1) |
|
|
6.58 |
% |
|
6.68 |
% |
|
6.21 |
% |
|
6.53 |
% |
|
5.88 |
% |
Total cost of deposits(1) |
|
|
3.15 |
% |
|
3.32 |
% |
|
2.98 |
% |
|
3.22 |
% |
|
2.43 |
% |
Net interest spread(1) |
|
|
2.28 |
% |
|
1.93 |
% |
|
1.81 |
% |
|
1.94 |
% |
|
1.85 |
% |
Net interest margin(1) |
|
|
3.66 |
% |
|
3.62 |
% |
|
3.36 |
% |
|
3.53 |
% |
|
3.49 |
% |
Net charge-offs as % of average loans(1) |
|
|
— |
% |
|
0.01 |
% |
|
0.07 |
% |
|
— |
% |
|
0.02 |
% |
Efficiency ratio(4) |
|
|
53.7 |
% |
|
71.7 |
% |
|
58.4 |
% |
|
62.7 |
% |
|
52.5 |
% |
____________________ |
||
(1) |
|
For periods less than a year, 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 13. |
(4) |
|
Total non-interest expense divided by total revenues. |
Interest Margin Analysis
|
|
Three months ended |
|
||||||||||||||||||||||||
|
|
Dec. 31, 2024 |
|
|
Sept. 30, 2024 |
|
|
Dec. 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) |
|
$ |
6,027,313 |
|
$ |
111,486 |
|
7.36 |
% |
|
$ |
5,889,298 |
|
$ |
111,286 |
|
7.52 |
% |
|
$ |
5,538,095 |
|
$ |
97,897 |
|
7.01 |
% |
Available-for-sale securities |
|
|
567,548 |
|
|
3,256 |
|
2.28 |
|
|
|
581,529 |
|
|
3,350 |
|
2.29 |
|
|
|
532,970 |
|
|
2,430 |
|
1.82 |
|
Held-to-maturity securities |
|
|
434,234 |
|
|
2,012 |
|
1.84 |
|
|
|
444,842 |
|
|
2,061 |
|
1.84 |
|
|
|
474,475 |
|
|
2,217 |
|
1.87 |
|
Equity investments |
|
|
5,477 |
|
|
39 |
|
2.81 |
|
|
|
3,164 |
|
|
23 |
|
2.89 |
|
|
|
2,401 |
|
|
14 |
|
2.30 |
|
Overnight deposits |
|
|
180,175 |
|
|
2,469 |
|
5.45 |
|
|
|
231,946 |
|
|
3,223 |
|
5.53 |
|
|
|
139,009 |
|
|
1,966 |
|
5.53 |
|
Other interest-earning assets |
|
|
30,255 |
|
|
567 |
|
7.46 |
|
|
|
26,584 |
|
|
511 |
|
7.65 |
|
|
|
35,718 |
|
|
743 |
|
8.32 |
|
Total interest-earning assets |
|
|
7,245,002 |
|
|
119,829 |
|
6.58 |
|
|
|
7,177,363 |
|
|
120,454 |
|
6.68 |
|
|
|
6,722,668 |
|
|
105,267 |
|
6.21 |
|
Non-interest-earning assets |
|
|
181,786 |
|
|
|
|
|
|
|
|
180,748 |
|
|
|
|
|
|
|
|
192,237 |
|
|
|
|
|
|
Allowance for credit losses |
|
|
(63,536 |
) |
|
|
|
|
|
|
|
(60,608 |
) |
|
|
|
|
|
|
|
(53,570 |
) |
|
|
|
|
|
Total assets |
|
$ |
7,363,252 |
|
|
|
|
|
|
|
$ |
7,297,503 |
|
|
|
|
|
|
|
$ |
6,861,335 |
|
|
|
|
|
|
Liabilities and Stockholders' Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market and savings accounts |
|
$ |
4,459,792 |
|
|
47,581 |
|
4.24 |
|
|
$ |
4,314,237 |
|
|
51,266 |
|
4.73 |
|
|
$ |
3,891,476 |
|
|
42,395 |
|
4.32 |
|
Certificates of deposit |
|
|
116,062 |
|
|
1,254 |
|
4.30 |
|
|
|
41,028 |
|
|
471 |
|
4.57 |
|
|
|
34,179 |
|
|
272 |
|
3.16 |
|
Total interest-bearing deposits |
|
|
4,575,854 |
|
|
48,835 |
|
4.25 |
|
|
|
4,355,265 |
|
|
51,737 |
|
4.73 |
|
|
|
3,925,655 |
|
|
42,667 |
|
4.31 |
|
Borrowed funds |
|
|
350,892 |
|
|
4,391 |
|
4.98 |
|
|
|
270,633 |
|
|
3,484 |
|
5.12 |
|
|
|
427,250 |
|
|
5,606 |
|
5.25 |
|
Total interest-bearing liabilities |
|
|
4,926,746 |
|
|
53,226 |
|
4.30 |
|
|
|
4,625,898 |
|
|
55,221 |
|
4.75 |
|
|
|
4,352,905 |
|
|
48,273 |
|
4.40 |
|
Non-interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing deposits |
|
|
1,586,005 |
|
|
|
|
|
|
|
|
1,851,497 |
|
|
|
|
|
|
|
|
1,748,178 |
|
|
|
|
|
|
Other non-interest-bearing liabilities |
|
|
128,995 |
|
|
|
|
|
|
|
|
113,666 |
|
|
|
|
|
|
|
|
116,995 |
|
|
|
|
|
|
Total liabilities |
|
|
6,641,746 |
|
|
|
|
|
|
|
|
6,591,061 |
|
|
|
|
|
|
|
|
6,218,078 |
|
|
|
|
|
|
Stockholders' equity |
|
|
721,506 |
|
|
|
|
|
|
|
|
706,442 |
|
|
|
|
|
|
|
|
643,257 |
|
|
|
|
|
|
Total liabilities and equity |
|
$ |
7,363,252 |
|
|
|
|
|
|
|
$ |
7,297,503 |
|
|
|
|
|
|
|
$ |
6,861,335 |
|
|
|
|
|
|
Net interest income |
|
|
|
|
$ |
66,603 |
|
|
|
|
|
|
|
$ |
65,233 |
|
|
|
|
|
|
|
$ |
56,994 |
|
|
|
Net interest rate spread (3) |
|
|
|
|
|
|
|
2.28 |
% |
|
|
|
|
|
|
|
1.93 |
% |
|
|
|
|
|
|
|
1.81 |
% |
Net interest margin (4) |
|
|
|
|
|
|
|
3.66 |
% |
|
|
|
|
|
|
|
3.62 |
% |
|
|
|
|
|
|
|
3.36 |
% |
Total cost of deposits (5) |
|
|
|
|
|
|
|
3.15 |
% |
|
|
|
|
|
|
|
3.32 |
% |
|
|
|
|
|
|
|
2.98 |
% |
Total cost of funds (6) |
|
|
|
|
|
|
|
3.25 |
% |
|
|
|
|
|
|
|
3.39 |
% |
|
|
|
|
|
|
|
3.14 |
% |
____________________ |
||
(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. |
|
|
Year ended |
|
|||||||||||||||
|
|
Dec. 31, 2024 |
|
|
Dec. 31, 2023 |
|
||||||||||||
|
|
Average |
|
|
|
|
Yield / |
|
|
Average |
|
|
|
|
Yield / |
|
||
(dollars in thousands) |
|
Balance |
|
Interest |
|
Rate |
|
|
Balance |
|
Interest |
|
Rate |
|
||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1) |
|
$ |
5,842,570 |
|
$ |
429,748 |
|
7.36 |
% |
|
$ |
5,147,653 |
|
$ |
345,039 |
|
6.70 |
% |
Available-for-sale securities |
|
|
576,040 |
|
|
12,917 |
|
2.24 |
|
|
|
527,873 |
|
|
8,865 |
|
1.68 |
|
Held-to-maturity securities |
|
|
450,048 |
|
|
8,369 |
|
1.86 |
|
|
|
499,379 |
|
|
9,608 |
|
1.92 |
|
Equity investments |
|
|
3,377 |
|
|
92 |
|
2.73 |
|
|
|
2,381 |
|
|
52 |
|
2.17 |
|
Overnight deposits |
|
|
269,472 |
|
|
15,013 |
|
5.57 |
|
|
|
176,813 |
|
|
9,319 |
|
5.20 |
|
Other interest-earning assets |
|
|
29,386 |
|
|
2,240 |
|
7.62 |
|
|
|
33,061 |
|
|
2,522 |
|
7.63 |
|
Total interest-earning assets |
|
|
7,170,893 |
|
|
468,379 |
|
6.53 |
|
|
|
6,387,160 |
|
|
375,405 |
|
5.88 |
|
Non-interest-earning assets |
|
|
182,936 |
|
|
|
|
|
|
|
|
169,377 |
|
|
|
|
|
|
Allowance for credit losses |
|
|
(60,384 |
) |
|
|
|
|
|
|
|
(49,923 |
) |
|
|
|
|
|
Total assets |
|
$ |
7,293,445 |
|
|
|
|
|
|
|
$ |
6,506,614 |
|
|
|
|
|
|
Liabilities and Stockholders' Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market and savings accounts |
|
$ |
4,298,166 |
|
$ |
195,695 |
|
4.55 |
|
|
$ |
3,299,427 |
|
$ |
127,494 |
|
3.86 |
|
Certificates of deposit |
|
|
57,227 |
|
|
2,318 |
|
4.05 |
|
|
|
42,926 |
|
|
1,183 |
|
2.76 |
|
Total interest-bearing deposits |
|
|
4,355,393 |
|
|
198,013 |
|
4.55 |
|
|
|
3,342,353 |
|
|
128,677 |
|
3.85 |
|
Borrowed funds |
|
|
336,364 |
|
|
17,282 |
|
5.14 |
|
|
|
445,061 |
|
|
23,892 |
|
5.37 |
|
Total interest-bearing liabilities |
|
|
4,691,757 |
|
|
215,295 |
|
4.59 |
|
|
|
3,787,414 |
|
|
152,569 |
|
4.03 |
|
Non-interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing deposits |
|
|
1,788,170 |
|
|
|
|
|
|
|
|
1,960,469 |
|
|
|
|
|
|
Other non-interest-bearing liabilities |
|
|
119,364 |
|
|
|
|
|
|
|
|
137,725 |
|
|
|
|
|
|
Total liabilities |
|
|
6,599,291 |
|
|
|
|
|
|
|
|
5,885,608 |
|
|
|
|
|
|
Stockholders' equity |
|
|
694,154 |
|
|
|
|
|
|
|
|
621,006 |
|
|
|
|
|
|
Total liabilities and equity |
|
$ |
7,293,445 |
|
|
|
|
|
|
|
$ |
6,506,614 |
|
|
|
|
|
|
Net interest income |
|
|
|
|
$ |
253,084 |
|
|
|
|
|
|
|
$ |
222,836 |
|
|
|
Net interest rate spread (2) |
|
|
|
|
|
|
|
1.94 |
% |
|
|
|
|
|
|
|
1.85 |
% |
Net interest margin (3) |
|
|
|
|
|
|
|
3.53 |
% |
|
|
|
|
|
|
|
3.49 |
% |
Total cost of deposits (4) |
|
|
|
|
|
|
|
3.22 |
% |
|
|
|
|
|
|
|
2.43 |
% |
Total cost of funds (5) |
|
|
|
|
|
|
|
3.32 |
% |
|
|
|
|
|
|
|
2.65 |
% |
____________________ |
||
(1) |
|
Amount includes deferred loan fees and non-performing loans. |
(2) |
|
Determined by subtracting the annualized average cost of total interest-bearing liabilities from the annualized average yield on total interest-earning assets. |
(3) |
|
Determined by dividing annualized net interest income by total average interest-earning assets. |
(4) |
|
Determined by dividing annualized interest expense on deposits by total average interest-bearing and non-interest bearing deposits. |
(5) |
|
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 |
|
|
Year ended |
|
||||||||||||||||||||||
(dollars in thousands, |
|
Dec. 31, |
|
|
Sept. 30, |
|
|
Jun. 30, |
|
|
Mar. 31, |
|
|
Dec. 31, |
|
|
Dec. 31, |
|
|
Dec. 31, |
|
|||||||
except per share data) |
|
2024 |
|
|
2024 |
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|||||||
Average assets |
|
$ |
7,363,252 |
|
|
$ |
7,297,503 |
|
|
$ |
7,322,480 |
|
|
$ |
7,185,768 |
|
|
$ |
6,861,335 |
|
|
$ |
7,293,445 |
|
|
$ |
6,506,614 |
|
Less: average intangible assets |
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
Average tangible assets (non-GAAP) |
|
$ |
7,353,519 |
|
|
$ |
7,287,770 |
|
|
$ |
7,312,747 |
|
|
$ |
7,176,035 |
|
|
$ |
6,851,602 |
|
|
$ |
7,283,712 |
|
|
$ |
6,496,881 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average common equity |
|
$ |
721,506 |
|
|
$ |
706,442 |
|
|
$ |
680,064 |
|
|
$ |
667,009 |
|
|
$ |
643,257 |
|
|
$ |
694,154 |
|
|
$ |
621,006 |
|
Less: average intangible assets |
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
Average tangible common equity (non-GAAP) |
|
$ |
711,773 |
|
|
$ |
696,709 |
|
|
$ |
670,331 |
|
|
$ |
657,276 |
|
|
$ |
633,524 |
|
|
$ |
684,421 |
|
|
$ |
611,273 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
7,300,749 |
|
|
$ |
7,403,358 |
|
|
$ |
7,265,591 |
|
|
$ |
7,453,371 |
|
|
$ |
7,067,672 |
|
|
$ |
7,300,749 |
|
|
$ |
7,067,672 |
|
Less: intangible assets |
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
Tangible assets (non-GAAP) |
|
$ |
7,291,016 |
|
|
$ |
7,393,625 |
|
|
$ |
7,255,858 |
|
|
$ |
7,443,638 |
|
|
$ |
7,057,939 |
|
|
$ |
7,291,016 |
|
|
$ |
7,057,939 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common equity |
|
$ |
729,827 |
|
|
$ |
715,191 |
|
|
$ |
692,404 |
|
|
$ |
673,541 |
|
|
$ |
659,021 |
|
|
$ |
729,827 |
|
|
$ |
659,021 |
|
Less: intangible assets |
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
Tangible common equity (book value) (non-GAAP) |
|
$ |
720,094 |
|
|
$ |
705,458 |
|
|
$ |
682,671 |
|
|
$ |
663,808 |
|
|
$ |
649,288 |
|
|
$ |
720,094 |
|
|
$ |
649,288 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding |
|
|
11,197,625 |
|
|
|
11,194,411 |
|
|
|
11,192,936 |
|
|
|
11,191,958 |
|
|
|
11,062,729 |
|
|
|
11,197,625 |
|
|
|
11,062,729 |
|
Book value per share (GAAP) |
|
$ |
65.18 |
|
|
$ |
63.89 |
|
|
$ |
61.86 |
|
|
$ |
60.18 |
|
|
$ |
59.57 |
|
|
$ |
65.18 |
|
|
$ |
59.57 |
|
Tangible book value per share (non-GAAP) (1) |
|
$ |
64.31 |
|
|
$ |
63.02 |
|
|
$ |
60.99 |
|
|
$ |
59.31 |
|
|
$ |
58.69 |
|
|
$ |
64.31 |
|
|
$ |
58.69 |
|
____________________ |
||
(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/20250123517669/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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