Metropolitan Bank Holding Corp. Reports Third Quarter 2024 Results
Metropolitan Bank Holding Corp. (NYSE: MCB) reported strong Q3 2024 results with increased net interest margin and deposit growth. Key highlights include:
- Net interest margin rose to 3.62%, up 18 basis points from Q2 2024
- Total loans increased to $5.9 billion, up $58.2 million from Q2 2024
- Total deposits grew to $6.3 billion, up $100.2 million from Q2 2024
- Diluted EPS of $1.08, compared to $1.50 in Q2 2024
- Non-performing loans ratio stable at 0.53%
The quarter included $12.6 million in pre-tax expenses related to regulatory reserves and digital transformation initiatives. The bank maintains strong liquidity with $3.1 billion in cash and available funding, covering 212% of uninsured deposits.
Metropolitan Bank Holding Corp. (NYSE: MCB) ha riportato risultati solidi per il terzo trimestre del 2024, con un aumento del margine di interesse netto e della crescita dei depositi. I principali punti salienti includono:
- Il margine di interesse netto è aumentato a 3,62%, in crescita di 18 punti base rispetto al secondo trimestre del 2024
- Il totale dei prestiti è aumentato a 5,9 miliardi di dollari, con un incremento di 58,2 milioni di dollari rispetto al secondo trimestre del 2024
- I depositi totali sono cresciuti a 6,3 miliardi di dollari, con un incremento di 100,2 milioni di dollari rispetto al secondo trimestre del 2024
- EPS diluito di $1,08, rispetto a $1,50 nel secondo trimestre del 2024
- Il rapporto dei prestiti non performanti è rimasto stabile a 0,53%
Il trimestre ha incluso 12,6 milioni di dollari in spese prima delle imposte relative a riserve normative e iniziative di trasformazione digitale. La banca mantiene una forte liquidità con 3,1 miliardi di dollari in contante e fondi disponibili, coprendo il 212% dei depositi non assicurati.
Metropolitan Bank Holding Corp. (NYSE: MCB) reportó resultados sólidos para el tercer trimestre de 2024, con un aumento en el margen de interés neto y crecimiento en depósitos. Los aspectos destacados incluyen:
- El margen de interés neto aumentó a 3.62%, un incremento de 18 puntos básicos desde el segundo trimestre de 2024
- Los préstamos totales aumentaron a $5.9 mil millones, un aumento de $58.2 millones desde el segundo trimestre de 2024
- Los depósitos totales crecieron a $6.3 mil millones, un incremento de $100.2 millones desde el segundo trimestre de 2024
- EPS diluido de $1.08, en comparación con $1.50 en el segundo trimestre de 2024
- La ratio de préstamos no productivos se mantuvo estable en 0.53%
El trimestre incluyó $12.6 millones en gastos antes de impuestos relacionados con reservas regulatorias e iniciativas de transformación digital. El banco mantiene una fuerte liquidez con $3.1 mil millones en efectivo y fondos disponibles, cubriendo el 212% de los depósitos no asegurados.
메트로폴리탄 뱅크 홀딩 코퍼레이션 (NYSE: MCB)은 2024년 3분기 실적이 강세를 보였으며, 순이자 마진과 예금 성장 모두 증가했습니다. 주요 사항은 다음과 같습니다:
- 순이자 마진이 3.62%로 증가하여 2024년 2분기 대비 18베이시스 포인트 상승했습니다.
- 총 대출이 $5.9억으로 증가했으며, 2024년 2분기 대비 $58.2백만이 증가했습니다.
- 총 예금이 $6.3억으로 성장하며, 2024년 2분기 대비 $100.2백만이 증가했습니다.
- 희석 주당순이익(EPS)은 $1.08로, 2024년 2분기 $1.50와 비교되었습니다.
- 부실 대출 비율은 0.53%로 안정적이었습니다.
이번 분기는 규제 준비금 및 디지털 전환 이니셔티브와 관련하여 세전 비용으로 $12.6백만을 포함했습니다. 은행은 3.1억 달러의 현금 및 가용 자금으로 강력한 유동성을 유지하고 있으며, 이는 미보장 예금의 212%를 커버합니다.
Metropolitan Bank Holding Corp. (NYSE: MCB) a annoncé des résultats solides pour le troisième trimestre 2024, avec une augmentation de la marge d'intérêt nette et des dépôts. Les points clés incluent :
- La marge d'intérêt nette a augmenté à 3,62%, en hausse de 18 points de base par rapport au deuxième trimestre 2024
- Le total des prêts a augmenté à 5,9 milliards de dollars, en hausse de 58,2 millions de dollars par rapport au deuxième trimestre 2024
- Les dépôts totaux ont augmenté à 6,3 milliards de dollars, en hausse de 100,2 millions de dollars par rapport au deuxième trimestre 2024
- BPA dilué de 1,08 $, comparé à 1,50 $ au deuxième trimestre 2024
- Le ratio des prêts non performants est resté stable à 0,53%
Le trimestre a inclus 12,6 millions de dollars de dépenses avant impôts liées aux réserves réglementaires et aux initiatives de transformation numérique. La banque maintient une liquidité solide avec 3,1 milliards de dollars en espèces et fonds disponibles, couvrant 212 % des dépôts non assurés.
Metropolitan Bank Holding Corp. (NYSE: MCB) berichtete über starke Ergebnisse für das dritte Quartal 2024 mit einem erhöhten Nettomargen und einem Wachstum bei Einlagen. Wichtige Höhepunkte sind:
- Der Nettomarge stieg auf 3,62%, ein Anstieg um 18 Basispunkte gegenüber dem zweiten Quartal 2024
- Die Gesamtdarlehen erhöhten sich auf 5,9 Milliarden Dollar, ein Plus von 58,2 Millionen Dollar im Vergleich zum zweiten Quartal 2024
- Die Gesamteinlagen wuchsen auf 6,3 Milliarden Dollar, ein Anstieg um 100,2 Millionen Dollar gegenüber dem zweiten Quartal 2024
- Verwässertes EPS von 1,08 $, im Vergleich zu 1,50 $ im zweiten Quartal 2024
- Der Anteil der notleidenden Kredite blieb stabil bei 0,53%
Das Quartal beinhaltete 12,6 Millionen Dollar an Aufwendungen vor Steuern, die sich auf regulatorische Rücklagen und digitale Transformationsinitiativen beziehen. Die Bank hält eine starke Liquidität mit 3,1 Milliarden Dollar in Bargeld und verfügbaren Mitteln, die 212 % der nicht versicherten Einlagen abdecken.
- Net interest margin increased to 3.62%, up 18 basis points from Q2 2024
- Total loans grew by $58.2 million to $5.9 billion
- Total deposits increased by $100.2 million to $6.3 billion
- Strong liquidity with $3.1 billion in cash and available funding
- Non-performing loans ratio remained stable at 0.53%
- Diluted EPS decreased to $1.08 from $1.50 in Q2 2024
- $12.6 million in pre-tax expenses related to regulatory reserves and initiatives
- $10 million regulatory reserve to resolve an investigation with a state agency
Insights
Metropolitan Bank Holding Corp.'s Q3 2024 results show mixed performance. The net interest margin improved to 3.62%, up 18 basis points from Q2, indicating better profitability on lending activities. Loan growth was modest at 1.0% quarter-over-quarter, reaching
However, diluted EPS declined to
Asset quality remains stable, with non-performing loans at 0.53% of total loans. The bank's capital position is solid, with total risk-based capital ratios well above regulatory minimums. The ongoing exit from the Global Payments Group and investments in risk management may position the bank for improved performance in the future, especially if interest rates decrease.
The
The exit from the Global Payments Group (GPG) vertical is a strategic move to reduce risk exposure. This is evident in the
The high concentration of non-owner-occupied commercial real estate loans at 353.3% of total risk-based capital, while improved from previous quarters, remains a point of regulatory interest. This level exceeds typical regulatory guidance and may require ongoing monitoring and potential risk mitigation strategies.
Metropolitan Bank's strategic shift is evident in its Q3 results. The exit from crypto-related deposits and GPG wind-down marks a significant change in business focus. This transition is impacting the deposit mix, with a shift from non-interest bearing to interest-bearing funding, affecting the cost of funds which increased to 339 basis points.
The bank's "Modern Banking in Motion" digital transformation initiative, reflected in increased technology costs, shows a forward-looking approach to compete in the evolving banking landscape. This, combined with the
However, the competitive deposit environment and high short-term interest rates continue to pressure margins. The bank's ability to grow deposits by
Investor sentiment may be mixed due to the regulatory reserve impact on earnings, but the underlying business metrics and strategic repositioning could support a positive long-term outlook.
Strong Operating Results Underscored By Increased Net Interest Margin
Financial Highlights
-
The net interest margin for the third quarter of 2024 was
3.62% , an increase of 18 basis points compared to3.44% for the second quarter of 2024. -
Total loans at September 30, 2024 were
, an increase of$5.9 billion from June 30, 2024 and$58.2 million from September 30, 2023.$542.6 million -
Total deposits at September 30, 2024 were
, an increase of$6.3 billion from June 30, 2024 and$100.2 million from September 30, 2023.$748.3 million -
Diluted earnings per share of
for the third quarter of 2024, compared to$1.08 for the second quarter of 2024. Third quarter earnings included$1.50 of pre-tax expenses related to a$12.6 million regulatory reserve, our Modern Banking in Motion digital transformation initiative, the Global Payments Group (“GPG”) wind down, and other regulatory remediation costs, all of which impacted diluted earnings per share by$10 million .$0.78 -
Asset quality continues to be stable. The ratio of non-performing loans to total loans was
0.53% at September 30, 2024, unchanged from the prior linked quarter. -
Liquidity remains strong. At September 30, 2024, cash on deposit with the Federal Reserve Bank of
New York and available secured funding capacity totaled , which represented$3.1 billion 212% of uninsured deposits. -
The Company and Bank are “well capitalized” under applicable regulatory guidelines, with total risk-based capital ratios of
13.2% and12.9% , respectively, at September 30, 2024, well above regulatory minimums.
Mark DeFazio, President and Chief Executive Officer, commented,
“The commercial bank continues to report strong underlying business fundamentals and financial performance. Our net interest income increased
“We remain laser focused on the exit from the GPG vertical and continue to make investments in the buildout of our risk management framework and personnel. We have reserved
Balance Sheet
Total cash and cash equivalents were
Total loans, net of deferred fees and unamortized costs, were
Total deposits were
At September 30, 2024, cash on deposit with the Federal Reserve Bank of
Income Statement
Financial Highlights
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Three months ended |
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Nine months ended |
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Sept. 30, |
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Jun. 30, |
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Sept. 30, |
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Sept. 30, |
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Sept. 30, |
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|||||
(dollars in thousands, except per share data) |
|
2024 |
|
2024 |
|
2023 |
|
|
2024 |
|
2023 |
|
|||||
Total revenues(1) |
|
$ |
71,518 |
|
$ |
67,678 |
|
$ |
60,070 |
|
|
$ |
205,909 |
|
$ |
187,184 |
|
Net income (loss) |
|
$ |
12,266 |
|
$ |
16,799 |
|
$ |
22,063 |
|
|
|
45,268 |
|
|
62,700 |
|
Diluted earnings (loss) per common share |
|
$ |
1.08 |
|
$ |
1.50 |
|
$ |
1.97 |
|
|
|
4.04 |
|
|
5.61 |
|
Return on average assets(2) |
|
|
0.67 |
% |
|
0.92 |
% |
|
1.33 |
% |
|
|
0.83 |
% |
|
1.31 |
% |
Return on average equity(2) |
|
|
6.9 |
% |
|
9.9 |
% |
|
13.9 |
% |
|
|
8.8 |
% |
|
13.7 |
% |
Return on average tangible common equity(2), (3), (4) |
|
|
7.0 |
% |
|
10.1 |
% |
|
14.1 |
% |
|
|
9.0 |
% |
|
13.9 |
% |
____________________ |
||
(1) |
|
Total revenues equal net interest income plus non-interest income. |
(2) |
|
Annualized. |
(3) |
|
Non-GAAP financial measure. See Reconciliation of Non-GAAP Measures on page 13. |
(4) |
|
Net income divided by average tangible common equity. |
Net Interest Income
Net interest income for the third quarter of 2024 was
Net Interest Margin
Net interest margin for the third quarter of 2024 was
The total cost of funds for the third quarter of 2024 was 339 basis points compared to 334 basis points and 303 basis points for the prior linked quarter and prior year period, respectively. The increase from the prior linked quarter reflects the continued effects of high short-term interest rates and the intense competition for deposits, as well as the runoff of lower cost GPG deposits replaced with market rate deposits. The increase from the prior year period reflects the continued effects of high short-term interest rates, the intense competition for deposits, and a shift from non-interest bearing deposits to interest bearing funding primarily related to the exit from the crypto-related deposit vertical during 2023.
Non-Interest Income
Non-interest income was
Non-Interest Expense
Non-interest expense was
Income Tax Expense
The effective tax rate for the third quarter of 2024 was
Asset Quality
Credit quality remains stable. The ratio of non-performing loans to total loans was
The allowance for credit losses was
Conference Call
The Company will conduct a conference call at 9:00 a.m. ET on Friday, October 18, 2024, to discuss the results. To access the event by telephone, please dial 800-445-7795 (US), 785-424-1699 (INTL), and provide conference ID: MCBQ324 approximately 15 minutes prior to the start time (to allow time for registration).
The call will also be broadcast live over the Internet and accessible at MCB Quarterly Results Conference Call and in the Investor Relations section of the Company’s website at MCB News. To listen to the live webcast, please visit the site at least 15 minutes prior to the start time to register, download and install any necessary audio software. For those unable to join for the live presentation, a replay of the webcast will also be available later that day accessible at MCB Quarterly Results Conference Call.
About Metropolitan Bank Holding Corp.
Metropolitan Bank Holding Corp. (NYSE: MCB) is the parent company of Metropolitan Commercial Bank (the “Bank”), a
Metropolitan Commercial Bank was named one of Newsweek’s Best Regional Banks and Credit Unions 2024. The Bank was ranked by Independent Community Bankers of America among the top ten successful loan producers for 2024 by loan category and asset size for commercial banks with more than
The Bank is a
Forward-Looking Statement Disclaimer
This release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include but are not limited to the Company’s future financial condition and capital ratios, results of operations and the Company’s outlook and business. Forward-looking statements are not historical facts. Such statements may be identified by the use of such words as “may,” “believe,” “expect,” “anticipate,” “plan,” “continue” or similar terminology. These statements relate to future events or our future financial performance and involve risks and uncertainties that are difficult to predict and are generally beyond our control and may cause our actual results, levels of activity, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we caution you not to place undue reliance on these forward-looking statements. Factors which may cause our forward-looking statements to be materially inaccurate include, but are not limited to the following: the interest rate policies of the Board of Governors of the Federal Reserve System; inflation; an unexpected deterioration in our loan or securities portfolios; changes in liquidity, including the size and composition of our deposit portfolio, including the percentage of uninsured deposits in the portfolio; further deterioration in the financial condition or stock prices of financial institutions generally; unexpected increases in our expenses; different than anticipated growth and our ability to manage our growth; the lingering effects of the COVID-19 pandemic on our business and results of operation; unanticipated regulatory action or changes in regulations; potential recessionary conditions; unanticipated volatility in deposits; unexpected increases in credit losses or in the level of delinquent, nonperforming, classified and criticized loans; our ability to absorb the amount of actual losses inherent in our existing loan portfolio; an unanticipated loss of key personnel or existing customers; competition from other institutions resulting in unanticipated changes in our loan or deposit rates; an unexpected adverse financial, regulatory or bankruptcy event experienced by our non-bank financial service partners; unanticipated increases in FDIC costs; changes in regulations, legislation or tax or accounting rules, monetary and fiscal policies of the
Forward-looking statements speak only as of the date of this release. We do not undertake (and expressly disclaim) any obligation to update or revise any forward-looking statement, except as may be required by law.
Consolidated Balance Sheet (unaudited)
|
|
Sept. 30, |
|
Jun. 30, |
|
Mar. 31, |
|
Dec. 31, |
|
Sept. 30, |
||||||||||
(in thousands) |
|
2024 |
|
2024 |
|
2024 |
|
2023 |
|
2023 |
||||||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cash and due from banks |
|
$ |
16,674 |
|
|
$ |
18,152 |
|
|
$ |
34,037 |
|
|
$ |
31,973 |
|
|
$ |
36,438 |
|
Overnight deposits |
|
|
301,804 |
|
|
|
226,510 |
|
|
|
500,366 |
|
|
|
237,492 |
|
|
|
140,929 |
|
Total cash and cash equivalents |
|
|
318,478 |
|
|
|
244,662 |
|
|
|
534,403 |
|
|
|
269,465 |
|
|
|
177,367 |
|
Investment securities available-for-sale |
|
|
510,966 |
|
|
|
504,748 |
|
|
|
497,789 |
|
|
|
461,207 |
|
|
|
429,850 |
|
Investment securities held-to-maturity |
|
|
438,445 |
|
|
|
449,368 |
|
|
|
460,249 |
|
|
|
468,860 |
|
|
|
478,886 |
|
Equity investment securities, at fair value |
|
|
5,213 |
|
|
|
2,122 |
|
|
|
2,115 |
|
|
|
2,123 |
|
|
|
2,015 |
|
Total securities |
|
|
954,624 |
|
|
|
956,238 |
|
|
|
960,153 |
|
|
|
932,190 |
|
|
|
910,751 |
|
Other investments |
|
|
26,586 |
|
|
|
26,584 |
|
|
|
32,669 |
|
|
|
38,966 |
|
|
|
35,015 |
|
Loans, net of deferred fees and unamortized costs |
|
|
5,897,119 |
|
|
|
5,838,892 |
|
|
|
5,719,218 |
|
|
|
5,624,797 |
|
|
|
5,354,487 |
|
Allowance for credit losses |
|
|
(62,493 |
) |
|
|
(60,008 |
) |
|
|
(58,538 |
) |
|
|
(57,965 |
) |
|
|
(52,298 |
) |
Net loans |
|
|
5,834,626 |
|
|
|
5,778,884 |
|
|
|
5,660,680 |
|
|
|
5,566,832 |
|
|
|
5,302,189 |
|
Receivables from global payments business, net |
|
|
96,048 |
|
|
|
90,626 |
|
|
|
93,852 |
|
|
|
87,648 |
|
|
|
79,892 |
|
Other assets |
|
|
172,996 |
|
|
|
168,597 |
|
|
|
171,614 |
|
|
|
172,571 |
|
|
|
178,145 |
|
Total assets |
|
$ |
7,403,358 |
|
|
$ |
7,265,591 |
|
|
$ |
7,453,371 |
|
|
$ |
7,067,672 |
|
|
$ |
6,683,359 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Non-interest-bearing demand deposits |
|
$ |
1,780,305 |
|
|
$ |
1,883,176 |
|
|
$ |
1,927,629 |
|
|
$ |
1,837,874 |
|
|
$ |
1,746,626 |
|
Interest-bearing deposits |
|
|
4,489,602 |
|
|
|
4,286,486 |
|
|
|
4,309,913 |
|
|
|
3,899,418 |
|
|
|
3,774,963 |
|
Total deposits |
|
|
6,269,907 |
|
|
|
6,169,662 |
|
|
|
6,237,542 |
|
|
|
5,737,292 |
|
|
|
5,521,589 |
|
Federal funds purchased |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
99,000 |
|
|
|
— |
|
Federal Home Loan Bank of |
|
|
150,000 |
|
|
|
150,000 |
|
|
|
300,000 |
|
|
|
440,000 |
|
|
|
355,000 |
|
Trust preferred securities |
|
|
20,620 |
|
|
|
20,620 |
|
|
|
20,620 |
|
|
|
20,620 |
|
|
|
20,620 |
|
Secured and other borrowings |
|
|
107,478 |
|
|
|
107,514 |
|
|
|
107,549 |
|
|
|
7,585 |
|
|
|
7,621 |
|
Prepaid third-party debit cardholder balances |
|
|
21,970 |
|
|
|
22,631 |
|
|
|
18,685 |
|
|
|
10,178 |
|
|
|
10,297 |
|
Other liabilities |
|
|
118,192 |
|
|
|
102,760 |
|
|
|
95,434 |
|
|
|
93,976 |
|
|
|
133,322 |
|
Total liabilities |
|
|
6,688,167 |
|
|
|
6,573,187 |
|
|
|
6,779,830 |
|
|
|
6,408,651 |
|
|
|
6,048,449 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Common stock |
|
|
112 |
|
|
|
112 |
|
|
|
112 |
|
|
|
111 |
|
|
|
110 |
|
Additional paid in capital |
|
|
397,963 |
|
|
|
395,520 |
|
|
|
393,341 |
|
|
|
395,871 |
|
|
|
393,544 |
|
Retained earnings |
|
|
361,243 |
|
|
|
348,977 |
|
|
|
332,178 |
|
|
|
315,975 |
|
|
|
301,407 |
|
Accumulated other comprehensive gain (loss), net of tax effect |
|
|
(44,127 |
) |
|
|
(52,205 |
) |
|
|
(52,090 |
) |
|
|
(52,936 |
) |
|
|
(60,151 |
) |
Total stockholders’ equity |
|
|
715,191 |
|
|
|
692,404 |
|
|
|
673,541 |
|
|
|
659,021 |
|
|
|
634,910 |
|
Total liabilities and stockholders’ equity |
|
$ |
7,403,358 |
|
|
$ |
7,265,591 |
|
|
$ |
7,453,371 |
|
|
$ |
7,067,672 |
|
|
$ |
6,683,359 |
|
Consolidated Statement of Income (unaudited)
|
|
Three months ended |
|
Nine months ended |
|||||||||||||
|
|
Sept. 30, |
|
Jun. 30, |
|
Sept. 30, |
|
Sept. 30, |
|
Sept. 30, |
|||||||
(dollars in thousands, except per share data) |
|
2024 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||||
Total interest income |
|
$ |
120,454 |
|
$ |
115,761 |
|
$ |
97,897 |
|
|
$ |
348,550 |
|
$ |
270,138 |
|
Total interest expense |
|
|
55,221 |
|
|
54,222 |
|
|
44,340 |
|
|
|
162,069 |
|
|
104,296 |
|
Net interest income |
|
|
65,233 |
|
|
61,539 |
|
|
53,557 |
|
|
|
186,481 |
|
|
165,842 |
|
Provision for credit losses |
|
|
2,691 |
|
|
1,538 |
|
|
791 |
|
|
|
4,757 |
|
|
5,742 |
|
Net interest income after provision for credit losses |
|
|
62,542 |
|
|
60,001 |
|
|
52,766 |
|
|
|
181,724 |
|
|
160,100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Non-interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Service charges on deposit accounts |
|
|
2,135 |
|
|
2,094 |
|
|
1,463 |
|
|
|
6,092 |
|
|
4,400 |
|
Global Payments Group revenue |
|
|
3,500 |
|
|
3,686 |
|
|
4,247 |
|
|
|
11,255 |
|
|
14,828 |
|
Other income |
|
|
650 |
|
|
359 |
|
|
803 |
|
|
|
2,081 |
|
|
2,114 |
|
Total non-interest income |
|
|
6,285 |
|
|
6,139 |
|
|
6,513 |
|
|
|
19,428 |
|
|
21,342 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Non-interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Compensation and benefits |
|
|
19,885 |
|
|
18,532 |
|
|
17,208 |
|
|
|
58,244 |
|
|
48,751 |
|
Bank premises and equipment |
|
|
2,471 |
|
|
2,322 |
|
|
2,396 |
|
|
|
7,136 |
|
|
7,027 |
|
Professional fees |
|
|
4,745 |
|
|
6,916 |
|
|
3,873 |
|
|
|
17,633 |
|
|
13,033 |
|
Technology costs |
|
|
2,969 |
|
|
3,043 |
|
|
1,171 |
|
|
|
9,023 |
|
|
3,966 |
|
Licensing fees |
|
|
3,411 |
|
|
3,180 |
|
|
3,504 |
|
|
|
9,867 |
|
|
9,180 |
|
FDIC assessments |
|
|
2,950 |
|
|
2,925 |
|
|
1,984 |
|
|
|
8,800 |
|
|
6,438 |
|
Regulatory settlement reserve |
|
|
10,000 |
|
|
— |
|
|
(3,021 |
) |
|
|
10,000 |
|
|
(5,521 |
) |
Other expenses |
|
|
4,826 |
|
|
5,339 |
|
|
3,809 |
|
|
|
14,711 |
|
|
11,517 |
|
Total non-interest expense |
|
|
51,257 |
|
|
42,257 |
|
|
30,924 |
|
|
|
135,414 |
|
|
94,391 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Net income before income tax expense |
|
|
17,570 |
|
|
23,883 |
|
|
28,355 |
|
|
|
65,738 |
|
|
87,051 |
|
Income tax expense |
|
|
5,304 |
|
|
7,084 |
|
|
6,292 |
|
|
|
20,470 |
|
|
24,351 |
|
Net income (loss) |
|
$ |
12,266 |
|
$ |
16,799 |
|
$ |
22,063 |
|
|
$ |
45,268 |
|
$ |
62,700 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Basic |
|
|
11,193,063 |
|
|
11,192,936 |
|
|
11,039,363 |
|
|
|
11,173,214 |
|
|
11,060,051 |
|
Diluted |
|
|
11,312,773 |
|
|
11,199,736 |
|
|
11,136,873 |
|
|
|
11,208,471 |
|
|
11,123,348 |
|
Basic earnings (loss) |
|
$ |
1.10 |
|
$ |
1.50 |
|
$ |
1.99 |
|
|
$ |
4.05 |
|
$ |
5.64 |
|
Diluted earnings (loss) |
|
$ |
1.08 |
|
$ |
1.50 |
|
$ |
1.97 |
|
|
$ |
4.04 |
|
$ |
5.61 |
|
Loan Production, Asset Quality & Regulatory Capital
|
|
Sept. 30, |
|
Jun. 30, |
|
Mar. 31, |
|
Dec. 31, |
|
Sept. 30, |
|
|||||
|
|
2024 |
|
2024 |
|
2024 |
|
2023 |
|
2023 |
|
|||||
LOAN PRODUCTION (in millions) |
|
$ |
460.6 |
|
$ |
290.8 |
|
$ |
269.6 |
|
$ |
342.5 |
|
$ |
333.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY (in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate |
|
$ |
24,000 |
|
$ |
24,000 |
|
$ |
44,939 |
|
$ |
44,939 |
|
$ |
24,000 |
|
Commercial and industrial |
|
|
6,989 |
|
|
6,989 |
|
|
6,989 |
|
|
6,934 |
|
|
6,934 |
|
Consumer |
|
|
— |
|
|
— |
|
|
— |
|
|
24 |
|
|
24 |
|
Total non-accrual loans |
|
$ |
30,989 |
|
$ |
30,989 |
|
$ |
51,928 |
|
$ |
51,897 |
|
$ |
30,958 |
|
Non-accrual loans to total loans |
|
|
0.53 |
% |
|
0.53 |
% |
|
0.91 |
% |
|
0.92 |
% |
|
0.58 |
% |
Allowance for credit losses |
|
$ |
62,493 |
|
$ |
60,008 |
|
$ |
58,538 |
|
$ |
57,965 |
|
$ |
52,298 |
|
Allowance for credit losses to total loans |
|
|
1.06 |
% |
|
1.03 |
% |
|
1.02 |
% |
|
1.03 |
% |
|
0.98 |
% |
Charge-offs |
|
$ |
(122 |
) |
$ |
(16 |
) |
$ |
(3 |
) |
$ |
(946 |
) |
$ |
(129 |
) |
Recoveries |
|
$ |
2 |
|
$ |
— |
|
$ |
2 |
|
$ |
— |
|
$ |
— |
|
Net charge-offs/(recoveries) to average loans (annualized) |
|
|
0.01 |
% |
|
— |
% |
|
— |
% |
|
0.07 |
% |
|
0.01 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REGULATORY CAPITAL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 Leverage: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metropolitan Bank Holding Corp. |
|
|
10.6 |
% |
|
10.3 |
% |
|
10.3 |
% |
|
10.6 |
% |
|
10.7 |
% |
Metropolitan Commercial Bank |
|
|
10.3 |
% |
|
10.1 |
% |
|
10.1 |
% |
|
10.3 |
% |
|
10.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Equity Tier 1 Risk-Based (CET1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metropolitan Bank Holding Corp. |
|
|
11.9 |
% |
|
11.7 |
% |
|
11.6 |
% |
|
11.5 |
% |
|
11.8 |
% |
Metropolitan Commercial Bank |
|
|
11.9 |
% |
|
11.8 |
% |
|
11.7 |
% |
|
11.5 |
% |
|
11.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 Risk-Based: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metropolitan Bank Holding Corp. |
|
|
12.2 |
% |
|
12.1 |
% |
|
11.9 |
% |
|
11.8 |
% |
|
12.2 |
% |
Metropolitan Commercial Bank |
|
|
11.9 |
% |
|
11.8 |
% |
|
11.7 |
% |
|
11.5 |
% |
|
11.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Risk-Based: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metropolitan Bank Holding Corp. |
|
|
13.2 |
% |
|
13.0 |
% |
|
12.9 |
% |
|
12.8 |
% |
|
13.1 |
% |
Metropolitan Commercial Bank |
|
|
12.9 |
% |
|
12.8 |
% |
|
12.6 |
% |
|
12.5 |
% |
|
12.8 |
% |
Performance Measures
|
|
Three months ended |
|
Nine months ended |
|
|||||||||||
|
|
Sept. 30, |
|
Jun. 30, |
|
Sept. 30, |
|
Sept. 30, |
|
Sept. 30, |
|
|||||
(dollars in thousands, except per share data) |
|
2024 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|||||
Net income per consolidated statements of income |
|
$ |
12,266 |
|
$ |
16,799 |
|
$ |
22,063 |
|
$ |
45,268 |
|
$ |
62,700 |
|
Less: Earnings allocated to participating securities |
|
|
— |
|
|
— |
|
|
(118 |
) |
|
— |
|
|
(285 |
) |
Net income (loss) available to common shareholders |
|
$ |
12,266 |
|
$ |
16,799 |
|
$ |
21,945 |
|
$ |
45,268 |
|
$ |
62,415 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss) |
|
$ |
1.10 |
|
$ |
1.50 |
|
$ |
1.99 |
|
$ |
4.05 |
|
$ |
5.64 |
|
Diluted earnings (loss) |
|
$ |
1.08 |
|
$ |
1.50 |
|
$ |
1.97 |
|
$ |
4.04 |
|
$ |
5.61 |
|
Common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period end |
|
|
11,194,411 |
|
|
11,192,936 |
|
|
11,062,729 |
|
|
11,194,411 |
|
|
11,062,729 |
|
Average fully diluted |
|
|
11,312,773 |
|
|
11,199,736 |
|
|
11,136,873 |
|
|
11,208,471 |
|
|
11,123,348 |
|
Return on:(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total assets |
|
|
0.67 |
% |
|
0.92 |
% |
|
1.33 |
% |
|
0.83 |
% |
|
1.31 |
% |
Average equity |
|
|
6.9 |
% |
|
9.9 |
% |
|
13.9 |
% |
|
8.8 |
% |
|
13.7 |
% |
Average tangible common equity(2), (3) |
|
|
7.0 |
% |
|
10.1 |
% |
|
14.1 |
% |
|
9.0 |
% |
|
13.9 |
% |
Yield on average earning assets(1) |
|
|
6.68 |
% |
|
6.47 |
% |
|
5.99 |
% |
|
6.52 |
% |
|
5.75 |
% |
Total cost of deposits(1) |
|
|
3.32 |
% |
|
3.26 |
% |
|
2.74 |
% |
|
3.25 |
% |
|
2.22 |
% |
Net interest spread(1) |
|
|
1.93 |
% |
|
1.77 |
% |
|
1.67 |
% |
|
1.82 |
% |
|
1.87 |
% |
Net interest margin(1) |
|
|
3.62 |
% |
|
3.44 |
% |
|
3.27 |
% |
|
3.49 |
% |
|
3.53 |
% |
Net charge-offs as % of average loans(1) |
|
|
0.01 |
% |
|
— |
% |
|
0.01 |
% |
|
— |
% |
|
0.01 |
% |
Efficiency ratio(4) |
|
|
71.7 |
% |
|
62.4 |
% |
|
51.5 |
% |
|
65.8 |
% |
|
50.4 |
% |
____________________ |
||
(1) |
|
Annualized |
(2) |
|
Net income divided by average tangible common equity. |
(3) |
|
Non-GAAP financial measure. See Reconciliation of Non-GAAP Measures on page 13. |
(4) |
|
Total non-interest expense divided by total revenues. |
Interest Margin Analysis
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
||||||||||||||||||||||||
|
|
Sept. 30, 2024 |
|
|
Jun. 30, 2024 |
|
|
Sept. 30, 2023 |
|
||||||||||||||||||
|
|
Average |
|
|
|
|
Yield / |
|
|
Average |
|
|
|
|
Yield / |
|
|
Average |
|
|
|
|
Yield / |
|
|||
(dollars in thousands) |
|
Balance |
|
Interest |
|
Rate (1) |
|
|
Balance |
|
Interest |
|
Rate (1) |
|
|
Balance |
|
Interest |
|
Rate (1) |
|
||||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (2) |
|
$ |
5,889,298 |
|
$ |
111,286 |
|
7.52 |
% |
|
$ |
5,754,283 |
|
$ |
104,594 |
|
7.31 |
% |
|
$ |
5,283,114 |
|
$ |
90,666 |
|
6.80 |
% |
Available-for-sale securities |
|
|
581,529 |
|
|
3,350 |
|
2.29 |
|
|
|
589,825 |
|
|
3,353 |
|
2.29 |
|
|
|
527,673 |
|
|
2,261 |
|
1.71 |
|
Held-to-maturity securities |
|
|
444,842 |
|
|
2,061 |
|
1.84 |
|
|
|
456,078 |
|
|
2,124 |
|
1.87 |
|
|
|
497,682 |
|
|
2,412 |
|
1.94 |
|
Equity investments |
|
|
3,164 |
|
|
23 |
|
2.89 |
|
|
|
2,431 |
|
|
16 |
|
2.59 |
|
|
|
2,387 |
|
|
13 |
|
2.20 |
|
Overnight deposits |
|
|
231,946 |
|
|
3,223 |
|
5.53 |
|
|
|
369,169 |
|
|
5,167 |
|
5.63 |
|
|
|
124,211 |
|
|
1,783 |
|
5.62 |
|
Other interest-earning assets |
|
|
26,584 |
|
|
511 |
|
7.65 |
|
|
|
27,301 |
|
|
506 |
|
7.45 |
|
|
|
36,952 |
|
|
762 |
|
8.24 |
|
Total interest-earning assets |
|
|
7,177,363 |
|
|
120,454 |
|
6.68 |
|
|
|
7,199,087 |
|
|
115,761 |
|
6.47 |
|
|
|
6,472,019 |
|
|
97,897 |
|
5.99 |
|
Non-interest-earning assets |
|
|
180,748 |
|
|
|
|
|
|
|
|
182,234 |
|
|
|
|
|
|
|
|
170,195 |
|
|
|
|
|
|
Allowance for credit losses |
|
|
(60,608 |
) |
|
|
|
|
|
|
|
(58,841 |
) |
|
|
|
|
|
|
|
(52,357 |
) |
|
|
|
|
|
Total assets |
|
$ |
7,297,503 |
|
|
|
|
|
|
|
$ |
7,322,480 |
|
|
|
|
|
|
|
$ |
6,589,857 |
|
|
|
|
|
|
Liabilities and Stockholders' Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market and savings accounts |
|
$ |
4,314,237 |
|
|
51,266 |
|
4.73 |
|
|
$ |
4,319,340 |
|
|
50,236 |
|
4.68 |
|
|
$ |
3,465,347 |
|
|
35,969 |
|
4.12 |
|
Certificates of deposit |
|
|
41,028 |
|
|
471 |
|
4.57 |
|
|
|
37,084 |
|
|
318 |
|
3.45 |
|
|
|
38,937 |
|
|
265 |
|
2.70 |
|
Total interest-bearing deposits |
|
|
4,355,265 |
|
|
51,737 |
|
4.73 |
|
|
|
4,356,424 |
|
|
50,554 |
|
4.67 |
|
|
|
3,504,284 |
|
|
36,234 |
|
4.10 |
|
Borrowed funds |
|
|
270,633 |
|
|
3,484 |
|
5.12 |
|
|
|
287,104 |
|
|
3,667 |
|
5.14 |
|
|
|
572,456 |
|
|
8,106 |
|
5.66 |
|
Total interest-bearing liabilities |
|
|
4,625,898 |
|
|
55,221 |
|
4.75 |
|
|
|
4,643,528 |
|
|
54,222 |
|
4.70 |
|
|
|
4,076,740 |
|
|
44,340 |
|
4.32 |
|
Non-interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing deposits |
|
|
1,851,497 |
|
|
|
|
|
|
|
|
1,879,213 |
|
|
|
|
|
|
|
|
1,734,956 |
|
|
|
|
|
|
Other non-interest-bearing liabilities |
|
|
113,666 |
|
|
|
|
|
|
|
|
119,675 |
|
|
|
|
|
|
|
|
146,956 |
|
|
|
|
|
|
Total liabilities |
|
|
6,591,061 |
|
|
|
|
|
|
|
|
6,642,416 |
|
|
|
|
|
|
|
|
5,958,652 |
|
|
|
|
|
|
Stockholders' equity |
|
|
706,442 |
|
|
|
|
|
|
|
|
680,064 |
|
|
|
|
|
|
|
|
631,205 |
|
|
|
|
|
|
Total liabilities and equity |
|
$ |
7,297,503 |
|
|
|
|
|
|
|
$ |
7,322,480 |
|
|
|
|
|
|
|
$ |
6,589,857 |
|
|
|
|
|
|
Net interest income |
|
|
|
|
$ |
65,233 |
|
|
|
|
|
|
|
$ |
61,539 |
|
|
|
|
|
|
|
$ |
53,557 |
|
|
|
Net interest rate spread (3) |
|
|
|
|
|
|
|
1.93 |
% |
|
|
|
|
|
|
|
1.77 |
% |
|
|
|
|
|
|
|
1.67 |
% |
Net interest margin (4) |
|
|
|
|
|
|
|
3.62 |
% |
|
|
|
|
|
|
|
3.44 |
% |
|
|
|
|
|
|
|
3.27 |
% |
Total cost of deposits (5) |
|
|
|
|
|
|
|
3.32 |
% |
|
|
|
|
|
|
|
3.26 |
% |
|
|
|
|
|
|
|
2.74 |
% |
Total cost of funds (6) |
|
|
|
|
|
|
|
3.39 |
% |
|
|
|
|
|
|
|
3.34 |
% |
|
|
|
|
|
|
|
3.03 |
% |
____________________ |
||
(1) |
|
Ratios are annualized. |
(2) |
|
Amount includes deferred loan fees and non-performing loans. |
(3) |
|
Determined by subtracting the annualized average cost of total interest-bearing liabilities from the annualized average yield on total interest-earning assets. |
(4) |
|
Determined by dividing annualized net interest income by total average interest-earning assets. |
(5) |
|
Determined by dividing annualized interest expense on deposits by total average interest-bearing and non-interest bearing deposits. |
(6) |
|
Determined by dividing annualized interest expense by the sum of total average interest-bearing liabilities and total average non-interest-bearing deposits. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended |
|
|||||||||||||||
|
|
Sept. 30, 2024 |
|
|
Sept. 30, 2023 |
|
||||||||||||
|
|
Average |
|
|
|
|
Yield / |
|
|
Average |
|
|
|
|
Yield / |
|
||
(dollars in thousands) |
|
Balance |
|
Interest |
|
Rate (1) |
|
|
Balance |
|
Interest |
|
Rate (1) |
|
||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (2) |
|
$ |
5,780,539 |
|
$ |
318,262 |
|
7.35 |
% |
|
$ |
5,016,075 |
|
$ |
247,142 |
|
6.58 |
% |
Available-for-sale securities |
|
|
578,891 |
|
|
9,660 |
|
2.23 |
|
|
|
526,156 |
|
|
6,435 |
|
1.63 |
|
Held-to-maturity securities |
|
|
455,358 |
|
|
6,357 |
|
1.86 |
|
|
|
507,771 |
|
|
7,391 |
|
1.94 |
|
Equity investments |
|
|
2,672 |
|
|
54 |
|
2.67 |
|
|
|
2,375 |
|
|
38 |
|
2.12 |
|
Overnight deposits |
|
|
299,455 |
|
|
12,544 |
|
5.60 |
|
|
|
189,552 |
|
|
7,353 |
|
5.12 |
|
Other interest-earning assets |
|
|
29,095 |
|
|
1,673 |
|
7.68 |
|
|
|
32,166 |
|
|
1,779 |
|
7.37 |
|
Total interest-earning assets |
|
|
7,146,010 |
|
|
348,550 |
|
6.52 |
|
|
|
6,274,095 |
|
|
270,138 |
|
5.75 |
|
Non-interest-earning assets |
|
|
182,738 |
|
|
|
|
|
|
|
|
161,592 |
|
|
|
|
|
|
Allowance for credit losses |
|
|
(59,326 |
) |
|
|
|
|
|
|
|
(48,693 |
) |
|
|
|
|
|
Total assets |
|
$ |
7,269,422 |
|
|
|
|
|
|
|
$ |
6,386,994 |
|
|
|
|
|
|
Liabilities and Stockholders' Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market and savings accounts |
|
$ |
4,243,887 |
|
$ |
148,114 |
|
4.66 |
|
|
$ |
3,099,908 |
|
$ |
85,099 |
|
3.67 |
|
Certificates of deposit |
|
|
37,472 |
|
|
1,064 |
|
3.79 |
|
|
|
45,874 |
|
|
911 |
|
2.66 |
|
Total interest-bearing deposits |
|
|
4,281,359 |
|
|
149,178 |
|
4.65 |
|
|
|
3,145,782 |
|
|
86,010 |
|
3.66 |
|
Borrowed funds |
|
|
331,486 |
|
|
12,891 |
|
5.19 |
|
|
|
451,063 |
|
|
18,286 |
|
5.41 |
|
Total interest-bearing liabilities |
|
|
4,612,845 |
|
|
162,069 |
|
4.69 |
|
|
|
3,596,845 |
|
|
104,296 |
|
3.88 |
|
Non-interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing deposits |
|
|
1,856,061 |
|
|
|
|
|
|
|
|
2,032,011 |
|
|
|
|
|
|
Other non-interest-bearing liabilities |
|
|
115,199 |
|
|
|
|
|
|
|
|
144,712 |
|
|
|
|
|
|
Total liabilities |
|
|
6,584,105 |
|
|
|
|
|
|
|
|
5,773,568 |
|
|
|
|
|
|
Stockholders' equity |
|
|
685,317 |
|
|
|
|
|
|
|
|
613,426 |
|
|
|
|
|
|
Total liabilities and equity |
|
$ |
7,269,422 |
|
|
|
|
|
|
|
$ |
6,386,994 |
|
|
|
|
|
|
Net interest income |
|
|
|
|
$ |
186,481 |
|
|
|
|
|
|
|
$ |
165,842 |
|
|
|
Net interest rate spread (3) |
|
|
|
|
|
|
|
1.82 |
% |
|
|
|
|
|
|
|
1.87 |
% |
Net interest margin (4) |
|
|
|
|
|
|
|
3.49 |
% |
|
|
|
|
|
|
|
3.53 |
% |
Total cost of deposits (5) |
|
|
|
|
|
|
|
3.25 |
% |
|
|
|
|
|
|
|
2.22 |
% |
Total cost of funds (6) |
|
|
|
|
|
|
|
3.35 |
% |
|
|
|
|
|
|
|
2.48 |
% |
____________________ |
||
(1) |
|
Ratios are annualized. |
(2) |
|
Amount includes deferred loan fees and non-performing loans. |
(3) |
|
Determined by subtracting the annualized average cost of total interest-bearing liabilities from the annualized average yield on total interest-earning assets. |
(4) |
|
Determined by dividing annualized net interest income by total average interest-earning assets. |
(5) |
|
Determined by dividing annualized interest expense on deposits by total average interest-bearing and non-interest bearing deposits. |
(6) |
|
Determined by dividing annualized interest expense by the sum of total average interest-bearing liabilities and total average non-interest-bearing deposits. |
Reconciliation of Non-GAAP Measures
In addition to the results presented in accordance with Generally Accepted Accounting Principles (“GAAP”), this earnings release includes certain non-GAAP financial measures. Management believes these non-GAAP financial measures provide meaningful information to investors in understanding the Company’s operating performance and trends. These non-GAAP measures have inherent limitations and are not required to be uniformly applied and are not audited. They should not be considered in isolation or as a substitute for an analysis of results reported under GAAP. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies. Reconciliations of non-GAAP/adjusted financial measures disclosed in this earnings release to the comparable GAAP measures are provided in the following tables:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly Data |
|
|
Nine months ended |
|
||||||||||||||||||||||
(dollars in thousands, |
|
Sept. 30, |
|
|
Jun. 30, |
|
|
Mar. 31, |
|
|
Dec. 31, |
|
|
Sept. 30, |
|
|
Sept. 30, |
|
|
Sept. 30, |
|
|||||||
except per share data) |
|
2024 |
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|||||||
Average assets |
|
$ |
7,297,503 |
|
|
$ |
7,322,480 |
|
|
$ |
7,185,768 |
|
|
$ |
6,861,335 |
|
|
$ |
6,589,857 |
|
|
$ |
7,269,422 |
|
|
$ |
6,386,994 |
|
Less: average intangible assets |
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
Average tangible assets (non-GAAP) |
|
$ |
7,287,770 |
|
|
$ |
7,312,747 |
|
|
$ |
7,176,035 |
|
|
$ |
6,851,602 |
|
|
$ |
6,580,124 |
|
|
$ |
7,259,689 |
|
|
$ |
6,377,261 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average common equity |
|
$ |
706,442 |
|
|
$ |
680,064 |
|
|
$ |
667,009 |
|
|
$ |
643,257 |
|
|
$ |
631,205 |
|
|
$ |
685,317 |
|
|
$ |
613,426 |
|
Less: average intangible assets |
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
Average tangible common equity (non-GAAP) |
|
$ |
696,709 |
|
|
$ |
670,331 |
|
|
$ |
657,276 |
|
|
$ |
633,524 |
|
|
$ |
621,472 |
|
|
$ |
675,584 |
|
|
$ |
603,693 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
7,403,358 |
|
|
$ |
7,265,591 |
|
|
$ |
7,453,371 |
|
|
$ |
7,067,672 |
|
|
$ |
6,683,359 |
|
|
$ |
7,403,358 |
|
|
$ |
6,683,359 |
|
Less: intangible assets |
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
Tangible assets (non-GAAP) |
|
$ |
7,393,625 |
|
|
$ |
7,255,858 |
|
|
$ |
7,443,638 |
|
|
$ |
7,057,939 |
|
|
$ |
6,673,626 |
|
|
$ |
7,393,625 |
|
|
$ |
6,673,626 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common equity |
|
$ |
715,191 |
|
|
$ |
692,404 |
|
|
$ |
673,541 |
|
|
$ |
659,021 |
|
|
$ |
634,910 |
|
|
$ |
715,191 |
|
|
$ |
634,910 |
|
Less: intangible assets |
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
Tangible common equity (book value) (non-GAAP) |
|
$ |
705,458 |
|
|
$ |
682,671 |
|
|
$ |
663,808 |
|
|
$ |
649,288 |
|
|
$ |
625,177 |
|
|
$ |
705,458 |
|
|
$ |
625,177 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding |
|
|
11,194,411 |
|
|
|
11,192,936 |
|
|
|
11,191,958 |
|
|
|
11,062,729 |
|
|
|
11,062,729 |
|
|
|
11,194,411 |
|
|
|
11,062,729 |
|
Book value per share (GAAP) |
|
$ |
63.89 |
|
|
$ |
61.86 |
|
|
$ |
60.18 |
|
|
$ |
59.57 |
|
|
$ |
57.39 |
|
|
$ |
63.89 |
|
|
$ |
57.39 |
|
Tangible book value per share (non-GAAP) (1) |
|
$ |
63.02 |
|
|
$ |
60.99 |
|
|
$ |
59.31 |
|
|
$ |
58.69 |
|
|
$ |
56.51 |
|
|
$ |
63.02 |
|
|
$ |
56.51 |
|
____________________ |
||
(1) |
|
Tangible book value divided by common shares outstanding at period-end. |
Explanatory Note
Some amounts presented within this document may not recalculate due to rounding.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241017654743/en/
Daniel F. Dougherty
EVP & Chief Financial Officer
Metropolitan Commercial Bank
(212) 365-6721
IR@MCBankNY.com
Source: Metropolitan Bank Holding Corp.
FAQ
What was Metropolitan Bank Holding Corp's (MCB) net interest margin in Q3 2024?
How much did MCB's total loans and deposits grow in Q3 2024?
What was Metropolitan Bank Holding Corp's (MCB) diluted EPS for Q3 2024?