Exhibit 99.1

 

 

Release: 4:30 P.M. January 22, 2020

 

Contact: Investor Relations Department
  212-365-6721
  IR@MetropolitanBankNY.com

 

Metropolitan Bank Holding Corp. Reports Sustained Growth in Earnings Diluted EPS of $0.93 for the Fourth Quarter

 

NEW YORK, January 22, 2020 – Metropolitan Bank Holding Corp. (the “Company”) (NYSE: MCB), the holding company for Metropolitan Commercial Bank (the “Bank”), today reported net income of $7.9 million, or $0.93 per diluted common share, for the fourth quarter of 2019, as compared to $6.3 million, or $0.75 per diluted common share, for the fourth quarter of 2018.

 

For the year ended December 31, 2019, the Company reported net income of $30.1 million, or $3.56 per diluted common share, compared to $25.6 million, or $3.06 per diluted common share, for the year ended December 31, 2018.

 

Financial Highlights for the fourth quarter of 2019 include:

 

·Total assets increased $1.18 billion, or 54.1%, to $3.36 billion at December 31, 2019, as compared to $2.18 billion at December 31, 2018, and increased $113.9 million, or 3.5%, as compared to $3.24 billion at September 30, 2019.

 

·Total loans increased 43.2%, or $807.7 million, to $2.67 billion at December 31, 2019, as compared to $1.87 billion at December 31, 2018. For the three months and year ended December 31, 2019, the Bank’s loan production was $252.2 million and $1.1 billion, respectively, as compared to $283.0 million and $830.4 million for the three months and year ended December 31, 2018, respectively. Total loans increased $176.3 million, or 7.1%, to $2.67 billion at December 31, 2019, as compared to $2.50 billion at September 30, 2019.

 

·Net interest margin increased 9 basis points for the fourth quarter of 2019 to 3.35%, as compared to 3.26% for the third quarter of 2019. This increase in net interest margin was primarily due to a decrease in the cost of deposits and borrowings. The cost of deposits decreased by 38 basis points in the fourth quarter of 2019 to 1.65%, as compared to 2.03% in the third quarter of 2019. The cost of borrowings decreased by 23 basis points to 2.80%, as compared to 3.03% in the third quarter of 2019. These decreases were partially offset by a decrease of 9 basis points in the yield earned on total interest-earning assets to 4.38% for the fourth quarter of 2019, as compared to 4.47% for the third quarter of 2019. The decrease was driven primarily by decreases in the yield earned on overnight deposits and loans. The yield on loans decreased by 7 basis points to 4.96% in the fourth quarter of 2019, as compared to 5.03% in the third quarter of 2019. The yield from overnight deposits decreased 52 basis points to 1.78% for the fourth quarter of 2019, as compared to 2.30% for the third quarter of 2019.

 

·Total cash and cash equivalents increased $158.2 million, or 67.9%, to $391.2 million at December 31, 2019, as compared to $233.0 million at December 31, 2018. Total securities, primarily those classified as available-for-sale, increased $203.8 million to $240.9 million, or 548.9%, at December 31, 2019, as compared to $37.1 million at December 31, 2018.

 

·Total deposits increased 68.1%, or $1.13 billion, to $2.79 billion at December 31, 2019, as compared to total deposits of $1.66 billion at December 31, 2018. This growth in deposits was across the Bank’s various deposit verticals.

 


The following information was filed by Metropolitan Bank Holding Corp. (MCB) on Wednesday, January 22, 2020 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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