Exhibit 99.1

 

 

Release: 4:00 P.M. January 24, 2019

 

Contact:Investor Relations Department

212-365-6721

IR@MetropolitanBankNY.com

 

Metropolitan Bank Holding Corp. Reports Record 2018 Earnings of

$25.6 Million or $3.06 per Diluted Common Share Led by

Growth in Loans, Deposits and Net Interest Margin

 

NEW YORK, January 24, 2019 – Metropolitan Bank Holding Corp. (NYSE:MCB), the holding company (the “Company”) for Metropolitan Commercial Bank (the “Bank”), today reported net income of $6.3 million or $0.75 per diluted common share for the fourth quarter of 2018 as compared to $3.3 million, or $0.49 per diluted common share, for the fourth quarter of 2017.

 

For the year ended December 31, 2018, the Company reported net income of $25.6 million, or $3.06 per diluted common share, as compared to $12.4 million, or $2.34 per diluted common share, for the year ended December 31, 2017.

 

Financial Highlights for the fourth quarter of 2018 include:

 

·Total assets increased 24% to $2.18 billion at December 31, 2018 as compared to $1.76 billion at December 31, 2017.

 

·Total loans, net of deferred fees and unamortized costs increased 32% to $1.87 billion at December 31, 2018, as compared to $1.42 billion at December 31, 2017. During the three and twelve-month periods ended December 31, 2018, the Bank’s loan production was $283.0 million and $823.9 million, respectively as compared to $111.8 million and $446.4 million for the same periods in 2017.

 

·Total deposits increased 18% to $1.66 billion at December 31, 2018 as compared to $1.40 billion at December 31, 2017.

 

·Net interest margin increased 29 basis points to 3.77% for the fourth quarter of 2018 from 3.48% for the fourth quarter of 2017. For the year ended December 31, 2018, net interest margin increased 18 basis points to 3.70% as compared to 3.52% in 2017.

 

·Non-interest-bearing demand accounts decreased 1.7% to $798.6 million at December 31, 2018 as compared to $812.6 million at December 31, 2017.

 

·Interest-bearing deposits increased 45.7% to $862.0 million at December 31, 2018 as compared to $591.7 million at December 31, 2017.

 

·Annualized return on average assets for the fourth quarter of 2018 was 1.25%, an increase of 52 basis points as compared to 0.73% for the fourth quarter of 2017.

 

·Annualized return on average equity was 9.59% for the fourth quarter of 2018 as compared to 7.44% for the fourth quarter of 2017. Annualized return on average common equity was 9.80% for the fourth quarter of 2018 as compared to 7.68% for the fourth quarter of 2017. The Company completed its initial public offering in November 2017 raising net proceeds of $114.8 million.

 

·The Company’s efficiency ratio in the fourth quarter of 2018 was 54.9%, compared to 44.8% for the same quarter in 2017. For the year ended December 31, 2018, the efficiency ratio was 52.1% as compared to 51.7% for 2017.

 

Mark DeFazio, the Company’s President and Chief Executive Officer commented, “We just completed a very successful year – our first as a public company. The loan portfolio grew by 32% and deposits grew by 18%. These results are a testament to the Bank’s relationship-based business model, the strength of our lending and retail teams and the Bank’s various deposit verticals. Most notably, earnings doubled in 2018 compared to 2017. These results exceeded our internal projections and provide the Company with a strong jumping-off point for 2019. As a team, we remain focused on delivering sustainable results for our shareholders.”

 


The following information was filed by Metropolitan Bank Holding Corp. (MCB) on Thursday, January 24, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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