Metropolitan Bank Holding Corp. Reports Second Quarter Net Income of $13.3 Million and Diluted EPS of $1.55
Metropolitan Bank Holding Corp. (NYSE: MCB) reported a net income of $13.3 million or $1.55 per diluted share for Q2 2021, up from $10.8 million or $1.29 per share in Q2 2020. Total revenues increased by 20.4% to $43.1 million. Loans and deposits rose 19.3% and 55.8% year-over-year, respectively. The company’s efficiency ratio improved to 50.3%. However, net interest margin decreased to 2.68%, down from 3.19% a year prior, attributed to lower-yielding deposits. Overall, MCB maintains a strong financial position with a solid asset base and credit quality.
- Net income increased to $13.3 million, up 23% year-over-year.
- Total revenues rose by 20.4% to $43.1 million.
- Loans grew by 19.3% compared to June 30, 2020.
- Deposits surged by 55.8% year-over-year, bolstered by a significant rise in non-interest-bearing deposits.
- Net interest margin decreased to 2.68%, down 51 basis points from the previous year.
Metropolitan Bank Holding Corp. (the “Company”) (NYSE: MCB), the holding company for Metropolitan Commercial Bank (the “Bank”), today reported net income of
Financial Highlights include:
-
Total revenues of
$43.1 million , up20.4% from the prior year quarter, and up26.9% excluding gain on sale of securities1 recorded in each period -
Second quarter earnings per share of
$1.55 , up20.2% from the prior year quarter -
Book value per share was
$42.92 per share, up14.2% and tangible book value per share1 was$41.75 , up14.7% from prior year quarter -
Annualized return on average equity of
15.0% and an annualized return on average tangible common equity1 of15.7% -
Loans were up
6.5% from the linked quarter and19.3% from June 30, 2020 -
Deposits were up
19.5% from the linked quarter and55.8% from June 30, 2020, with non-interest bearing demand deposits increasing by$1.3 billion or83.0% since June 30, 2020. -
Efficiency ratio1 improved to
50.3% compared to51.1% for the prior year quarter
Mark DeFazio, President and Chief Executive Officer, commented, “Our second quarter results, which underscore our sustainable and resilient organic growth, highlight the business model and values we developed 22 years ago when MCB was founded. At its core, MCB is a commercial bank that consistently drives organic loan and deposit growth, which provides sustainable growth in net income, tangible book value per share and EPS. Given our early strategic vision and foresight on industry change, we developed a unique ability to collaborate with fintech clients well before “fintech” was a term. Our Global Payments Group continues to pave the way for the transformation of MCB that allows us to simultaneously be a high performing commercial bank and a critical financial infrastructure partner to fintechs. Our Global Payments Group, with revenue growth and stable, non-interest-bearing deposits, continues to be a meaningful source of liquidity. As our fintech partners continue to gain market share, MCB is well positioned to benefit from this vertical’s low acquisition cost of deposits.
As we approach the end of our fourth year as a public company, I am reminded that our people make the difference. Without the dedication and effort of the entire MCB team, including through the challenges of the pandemic, we would not be able to deliver on our promise to our clients to help them build and sustain generational wealth. A heartfelt thank you goes out to the entire MCB team for all they do to make this a reality,” Mr. DeFazio concluded.
1non-GAAP financial measure. See Reconciliation of Non-GAAP measures starting on page 12.
Balance Sheet
The Company had total assets of
Total cash and cash equivalents were
Total deposits increased to
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
Income Statement
Financial Highlights
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands) |
|
Three months ended June 30, |
|
Six months ended June 30, |
|
||||||||||
|
|
2021 |
|
2020 |
|
|
2021 |
|
2020 |
|
|
||||
Total Revenues |
|
$ |
43,129 |
|
$ |
35,814 |
|
|
$ |
82,145 |
|
$ |
69,121 |
|
|
Net income |
|
|
13,336 |
|
|
10,811 |
|
|
|
25,453 |
|
|
16,908 |
|
|
Diluted earnings per common share |
|
|
1.55 |
|
|
1.29 |
|
|
|
2.45 |
|
|
2.01 |
|
|
Annualized return on average assets |
|
|
0.97 |
% |
|
1.14 |
% |
|
|
1.01 |
% |
|
0.94 |
% |
|
Annualized return on average equity |
|
|
14.98 |
% |
|
13.82 |
% |
|
|
14.58 |
% |
|
10.95 |
% |
|
Annualized return on average tangible common equity* |
|
|
15.65 |
% |
|
14.36 |
% |
|
|
15.24 |
% |
|
11.54 |
% |
|
Net Interest Income
Net interest income for the second quarter of 2021 was
Net interest income increased
Net Interest Margin
Net interest margin decreased by 32 basis points to
Net interest margin decreased by 51 basis points to
Total cost of funds was 32 basis points, a decrease of 3 basis points from the linked quarter, and a decrease of 16 basis points from the prior year quarter, given the shift in mix toward non-interest bearing deposits.
Non-Interest Income
Non-interest income was
Non-interest income for the second quarter of 2021 increased by
Non-Interest Expense
Non-interest expense was
Non-interest expense increased
Asset Quality
Credit quality remains strong with no charge offs in the second quarter of 2021, while non-performing loans fell to
About Metropolitan Bank Holding Corp.
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. the 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 Federal Deposit Insurance Corporation (“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 or securities portfolios, unexpected increases in our expenses, greater than anticipated growth and our ability to manage our growth, unanticipated regulatory action or changes in regulations, unexpected changes in interest rates, an unanticipated decrease in deposits, an unanticipated loss of key personnel or existing customers, competition from other institutions resulting in unanticipated changes in our loan or deposit rates, unanticipated increases in FDIC costs, changes in regulations, legislation or accounting rules and unanticipated adverse changes in our customers’ economic conditions or general economic conditions, 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) |
|
June 30, 2021 |
|
December 31, 2020 |
|
June 30, 2020 |
||
Assets |
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
29,651 |
|
$ |
8,692 |
$ |
9,529 |
Overnight deposits |
|
|
1,689,614 |
|
|
855,613 |
|
813,147 |
Total cash and cash equivalents |
|
|
1,719,265 |
|
|
864,305 |
|
822,676 |
Investment securities available for sale |
|
|
543,769 |
|
|
266,096 |
|
189,359 |
Investment securities held to maturity |
|
|
2,222 |
|
|
2,760 |
|
3,319 |
Investment securities -- equity investments |
|
|
2,291 |
|
|
2,313 |
|
2,301 |
Total securities |
|
|
548,282 |
|
|
271,169 |
|
194,979 |
Other investments |
|
|
11,989 |
|
|
11,597 |
|
15,731 |
Loans, net of deferred fees and unamortized costs |
|
|
3,449,490 |
|
|
3,137,053 |
|
2,892,274 |
Allowance for loan losses |
|
|
(37,377) |
|
|
(35,407) |
|
(32,505) |
Net loans |
|
|
3,412,113 |
|
|
3,101,646 |
|
2,859,769 |
Receivable from prepaid card programs, net |
|
|
43,089 |
|
|
27,259 |
|
31,123 |
Accrued interest receivable |
|
|
14,424 |
|
|
13,249 |
|
11,148 |
Premises and equipment, net |
|
|
13,337 |
|
|
13,475 |
|
15,065 |
Prepaid expenses and other assets |
|
|
14,961 |
|
|
18,388 |
|
10,217 |
Goodwill |
|
|
9,733 |
|
|
9,733 |
|
9,733 |
Total assets |
|
$ |
5,787,193 |
|
$ |
4,330,821 |
$ |
3,970,441 |
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
Non-interest-bearing demand deposits |
|
$ |
2,794,136 |
|
$ |
1,726,135 |
$ |
1,526,439 |
Interest-bearing deposits |
|
|
2,494,137 |
|
|
2,103,471 |
|
1,868,300 |
Total deposits |
|
|
5,288,273 |
|
|
3,829,606 |
|
3,394,739 |
Federal Home Loan Bank of New York advances |
|
|
— |
|
|
— |
|
104,000 |
Trust preferred securities |
|
|
20,620 |
|
|
20,620 |
|
20,602 |
Subordinated debt, net of issuance cost |
|
|
24,684 |
|
|
24,657 |
|
24,629 |
Secured borrowings |
|
|
36,449 |
|
|
36,964 |
|
41,948 |
Accounts payable, accrued expenses and other liabilities |
|
|
30,598 |
|
|
61,645 |
|
34,780 |
Accrued interest payable |
|
|
1,773 |
|
|
712 |
|
1,199 |
Prepaid third-party debit cardholder balances |
|
|
21,201 |
|
|
15,830 |
|
31,357 |
Total liabilities |
|
|
5,423,598 |
|
|
3,990,034 |
|
3,653,272 |
|
|
|
|
|
|
|
|
|
Class B preferred stock |
|
|
3 |
|
|
3 |
|
3 |
Common stock |
|
|
83 |
|
|
82 |
|
82 |
Additional paid in capital |
|
|
219,098 |
|
|
218,899 |
|
217,644 |
Retained earnings |
|
|
146,283 |
|
|
120,830 |
|
98,271 |
Accumulated other comprehensive gain/(loss), net of tax effect |
|
|
(1,872) |
|
|
973 |
|
1,169 |
Total stockholders’ equity |
|
|
363,595 |
|
|
340,787 |
|
317,169 |
Total liabilities and stockholders’ equity |
|
$ |
5,787,193 |
|
$ |
4,330,821 |
$ |
3,970,441 |
Consolidated Statement of Income (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|||||||||||
(dollars in thousands) |
|
June 30, 2021 |
|
March 31, 2021 |
|
June 30, 2020 |
|
June 30, 2021 |
|
June 30, 2020 |
|
|||||
Total interest income |
|
$ |
41,050 |
|
38,106 |
|
|
$ |
34,223 |
|
$ |
79,156 |
|
$ |
70,291 |
|
Total interest expense |
|
|
4,077 |
|
3,684 |
|
|
|
4,062 |
|
|
7,760 |
|
|
11,159 |
|
Net interest income |
|
|
36,973 |
|
34,422 |
|
|
|
30,161 |
|
|
71,396 |
|
|
59,132 |
|
Provision for loan losses |
|
|
1,875 |
|
950 |
|
|
|
1,766 |
|
|
2,825 |
|
|
6,556 |
|
Net interest income after provision for loan losses |
|
|
35,098 |
|
33,472 |
|
|
|
28,395 |
|
|
68,571 |
|
|
52,576 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
|
1,349 |
|
1,065 |
|
|
|
803 |
|
|
2,414 |
|
|
1,883 |
|
Global payments revenue |
|
|
3,628 |
|
3,267 |
|
|
|
2,108 |
|
|
6,894 |
|
|
3,729 |
|
Other service charges and fees |
|
|
566 |
|
304 |
|
|
|
411 |
|
|
868 |
|
|
1,036 |
|
Unrealized gain (loss) on equity securities |
|
|
4 |
|
(41) |
|
|
|
19 |
|
|
(36) |
|
|
55 |
|
Gain on sale of securities |
|
|
609 |
|
— |
|
|
|
2,312 |
|
|
609 |
|
|
3,286 |
|
Total non-interest income |
|
|
6,156 |
|
4,595 |
|
|
|
5,653 |
|
|
10,749 |
|
|
9,989 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits |
|
|
11,211 |
|
11,428 |
|
|
|
10,058 |
|
|
22,638 |
|
|
20,017 |
|
Bank premises and equipment |
|
|
2,000 |
|
2,024 |
|
|
|
1,887 |
|
|
4,024 |
|
|
4,387 |
|
Professional fees |
|
|
2,003 |
|
1,304 |
|
|
|
882 |
|
|
3,306 |
|
|
1,837 |
|
Technology costs |
|
|
1,447 |
|
927 |
|
|
|
824 |
|
|
2,374 |
|
|
1,581 |
|
Licensing fees |
|
|
2,067 |
|
2,074 |
|
|
|
2,636 |
|
|
4,141 |
|
|
5,684 |
|
Other expenses |
|
|
2,961 |
|
2,566 |
|
|
|
1,997 |
|
|
5,528 |
|
|
4,291 |
|
Total non-interest expense |
|
|
21,689 |
|
20,323 |
|
|
|
18,284 |
|
|
42,011 |
|
|
37,797 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income before income tax expense |
|
|
19,565 |
|
17,744 |
|
|
|
15,764 |
|
|
37,309 |
|
|
24,768 |
|
Income tax expense |
|
|
6,229 |
|
5,627 |
|
|
|
4,953 |
|
|
11,856 |
|
|
7,860 |
|
Net income |
|
$ |
13,336 |
|
12,117 |
|
|
$ |
10,811 |
|
$ |
25,453 |
|
$ |
16,908 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average common shares outstanding - basic |
|
|
8,312,234 |
|
8,276,174 |
|
|
|
8,221,748 |
|
|
8,294,404 |
|
|
8,218,853 |
|
Average common shares outstanding - diluted |
|
|
8,543,474 |
|
8,417,319 |
|
|
|
8,359,450 |
|
|
8,479,562 |
|
|
8,391,514 |
|
Basic earnings |
|
$ |
1.59 |
|
1.46 |
|
|
$ |
1.30 |
|
$ |
2.50 |
|
$ |
2.04 |
|
Diluted earnings |
|
$ |
1.55 |
|
1.43 |
|
|
$ |
1.28 |
|
$ |
2.45 |
|
$ |
2.00 |
|
Net Interest Margin Analysis
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
||||||||||||||||
|
June 30, 2021 |
|
March 31, 2021 |
||||||||||||||
|
Average |
|
|
|
|
|
|
|
Average |
|
|
|
|
|
|
||
|
Outstanding |
|
|
|
|
Yield/Rate |
|
|
Outstanding |
|
|
|
|
Yield/Rate |
|
||
(dollars in thousands) |
Balance |
|
Interest |
|
(annualized) |
|
|
Balance |
|
Interest |
|
(annualized) |
|
||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1) |
$ |
3,334,762 |
|
$ |
39,234 |
|
4.65 |
% |
|
$ |
3,187,450 |
|
$ |
36,840 |
|
4.67 |
% |
Available-for-sale securities |
|
487,147 |
|
|
1,204 |
|
0.98 |
% |
|
|
330,451 |
|
|
752 |
|
0.91 |
% |
Held-to-maturity securities |
|
2,348 |
|
|
9 |
|
1.52 |
% |
|
|
2,623 |
|
|
11 |
|
1.71 |
% |
Equity investments - non-trading |
|
2,309 |
|
|
7 |
|
1.20 |
% |
|
|
2,302 |
|
|
8 |
|
1.39 |
% |
Overnight deposits |
|
1,612,187 |
|
|
442 |
|
0.11 |
% |
|
|
1,100,690 |
|
|
344 |
|
0.13 |
% |
Other interest-earning assets |
|
11,985 |
|
|
154 |
|
5.15 |
% |
|
|
11,610 |
|
|
151 |
|
5.27 |
% |
Total interest-earning assets |
|
5,450,738 |
|
|
41,050 |
|
2.98 |
% |
|
|
4,635,126 |
|
|
38,106 |
|
3.32 |
% |
Non-interest-earning assets |
|
90,287 |
|
|
|
|
|
|
|
|
69,894 |
|
|
|
|
|
|
Allowance for loan and lease losses |
|
(36,339) |
|
|
|
|
|
|
|
|
(35,969) |
|
|
|
|
|
|
Total assets |
$ |
5,504,686 |
|
|
|
|
|
|
|
$ |
4,669,051 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market, savings and other interest-bearing accounts |
$ |
2,314,791 |
|
$ |
3,348 |
|
0.58 |
% |
|
$ |
2,058,611 |
|
$ |
2,907 |
|
0.57 |
% |
Certificates of deposit |
|
83,606 |
|
|
217 |
|
1.04 |
% |
|
|
86,902 |
|
|
264 |
|
1.23 |
% |
Total interest-bearing deposits |
|
2,398,397 |
|
|
3,565 |
|
0.60 |
% |
|
|
2,145,513 |
|
|
3171 |
|
0.60 |
% |
Borrowed funds |
|
45,296 |
|
|
512 |
|
4.47 |
% |
|
|
45,282 |
|
|
513 |
|
4.53 |
% |
Total interest-bearing liabilities |
|
2,443,693 |
|
|
4,077 |
|
0.67 |
% |
|
|
2,190,795 |
|
|
3,684 |
|
0.68 |
% |
Non-interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing deposits |
|
2,603,198 |
|
|
|
|
|
|
|
|
2,067,539 |
|
|
|
|
|
|
Other non-interest-bearing liabilities |
|
100,698 |
|
|
|
|
|
|
|
|
63,932 |
|
|
|
|
|
|
Total liabilities |
|
5,147,589 |
|
|
|
|
|
|
|
|
4,322,266 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity |
|
357,097 |
|
|
|
|
|
|
|
|
346,785 |
|
|
|
|
|
|
Total liabilities and equity |
$ |
5,504,686 |
|
|
|
|
|
|
|
$ |
4,669,051 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
|
$ |
36,973 |
|
|
|
|
|
|
|
$ |
34,422 |
|
|
|
Net interest rate spread (2) |
|
|
|
|
|
|
2.31 |
% |
|
|
|
|
|
|
|
2.64 |
% |
Net interest-earning assets |
$ |
3,007,045 |
|
|
|
|
|
|
|
$ |
2,444,331 |
|
|
|
|
|
|
Net interest margin (3) |
|
|
|
|
|
|
2.68 |
% |
|
|
|
|
|
|
|
3.00 |
% |
Ratio of interest earning assets to interest bearing liabilities |
|
|
|
|
|
|
2.23 |
x |
|
|
|
|
|
|
|
2.12 |
x |
Total cost of funds (4) |
|
|
|
|
|
|
0.32 |
% |
|
|
|
|
|
|
|
0.35 |
% |
(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 |
|
||||||||||||||
|
|
June 30, 2021 |
|
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) |
|
$ |
3,334,762 |
|
$ |
39,234 |
|
4.65 |
% |
$ |
2,827,154 |
|
$ |
32,983 |
|
4.68 |
% |
Available-for-sale securities |
|
|
487,147 |
|
|
1,204 |
|
0.98 |
% |
|
138,944 |
|
|
609 |
|
1.73 |
% |
Held-to-maturity securities |
|
|
2,348 |
|
|
9 |
|
1.52 |
% |
|
3,423 |
|
|
16 |
|
1.85 |
% |
Equity investments - non-trading |
|
|
2,309 |
|
|
7 |
|
1.20 |
% |
|
2,274 |
|
|
11 |
|
1.91 |
% |
Overnight deposits |
|
|
1,612,187 |
|
|
442 |
|
0.11 |
% |
|
794,377 |
|
|
374 |
|
0.19 |
% |
Other interest-earning assets |
|
|
11,985 |
|
|
154 |
|
5.15 |
% |
|
18,485 |
|
|
230 |
|
4.92 |
% |
Total interest-earning assets |
|
|
5,450,738 |
|
|
41,050 |
|
2.98 |
% |
|
3,784,657 |
|
|
34,223 |
|
3.62 |
% |
Non-interest-earning assets |
|
|
90,287 |
|
|
|
|
|
|
|
59,014 |
|
|
|
|
|
|
Allowance for loan and lease losses |
|
|
(36,339) |
|
|
|
|
|
|
|
(31,446) |
|
|
|
|
|
|
Total assets |
|
$ |
5,504,686 |
|
|
|
|
|
|
$ |
3,812,225 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market, savings and other interest-bearing accounts |
|
$ |
2,314,791 |
|
$ |
3,348 |
|
0.58 |
% |
$ |
1,764,742 |
|
$ |
2,437 |
|
0.56 |
% |
Certificates of deposit |
|
|
83,606 |
|
|
217 |
|
1.04 |
% |
|
97,688 |
|
|
478 |
|
1.97 |
% |
Total interest-bearing deposits |
|
|
2,398,397 |
|
|
3,565 |
|
0.60 |
% |
|
1,862,430 |
|
|
2,915 |
|
0.63 |
% |
Borrowed funds |
|
|
45,296 |
|
|
512 |
|
4.47 |
% |
|
158,471 |
|
|
1,147 |
|
2.86 |
% |
Total interest-bearing liabilities |
|
|
2,443,693 |
|
|
4,077 |
|
0.67 |
% |
|
2,020,901 |
|
|
4,062 |
|
0.81 |
% |
Non-interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing deposits |
|
|
2,603,198 |
|
|
|
|
|
|
|
1,398,438 |
|
|
|
|
|
|
Other non-interest-bearing liabilities |
|
|
100,698 |
|
|
|
|
|
|
|
78,159 |
|
|
|
|
|
|
Total liabilities |
|
|
5,147,589 |
|
|
|
|
|
|
|
3,497,498 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity |
|
|
357,097 |
|
|
|
|
|
|
|
314,727 |
|
|
|
|
|
|
Total liabilities and equity |
|
$ |
5,504,686 |
|
|
|
|
|
|
$ |
3,812,225 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
|
|
$ |
36,973 |
|
|
|
|
|
|
$ |
30,161 |
|
|
|
Net interest rate spread (2) |
|
|
|
|
|
|
|
2.31 |
% |
|
|
|
|
|
|
2.81 |
% |
Net interest-earning assets |
|
$ |
3,007,045 |
|
|
|
|
|
|
$ |
1,763,756 |
|
|
|
|
|
|
Net interest margin (3) |
|
|
|
|
|
|
|
2.68 |
% |
|
|
|
|
|
|
3.19 |
% |
Ratio of interest earning assets to interest bearing liabilities |
|
|
|
|
|
|
|
2.23 |
x |
|
|
|
|
|
|
1.87 |
x |
Total cost of funds (4) |
|
|
|
|
|
|
|
0.32 |
% |
|
|
|
|
|
|
0.48 |
% |
(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) |
|
June 30, 2021 |
|
Mar. 31, 2021 |
|
Dec. 31, 2020 |
|
Sept. 30, 2020 |
|
June 30, 2020 |
|
|||||
Net interest income |
|
$ |
36,973 |
|
$ |
34,422 |
|
$ |
33,467 |
|
$ |
32,324 |
|
$ |
30,161 |
|
Provision for loan losses |
|
|
1,875 |
|
|
950 |
|
|
1,795 |
|
|
1,137 |
|
|
1,766 |
|
Net interest income after provision for loan losses |
|
|
35,098 |
|
|
33,472 |
|
|
31,672 |
|
|
31,187 |
|
|
28,395 |
|
Non-interest income |
|
|
6,156 |
|
|
4,595 |
|
|
3,373 |
|
|
3,637 |
|
|
5,653 |
|
Non-interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits |
|
|
11,211 |
|
|
11,428 |
|
|
9,835 |
|
|
9,944 |
|
|
10,058 |
|
Other expense |
|
|
10,478 |
|
|
8,895 |
|
|
7,953 |
|
|
8,986 |
|
|
8,226 |
|
Total non-interest expense |
|
|
21,689 |
|
|
20,323 |
|
|
17,788 |
|
|
18,930 |
|
|
18,284 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income tax expense |
|
|
19,565 |
|
|
17,744 |
|
|
17,257 |
|
|
15,894 |
|
|
15,764 |
|
Income tax expense |
|
|
6,229 |
|
|
5,627 |
|
|
5,482 |
|
|
5,111 |
|
|
4,953 |
|
Net income |
|
|
13,336 |
|
|
12,117 |
|
|
11,775 |
|
|
10,783 |
|
|
10,811 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax, pre-provision income* |
|
$ |
21,440 |
|
$ |
18,694 |
|
$ |
19,052 |
|
$ |
17,031 |
|
$ |
17,530 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance Measures: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available to common shareholders |
|
|
13,252 |
|
|
12,062 |
|
|
11,690 |
|
|
10,694 |
|
|
10,716 |
|
Per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings |
|
$ |
1.59 |
|
$ |
1.46 |
|
$ |
1.42 |
|
$ |
1.30 |
|
$ |
1.30 |
|
Diluted earnings |
|
$ |
1.55 |
|
$ |
1.43 |
|
$ |
1.39 |
|
$ |
1.27 |
|
$ |
1.29 |
|
Common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average - diluted |
|
|
8,543,474 |
|
|
8,417,319 |
|
|
8,417,729 |
|
|
8,393,211 |
|
|
8,359,450 |
|
Period end |
|
|
8,344,193 |
|
|
8,345,032 |
|
|
8,295,272 |
|
|
8,289,479 |
|
|
8,294,801 |
|
Return on (annualized): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total assets |
|
|
0.97 |
% |
|
1.05 |
% |
|
1.13 |
% |
|
1.07 |
% |
|
1.14 |
% |
Average equity |
|
|
14.98 |
% |
|
14.17 |
% |
|
13.94 |
% |
|
13.20 |
% |
|
13.82 |
% |
Average tangible common equity* |
|
|
15.65 |
% |
|
14.82 |
% |
|
14.61 |
% |
|
13.85 |
% |
|
14.36 |
% |
Yield on average earning assets |
|
|
2.98 |
% |
|
3.32 |
% |
|
3.54 |
% |
|
3.54 |
% |
|
3.62 |
% |
Cost of interest-bearing liabilities |
|
|
0.67 |
% |
|
0.68 |
% |
|
0.64 |
% |
|
0.71 |
% |
|
0.81 |
% |
Net interest spread |
|
|
2.31 |
% |
|
2.64 |
% |
|
2.90 |
% |
|
2.83 |
% |
|
2.81 |
% |
Net interest margin |
|
|
2.68 |
% |
|
3.00 |
% |
|
3.21 |
% |
|
3.18 |
% |
|
3.19 |
% |
Net charge-offs as % of average loans (annualized) |
|
|
— |
% |
|
0.11 |
% |
|
— |
% |
|
— |
% |
|
0.03 |
% |
Efficiency ratio |
|
|
50.29 |
% |
|
52.09 |
% |
|
48.28 |
% |
|
52.64 |
% |
|
54.58 |
% |
*Non-GAAP financial measure. See Reconciliation of Non-GAAP measures on page 12.
Consolidated Balance Sheet Summary, Five Quarter Trend (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands) |
|
June 30, 2021 |
|
Mar. 31, 2021 |
|
Dec. 31, 2020 |
|
Sept. 30, 2020 |
|
June 30, 2020 |
|
|||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
5,787,193 |
|
$ |
4,922,801 |
|
$ |
4,330,821 |
|
$ |
4,001,759 |
|
$ |
3,970,441 |
|
Overnight deposits |
|
|
1,689,614 |
|
|
1,125,589 |
|
|
855,613 |
|
|
758,913 |
|
|
813,147 |
|
Total securities |
|
|
548,282 |
|
|
484,761 |
|
|
271,169 |
|
|
187,695 |
|
|
194,979 |
|
Other investments |
|
|
11,989 |
|
|
11,638 |
|
|
11,597 |
|
|
11,097 |
|
|
15,731 |
|
Loans, net of deferred fees and unamortized costs |
|
|
3,449,490 |
|
|
3,237,664 |
|
|
3,137,053 |
|
|
2,989,550 |
|
|
2,892,274 |
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing demand deposits |
|
$ |
2,794,136 |
|
$ |
2,167,899 |
|
$ |
1,715,042 |
|
$ |
1,553,241 |
|
$ |
1,526,439 |
|
Interest-bearing deposits |
|
|
2,494,137 |
|
|
2,258,818 |
|
|
2,103,471 |
|
|
1,974,385 |
|
|
1,868,300 |
|
Total deposits |
|
|
5,288,273 |
|
|
4,426,717 |
|
|
3,814,513 |
|
|
3,527,626 |
|
|
3,334,739 |
|
Borrowings |
|
|
45,304 |
|
|
45,290 |
|
|
45,277 |
|
|
45,263 |
|
|
149,249 |
|
Total stockholders' Equity |
|
|
363,595 |
|
|
348,217 |
|
|
340,787 |
|
|
328,584 |
|
|
317,169 |
|
Loan Production |
|
$ |
265.4 |
|
$ |
235.7 |
|
$ |
174.0 |
|
$ |
183.3 |
|
$ |
177.3 |
|
Asset Quality |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
|
3,337 |
|
|
3,337 |
|
|
4,192 |
|
|
4,512 |
|
|
6,482 |
|
Consumer |
|
|
1,560 |
|
|
1,523 |
|
|
1,428 |
|
|
1,157 |
|
|
601 |
|
Total non-accrual loans |
|
$ |
4,897 |
|
$ |
4,860 |
|
$ |
5,620 |
|
$ |
5,669 |
|
$ |
7,083 |
|
Total non-performing loans |
|
$ |
5,491 |
|
$ |
5,464 |
|
$ |
6,389 |
|
$ |
6,623 |
|
$ |
8,448 |
|
Non-accrual loans to total loans |
|
|
0.14 |
% |
|
0.15 |
% |
|
0.18 |
% |
|
0.19 |
% |
|
0.24 |
% |
Non-performing loans to total loans |
|
|
0.16 |
% |
|
0.17 |
% |
|
0.20 |
% |
|
0.22 |
% |
|
0.29 |
% |
Allowance for loan losses |
|
|
(37,377) |
|
|
(35,502) |
|
|
(35,407) |
|
|
(33,614) |
|
|
(32,505) |
|
Allowance for loan losses to total loans |
|
|
1.08 |
% |
|
1.10 |
% |
|
1.13 |
% |
|
1.12 |
% |
|
1.12 |
% |
Charge-offs |
|
$ |
— |
|
$ |
(855) |
|
$ |
(30) |
|
$ |
(82) |
|
$ |
(192) |
|
Recoveries |
|
$ |
— |
|
$ |
— |
|
$ |
28 |
|
$ |
54 |
|
$ |
7 |
|
Net charge-offs/(recoveries) as % of average loans (annualized) |
|
|
— |
% |
|
0.11 |
|
|
— |
% |
|
— |
% |
|
0.03 |
% |
Regulatory Capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 Leverage: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metropolitan Bank Holding Corp. |
|
|
6.8 |
% |
|
7.8 |
% |
|
8.5 |
% |
|
8.4 |
% |
|
8.6 |
% |
Metropolitan Commercial Bank |
|
|
7.3 |
% |
|
8.2 |
% |
|
9.0 |
% |
|
9.0 |
% |
|
9.2 |
% |
Common Equity Tier 1 Risk-Based (CET1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metropolitan Bank Holding Corp. |
|
|
9.7 |
% |
|
9.9 |
% |
|
10.1 |
% |
|
10.1 |
% |
|
9.9 |
% |
Metropolitan Commercial Bank |
|
|
11.1 |
% |
|
11.3 |
% |
|
11.6 |
% |
|
11.8 |
% |
|
11.6 |
% |
Tier 1 Risk-Based: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metropolitan Bank Holding Corp. |
|
|
10.5 |
% |
|
10.7 |
% |
|
10.9 |
% |
|
11.0 |
% |
|
10.8 |
% |
Metropolitan Commercial Bank |
|
|
11.1 |
% |
|
11.3 |
% |
|
11.6 |
% |
|
11.8 |
% |
|
11.6 |
% |
Total Risk-Based: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metropolitan Bank Holding Corp. |
|
|
12.2 |
% |
|
12.4 |
% |
|
12.7 |
% |
|
12.9 |
% |
|
12.7 |
% |
Metropolitan Commercial Bank |
|
|
12.2 |
% |
|
12.4 |
% |
|
12.7 |
% |
|
12.9 |
% |
|
12.6 |
% |
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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly Data |
|
|
YTD |
|||||||||||||||
Dollars in thousands, except per share data |
|
June 30, 2021 |
|
Mar. 31, 2021 |
|
Dec. 31, 2020 |
|
Sept. 30, 2020 |
|
June 30, 2020 |
|
June 30, 2021 |
|
|
June 30, 2020 |
|||||
Average assets |
$ |
5,504,686 |
|
$ |
4,669,051 |
|
$ |
4,153,908 |
|
$ |
4,026,366 |
|
$ |
3,812,225 |
|
$ |
5,089,152 |
|
$ |
3,633,280 |
Less: average intangible assets |
|
9,733 |
|
|
9,733 |
|
|
9,733 |
|
|
9,733 |
|
|
9,733 |
|
|
9,733 |
|
|
9,733 |
Average tangible assets |
$ |
5,494,953 |
|
$ |
4,659,318 |
|
$ |
4,144,175 |
|
$ |
4,016,633 |
|
$ |
3,802,492 |
|
$ |
5,079,419 |
|
$ |
3,623,547 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average equity |
$ |
357,097 |
|
$ |
346,785 |
|
$ |
335,940 |
|
$ |
324,876 |
|
$ |
314,727 |
|
$ |
351,945 |
|
$ |
310,607 |
Less: Average preferred equity |
|
5,502 |
|
|
5,502 |
|
|
5,502 |
|
|
5,502 |
|
|
5,502 |
|
|
5,502 |
|
|
5,502 |
Average common equity |
$ |
351,595 |
|
$ |
341,283 |
|
$ |
330,438 |
|
$ |
319,374 |
|
$ |
309,225 |
|
$ |
346,443 |
|
$ |
305,105 |
Less: average intangible assets |
|
9,733 |
|
|
9,733 |
|
|
9,733 |
|
|
9,733 |
|
|
9,733 |
|
|
9,733 |
|
|
9,733 |
Average tangible common equity |
$ |
341,862 |
|
$ |
331,550 |
|
$ |
320,705 |
|
$ |
309,641 |
|
$ |
299,492 |
|
$ |
336,710 |
|
$ |
295,372 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
5,787,193 |
|
$ |
4,922,801 |
|
$ |
4,330,821 |
|
$ |
4,001,759 |
|
$ |
3,970,441 |
|
$ |
5,787,193 |
|
$ |
3,970,441 |
Less: intangible assets |
|
9,733 |
|
|
9,733 |
|
|
9,733 |
|
|
9,733 |
|
|
9,733 |
|
|
9,733 |
|
|
9,733 |
Tangible assets |
$ |
5,777,460 |
|
$ |
4,913,068 |
|
$ |
4,321,088 |
|
$ |
3,992,026 |
|
$ |
3,960,708 |
|
$ |
5,777,460 |
|
$ |
3,960,708 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity |
$ |
363,595 |
|
$ |
348,217 |
|
$ |
340,787 |
|
$ |
328,584 |
|
$ |
317,169 |
|
$ |
363,595 |
|
$ |
317,169 |
Less: preferred equity |
|
5,502 |
|
|
5,502 |
|
|
5,502 |
|
|
5,502 |
|
|
5,502 |
|
|
5,502 |
|
|
5,502 |
Common equity |
$ |
358,093 |
|
$ |
342,715 |
|
$ |
335,285 |
|
$ |
323,082 |
|
$ |
311,667 |
|
$ |
358,093 |
|
$ |
311,667 |
Less: intangible assets |
|
9,733 |
|
|
9,733 |
|
|
9,733 |
|
|
9,733 |
|
|
9,733 |
|
|
9,733 |
|
|
9,733 |
Tangible common equity (book value) |
$ |
348,360 |
|
$ |
332,982 |
|
$ |
325,552 |
|
$ |
313,349 |
|
$ |
301,934 |
|
$ |
348,360 |
|
$ |
301,934 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding |
|
8,344,193 |
|
|
8,345,032 |
|
|
8,295,272 |
|
|
8,289,479 |
|
|
8,294,801 |
|
|
8,344,193 |
|
|
8,294,801 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per share (GAAP) |
$ |
42.92 |
|
$ |
41.07 |
|
$ |
40.42 |
|
$ |
38.97 |
|
$ |
37.57 |
|
$ |
42.92 |
|
$ |
37.57 |
Tangible book value per share (non-GAAP)* |
$ |
41.75 |
|
$ |
39.90 |
|
$ |
39.25 |
|
$ |
37.80 |
|
$ |
36.40 |
|
$ |
41.75 |
|
$ |
36.40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue (GAAP)** |
$ |
43,129 |
|
$ |
39,017 |
|
$ |
33,467 |
|
$ |
32,234 |
|
$ |
35,814 |
|
$ |
82,145 |
|
$ |
69,121 |
Gain on sale of securities |
|
609 |
|
|
- |
|
|
- |
|
|
- |
|
|
2,312 |
|
|
609 |
|
|
3,286 |
Revenue excluding gain on sale of securities (non-GAAP) |
$ |
42,520 |
|
$ |
39,017 |
|
$ |
33,467 |
|
$ |
32,234 |
|
$ |
33,502 |
|
$ |
81,536 |
|
$ |
65,835 |
* Tangible book value divided by common shares outstanding at period-end.
** Total revenue equals net interest income plus non-interest income.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly Data |
|
|||||||||||||
Dollars in thousands |
June 30, 2021 |
|
Mar. 31, 2021 |
|
Dec. 31, 2020 |
|
Sept. 30, 2020 |
|
June 30, 2020 |
|
|||||
Net income |
$ |
13,336 |
|
$ |
12,117 |
|
$ |
11,775 |
|
$ |
10,783 |
|
$ |
10,811 |
|
Plus: income tax expense |
|
6,229 |
|
|
5,627 |
|
|
5,482 |
|
|
5,111 |
|
|
4,953 |
|
Income before income tax expense |
$ |
19,565 |
|
$ |
17,744 |
|
$ |
17,257 |
|
$ |
15,894 |
|
$ |
15,764 |
|
Plus: provision for loan losses |
|
1,875 |
|
|
950 |
|
|
1,795 |
|
|
1,137 |
|
|
1,766 |
|
Pre-tax, pre-provision income |
$ |
21,440 |
|
$ |
18,694 |
|
$ |
19,052 |
|
$ |
17,031 |
|
$ |
17,530 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-interest expense (GAAP) |
$ |
21,689 |
|
$ |
20,323 |
|
$ |
17,788 |
|
$ |
18,930 |
|
$ |
18,284 |
|
Total Revenue (GAAP) |
$ |
43,129 |
|
$ |
39,017 |
|
$ |
36,840 |
|
$ |
35,961 |
|
$ |
35,814 |
|
Efficiency ratio (non-GAAP) |
|
50.3 |
% |
|
52.1 |
% |
|
48.3 |
% |
|
52.6 |
% |
|
51.1 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20210721005807/en/
FAQ
What are the latest financial results for Metropolitan Bank Holding Corp. (MCB) as of Q2 2021?
How much did MCB's loans and deposits increase by in Q2 2021?
What was MCB's diluted earnings per share for Q2 2021?
What was the efficiency ratio for MCB in Q2 2021?