Exhibit 99.1

 

 

 

 

Metropolitan Bank Holding Corp. Achieves Net Income of $12.4 Million for Full Year 2017, Up 147% from $5.0 Million for 2016

 

NEW YORK, NY, January 29, 2018 – Metropolitan Bank Holding Corp (NYSE:MCB), the holding company (the “Company”) for Metropolitan Commercial Bank (the “Bank”), today reported net income of $3.3 million, or $0.49 per diluted common share, for the fourth quarter of 2017, compared to $49 thousand, or $0.01 per diluted common share, for the fourth quarter of 2016, and $3.8 million, or $0.82 per diluted common share, for the third quarter of 2017.

 

For the year ended December 31, 2017, net income was $12.4 million, an increase of 147% from $5.0 million for the year ended December 31, 2016. Diluted earnings per common share for the year ended December 31, 2017 increased to $2.34, compared to $0.43 for the year ended December 31, 2016. 

 

The fourth quarter of 2016 net income included a charge-off of $5.1 million of the Bank’s taxi medallion loan portfolio, while fourth quarter 2017 net income included a write-down of deferred tax assets related to the recent changes in the tax code of $1.6 million and a final taxi medallion related charge-off of $3.7 million. Excluding the impact of the above mentioned charges, the Company’s adjusted net income for the fourth quarter of 2017 was $7.1 million and adjusted diluted earnings per common share was $1.04. Excluding the impact of the above mentioned charges, the Company’s adjusted net income for the year ended 2017 was $16.1 million and adjusted diluted earnings per common share was $3.06. (See table of “Reconciliation of GAAP and Non-GAAP Financial Measures.”)

 

The Company completed an initial public offering (“IPO”) of its common stock on November 10, 2017 and sold 3,100,000 shares of common stock at $35.00 per share, as well as, 465,000 additional shares of common stock at $35.00 per share pursuant to the underwriter’s overallotment option. The aggregate net proceeds to the Company from its IPO, including the overallotment shares, after deducting the underwriting discount and estimated offering expenses were approximately $115 million.

 

2017 Highlights (as of, or for the periods ended December 31, 2017, compared to December 31, 2016, and September 30, 2017, except as noted):

 

·Diluted earnings per common share totaled $0.49 for the fourth quarter of 2017, compared to $0.01 for the fourth quarter of 2016, and $0.82 for the third quarter of 2017.  Diluted earnings per common share decreased in the fourth quarter of 2017 compared to the third quarter of 2017 primarily due to the increase in shares resulting from the IPO in November 2017, combined with the impact of the write-down of deferred tax assets and the aforementioned charge off. For the year ended December 31, 2017, diluted earnings per common share increased 444% to $2.34, compared to $0.43 per diluted common share for the year ended December 31, 2016.

 

·For the fourth quarter of 2017, the return on average assets (“ROAA”) was 0.73%, return on average tangible assets (“ROATA”) was 0.74%, return on average common equity (“ROACE”) was 7.68% and the return on average tangible common equity (“ROATCE”) was 8.14%. For the sequential quarter, ROAA was 0.94%, ROATA was 0.95%, ROACE was 13.39% and ROATCE was 15.11%.  ROATCE for the fourth quarter of 2017 was lower than the sequential quarter due to the increase in equity resulting from the IPO in November 2017. For the year ended December 31, 2017, the ROAA was 0.81%, ROATA was 0.82%, ROACE was 9.67% and ROATCE was 10.46%, compared to 0.46%. 5.86%. 0.46% and 6.61%, respectively, for the year ended December 31, 2016.

 


The following information was filed by Metropolitan Bank Holding Corp. (MCB) on Thursday, February 1, 2018 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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