Metropolitan Bank Holding Corp. Reports Net Income of $12 Million and Diluted EPS of $1.43 for the First Quarter

Rhea-AI Summary

Metropolitan Bank Holding Corp. (NYSE:MCB) reported a net income of $12.1 million, or $1.43 per diluted share for Q1 2021, a 98.7% increase from Q1 2020. Total revenues rose 17.1% to $39.0 million. Assets increased 13.7% to $4.92 billion, driven by 15.6% growth in deposits. The bank reported a 3.00% net interest margin, down 21 basis points. Non-performing loans decreased to 0.17% of total loans. The bank remains well-capitalized and is optimistic about business recovery in New York City.

Positive

• Net income rose to $12.1 million, up 98.7% year-over-year.
• Total revenues increased by 17.1% to $39.0 million.
• Total assets grew by 13.7% to $4.92 billion.
• Deposits increased by 15.6%, driven by a $441.8 million rise in non-interest-bearing deposits.
• Non-performing loans dropped to 0.17% of total loans, indicating strong asset quality.

Negative

• Net interest margin decreased to 3.00%, down 21 basis points.
• Non-interest expenses increased by 4.1% compared to Q1 2020.

Metropolitan Bank Holding Corp. (the “Company”) (NYSE:MCB), the holding company for Metropolitan Commercial Bank (the “Bank”), today reported net income of $12.1 million, or $1.43 per diluted common share, for the first quarter of 2021 compared to net income of $6.1 million, or $0.72 per diluted common share, for the first quarter of 2020.

Financial Highlights include:

• First quarter net income of $12.1 million, up 98.7% from the prior year quarter, and earnings per share of $1.43 per share up 98.6% over same period.
• Annualized return on average equity of 14.17% and an annualized return on average tangible common equity* of 14.82%.
• Total revenues** of $39.0 million, up 17.1% from the prior year period and 5.9% from the linked quarter, reflecting continued strength from market positioning of our core franchise.
• Total assets were up 13.7% from the linked quarter with net loan growth of $100.6 million, reflecting a 12.8% annualized pace, on quarterly loan production of $235.7 million.
• Deposits were up 15.6% from year-end 2020, driven by an increase of $441.8 million in non-interest-bearing deposits; non-interest-bearing deposits were 49.0% of total deposits at quarter-end, from 45.1% at year-end 2020.
• Total average cost of funds decreased by 1 basis point from the linked quarter to 35 basis points. Annualized net interest margin of 3.00% was down 21 basis points during the same period, primarily due to strong core deposit growth driving increased overnight liquidity.
• Asset quality remained strong with non-performing loans at 17 basis points of total loans, down 3 basis points from the linked quarter. Loan loss provision of $950,000 in the quarter was commensurate with net loan growth.
• Full payment deferrals related to the Coronavirus pandemic (“COVID-19”) were $27.9 million, or 0.9% of the total loan portfolio as of March 31, 2021, while principal-only payment deferrals were $37.4 million, or 1.2% of the total loan portfolio at the same date.
• Non-interest expenses were $20.3 million, up 4.1% compared to the first quarter of 2020. The efficiency ratio was 52.1%, as compared to 58.6% for the first quarter of 2020.

^{* Non-GAAP financial measure. See Reconciliation of Non-GAAP measures on page 12.
**Total revenues equals the sum of net interest income and non-interest income.}

Mark R. DeFazio, President and Chief Executive Officer commented, “MCB’s unwavering focus transformed the unprecedented challenges of 2020 into a record year and a launching pad for 2021. I am very pleased with our first quarter results. Our momentum has set the stage for a strong, efficient balance sheet build which will allow for sustainable earnings for years to come. Our core funding strategies continue to generate low cost, stable liquidity to fund our organic loan growth. Loan yields, together with low-cost funding, will maintain our margin management discipline. Asset quality continues to perform as it has over the past 20 + years of organic growth. As reported, pandemic-related loan deferrals are winding down with no evidence of loss to date.

“The markets in which we do business are reopening, and we are seeing a positive trend of new business activity, especially in New York City. While we operate in diverse markets, we are very confident in our exposure in Manhattan and in the greater New York area. A benefit of our organic loan production platform is the direct communication with our clients, allowing us to discuss both challenges and opportunities as they evolve in the marketplace. This platform places MCB in the best position to address challenges quickly and to assist our clients in taking advantage of the opportunities.

“I am also very encouraged by the sustained performance of our Global Payments Group. As our fintech clients continue to take market share from banks, we are well positioned to continue to provide the requisite financial infrastructure to support their growth. We are very confident in GPG’s ability as a global payment settlement provider to contribute low-cost funding and non-interest income in a very scalable and efficient manner.

“Lastly, I want to thank our staff and board of directors for their dedication to MCB and our clients. I would also like to thank our clients, who have been very active and have demonstrated their support for MCB’s sustained success over the past 20 years,” Mr. DeFazio concluded.

Balance Sheet

The Company had total assets of $4.92 billion at March 31, 2021, an increase of 13.7% from December 31, 2020. Total loans before deferred fees increased to $3.24 billion at March 31, 2021, as compared to $3.14 billion at December 31, 2020. The increase in total loans from December 31, 2020 was due primarily to an increase of $114.6 million in commercial real estate (“CRE”) loans, including construction and multifamily loans, offset by net paydowns and amortization of $4.9 million in 1-4 family loans, $4.5 million in consumer loans and $4.4 million in commercial and industrial (“C&I”) loans. For the first quarter of 2021, the Bank’s loan production was $235.7 million, as compared to $174.0 million and $152.6 for the linked quarter and the first quarter of 2020, respectively.

Total cash and cash equivalents was $1.14 billion at March 31, 2021, an increase of 31.3% from December 31, 2020. The increase in cash and cash equivalents reflect the strong growth in deposits of $597.1 million that exceeded growth in loans of $100.6 million for the first quarter of 2021. Total securities, primarily those classified as available-for-sale (“AFS”), was $484.8 million at March 31, 2021, an increase of 78.8% from December 31, 2020.

Total deposits increased to $4.43 billion at March 31, 2021, up 15.6% from $3.83 billion at December 31, 2020. The increase in deposits for the first quarter of 2021 was due to increases of $441.8 million in non-interest-bearing deposits and $155.3 million in interest-bearing deposits, resulting from increases across most deposit verticals. Non-interest-bearing deposits were 49.0% of total deposits at March 31, 2021, as compared to 45.1% at December 31, 2020.

The Company and the Bank each meet all the requirements to be considered “Well-Capitalized” under applicable regulatory guidelines. Total non-owner-occupied commercial real estate loans were 426.5% and 412.5% of total risk-based capital at March 31, 2021 and December 31, 2020, respectively.

Income Statement

Financial Highlights

		Three months ended March 31,								Three months ended December 31,
		2021				2020				2020
Total Revenues		$	39,017			$	33,309			$	36,840
Net income			12,117				6,097				11,775
Diluted earnings per common share			1.43				0.72				1.39
Annualized return on average assets			1.05	%			0.71	%			1.13	%
Annualized return on average equity			14.17	%			8.00	%			13.94	%
Annualized return on average tangible common equity*			14.82	%			8.33	%			14.61	%
*Non-GAAP financial measure. See Reconciliation of Non-GAAP measures on page 12.

Net Interest Income

Net interest income for the first quarter of 2021 was $34.4 million, an increase of $955,000 from the linked quarter. This increase was primarily due to a higher average balance of $4.63 billion in interest-earning assets for the first quarter of 2021, which increased $511.1 million from the linked quarter, partially offset by an increase of $88.6 million in average interest-bearing liabilities, which were $2.19 billion for the first quarter of 2021, as compared to $2.10 billion for the linked quarter.

Net interest income increased $5.4 million for first quarter of 2021, as compared to the first quarter of 2020, primarily due to an increase of $1.21 billion in the average balance of interest-earning assets for the first quarter of 2021, as compared to the first quarter of 2020. This was partially offset by a $259.1 million increase in the average balance of interest-bearing liabilities for the first quarter of 2021, as compared to the first quarter of 2020.

Net Interest Margin

Net interest margin decreased by 21 basis points to 3.00% for the first quarter of 2021, as compared to 3.21% for the linked quarter, primarily due to increased overnight deposits driven by strong deposit growth. Additionally, the average cost of interest-bearing deposits increased by 4 basis points to 0.60% for the first quarter of 2021, as compared to 0.56% for the linked quarter, primarily due to an increase in reciprocal sweep deposits.

Net interest margin decreased by 38 basis points for the first quarter of 2021 as compared to 3.38% for the first quarter of 2020, primarily due to increased overnight deposits driven by deposit growth; partially offset by a decrease in the average cost of interest-bearing liabilities driven by the lower rate environment.

Non-Interest Income

Non-interest income was $4.6 million for the first quarter of 2021, an increase of $1.2 million from the linked quarter driven primarily by Global Payments Group, which continues to see strong increases in client transaction volumes driving revenue growth along with contractual fee recognition, which represented approximately 15% of non-interest income in the first quarter of 2021.

Non-interest income for the first quarter of 2021 increased slightly by $255,000, as compared to the first quarter of 2020. The increase was primarily due to an increase of $1.6 million of global payments revenue, partially offset by a gain of $975,000 recognized on sale of AFS securities in the first quarter of 2020.

Non-Interest Expense

Non-interest expense was $20.3 million for the first quarter of 2021, an increase of $2.5 million from the linked quarter. The primary driver was a $1.6 million increase in compensation and benefits expense, of which approximately $1.3 million was related to elevated first quarter employer expenses, including FICA expense and severance costs.

Non-interest expense increased $807,000 for the first quarter of 2021, as compared to the first quarter of 2020. Drivers included an increase in compensation and benefits cost due to addition of 21 full-time employees along with annual salary adjustments and increases in other expenses in line with business expansion, partially offset by a reduction in premises and equipment related to completion of the corporate office move and reduced licensing fees given the LIBOR rate reduction.

Asset Quality

Non-performing loans were $5.5 million at March 31, 2021, a decrease of $925,000 from December 31, 2020. The decrease was primarily due to the charge-off of two C&I loans in the amount of $855,000, all of which was reserved for at December 31, 2020. The Bank’s ratio of non-performing loans to total loans was 0.17% at March 31, 2021.

The provision for loan losses for the first quarter of 2021 was $950,000, a decrease of $845,000 from the linked quarter. This was primarily due to lower net loan growth in the first quarter of 2021, as compared to the linked quarter, as well as higher specific reserves recorded in the linked quarter for certain C&I and consumer loans.

(dollars in thousands)		March 31, 2021				December 31, 2020
Non-performing loans:
Non-accrual loans:
Commercial and industrial			3,337				4,192
Consumer			1,523				1,428
Total non-accrual loans		$	4,860			$	5,620
Accruing loans 90 days or more past due			604				769
Total non-performing loans		$	5,464			$	6,389
Non-accrual loans as % of loans outstanding			0.15	%			0.18	%
Non-performing loans as % of loans outstanding			0.17	%			0.20	%
Allowance for loan losses		$	(35,502	)		$	(35,407	)
Allowance for loan losses as % of loans outstanding			1.10	%			1.13	%
		Three months ended
(dollars in thousands)		March 31, 2021				December 31, 2020
Provision for loan losses		$	950			$	1,795
Charge-offs		$	(855	)		$	(30	)
Recoveries		$	—			$	28
Net charge-offs/(recoveries) as % of average loans (annualized)			0.11	%			0.00	%

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 and provides critical global payments infrastructure to its FinTech partners. 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 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, changes in regulations, legislation or accounting rules and unanticipated adverse changes in our customers’ economic conditions or economic conditions in our local area in general, 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.

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 continued 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 higher 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; our cyber security risks may increase if a significant number of our employees are forced to working remotely; and FDIC premiums may increase if the agency experiences additional resolution costs.

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

(Dollars in thousands)		March 31, 2021				December 31, 2020
Assets
Cash and due from banks		$	9,432			$	8,692
Overnight deposits			1,125,589				855,613
Total cash and cash equivalents			1,135,021				864,305
Investment securities available for sale			479,988				266,096
Investment securities held to maturity			2,492				2,760
Investment securities -- Equity investments			2,281				2,313
Total securities			484,761				271,169
Other investments			11,638				11,597
Loans, net of deferred fees and unamortized costs			3,237,664				3,137,053
Allowance for loan losses			(35,502	)			(35,407	)
Net loans			3,202,162				3,101,646
Receivable from prepaid card programs, net			38,356				27,259
Accrued interest receivable			13,982				13,249
Premises and equipment, net			13,756				13,475
Prepaid expenses and other assets			13,392				18,388
Goodwill			9,733				9,733
Total assets		$	4,922,801			$	4,330,821
Liabilities and Stockholders' Equity
Deposits:
Non-interest-bearing demand deposits		$	2,167,899			$	1,726,135
Interest-bearing deposits			2,258,818				2,103,471
Total deposits			4,426,717				3,829,606
Federal Home Loan Bank of New York advances			—				—
Trust preferred securities			20,620				20,620
Subordinated debt, net of issuance cost			24,670				24,657
Secured Borrowings			36,475				36,964
Accounts payable, accrued expenses and other liabilities			42,737				61,645
Accrued interest payable			563				712
Prepaid third-party debit cardholder balances			22,802				15,830
Total liabilities			4,574,584				3,990,034
Class B preferred stock			3				3
Common stock			83				82
Additional paid in capital			217,384				218,899
Retained earnings			132,947				120,830
Accumulated other comprehensive gain, net of tax effect			(2,200	)			973
Total stockholders’ equity			348,217				340,787
Total liabilities and stockholders’ equity		$	4,922,801			$	4,330,821

Consolidated Statement of Income (unaudited)

		Quarter ended Mar. 31,									Quarter ended Dec. 31,
(dollars in thousands, except per share data)		2021				2020					2020
Total interest income		$	38,106			$	36,067				$	36,862
Total interest expense			3,684				7,098					3,395
Net interest income			34,422				28,969					33,467
Provision for loan losses			950				4,790					1,795
Net interest income after provision for loan losses			33,472				24,179					31,672
Non-interest income:
Service charges on deposit accounts			1,065				1,081					981
Global payments revenue			3,267				1,621					2,163
Other service charges and fees			304				627					236
Unrealized (loss) gain on equity securities			(41	)			36					(7	)
Gain on sale of securities			—				975					—
Total non-interest income			4,595				4,340					3,373
Non-interest expense:
Compensation and benefits			11,428				9,960					9,835
Bank premises and equipment			2,024				2,500					1,842
Professional fees			1,304				955					1,064
Licensing fees and technology costs			3,001				3,806					2,814
Other expenses			2,566				2,295					2,233
Total non-interest expense			20,323				19,516					17,788
Net income before income tax expense			17,744				9,003					17,257
Income tax expense			5,627				2,906					5,482
Net income		$	12,117			$	6,097				$	11,775
Earnings per common share:
Average common shares outstanding - basic			8,276,174				8,215,959					8,225,083
Average common shares outstanding - diluted			8,417,319				8,412,782					8,417,729
Basic earnings		$	1.46			$	0.73				$	1.42
Diluted earnings		$	1.43			$	0.72				$	1.39

Net Interest Margin Analysis

		Three months ended
		March 31, 2021									December 31, 2020
		Average									Average
		Outstanding						Yield/Rate			Outstanding						Yield/Rate
(dollars in thousands)		Balance			Interest			(annualized)			Balance			Interest			(annualized)
Assets:
Interest-earning assets:
Loans (1)		$	3,187,450		$	36,840		4.67	%		$	3,070,850		$	35,843		4.62	%
Available-for-sale securities			330,451			752		0.91	%			230,080			573		0.97	%
Held-to-maturity securities			2,623			11		1.71	%			2,906			12		1.65	%
Equity investments - non-trading			2,302			8		1.39	%			2,294			9		1.46	%
Overnight deposits			1,100,690			344		0.13	%			806,602			280		0.14	%
Other interest-earning assets			11,610			151		5.27	%			11,336			145		5.09	%
Total interest-earning assets			4,635,126			38,106		3.32	%			4,124,068			36,862		3.54	%
Non-interest-earning assets			69,894									63,962
Allowance for loan and lease losses			(35,969)									(34,122)
Total assets		$	4,669,051								$	4,153,908
Liabilities and Stockholders' Equity:
Interest-bearing liabilities:
Money market, savings and other interest-bearing accounts		$	2,058,611		$	2,907		0.57	%		$	1,962,417		$	2,554		0.52	%
Certificates of deposit			86,902			264		1.23	%			94,546			327		1.38	%
Total interest-bearing deposits			2,145,513			3,171		0.60	%			2,056,963			2,881		0.56	%
Borrowed funds			45,282			513		4.53	%			45,268			514		4.44	%
Total interest-bearing liabilities			2,190,795			3,684		0.68	%			2,102,231			3,395		0.64	%
Non-interest-bearing liabilities:
Non-interest-bearing deposits			2,067,539									1,636,417
Other non-interest-bearing liabilities			63,932									79,320
Total liabilities			4,322,266									3,817,968
Stockholders' Equity			346,785									335,940
Total liabilities and equity		$	4,669,051								$	4,153,908
Net interest income					$	34,422								$	33,467
Net interest rate spread (2)								2.64	%								2.90	%
Net interest-earning assets		$	2,444,331								$	2,021,837
Net interest margin (3)								3.00	%								3.21	%
Total cost of funds (4)								0.35	%								0.36	%

___________________
(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.
(4)		Determined by dividing annualized interest expense by the sum of total average interest-bearing liabilities and total average non-interest-bearing deposits.

		Three months ended
		March 31, 2021										March 31, 2020
		Average										Average
		Outstanding							Yield/Rate			Outstanding							Yield/Rate
(dollars in thousands)		Balance				Interest			(annualized)			Balance				Interest			(annualized)
Assets:
Interest-earning assets:
Loans (1)		$	3,187,450			$	36,840		4.67	%		$	2,705,710			$	32,827		4.85	%
Available-for-sale securities			330,451				752		0.91	%			219,883				1,343		2.42	%
Held-to-maturity securities			2,623				11		1.71	%			3,622				17		1.86	%
Equity investments - non-trading			2,302				8		1.39	%			2,263				12		2.10	%
Overnight deposits			1,100,690				344		0.13	%			470,638				1,593		1.36	%
Other interest-earning assets			11,610				151		5.27	%			21,441				275		5.07	%
Total interest-earning assets			4,635,126				38,106		3.32	%			3,423,557				36,067		4.22	%
Non-interest-earning assets			69,894										57,567
Allowance for loan and lease losses			(35,969	)									(26,789	)
Total assets		$	4,669,051									$	3,454,335
Liabilities and Stockholders' Equity:
Interest-bearing liabilities:
Money market, savings and other interest-bearing accounts		$	2,058,611			$	2,907		0.57	%		$	1,638,362			$	5,171		1.27	%
Certificates of deposit			86,902				264		1.23	%			104,067				596		2.30	%
Total interest-bearing deposits			2,145,513				3,171		0.60	%			1,742,429				5,767		1.33	%
Borrowed funds			45,282				513		4.53	%			189,226				1,331		2.78	%
Total interest-bearing liabilities			2,190,795				3,684		0.68	%			1,931,655				7,098		1.48	%
Non-interest-bearing liabilities:
Non-interest-bearing deposits			2,067,539										1,157,270
Other non-interest-bearing liabilities			63,932										58,923
Total liabilities			4,322,266										3,147,848
Stockholders' Equity			346,785										306,487
Total liabilities and equity		$	4,669,051									$	3,454,335
Net interest income						$	34,422									$	28,969
Net interest rate spread (2)									2.64	%									2.74	%
Net interest-earning assets		$	2,444,331									$	1,491,902
Net interest margin (3)									3.00	%									3.38	%
Total cost of funds (4)									0.35	%									0.92	%

___________________
(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.
(4)		Determined by dividing annualized interest expense by the sum of total average interest-bearing liabilities and total average non-interest-bearing deposits.

Summary of Income and Performance Measures
Five Quarter Trend (unaudited)

		Quarter Ended
(Dollars in thousands)		Mar. 31, 2021				Dec. 31, 2020				Sept. 30, 2020				June 30, 2020				Mar. 31, 2020
Net interest income		$	34,422			$	33,467			$	32,324			$	30,161			$	28,969
Provision for loan losses			950				1,795				1,137				1,766				4,790
Net interest income after provision for loan losses			33,472				31,672				31,187				28,395				24,179
Non-interest income			4,595				3,373				3,637				5,653				4,340
Non-interest expense:
Compensation and benefits			11,428				9,835				9,944				10,058				9,960
Other Expense			8,895				7,953				8,986				8,226				9,556
Total non-interest expense			20,323				17,788				18,930				18,284				19,516
Income before income tax expense			17,744				17,257				15,894				15,764				9,003
Income tax expense			5,627				5,482				5,111				4,953				2,906
Net income			12,117				11,775				10,783				10,811				6,097
Pre-tax, pre-provision income*		$	18,694			$	19,052			$	17,031			$	17,530			$	13,793
Performance Measures:
Net income available to common shareholders			12,062				11,690				10,694				10,716				6,032
Per common share:
Basic earnings		$	1.46			$	1.42			$	1.30			$	1.30			$	0.73
Diluted earnings		$	1.43			$	1.39			$	1.27			$	1.28			$	0.72
Common shares outstanding:
Average - diluted			8,417,319				8,417,729				8,393,211				8,359,450				8,412,782
Period end			8,345,032				8,295,272				8,289,479				8,294,801				8,294,801
Return on (annualized):
Average total assets			1.05	%			1.13	%			1.07	%			1.14	%			0.71	%
Average equity			14.17	%			13.94	%			13.20	%			13.82	%			8.00	%
Average tangible common equity*			14.82	%			14.61	%			13.85	%			14.36	%			8.33	%
Yield on average earning assets			3.32	%			3.54	%			3.54	%			3.62	%			4.22	%
Cost of interest-bearing liabilities			0.68	%			0.64	%			0.71	%			0.81	%			1.48	%
Net interest spread			2.64	%			2.90	%			2.83	%			2.81	%			2.74	%
Net interest margin			3.00	%			3.21	%			3.18	%			3.19	%			3.38	%
Net charge-offs as % of average loans (annualized)			0.11	%	{ "@context": "https://schema.org", "@type": "FAQPage", "name": "Metropolitan Bank Holding Corp. Reports Net Income of $12 Million and Diluted EPS of $1.43 for the First Quarter FAQs", "mainEntity": [ { "@type": "Question", "name": "What is the latest net income reported by Metropolitan Bank Holding Corp. (MCB)?", "acceptedAnswer": { "@type": "Answer", "text": "Metropolitan Bank Holding Corp. reported a net income of $12.1 million for Q1 2021." } }, { "@type": "Question", "name": "How much did total revenues increase for MCB in the first quarter of 2021?", "acceptedAnswer": { "@type": "Answer", "text": "Total revenues for MCB increased by 17.1% to $39.0 million in Q1 2021." } }, { "@type": "Question", "name": "What is the net interest margin reported for MCB in Q1 2021?", "acceptedAnswer": { "@type": "Answer", "text": "The net interest margin for MCB in Q1 2021 was 3.00%, a decrease of 21 basis points." } }, { "@type": "Question", "name": "How have non-performing loans changed for MCB recently?", "acceptedAnswer": { "@type": "Answer", "text": "Non-performing loans as a percentage of total loans decreased to 0.17% as of March 31, 2021." } }, { "@type": "Question", "name": "What percentage increase in deposits did MCB report for Q1 2021?", "acceptedAnswer": { "@type": "Answer", "text": "MCB reported a 15.6% increase in deposits in Q1 2021." } } ] } FAQ What is the latest net income reported by Metropolitan Bank Holding Corp. (MCB)? Metropolitan Bank Holding Corp. reported a net income of $12.1 million for Q1 2021. How much did total revenues increase for MCB in the first quarter of 2021? Total revenues for MCB increased by 17.1% to $39.0 million in Q1 2021. What is the net interest margin reported for MCB in Q1 2021? The net interest margin for MCB in Q1 2021 was 3.00%, a decrease of 21 basis points. How have non-performing loans changed for MCB recently? Non-performing loans as a percentage of total loans decreased to 0.17% as of March 31, 2021. What percentage increase in deposits did MCB report for Q1 2021? MCB reported a 15.6% increase in deposits in Q1 2021. Metropolitan Bank Holding Corp. NYSE:MCB MCB Rankings #2856 Ranked by Market Cap N/A Ranked by Dividends MCB Latest News Dec 19, 2024 Metropolitan Commercial Bank Named to Newsweek’s America’s Best Regional Banks and Credit Unions 2025 Oct 17, 2024 Metropolitan Bank Holding Corp. Reports Third Quarter 2024 Results Oct 4, 2024 Metropolitan Bank Holding Corp. Announces Third Quarter 2024 Earnings Release and Conference Call Date Sep 30, 2024 Metropolitan Commercial Bank Recognized as a Member of Piper Sandler’s Sm-All Stars Class of 2024 Sep 26, 2024 Metropolitan Commercial Bank Unveils Enhanced Website Experience MCB Stock Data Market Cap 666.99M Float 9.74M Insiders Ownership 5.77% Institutions Ownership 83.14% Short Percent 4.29% Industry Banks - Regional Sector State Commercial Banks Website Link Country United States of America City NEW YORK Explore About Rhea-AI Sitemap Legal Terms of Use Cookie Notice Privacy Policy Links RSS feed Patreon Discord Server Facebook Reddit Google News © 2020-2024 StockTitan.net