Metropolitan Bank Holding Corp. Reports Net Income of $10.8 Million and Diluted EPS of $1.27 for the Third Quarter
Metropolitan Bank Holding Corp. (MCB) reported a net income of $10.8 million ($1.27/share) for Q3 2020, up from $7.7 million ($0.90/share) in Q3 2019. Year-to-date net income reached $27.7 million ($3.27/share), compared to $22.3 million ($2.63/share) in 2019. Total assets increased by 19.2% to $4.00 billion, with a net loan growth of 11.7%. The bank's annualized return on average assets was 1.07%, and return on average equity rose to 13.20%. MCB experienced strong deposit growth despite the pandemic, with total deposits up 26.4% since December 31, 2019.
- Net income increased by 40.3% YoY for Q3 2020.
- Total assets grew by 19.2% since December 31, 2019.
- Net loan growth of 11.7% since December 31, 2019.
- Annualized return on average assets improved to 1.07%.
- Return on average equity increased by 257 basis points YoY to 13.20%.
- Total deposits rose by 26.4% since December 31, 2019.
- Non-interest income decreased by $2.0 million from the linked quarter.
- Non-interest expense rose by $646,000 from the linked quarter.
NEW YORK--(BUSINESS WIRE)--Metropolitan Bank Holding Corp. (the “Company”) (NYSE: MCB), the holding company for Metropolitan Commercial Bank (the “Bank”), today reported net income of
For the nine months ended September 30, 2020, the Company reported net income of
Financial Highlights for the third quarter of 2020 include:
-
Annualized return on average assets was
1.07% and0.98% for the three and nine months ended September 30, 2020, respectively.
-
Return on average equity was
13.20% for the third quarter of 2020, an increase of 257 basis points from the third quarter of 2019. Return on average tangible common equity* was13.85% for the third quarter of 2020, an increase of 259 basis points from the third quarter of 2019.
-
Net interest margin held steady at
3.18% for the third quarter of 2020, as compared to3.19% for the linked quarter.
-
Total assets increased
19.2% to$4.00 billion as of September 30, 2020, as compared to$3.36 billion at December 31, 2019, with net loan growth of11.7% since December 31, 2019.
-
Total deposits increased
3.9% during the quarter, and26.4% from December 31, 2019.
- Asset quality continued to be strong with non-performing loans as a percentage of loans outstanding declining by 7 basis points to 22 basis points at September 30, 2020, as compared to 29 basis points at June 30, 2020. Net charge-offs as a percentage of average loans were 2 basis points year-to-date through September 30, 2020.
-
Total loan modifications related to COVID-19 decreased by
37.5% in the quarter, to$329.9 million at September 30, 2020. The largest decrease in modifications were in full payment deferrals, which declined by43.0% in the quarter principally due to loans returning to normal payment terms.
* Average tangible common equity excludes Class B preferred stock and intangible assets. See Reconciliation of Non-GAAP Measures on page 16 |
Mark R. DeFazio, the Company’s President and Chief Executive Officer commented “I am very pleased with the sustained performance of MCB. During an extraordinary time, MCB is successfully navigating the challenges facing the industry and our clients. This positive performance is a testament to our skilled underwriting, strong relationships and the resilience of our clients. MCB continues to benefit from the diversification of our organic loan and deposit platform. We have built a durable platform that continues to deliver strong financial results despite low rates and a flat yield curve. We accomplish this by staying extremely focused on costs and operating our highly efficient franchise, while pricing loans appropriately and maintaining attractive deposit costs.
“In addition, I am pleased to report the Bank’s Global Payments Group continues to expand its payment solutions footprint with additional FinTech clients. As a provider of critical financial infrastructure to FinTechs, MCB will continue to benefit from incremental non-interest income and low-cost deposits, which will further improve our positioning.
“Lastly, I want to express my deepest appreciation for our staff who, while dealing with their own personal challenges with COVID-19, have ensured that the Bank continues to support our clients and build on our profitable growth,” Mr. DeFazio concluded.
Balance Sheet
The Company had total assets of
Total cash and cash equivalents were
Total deposits increased to
During the third quarter of 2020, the Bank repaid
Metropolitan Commercial Bank meets all the requirements to be considered “Well-Capitalized” under applicable regulatory guidelines. At September 30, 2020, total non-owner-occupied commercial real estate loans were
Income Statement
Net Interest Income
Net interest income for the third quarter of 2020 was
New loans were originated at lower yields, while deposits in the third quarter bore lower interest rates resulting in lower average yields as well as lower cost of interest-bearing liabilities for the third quarter of 2020, as compared to the linked quarter.
Net Interest Margin
Net interest margin held steady at
Non-Interest Income
Non-interest income was
Non-Interest Expense
Non-interest expense was
Bank premises and equipment was
Professional fees were
Other expenses were
Licensing fees and technology costs amounted to
Non-interest expense was
Compensation and benefits were
For the nine months ended September 30, 2020, licensing fees and technology costs was
Bank premises and equipment was
Asset Quality
Non-performing loans were
The provision for loan losses for the third quarter of 2020 was
(dollars in thousands) |
|
September 30, 2020 |
|
June 30, 2020 |
|
||
Non-performing loans: |
|
|
|
|
|
|
|
Non-accrual loans: |
|
|
|
|
|
|
|
One-to-four family |
|
|
— |
|
|
— |
|
Commercial and industrial |
|
|
4,512 |
|
|
6,482 |
|
Consumer |
|
|
1,157 |
|
|
601 |
|
Total non-accrual loans |
|
$ |
5,669 |
|
$ |
7,083 |
|
Accruing loans 90 days or more past due |
|
|
954 |
|
|
1,365 |
|
Total non-performing loans |
|
$ |
6,623 |
|
$ |
8,448 |
|
Non-accrual loans as % of loans outstanding |
|
|
0.19 |
% |
|
0.24 |
% |
Non-performing loans as % of loans outstanding |
|
|
0.22 |
% |
|
0.29 |
% |
Allowance for loan losses |
|
$ |
(33,614) |
|
$ |
(32,505) |
|
Allowance for loan losses as % of loans outstanding |
|
|
1.12 |
% |
|
1.12 |
% |
|
|
Three months ended
|
|
Nine months ended
|
|
||||||||
(dollars in thousands) |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
||||
Provision for loan losses |
|
$ |
1,137 |
|
$ |
2,004 |
|
$ |
7,693 |
|
$ |
1,923 |
|
Charge-offs |
|
$ |
(82) |
|
$ |
(275) |
|
$ |
(475) |
|
$ |
(691) |
|
Recoveries |
|
$ |
54 |
|
$ |
— |
|
$ |
124 |
|
$ |
4,270 |
|
Net charge-offs/(recoveries) as % of average loans (annualized) |
|
|
0.00 |
% |
|
0.05 |
% |
|
0.02 |
% |
|
(0.22) |
% |
Coronavirus Update
Operational Readiness
On September 7, 2020, the Bank implemented its Return-to-Work Plan, which allowed for up to
Financial Impact
Loan Portfolio and Modifications
The Bank has taken several steps to assess the financial impact of COVID-19 on its business, including contacting customers to determine how their business was being affected and analyzing the impact of the virus on the different industries that the Bank serves.
The largest concentration in the loan portfolio is healthcare, which amounted to
Loan Modifications: The Bank has been working with customers to address their needs during the pandemic. Loan customers have requested various forms of relief during this period, including payment deferrals, interest rate reductions and extensions of maturity dates.
The following is a summary of loan modifications requested and in process as of September 30, 2020 (dollars in thousands):
|
|
CRE |
|
C&I |
|
1-4 Family |
|
Consumer |
|
Total |
|||||||||||||||
Type of Modification |
|
|
Balance |
|
Number
|
|
|
Balance |
|
Number
|
|
|
Balance |
|
Number
|
|
|
Balance |
|
Number
|
|
|
Balance |
|
Number
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Defer monthly principal payments (1) |
|
$ |
150,151 |
|
32 |
|
$ |
503 |
|
1 |
|
$ |
— |
|
— |
|
$ |
— |
|
— |
|
$ |
150,654 |
|
33 |
Full payment deferral (2) |
|
|
120,870 |
|
15 |
|
|
7,983 |
|
5 |
|
|
4,098 |
|
12 |
|
|
2,685 |
|
33 |
|
|
135,636 |
|
65 |
Allow the use of reserve accounts |
|
|
5,000 |
|
1 |
|
|
1,400 |
|
1 |
|
|
— |
|
— |
|
|
— |
|
— |
|
|
6,400 |
|
2 |
Cease escrowing for tax payments |
|
|
4,000 |
|
1 |
|
|
— |
|
— |
|
|
— |
|
— |
|
|
— |
|
— |
|
|
4,000 |
|
1 |
Interest rate reduction (3) |
|
|
29,703 |
|
5 |
|
|
3,532 |
|
1 |
|
|
— |
|
— |
|
|
— |
|
— |
|
|
33,235 |
|
6 |
|
|
$ |
309,724 |
|
54 |
|
$ |
13,418 |
|
8 |
|
$ |
4,098 |
|
12 |
|
$ |
2,685 |
|
33 |
|
$ |
329,925 |
|
107 |
(1) |
Waived principal payments for 2 to 9 months. |
|
(2) |
Deferred principal and interest payments or interest-only payments for 3 to 6 months. Deferred payments will be repaid during 2021. |
|
(3) |
Rate reduced by approximately 100 basis points. |
Loan modifications as a percentage of total loans decreased to
The following is a summary of the weighted average loan-to-value ratio (“LTV”) for CRE, C&I owner-occupied loans and 1-4 Family loan modifications as of September 30, 2020 (dollars in thousands):
Industry |
|
|
Total Modifications |
|
Weighted
|
|
|
|
|
|
|
CRE: |
|
|
|
|
|
Retail |
|
$ |
51,235 |
|
|
Hospitality |
|
|
81,554 |
|
|
Office |
|
|
16,732 |
|
|
Mixed-Use |
|
|
32,007 |
|
|
Multifamily |
|
|
62,332 |
|
|
Warehouse |
|
|
21,021 |
|
|
Other |
|
|
44,843 |
|
|
Total CRE |
|
$ |
309,724 |
|
|
C&I Owner-Occupied: |
|
|
|
|
|
Real Estate Secured |
|
$ |
7,735 |
|
|
1-4 Family |
|
|
|
|
|
Residential Real Estate |
|
$ |
4,098 |
|
|
|
|
|
|
|
|
|
|
$ |
321,557 |
|
|
Allowance for Loan Losses (“ALLL”): Management continues to monitor the impact of COVID-19, particularly as the term of loan modifications expire and borrowers return to a normal debt service schedule as well as the commencement of a repayment schedule for payments that were deferred. As such, significant adjustments to the ALLL may be required as the full impact of COVID-19 on the Bank’s borrowers becomes known.
The Bank has not yet adopted ASU No. 2016-13, Financial Instruments – Credit Losses, which requires the measurement of all expected credit losses (“CECL”) for financial asset. The Bank is currently developing CECL models and evaluating its potential impact on the Bank’s ALLL.
About Metropolitan Bank Holding Corporation
Metropolitan Bank Holding Corp. (NYSE: MCB) is the holding company for Metropolitan Commercial Bank. The Bank provides a broad range of business, commercial and personal banking products and services to small and middle-market businesses, public entities and affluent individuals in the New York metropolitan area. Founded in 1999, the Bank is headquartered in New York City and operates six locations in Manhattan, Brooklyn and Great Neck, Long Island. The Bank is also an active issuer of debit cards for third-party debit card programs. Metropolitan Commercial Bank is a New York State chartered commercial bank and a Federal Reserve System member bank whose deposits are insured up to applicable limits by the FDIC, and an equal opportunity lender. For more information, please visit www.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 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 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 those discussed under the heading “Risk Factors” in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, as well as an unexpected deterioration in our loan portfolio, unexpected increases in our expenses, greater than anticipated growth and our ability to manage such growth, unanticipated regulatory action, unexpected changes in interest rates, an unanticipated decrease in deposits, an unanticipated loss of key personnel, an unanticipated loss of existing customers, competition from other institutions resulting in unanticipated changes in our loan or deposit rates, unanticipated increases in Federal Deposit Insurance Corporation costs and unanticipated adverse changes in our customers’ economic conditions or economic conditions in our local area in general.
Further, given its ongoing and dynamic nature, it is difficult to predict the full impact of the COVID-19 outbreak on our business. The extent of such impact will depend on future developments, which are highly uncertain, including when the coronavirus can be controlled and abated and when and whether the gradual reopening of businesses will result in a meaningful increase in economic activity. As the result of the COVID-19 pandemic and the related adverse local and national economic consequences, we could be subject to any of the following risks, any of which could have a material, adverse effect on our business, financial condition, liquidity, and results of operations: the demand for our products and services may decline, making it difficult to grow assets and income; if the economy is unable to substantially reopen, and high levels of unemployment continue for an extended period of time, loan delinquencies, problem assets, and foreclosures may increase, resulting in increased charges and reduced income; collateral for loans, especially real estate, may decline in value, which could cause loan losses to increase; our allowance for loan losses may increase if borrowers experience financial difficulties, which will adversely affect our net income; the net worth and liquidity of loan guarantors may decline, impairing their ability to honor commitments to us; as the result of the decline in the Federal Reserve Board’s target federal funds rate to near
Forward-looking statements speak only as of the date of this release. We do not undertake any obligation to update or revise any forward-looking statement.
Consolidated Balance Sheet |
||||||||
|
|
September 30, 2020 |
|
December 31, 2019 |
||||
Assets |
|
|
(unaudited) |
|
|
|
||
Cash and due from banks |
|
$ |
8,991 |
|
|
$ |
8,116 |
|
Overnight deposits |
|
|
758,913 |
|
|
|
381,104 |
|
Total cash and cash equivalents |
|
|
767,904 |
|
|
|
389,220 |
|
Investment securities available for sale |
|
|
182,334 |
|
|
|
234,942 |
|
Investment securities held to maturity |
|
|
3,050 |
|
|
|
3,722 |
|
Investment securities -- Equity investments |
|
|
2,311 |
|
|
|
2,224 |
|
Total securities |
|
|
187,695 |
|
|
|
240,888 |
|
Other investments |
|
|
11,097 |
|
|
|
21,437 |
|
Loans, net of deferred fees and unamortized costs |
|
|
2,989,550 |
|
|
|
2,672,949 |
|
Allowance for loan losses |
|
|
(33,614 |
) |
|
|
(26,272 |
) |
Net loans |
|
|
2,955,936 |
|
|
|
2,646,677 |
|
Receivable from prepaid card programs, net |
|
|
31,237 |
|
|
|
11,581 |
|
Accrued interest receivable |
|
|
12,524 |
|
|
|
8,862 |
|
Premises and equipment, net |
|
|
15,913 |
|
|
|
12,100 |
|
Prepaid expenses and other assets |
|
|
9,720 |
|
|
|
17,074 |
|
Goodwill |
|
|
9,733 |
|
|
|
9,733 |
|
Total assets |
|
$ |
4,001,759 |
|
|
$ |
3,357,572 |
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
||
Deposits: |
|
|
|
|
|
|
||
Non-interest-bearing demand deposits |
|
$ |
1,553,241 |
|
|
$ |
1,090,479 |
|
Interest-bearing deposits |
|
|
1,974,385 |
|
|
|
1,700,295 |
|
Total deposits |
|
|
3,527,626 |
|
|
|
2,790,774 |
|
Federal Home Loan Bank of New York advances |
|
|
— |
|
|
|
144,000 |
|
Trust preferred securities |
|
|
20,620 |
|
|
|
20,620 |
|
Subordinated debt, net of issuance cost |
|
|
24,643 |
|
|
|
24,601 |
|
Secured Borrowings |
|
|
32,224 |
|
|
|
42,972 |
|
Accounts payable, accrued expenses and other liabilities |
|
|
37,014 |
|
|
|
23,556 |
|
Accrued interest payable |
|
|
479 |
|
|
|
1,229 |
|
Prepaid third-party debit cardholder balances |
|
|
30,569 |
|
|
|
10,696 |
|
Total liabilities |
|
|
3,673,175 |
|
|
|
3,058,448 |
|
|
|
|
|
|
|
|
||
Class B preferred stock |
|
|
3 |
|
|
|
3 |
|
Common stock |
|
|
82 |
|
|
|
82 |
|
Additional paid in capital |
|
|
218,361 |
|
|
|
216,468 |
|
Retained earnings |
|
|
109,054 |
|
|
|
81,364 |
|
Accumulated other comprehensive gain, net of tax effect |
|
|
1,084 |
|
|
|
1,207 |
|
Total stockholders’ equity |
|
|
328,584 |
|
|
|
299,124 |
|
Total liabilities and stockholders’ equity |
|
$ |
4,001,759 |
|
|
$ |
3,357,572 |
|
Consolidated Statement of Income (unaudited) |
||||||||||||
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
||||||||
(dollars in thousands) |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||
Total interest income |
|
$ |
35,945 |
|
$ |
35,496 |
|
$ |
106,236 |
|
$ |
93,314 |
Total interest expense |
|
|
3,621 |
|
|
9,443 |
|
|
14,781 |
|
|
23,746 |
Net interest income |
|
|
32,324 |
|
|
26,053 |
|
|
91,455 |
|
|
69,568 |
Provision for loan losses |
|
|
1,137 |
|
|
2,004 |
|
|
7,693 |
|
|
1,923 |
Net interest income after provision for loan losses |
|
|
31,187 |
|
|
24,049 |
|
|
83,762 |
|
|
67,645 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
|
863 |
|
|
852 |
|
|
2,746 |
|
|
2,579 |
Prepaid third-party debit card income |
|
|
2,572 |
|
|
1,482 |
|
|
6,301 |
|
|
4,161 |
Other service charges and fees |
|
|
202 |
|
|
349 |
|
|
1,238 |
|
|
940 |
Unrealized gain on equity securities |
|
|
— |
|
|
17 |
|
|
55 |
|
|
87 |
Gain on sale of securities |
|
|
— |
|
|
— |
|
|
3,287 |
|
|
— |
Total non-interest income |
|
|
3,637 |
|
|
2,700 |
|
|
13,627 |
|
|
7,767 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits |
|
|
9,944 |
|
|
7,875 |
|
|
29,962 |
|
|
23,286 |
Bank premises and equipment |
|
|
2,111 |
|
|
1,790 |
|
|
6,498 |
|
|
4,473 |
Professional fees |
|
|
1,221 |
|
|
906 |
|
|
3,058 |
|
|
2,617 |
Licensing fees and technology costs |
|
|
2,960 |
|
|
3,526 |
|
|
10,226 |
|
|
7,529 |
Other expenses |
|
|
2,694 |
|
|
1,398 |
|
|
6,984 |
|
|
5,008 |
Total non-interest expense |
|
|
18,930 |
|
|
15,495 |
|
|
56,728 |
|
|
42,913 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income before income tax expense |
|
|
15,894 |
|
|
11,254 |
|
|
40,661 |
|
|
32,499 |
Income tax expense |
|
|
5,111 |
|
|
3,571 |
|
|
12,971 |
|
|
10,228 |
Net income |
|
$ |
10,783 |
|
$ |
7,683 |
|
$ |
27,690 |
|
$ |
22,271 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
Average common shares outstanding - basic |
|
|
8,222,870 |
|
|
8,175,164 |
|
|
8,220,202 |
|
|
8,172,638 |
Average common shares outstanding - diluted |
|
|
8,393,211 |
|
|
8,348,970 |
|
|
8,392,055 |
|
|
8,339,958 |
Basic earnings |
|
$ |
1.30 |
|
$ |
0.92 |
|
$ |
3.34 |
|
$ |
2.69 |
Diluted earnings |
|
$ |
1.27 |
|
$ |
0.90 |
|
$ |
3.27 |
|
$ |
2.63 |
Net Interest Margin Analysis |
||||||||||||||||||||
|
Three months ended |
|||||||||||||||||||
|
September 30, 2020 |
|
June 30, 2020 |
|||||||||||||||||
|
Average |
|
|
|
|
|
|
|
Average |
|
|
|
|
|
|
|||||
|
Outstanding |
|
|
|
|
Yield/Rate |
|
|
Outstanding |
|
|
|
|
Yield/Rate |
|
|||||
(dollars in thousands) |
Balance |
|
Interest |
|
(annualized) |
|
|
Balance |
|
Interest |
|
(annualized) |
|
|||||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Loans (1) |
$ |
2,946,359 |
|
|
$ |
34,844 |
|
4.66 |
% |
|
$ |
2,827,154 |
|
|
$ |
32,983 |
|
4.68 |
% |
|
Available-for-sale securities |
|
180,698 |
|
|
|
582 |
|
1.26 |
% |
|
|
138,944 |
|
|
|
609 |
|
1.73 |
% |
|
Held-to-maturity securities |
|
3,181 |
|
|
|
14 |
|
1.71 |
% |
|
|
3,423 |
|
|
|
16 |
|
1.85 |
% |
|
Equity investments - non-trading |
|
2,284 |
|
|
|
10 |
|
1.63 |
% |
|
|
2,274 |
|
|
|
11 |
|
1.91 |
% |
|
Overnight deposits |
|
854,737 |
|
|
|
299 |
|
0.14 |
% |
|
|
794,377 |
|
|
|
374 |
|
0.19 |
% |
|
Other interest-earning assets |
|
14,680 |
|
|
|
196 |
|
5.22 |
% |
|
|
18,485 |
|
|
|
230 |
|
4.92 |
% |
|
Total interest-earning assets |
|
4,001,939 |
|
|
|
35,945 |
|
3.54 |
% |
|
|
3,784,657 |
|
|
|
34,223 |
|
3.62 |
% |
|
Non-interest-earning assets |
|
57,545 |
|
|
|
|
|
|
|
|
|
59,014 |
|
|
|
|
|
|
|
|
Allowance for loan and lease losses |
|
(33,118 |
) |
|
|
|
|
|
|
|
|
(31,446 |
) |
|
|
|
|
|
|
|
Total assets |
$ |
4,026,366 |
|
|
|
|
|
|
|
|
$ |
3,812,225 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Liabilities and Stockholders' Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Money market, savings and other interest-bearing accounts |
$ |
1,818,436 |
|
|
$ |
2,258 |
|
0.49 |
% |
|
$ |
1,764,742 |
|
|
$ |
2,437 |
|
0.56 |
% |
|
Certificates of deposit |
|
97,685 |
|
|
|
423 |
|
1.72 |
% |
|
|
97,688 |
|
|
|
478 |
|
1.97 |
% |
|
Total interest-bearing deposits |
|
1,916,121 |
|
|
|
2,681 |
|
0.56 |
% |
|
|
1,862,430 |
|
|
|
2,915 |
|
0.63 |
% |
|
Borrowed funds |
|
125,841 |
|
|
|
940 |
|
2.92 |
% |
|
|
158,471 |
|
|
|
1,147 |
|
2.86 |
% |
|
Total interest-bearing liabilities |
|
2,041,962 |
|
|
|
3,621 |
|
0.71 |
% |
|
|
2,020,901 |
|
|
|
4,062 |
|
0.81 |
% |
|
Non-interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Non-interest-bearing deposits |
|
1,583,037 |
|
|
|
|
|
|
|
|
|
1,398,438 |
|
|
|
|
|
|
|
|
Other non-interest-bearing liabilities |
|
76,491 |
|
|
|
|
|
|
|
|
|
78,159 |
|
|
|
|
|
|
|
|
Total liabilities |
|
3,701,490 |
|
|
|
|
|
|
|
|
|
3,497,498 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Stockholders' Equity |
|
324,876 |
|
|
|
|
|
|
|
|
|
314,727 |
|
|
|
|
|
|
|
|
Total liabilities and equity |
$ |
4,026,366 |
|
|
|
|
|
|
|
|
$ |
3,812,225 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Net interest income |
|
|
|
$ |
32,324 |
|
|
|
|
|
|
|
$ |
30,161 |
|
|
|
|||
Net interest rate spread (2) |
|
|
|
|
|
|
2.83 |
% |
|
|
|
|
|
|
|
2.81 |
% |
|||
Net interest-earning assets |
$ |
1,959,977 |
|
|
|
|
|
|
|
|
$ |
1,763,756 |
|
|
|
|
|
|
|
|
Net interest margin (3) |
|
|
|
|
|
|
3.18 |
% |
|
|
|
|
|
|
|
3.19 |
% |
|||
Ratio of interest earning assets to interest bearing liabilities |
|
|
|
|
|
|
1.96 |
x |
|
|
|
|
|
|
|
1.87 |
x |
|||
| ___________________ | ||
(1) |
Amount includes deferred loan fees and non-performing loans. |
|
(2) |
Determined by subtracting the annualized weighted average cost of total interest-bearing liabilities from the annualized weighted average yield on total interest-earning assets. |
|
(3) |
Determined by dividing annualized net interest income by total average interest-earning assets. |
|
|
|
Three months ended |
|
||||||||||||||
|
|
September 30, 2020 |
|
September 30, 2019 |
|
||||||||||||
|
|
Average |
|
|
|
|
|
|
Average |
|
|
|
|
|
|
||
|
|
Outstanding |
|
|
|
|
Yield/Rate |
|
Outstanding |
|
|
|
|
Yield/Rate |
|
||
(dollars in thousands) |
|
Balance |
|
Interest |
|
(annualized) |
|
Balance |
|
Interest |
|
(annualized) |
|
||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1) |
|
$ |
2,946,359 |
|
$ |
34,844 |
|
4.66 |
% |
$ |
2,419,774 |
|
$ |
31,208 |
|
5.03 |
% |
Available-for-sale securities |
|
|
180,698 |
|
|
582 |
|
1.26 |
% |
|
238,384 |
|
|
1,521 |
|
2.55 |
% |
Held-to-maturity securities |
|
|
3,181 |
|
|
14 |
|
1.71 |
% |
|
4,050 |
|
|
20 |
|
1.98 |
% |
Equity investments - non-trading |
|
|
2,284 |
|
|
10 |
|
1.63 |
% |
|
2,237 |
|
|
13 |
|
2.32 |
% |
Overnight deposits |
|
|
854,737 |
|
|
299 |
|
0.14 |
% |
|
420,982 |
|
|
2,436 |
|
2.30 |
% |
Other interest-earning assets |
|
|
14,680 |
|
|
196 |
|
5.22 |
% |
|
21,983 |
|
|
298 |
|
5.31 |
% |
Total interest-earning assets |
|
|
4,001,939 |
|
|
35,945 |
|
3.54 |
% |
|
3,107,410 |
|
|
35,496 |
|
4.47 |
% |
Non-interest-earning assets |
|
|
57,545 |
|
|
|
|
|
|
|
46,886 |
|
|
|
|
|
|
Allowance for loan and lease losses |
|
|
(33,118) |
|
|
|
|
|
|
|
(23,196) |
|
|
|
|
|
|
Total assets |
|
$ |
4,026,366 |
|
|
|
|
|
|
$ |
3,131,100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market, savings and other interest-bearing accounts |
|
$ |
1,818,436 |
|
$ |
2,258 |
|
0.49 |
% |
$ |
1,426,576 |
|
$ |
7,163 |
|
1.99 |
% |
Certificates of deposit |
|
|
97,685 |
|
|
423 |
|
1.72 |
% |
|
112,856 |
|
|
718 |
|
2.52 |
% |
Total interest-bearing deposits |
|
|
1,916,121 |
|
|
2,681 |
|
0.56 |
% |
|
1,539,432 |
|
|
7,881 |
|
2.03 |
% |
Borrowed funds |
|
|
125,841 |
|
|
940 |
|
2.92 |
% |
|
202,047 |
|
|
1,562 |
|
3.03 |
% |
Total interest-bearing liabilities |
|
|
2,041,962 |
|
|
3,621 |
|
0.71 |
% |
|
1,741,479 |
|
|
9,443 |
|
2.15 |
% |
Non-interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing deposits |
|
|
1,583,037 |
|
|
|
|
|
|
|
1,075,781 |
|
|
|
|
|
|
Other non-interest-bearing liabilities |
|
|
76,491 |
|
|
|
|
|
|
|
27,193 |
|
|
|
|
|
|
Total liabilities |
|
|
3,701,490 |
|
|
|
|
|
|
|
2,844,453 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity |
|
|
324,876 |
|
|
|
|
|
|
|
286,647 |
|
|
|
|
|
|
Total liabilities and equity |
|
$ |
4,026,366 |
|
|
|
|
|
|
$ |
3,131,100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
|
|
$ |
32,324 |
|
|
|
|
|
|
$ |
26,053 |
|
|
|
Net interest rate spread (2) |
|
|
|
|
|
|
|
2.83 |
% |
|
|
|
|
|
|
2.32 |
% |
Net interest-earning assets |
|
$ |
1,959,977 |
|
|
|
|
|
|
$ |
1,365,931 |
|
|
|
|
|
|
Net interest margin (3) |
|
|
|
|
|
|
|
3.18 |
% |
|
|
|
|
|
|
3.26 |
% |
Ratio of interest earning assets to interest bearing liabilities |
|
|
|
|
|
|
|
1.96 |
x |
|
|
|
|
|
|
1.78 |
x |
| ___________________ | ||
(1) |
Amount includes deferred loan fees and non-performing loans. |
|
(2) |
Determined by subtracting the annualized weighted average cost of total interest-bearing liabilities from the annualized weighted average yield on total interest-earning assets. |
|
(3) |
Determined by dividing annualized net interest income by total average interest-earning assets. |
|
|
|
Nine months ended |
|
||||||||||||||
|
|
September 30, 2020 |
|
September 30, 2019 |
|
||||||||||||
|
|
Average |
|
|
|
|
|
|
Average |
|
|
|
|
|
|
||
|
|
Outstanding |
|
|
|
|
Yield/Rate |
|
Outstanding |
|
|
|
|
|
|
||
(dollars in thousands) |
|
Balance |
|
Interest |
|
(annualized) |
|
Balance |
|
Interest |
|
Yield/Rate |
|
||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1) |
|
$ |
2,826,845 |
|
$ |
100,655 |
|
4.75 |
% |
$ |
2,208,125 |
|
$ |
84,277 |
|
5.09 |
% |
Available-for-sale securities |
|
|
179,845 |
|
|
2,536 |
|
1.85 |
% |
|
108,526 |
|
|
2,068 |
|
2.54 |
% |
Held-to-maturity securities |
|
|
3,408 |
|
|
47 |
|
1.81 |
% |
|
4,270 |
|
|
65 |
|
2.03 |
% |
Equity investments - non-trading |
|
|
2,274 |
|
|
32 |
|
1.85 |
% |
|
2,225 |
|
|
39 |
|
2.29 |
% |
Overnight deposits |
|
|
707,125 |
|
|
2,266 |
|
0.43 |
% |
|
331,637 |
|
|
5,957 |
|
2.40 |
% |
Other interest-earning assets |
|
|
18,189 |
|
|
700 |
|
5.06 |
% |
|
22,562 |
|
|
908 |
|
5.31 |
% |
Total interest-earning assets |
|
|
3,737,686 |
|
|
106,236 |
|
3.79 |
% |
|
2,677,345 |
|
|
93,314 |
|
4.65 |
% |
Non-interest-earning assets |
|
|
58,040 |
|
|
|
|
|
|
|
42,752 |
|
|
|
|
|
|
Allowance for loan and lease losses |
|
|
(30,461) |
|
|
|
|
|
|
|
(21,401) |
|
|
|
|
|
|
Total assets |
|
$ |
3,765,265 |
|
|
|
|
|
|
$ |
2,698,696 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market, savings and other interest-bearing accounts |
|
$ |
1,742,611 |
|
$ |
9,867 |
|
0.76 |
% |
$ |
1,134,004 |
|
$ |
16,434 |
|
1.94 |
% |
Certificates of deposit |
|
|
99,805 |
|
|
1,497 |
|
2.00 |
% |
|
110,256 |
|
|
2,029 |
|
2.46 |
% |
Total interest-bearing deposits |
|
|
1,842,416 |
|
|
11,364 |
|
0.82 |
% |
|
1,244,260 |
|
|
18,463 |
|
1.98 |
% |
Borrowed funds |
|
|
157,729 |
|
|
3,417 |
|
2.85 |
% |
|
218,537 |
|
|
5,283 |
|
3.19 |
% |
Total interest-bearing liabilities |
|
|
2,000,145 |
|
|
14,781 |
|
0.99 |
% |
|
1,462,797 |
|
|
23,746 |
|
2.17 |
% |
Non-interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing deposits |
|
|
1,378,512 |
|
|
|
|
|
|
|
933,938 |
|
|
|
|
|
|
Other non-interest-bearing liabilities |
|
|
71,210 |
|
|
|
|
|
|
|
23,947 |
|
|
|
|
|
|
Total liabilities |
|
|
3,449,867 |
|
|
|
|
|
|
|
2,420,682 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity |
|
|
315,398 |
|
|
|
|
|
|
|
278,014 |
|
|
|
|
|
|
Total liabilities and equity |
|
$ |
3,765,265 |
|
|
|
|
|
|
$ |
2,698,696 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
|
|
$ |
91,455 |
|
|
|
|
|
|
$ |
69,568 |
|
|
|
Net interest rate spread (2) |
|
|
|
|
|
|
|
2.80 |
% |
|
|
|
|
|
|
2.48 |
% |
Net interest-earning assets |
|
$ |
1,737,541 |
|
|
|
|
|
|
$ |
1,214,548 |
|
|
|
|
|
|
Net interest margin (3) |
|
|
|
|
|
|
|
3.26 |
% |
|
|
|
|
|
|
3.47 |
% |
Ratio of interest earning assets to interest bearing liabilities |
|
|
|
|
|
|
|
1.87 |
x |
|
|
|
|
|
|
1.83 |
x |
| ___________________ | ||
(1) |
Amount includes deferred loan fees and non-performing loans. |
|
(2) |
Determined by subtracting the annualized weighted average cost of total interest-bearing liabilities from the annualized weighted average yield on total interest-earning assets. |
|
(3) |
Determined by dividing annualized net interest income by total average interest-earning assets. |
|
Summary of Income and Performance Measures
|
||||||||||||||||
|
|
Quarter Ended |
|
|||||||||||||
(Dollars in thousands) |
|
Sept. 30, 2020 |
|
June 30, 2020 |
|
Mar. 31, 2020 |
|
Dec. 31, 2019 |
|
Sept. 30, 2019 |
|
|||||
Net interest income |
|
$ |
32,324 |
|
$ |
30,161 |
|
$ |
28,969 |
|
$ |
28,042 |
|
$ |
26,053 |
|
Provision for loan losses |
|
|
1,137 |
|
|
1,766 |
|
|
4,790 |
|
|
2,300 |
|
|
2,004 |
|
Net interest income after provision for loan losses |
|
|
31,187 |
|
|
28,395 |
|
|
24,179 |
|
|
25,742 |
|
|
24,049 |
|
Non-interest income |
|
|
3,637 |
|
|
5,653 |
|
|
4,340 |
|
|
2,862 |
|
|
2,700 |
|
Non-interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits |
|
|
9,944 |
|
|
10,058 |
|
|
9,960 |
|
|
7,956 |
|
|
7,875 |
|
Other Expense |
|
|
8,986 |
|
|
8,226 |
|
|
9,556 |
|
|
9,086 |
|
|
7,620 |
|
Total non-interest expense |
|
|
18,930 |
|
|
18,284 |
|
|
19,516 |
|
|
17,042 |
|
|
15,495 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income tax expense |
|
|
15,894 |
|
|
15,764 |
|
|
9,003 |
|
|
11,562 |
|
|
11,254 |
|
Income tax expense |
|
|
5,111 |
|
|
4,953 |
|
|
2,906 |
|
|
3,699 |
|
|
3,571 |
|
Net income |
|
|
10,783 |
|
|
10,811 |
|
|
6,097 |
|
|
7,863 |
|
|
7,683 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance Measures: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available to common shareholders |
|
|
10,694 |
|
|
10,716 |
|
|
6,032 |
|
|
7,741 |
|
|
7,550 |
|
Per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings |
|
$ |
1.30 |
|
$ |
1.30 |
|
$ |
0.73 |
|
$ |
0.95 |
|
$ |
0.92 |
|
Diluted earnings |
|
$ |
1.27 |
|
$ |
1.28 |
|
$ |
0.72 |
|
$ |
0.93 |
|
$ |
0.90 |
|
Common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average - diluted |
|
|
8,393,211 |
|
|
8,359,450 |
|
|
8,412,782 |
|
|
8,363,080 |
|
|
8,348,970 |
|
Period end |
|
|
8,289,479 |
|
|
8,294,801 |
|
|
8,294,801 |
|
|
8,312,918 |
|
|
8,319,852 |
|
Return on (annualized): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total assets |
|
|
1.07 |
% |
|
1.14 |
% |
|
0.71 |
% |
|
0.95 |
% |
|
0.97 |
% |
Average equity |
|
|
13.20 |
% |
|
13.82 |
% |
|
8.00 |
% |
|
10.53 |
% |
|
10.63 |
% |
Average tangible common equity* |
|
|
13.85 |
% |
|
14.36 |
% |
|
8.33 |
% |
|
11.13 |
% |
|
11.26 |
% |
Yield on average earning assets |
|
|
3.54 |
% |
|
3.62 |
% |
|
4.22 |
% |
|
4.38 |
% |
|
4.47 |
% |
Cost of interest-bearing liabilities |
|
|
0.71 |
% |
|
0.81 |
% |
|
1.48 |
% |
|
1.77 |
% |
|
2.15 |
% |
Net interest spread |
|
|
2.83 |
% |
|
2.81 |
% |
|
2.74 |
% |
|
2.61 |
% |
|
2.32 |
% |
Net interest margin |
|
|
3.18 |
% |
|
3.19 |
% |
|
3.38 |
% |
|
3.35 |
% |
|
3.26 |
% |
Net charge-offs as % of average loans (annualized) |
|
|
0.00 |
% |
|
0.03 |
% |
|
0.02 |
% |
|
0.07 |
% |
|
0.05 |
% |
Efficiency ratio |
|
|
52.64 |
% |
|
54.58 |
% |
|
58.59 |
% |
|
55.14 |
% |
|
53.89 |
% |
*Average tangible common equity excludes Class B preferred stock and intangible assets. See Reconciliation of Non-GAAP Measures on page 16. |
Consolidated Balance Sheet Summary, Five Quarter Trend (unaudited) |
||||||||||||||||
(dollars in thousands) |
|
Sept. 30, 2020 |
|
June 30, 2020 |
|
Mar. 31, 2020 |
|
Dec. 31, 2019 |
|
Sept. 30, 2019 |
|
|||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
$ |
4,001,759 |
|
$ |
3,970,441 |
|
$ |
3,612,012 |
|
$ |
3,357,572 |
|
$ |
3,243,171 |
|
Overnight deposits |
|
|
758,913 |
|
|
813,147 |
|
|
569,927 |
|
|
381,104 |
|
|
424,170 |
|
Total securities |
|
|
187,695 |
|
|
194,979 |
|
|
205,646 |
|
|
240,888 |
|
|
256,835 |
|
Other investments |
|
|
11,097 |
|
|
15,731 |
|
|
21,455 |
|
|
21,437 |
|
|
20,921 |
|
Loans, net of deferred fees and unamortized costs |
|
|
2,989,550 |
|
|
2,892,274 |
|
|
2,766,099 |
|
|
2,672,949 |
|
|
2,496,697 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing demand deposits |
|
$ |
1,553,241 |
|
$ |
1,526,439 |
|
$ |
1,250,584 |
|
$ |
1,090,479 |
|
$ |
1,041,102 |
|
Interest-bearing deposits |
|
|
1,974,385 |
|
|
1,868,300 |
|
|
1,771,108 |
|
|
1,700,295 |
|
|
1,664,104 |
|
Total deposits |
|
|
3,527,626 |
|
|
3,394,739 |
|
|
3,021,692 |
|
|
2,790,774 |
|
|
2,705,206 |
|
Borrowings |
|
|
45,263 |
|
|
149,249 |
|
|
189,235 |
|
|
189,221 |
|
|
189,207 |
|
Total stockholders' Equity |
|
|
328,584 |
|
|
317,169 |
|
|
308,536 |
|
|
299,124 |
|
|
291,002 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-accrual loans |
|
$ |
5,669 |
|
$ |
7,083 |
|
$ |
6,136 |
|
$ |
4,085 |
|
$ |
3,998 |
|
Total non-performing loans |
|
$ |
6,623 |
|
$ |
8,448 |
|
$ |
6,341 |
|
$ |
4,493 |
|
$ |
4,714 |
|
Non-accrual loans to total loans |
|
|
0.19 |
% |
|
0.24 |
% |
|
0.22 |
% |
|
0.15 |
% |
|
0.16 |
% |
Non-performing loans to total loans |
|
|
0.22 |
% |
|
0.29 |
% |
|
0.23 |
% |
|
0.17 |
% |
|
0.19 |
% |
Allowance for loan losses |
|
|
(33,614) |
|
|
(32,505) |
|
|
(30,924) |
|
|
(26,272) |
|
|
(24,444) |
|
Allowance for loan losses to total loans |
|
|
1.12 |
% |
|
1.12 |
% |
|
1.12 |
% |
|
0.98 |
% |
|
0.98 |
% |
Provision for loan losses |
|
|
1,137 |
|
|
1,766 |
|
|
4,790 |
|
|
2,300 |
|
|
2,004 |
|
Net charge-offs |
|
|
28 |
|
|
185 |
|
|
138 |
|
|
472 |
|
|
275 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regulatory Capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 Leverage: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metropolitan Bank Holding Corp. |
|
|
8.4 |
% |
|
8.6 |
% |
|
9.1 |
% |
|
9.4 |
% |
|
9.6 |
% |
Metropolitan Commercial Bank |
|
|
9.0 |
% |
|
9.2 |
% |
|
9.8 |
% |
|
10.1 |
% |
|
10.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Equity Tier 1 Risk-Based (CET1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metropolitan Bank Holding Corp. |
|
|
10.1 |
% |
|
9.9 |
% |
|
9.8 |
% |
|
10.1 |
% |
|
10.4 |
% |
Metropolitan Commercial Bank |
|
|
11.8 |
% |
|
11.6 |
% |
|
11.5 |
% |
|
11.8 |
% |
|
12.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 Risk-Based: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metropolitan Bank Holding Corp. |
|
|
11.0 |
% |
|
10.8 |
% |
|
10.7 |
% |
|
11.0 |
% |
|
11.4 |
% |
Metropolitan Commercial Bank |
|
|
11.8 |
% |
|
11.6 |
% |
|
11.5 |
% |
|
11.8 |
% |
|
12.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Risk-Based: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metropolitan Bank Holding Corp. |
|
|
12.9 |
% |
|
12.7 |
% |
|
12.1 |
% |
|
12.5 |
% |
|
13.0 |
% |
Metropolitan Commercial Bank |
|
|
12.9 |
% |
|
12.6 |
% |
|
12.5 |
% |
|
12.7 |
% |
|
13.1 |
% |
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 table:
Dollars in thousands, except per share data |
|
Sept. 30, 2020 |
|
June 30, 2020 |
|
Mar. 31, 2020 |
|
Dec. 31, 2019 |
|
Sept. 30, 2019 |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Equity |
|
$ |
328,584 |
|
$ |
317,169 |
|
$ |
308,536 |
|
$ |
299,124 |
|
$ |
291,002 |
Less: preferred equity |
|
|
5,502 |
|
|
5,502 |
|
|
5,502 |
|
|
5,502 |
|
|
5,502 |
Common Equity |
|
$ |
323,082 |
|
$ |
311,667 |
|
$ |
303,034 |
|
$ |
293,622 |
|
$ |
285,500 |
Less: intangible assets |
|
|
9,733 |
|
|
9,733 |
|
|
9,733 |
|
|
9,733 |
|
|
9,733 |
Tangible common equity (book value) |
|
$ |
313,349 |
|
$ |
301,934 |
|
$ |
293,301 |
|
$ |
283,889 |
|
$ |
275,767 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding |
|
|
8,289,479 |
|
|
8,294,801 |
|
|
8,294,801 |
|
|
8,312,918 |
|
|
8,319,852 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per share (GAAP) |
|
$ |
38.97 |
|
$ |
37.57 |
|
$ |
36.53 |
|
$ |
35.32 |
|
$ |
34.32 |
Tangible book value per common share (non-GAAP)* |
|
$ |
37.80 |
|
$ |
36.40 |
|
$ |
35.36 |
|
$ |
34.15 |
|
$ |
33.15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average assets |
|
$ |
4,026,366 |
|
$ |
3,812,225 |
|
$ |
3,454,335 |
|
$ |
3,286,916 |
|
$ |
3,131,100 |
Less: average intangible assets |
|
|
9,733 |
|
|
9,733 |
|
|
9,733 |
|
|
9,733 |
|
|
9,733 |
Average tangible assets |
|
$ |
4,016,633 |
|
$ |
3,802,492 |
|
$ |
3,444,602 |
|
$ |
3,277,183 |
|
$ |
3,121,367 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average equity |
|
$ |
324,876 |
|
$ |
314,727 |
|
$ |
306,487 |
|
$ |
296,228 |
|
$ |
286,647 |
Less: Average preferred equity |
|
|
5,502 |
|
|
5,502 |
|
|
5,502 |
|
|
5,502 |
|
|
5,502 |
Average common equity |
|
$ |
319,374 |
|
$ |
309,225 |
|
$ |
300,985 |
|
$ |
290,726 |
|
$ |
281,145 |
Less: average intangible assets |
|
|
9,733 |
|
|
9,733 |
|
|
9,733 |
|
|
9,733 |
|
|
9,733 |
Average tangible common equity |
|
$ |
309,641 |
|
$ |
299,492 |
|
$ |
291,252 |
|
$ |
280,993 |
|
$ |
271,412 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
4,001,759 |
|
$ |
3,970,441 |
|
$ |
3,612,012 |
|
$ |
3,357,572 |
|
$ |
3,243,171 |
Less: intangible assets |
|
|
9,733 |
|
|
9,733 |
|
|
9,733 |
|
|
9,733 |
|
|
9,733 |
Tangible assets |
|
$ |
3,992,026 |
|
$ |
3,960,708 |
|
$ |
3,602,279 |
|
$ |
3,347,839 |
|
$ |
3,233,438 |
| ___________________ |
* Tangible book value divided by common shares outstanding at period-end. |
