Metropolitan Bank Holding Corp. - MCB STOCK NEWS

Metropolitan Bank Holding Corp. (NYSE: MCB) has announced a public offering of 2,000,000 shares at $75.00 each, potentially raising $150.0 million. If underwriters exercise their option for 300,000 additional shares, total proceeds could reach $172.5 million. The funds are intended for general corporate purposes, including debt repayment, share repurchases, and investments in the Bank. The offering is set to close on September 20, 2021.

Metropolitan Bank Holding Corp. (NYSE: MCB) announced an underwritten public offering of $150 million in common stock, with an option for underwriters to purchase up to an additional $22.5 million. The proceeds will be used for general corporate purposes, including debt repayment, share repurchases, and investments in the Bank. J.P. Morgan and Keefe, Bruyette & Woods are the joint book-running managers. A shelf registration statement has been filed with the SEC for this offering.

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.

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.

Metropolitan Bank Holding Corp. (NYSE: MCB) reported a net income of $11.8 million for Q4 2020, reflecting a 49% increase from $7.9 million in Q4 2019. For the year, net income reached $39.5 million, up 31% year-over-year. Total assets rose 29% to $4.33 billion, driven by a 36.8% increase in deposits. Notably, non-interest-bearing deposits surged 57.3% year-over-year. The bank's net interest margin improved to 3.21%. However, loan deferrals related to COVID-19 decreased by 29.8% to $220.3 million, comprising 7% of total loans.

Metropolitan Commercial Bank has appointed Ram Puppala as Senior Vice President and Chief Digital Officer. Reporting to Dixiana Berrios, Puppala will enhance the Bank's digital platforms, pivotal for its status as a banking and payment solutions innovator. He brings over 20 years of experience, including roles at State Street Bank and Fiserv Inc. CEO Mark DeFazio expressed confidence that his expertise will contribute significantly to the bank's growth and shareholder value. Puppala is also passionate about empowering women in technology and entrepreneurship.

Metropolitan Bank Holding Corp. (MCB) reported a net income of $10.8 million ($1.27/share) for Q3 2020, up from $7.7 million ($0.90/share) in Q3 2019. Year-to-date net income reached $27.7 million ($3.27/share), compared to $22.3 million ($2.63/share) in 2019. Total assets increased by 19.2% to $4.00 billion, with a net loan growth of 11.7%. The bank's annualized return on average assets was 1.07%, and return on average equity rose to 13.20%. MCB experienced strong deposit growth despite the pandemic, with total deposits up 26.4% since December 31, 2019.

Metropolitan Commercial Bank has appointed Maryann Metlitz as Vice President, Commercial Lending Officer, bringing over 30 years of banking experience, including 15 in finance. Previously, she served as VP, Dealer Relationship Manager at BB&T Bank. Luke Kaufman, Head of Commercial Lending, praised her equipment leasing expertise as a valuable addition to their team. Metlitz expressed her enthusiasm for working with MCB's management team and aligning with the bank's values. Metropolitan Commercial Bank operates in New York, offering a range of banking services and is publicly traded under the ticker symbol MCB.

Metropolitan Commercial Bank has appointed Danny Tommasino as First Vice President, Senior Healthcare Lender. With 19 years of banking experience, including 10 years in the healthcare sector, Tommasino previously held a senior position at BankUnited. He expressed excitement about joining Metropolitan, citing its strong business model and management team, which he believes positions the bank for strategic growth. The bank operates several full-service centers in New York City and is a publicly traded entity under the ticker MCB.