Please wait while we load the requested 10-Q report or click the link below:
METROPOLITAN BANK HOLDING CORP REPORTS EARNINGS OF $5.9 MILLION IN SECOND QUARTER
Results Driven by Growth in Loans and Deposits and an Improved Efficiency Ratio
NEW YORK, July 25, 2018 – Metropolitan Bank Holding Corp. (NYSE:MCB), the holding company (the “Company”) for Metropolitan Commercial Bank (the “Bank”), today reported net income of $5.9 million, or $0.70 per diluted common share, for the second quarter of 2018 compared to $2.7 million, or $0.57 per diluted common share, for the second quarter of 2017.
For the six-month period ended June 30, 2018, the Company reported net income of $12.2 million, or $1.46 per diluted common share, compared to $5.2 million, or $1.11 per diluted common share, for the six-month period ended June 30, 2017.
Financial Highlights for the second quarter of 2018 include:
|·||Loans increased to $1.6 billion at June 30, 2018, an increase of $179.8 million, or 13%, from December 31, 2017. For the three and six months ended June 30, 2018, the Bank originated loans of $152.2 million and $331.2 million, respectively as compared to $203.8 million and $280.3 million for the same periods in 2017.|
|·||Total deposits increased $136.1 million, or 10%, to $1.5 billion at June 30, 2018 as compared to December 31, 2017 due to increases of $66.2 million in non-interest-bearing demand accounts and $69.9 million in interest-bearing deposits.|
|·||Net interest margin increased 15 basis points to 3.59% for the second quarter of 2018 from 3.44% for the second quarter of 2017. For the six months ended June 30, 2018, net interest margin increased to 3.63% as compared to 3.50% for the same period in 2017.|
|·||Annualized return on average assets for the second quarter of 2018 was 1.20%, an improvement of 45 basis points as compared to 0.75% for the second quarter of 2017.|
|·||Annualized return on average common equity was 9.75% for the second quarter of 2018. The Company completed its initial public offering in November 2017 raising $114.8 million.|
|·||The Company’s efficiency ratio in the second quarter of 2018 was 51.26%, compared to 53.54% for the same quarter in 2017.|
|·||Asset quality remained strong. Non-performing loans were $192,000, or 0.01% of total loans, at June 30, 2018, versus $3.4 million, or 0.24% of total loans, at December 31, 2017.|
|·||Non-interest income increased by $1.0 million to $2.6 million for the second quarter of 2018 as compared to the second quarter of 2017 and decreased by $2.8 million from $5.4 million in the sequential first quarter of 2018. The decrease from the sequential quarter was due primarily to the anticipated decrease in activity in cash management fees associated with our customers in the digital currency business.|
Mark DeFazio, the Company’s President and Chief Executive Officer, commented, “I am pleased with the solid results for the second quarter. We are firing on all cylinders and continue to trend ahead of our internal projections. As we leverage our capital, we continue to build a diversified balance sheet primarily comprised of strong earning assets and low cost deposits. The composition of our balance sheet continues to result in a strong and improving efficiency ratio and stable net interest margin. The results for the second quarter also reflect a clearer picture of our core business as the prior two sequential quarters included elevated levels of fee income related to cash management services provided to our customers in the digital currency business.”
Mr. DeFazio concluded, “We are a very focused company. The underpinning of MCB will always be that of a stable middle market bank with a focus on diversification and an enterprise-wide risk management culture. Years ago, we identified the value of technology in delivering products and services and the value of collaborating with technology companies in bringing commercial banking forth through the 21st century. This direction has enabled the Company to drive down its efficiency ratio, generate low cost deposits and fee income and establish a “branch-light” franchise strategy. I am confident that we can continue to maintain our focus and strategy.”
The following information was filed by Metropolitan Bank Holding Corp. (MCB) on Wednesday, July 25, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one quarter to another to evaluate Metropolitan Bank Holding Corp.'s financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Metropolitan Bank Holding Corp..