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.”

 

1 

 

 

Mr. DeFazio continued, “The success of Metropolitan Commercial Bank is the result of a very talented and focused group of people operating in a market that holds many opportunities. We are looking forward to a very exciting 2019 as we continue to leverage the capital we raised. The Bank’s loan pipeline is strong, and we will continue to implement our branch-light strategy of funding this growth with diversified deposit verticals.”

 

Balance Sheet

 

The Company had total assets of $2.18 billion at December 31, 2018, compared with $1.76 billion on December 31, 2017. Loans, net of deferred fees and unamortized costs increased to $1.9 billion at December 31, 2018 as compared to $1.4 billion at December 31, 2017. For the three and twelve months 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 $256.2 million, or 18%, to $1.7 billion at December 31, 2018 as compared to $1.4 billion at December 31, 2017. This was due to an increase of $270.3 million in interest-bearing demand deposits partially offset by a decrease of $14.1 million in non-interest-bearing deposits.

 

Total borrowings increased by $142.9 million to $230.2 million at December 31, 2018 as compared to $87.3 million at December 31, 2017. This was due to an increase of $142.8 million in Federal Home Loan Bank advances, which were used to support the Bank’s loan growth.

 

Total stockholders’ equity was $264.5 million on December 31, 2018 compared to $236.9 million at December 31, 2017. The Company completed an Initial Public Offering (IPO) in November 2017. Total proceeds from the IPO, net of issuance costs, were $114.8 million. Metropolitan Commercial Bank meets all the requirements to be considered “Well-Capitalized” under applicable regulatory guidelines. At December 31, 2018, total Commercial Real Estate Loans (“CRE”) were 312.4% of risk-based capital, compared to 267.7% at December 31, 2017.

 

Income Statement

 

   Quarter Ended Dec. 31,   Year Ended Dec. 31, 
(Dollars in thousands, except per share data)  2018   2017   2018   2017 
Net income  $6,285   $3,326   $25,554   $12,369 
Diluted earnings per common share   0.75    0.49    3.06    2.34 
Annualized return on average assets   1.25%   0.73%   1.31%   0.81%
Annualized return on average equity   9.59%   7.44%   10.18%   9.27%
Annualized return on average common equity*   9.80%   7.68%   10.41%   9.67%

 

*Common equity excludes Class B preferred stock. See reconciliation to GAAP measures on page 12.

 

Net income increased $3.0 million to $6.3 million for the fourth quarter of 2018 as compared to $3.3 million for the same period in 2017. This increase was due primarily to a $3.3 million increase in net interest income, a $2.7 million decrease in the provision for loan losses and a $2.8 million decrease in income tax expense, partially offset by a $4.0 million decrease in non-interest income and a $1.8 million increase in non-interest expense.

 

For the year ended December 31, 2018, net income increased $13.2 million to $25.6 million as compared to $12.4 million for 2017. This increase was due primarily to a $19.0 million increase in net interest income, a $3.9 million decrease in the provision for loan losses and a $1.0 million increase in non-interest income, partially offset by a $10.8 million increase in non-interest expense.

 

2 

 

 

Net Interest Margin Analysis  Three months ended 
   December 31, 2018   December 31, 2017 
(dollars in thousands)  Average Outstanding Balance   Interest   Yield/Rate (annualized)   Average Outstanding Balance   Interest   Yield/Rate (annualized) 
Assets:                        
Interest-earning assets:                              
Loans (1)  $1,760,937   $21,875    4.93%  $1,397,700   $16,375    4.65%
Available-for-sale securities   30,671    178    2.28%   33,322    172    2.02%
Held-to-maturity securities   4,668    24    2.01%   5,559    28    1.97%
Overnight deposits   177,539    1,028    2.30%   314,244    1,117    1.41%
Other interest-earning assets   19,634    237    4.79%   34,959    243    2.76%
Total interest-earning assets   1,993,449    23,342    4.65%   1,785,784    17,935    3.98%
Non-interest-earning assets   41,101              43,323           
Allowance for loan and lease losses   (18,719)             (15,322)          
Total assets  $2,015,831             $1,813,785           
                               
Liabilities and Stockholders' Equity:                         
Interest-bearing liabilities:                              
Money market and savings accounts  $701,042   $2,773    1.57%  $559,339   $1,277    0.91%
Certificates of deposit   99,008    528    2.12%   82,020    280    1.36%
Total interest-bearing deposits   800,050    3,301    1.64%   641,359    1,557    0.96%
Borrowed funds   116,678    1,080    3.62%   88,488    736    3.25%
Total interest-bearing liabilities   916,728    4,381    1.90%   729,847    2,293    1.25%
Non-interest-bearing liabilities:                              
Non-interest-bearing deposits   812,415              868,117           
Other non-interest-bearing liabilities   24,658              37,074           
Total liabilities   1,753,801              1,635,038           
                               
Stockholders' Equity   262,030              178,747           
Total liabilities and equity  $2,015,831             $1,813,785           
                               
Net interest income       $18,961             $15,642      
Net interest rate spread (2)             2.75%             2.74%
Net interest-earning assets  $1,076,721             $1,055,937           
Net interest margin (3)             3.77%             3.48%
Ratio of interest earning assets to interest bearing liabilities             2.17x             2.45x

 

(1)Amount includes deferred loan fees and non-performing loans.

(2)Determined by subtracting the annualized weighted average cost of total interest-bearing liabilities from the annualized weighted average yield on total interest-earning assets.

(3)Determined by dividing annualized net interest income by total average interest-earning assets.

 

3 

 

 

Net Interest Margin Analysis  Year ended 
   December 31, 2018   December 31, 2017 
(dollars in thousands)  Average Outstanding Balance   Interest   Yield/Rate   Average Outstanding Balance   Interest   Yield/Rate 
Assets:                        
Interest-earning assets:                              
Loans (1)  $1,604,624   $77,342    4.82%  $1,244,194   $57,186    4.60%
Available-for-sale securities   30,663    668    2.15%   35,085    720    2.02%
Held-to-maturity securities   4,987    104    2.06%   5,963    123    2.03%
Overnight deposits   257,841    4,838    1.88%   166,640    2,074    1.24%
Other interest-earning assets   27,962    993    3.55%   29,165    761    2.61%
Total interest-earning assets   1,926,077    83,945    4.36%   1,481,047    60,864    4.11%
Non-interest-earning assets   43,206              58,477           
Allowance for loan and lease losses   (17,301)             (15,322)          
Total assets  $1,951,982             $1,524,202           
                               
Liabilities and Stockholders' Equity:                              
Interest-bearing liabilities:                              
Money market and savings accounts  $600,334   $7,511    1.25%  $561,733   $4,840    0.86%
Certificates of deposit   87,966    1,592    1.81%   80,130    1,033    1.29%
Total interest-bearing deposits   688,300    9,103    1.32%   641,863    5,873    0.92%
Borrowed funds   96,905    3,614    3.68%   105,684    2,798    2.61%
Total interest-bearing liabilities   785,205    12,717    1.62%   747,547    8,671    1.16%
Non-interest-bearing liabilities:                              
Non-interest-bearing deposits   884,604              607,743           
Other non-interest bearing liabilities   31,143              35,450           
Total liabilities   1,700,952              1,390,740           
                               
Stockholders' Equity   251,030              133,462           
Total liabilities and equity  $1,951,982             $1,524,202           
                               
Net interest income       $71,228             $52,193      
Net interest rate spread (2)             2.74%             2.95%
Net interest-earning assets  $1,140,872             $733,500           
Net interest margin (3)             3.70%             3.52%
Ratio of interest earning assets to interest bearing liabilities             2.45x             1.98x

 

(1)Amount includes deferred loan fees and non-performing loans.

(2)Determined by subtracting the annualized weighted average cost of total interest-bearing liabilities from the annualized weighted average yield on total interest-earning assets.

(3)Determined by dividing annualized net interest income by total average interest-earning assets.

 

4 

 

 

Net Interest Income

 

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. This increase was mainly the result of a 28 basis point increase in average loan yields to 4.93% for the fourth quarter of 2018 as compared to 4.65% for the same period in 2017, and an increase of 89 basis points in the average yield on overnight deposits to 2.30% as compared to 1.41% for the same period in 2017. Total average interest-earning assets increased $207.7 million for the fourth quarter of 2018 as compared to the fourth quarter of 2017, due primarily to a $363.2 million increase in average loans, which was partially offset by a decrease of $136.7 million in overnight funds. The total yield on average interest-earning assets increased 67 basis points to 4.65% in the fourth quarter of 2018 as compared to 3.98% in the same period on 2017.

 

For the year ended December 31, 2018, net interest margin increased 18 basis points to 3.70% as compared to 3.52% for 2017. This increase was primarily the result of an increase of 22 basis points in average loan yields to 4.82% for 2018 as compared to 4.60% in 2017. Net interest margin also benefited from the effect of an increase in average non-interest-bearing deposits as a percentage of total average deposits at December 31, 2018 as compared to the same period in 2017. Average non-interest-bearing deposits increased $276.9 million to $884.6 million for 2018, compared to $607.7 million in 2017 and accounted for 56.0% of average total deposits in 2018 as compared to 49.0% for the same period in 2017. Average interest-earning assets increased $445.0 million for the year ended December 31, 2018 as compared to the same period in 2017 due primarily to an increase of $360.4 million in average loans and a $91.2 million increase in average overnight deposits.

 

Asset Quality

 

Non-performing assets consist of non-accrual loans, accruing loans that are 90 days or more past due, non-accrual troubled debt restructurings and real estate owned (“REO”) that has been acquired in partial or full satisfaction of loan obligations or upon foreclosure. The Bank had no REO properties at December 31, 2018 and 2017.

 

   As of December 31, 
(dollars in thousands)  2018   2017 
Non-performing assets:          
Non-accrual loans:          
Commercial  $-   $787 
One-to-four family   -    2,447 
Commercial and industrial   -    - 
Consumer   50    155 
Total non-accrual loans  $50   $3,389 
Accruing loans 90 days or more past due   239    - 
Total non-performing assets  $289   $3,389 
Nonaccrual loans as % of loans outstanding   0.00%   0.24%
           
Allowance for loan losses  $(18,942)  $(14,887)
Allowance for loan losses as % of loans outstanding   1.02%   1.05%

 

5 

 

 

   Quarter Ended December 31,   Year Ended December 31, 
(dollars in thousands)  2018   2017   2018   2017 
Provision for loan losses  $844   $3,499   $3,138   $7,059 
Charge-offs  $504   $3,687   $783   $3,987 
Recoveries  $(109)  $-   $(1,700)  $- 
Net charge-offs as % of average loans (annualized)   0.09%   1.06%   (0.06)%   0.32%

 

The provision for loan losses was $844,000 for the fourth quarter of 2018 as compared to $3.5 million for the fourth quarter of 2017. This decrease was due primarily to a provision of $3.6 million related to taxi medallion loans in the fourth quarter of 2017. The charge-offs related to these loans amounted to $3.7 million. In 2018, the Bank had a $1.7 million recovery related to the medallion loans. The provision for loan losses for the year ended December 31, 2018 was $3.1 million as compared to $7.1 million for the same period in 2017. This decrease reflects the loan loss recovery in 2018 as well as the taxi medallion charge-off in 2017.

  

Non-Interest Income                
   Quarter Ended December 31,   Year Ended December 31, 
(dollars in thousands)  2018   2017   2018   2017 
Service charges on deposit accounts  $826   $1,820   $4,248   $3,452 
Prepaid debit card income   1,133    929    4,640    3,369 
Other service charges and fees   229    3,429    3,305    4,368 
Losses on call of securities   -    -    (37)   - 
 Total non-interest income  $2,188   $6,178   $12,156   $11,189 

 

Non-interest income decreased by $4.0 million to $2.2 million in the fourth quarter of 2018 as compared to the fourth quarter of 2017, primarily due to decreases of $1.0 million in service charges on deposits and $3.2 million in other charges and fees, offset by an increase in debit card income of $204,000. The decrease in service charges on deposits was primarily due to a decline of $0.8 million in wire fees related to transactions by digital currency customers. The decrease in other service charges and fees was due to a decrease in foreign currency conversion fees, which were at an elevated level during the fourth quarter of 2017 and the first quarter of 2018, as customers, particularly those in the digital currency business, were transferring funds from their global corporate accounts back into their U.S. dollar accounts with the Bank.

 

For the year ended December 31, 2018, non-interest income increased $1.0 million to $12.2 million from $11.2 million in 2017. This increase was primarily due to increases of $0.8 million in service charges on deposits, $1.3 million in prepaid debit card income, offset by a $1.1 million decrease in other service charges and fees when compared to the same period in 2017. The increase in service charges on money market accounts was due primarily to an increase in the number of these accounts. The increase in the prepaid debit card income reflects the growth in the debit card business and a termination fee of $500,000 received in 2018 for a discontinued relationship. The decrease in other service charges and fees was primarily due to a decrease of $1.2 million in foreign currency conversion fees related to digital currency.

 

6 

 

 

Non-interest Expense                
   Quarter Ended December 31,   Year Ended December 31, 
(dollars in thousands)  2018   2017   2018   2017 
Compensation and benefits  $6,962   $5,478   $25,658   $19,165 
Bank premises and equipment   1,324    1,200    5,063    4,385 
Professional fees   715    744    2,922    2,544 
Data processing fees   1,025    605    3,987    1,592 
Other expenses   1,576    1,752    5,841    5,059 
Total non-interest expense  $11,602   $9,779   $43,471   $32,745 

 

Non-interest expense increased $1.8 million to $11.6 million during the fourth quarter of 2018 as compared to $9.8 million for the fourth quarter of 2017. Compensation and benefits increased $1.5 million to $7.0 million for the fourth quarter of 2018 as compared to $5.5 million for the fourth quarter of 2017. This increase was due primarily to an increase of 28 full-time equivalent employees in 2018. In addition, the fourth quarter of 2018 included $353,000 in placement fees related to the hiring of new employees. There were no placement fees incurred in the fourth quarter of 2017. Data processing fees increased $420,000 to $1.0 million for the fourth quarter of 2018 as compared to the fourth quarter of 2017, primarily due to technology costs to support the growth in various deposit verticals.

 

For the year ended December 31, 2018, non-interest expense increased $10.7 million to $43.5 million as compared to the same period in 2017. Compensation and benefits increased $6.5 million to $25.7 million for the year ended December 31, 2018 as compared to $19.2 million for the same period in 2017. For those same periods, data processing fees increased $2.4 million to $4.0 million due primarily to costs related to wire transfer activity as well as technology costs to support the growth in various deposit verticals.

 

About Metropolitan Bank Holding Corporation

 

Metropolitan Bank Holding Corp. (NYSE: MCB) is the holding company for Metropolitan Commercial Bank. The Bank provides a broad range of business, commercial and personal banking products and services to small and middle-market businesses, public entities and affluent individuals in the New York metropolitan area. Founded in 1999, the Bank is headquartered in New York City and operates six locations in Manhattan, Brooklyn and Great Neck, Long Island. The Bank is also an active issuer of debit cards for third-party debit card programs. Metropolitan Commercial Bank is a New York State chartered commercial bank, a Federal Reserve System member bank whose deposits are insured up to applicable limits by the FDIC, and an equal opportunity lender. For more information, please visit www.mcbankny.com.

 

Forward Looking Statement Disclaimer

 

This release contains certain “forward-looking statements” about the Company which, to the extent applicable, are intended to be covered by the safe harbor for forward-looking statements provided under Federal securities laws and, regardless of such coverage, you are cautioned about. Examples of forward-looking statements include but are not limited to the Company’s financial condition and capital ratios, results of operations and the Company’s outlook and business. Forward-looking statements are not historical facts. Such statements may be identified by the use of such words as “may”, “believe”, “expect”, “anticipate”, “plan”, “continue”, or similar terminology. These statements relate to future events or our future financial performance and involve risks and uncertainties that may cause our actual results, levels of activity, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we caution you not to place undue reliance on these forward-looking statements. Factors which may cause our forward-looking statements to be materially inaccurate include, but are not limited to those discussed under the heading “Risk Factors” in our Annual Report on Form 10-K, as well as an unexpected deterioration in our loan portfolio, unexpected increases in our expenses, greater than anticipated growth and our ability to manage such growth, unanticipated regulatory action, unexpected changes in interest rates, an unanticipated decrease in deposits, an unanticipated loss of key personnel, an unanticipated loss of existing customers, competition from other institutions resulting in unanticipated changes in our loan or deposit rates, unanticipated increases in Federal Deposit Insurance Corporation costs and unanticipated adverse changes in our customers’ economic conditions or economic conditions in our local area in general.

 

Forward-looking statements speak only as of the date of this release. We do not undertake any obligation to update or revise any forward-looking statement, whether the result of new information, future events or otherwise.

 

7 

 

 

Consolidated Balance Sheet        
         
(In thousands)  December 31, 2018   December 31, 2017 
Assets          
Cash and due from banks  $9,246   $6,790 
Overnight deposits   223,704    254,441 
Total cash and cash equivalents   232,950    261,231 
Investment securities available for sale   32,549    32,157 
Investment securities held to maturity   4,571    5,428 
Total securities   37,120    37,585 
Other investments   22,287    13,677 
Loans, net of deferred fees and unamortized costs   1,865,216    1,419,896 
Allowance for loan losses   (18,942)   (14,887)
Net loans   1,846,274    1,405,009 
Receivable from prepaid card programs, net   8,218    9,579 
Accrued interest receivable   5,507    4,421 
Premises and equipment, net   6,877    6,268 
Prepaid expenses and other assets   8,158    5,751 
Goodwill   9,733    9,733 
Accounts receivable, net   5,520    6,601 
Total assets  $2,182,644   $1,759,855 
Liabilities and Stockholders' Equity          
Deposits:          
Noninterest-bearing demand deposits  $798,563   $812,616 
Interest-bearing deposits   861,991    591,739 
Total deposits   1,660,554    1,404,355 
Federal Home Loan Bank of New York advances   185,000    42,198 
Trust preferred securities   20,620    20,620 
Subordinated debts, net of issuance cost   24,545    24,489 
Accounts payable, accrued expenses and other liabilities   18,439    21,678 
Accrued interest payable   1,282    749 
Prepaid debit cardholder balances   7,687    8,882 
Total liabilities   1,918,127    1,522,971 
           
Class B preferred stock   3    3 
Common stock   82    81 
Additional paid in capital   213,490    211,145 
Retained earnings   51,415    25,861 
Accumulated other comprehensive loss, net of tax effect   (473)   (206)
Total stockholders’ equity   264,517    236,884 
Total liabilities and stockholders’ equity  $2,182,644   $1,759,855 

 

8 

 

 

Consolidated Statement of Income (unaudited)                
   Quarter ended Dec. 31,   Year ended Dec. 31, 
(In thousands, except per share data)  2018   2017   2018   2017 
Total interest income  $23,342   $17,935   $83,945   $60,864 
Total interest expense   4,381    2,293    12,717    8,671 
Net interest income   18,961    15,642    71,228    52,193 
Provision for loan losses   844    3,499    3,138    7,059 
Net interest income after provision for loan losses   18,117    12,143    68,090    45,134 
                     
Non-interest income:                    
Service charges on deposit accounts   826    1,820    4,248    3,452 
Prepaid debit card income   1,133    929    4,640    3,369 
Other service charges and fees   229    3,429    3,305    4,368 
Losses on call of securities   -    -    (37)   - 
Total non-interest income   2,188    6,178    12,156    11,189 
                     
Non-interest expense:                    
Compensation and benefits   6,962    5,478    25,658    19,165 
Bank premises and equipment   1,324    1,200    5,063    4,385 
Professional fees   715    744    2,922    2,544 
Data processing fees   1,025    605    3,987    1,592 
Other expenses   1,576    1,752    5,841    5,059 
Total non-interest expense   11,602    9,779    43,471    32,745 
                     
Net income before income tax expense   8,703    8,542    36,775    23,578 
Income tax expense   2,418    5,216    11,221    11,209 
Net income  $6,285   $3,326   $25,554   $12,369 
                     
Earnings per common share:                    
Basic earnings  $0.77   $0.50   $3.12   $2.40 
Diluted earnings  $0.75   $0.49   $3.06   $2.34 

 

9 

 

 

Summary of Income and Performance Measures

Five Quarter Trend (unaudited)

                
                     
   Quarter Ended 
   Dec. 31, 2018   Sept. 30, 2018   June 30, 2018   Mar. 31, 2018   Dec. 31, 2017 
(Dollars in thousands, except per share amounts)                    
Net interest income  $18,961   $18,351   $17,395   $16,516   $15,642 
Provision (credit) for loan losses   844    (453)   1,270    1,477    3,499 
Net interest income after provision for loan losses   18,117    18,804    16,125    15,039    12,143 
Non-interest income   2,188    2,012    2,649    5,312    6,178 
Non-interest expense:                         
Compensation and benefits   6,962    6,253    6,126    6,317    5,478 
Other Expense   4,640    4,102    4,149    4,921    4,301 
Total non-interest expense   11,602    10,355    10,275    11,238    9,779 
                          
Income before income tax expense   8,703    10,461    8,499    9,113    8,542 
Income tax expense   2,418    3,348    2,634    2,822    5,216 
Net income   6,285    7,113    5,865    6,291    3,326 
                          
Performance Measures:                         
Net income available to common shareholders   6,238    7,057    5,816    6,238    3,143 
Per common share:                         
Basic earnings  $0.77   $0.87   $0.72   $0.77   $0.50 
Diluted earnings  $0.75   $0.85   $0.70   $0.75   $0.49 
Common shares outstanding:                         
Average - diluted   8,273,220    8,292,385    8,290,048    8,275,243    6,768,753 
Period end   8,217,274    8,207,234    8,205,234    8,194,925    8,196,310 
Return on (annualized):                         
Average total assets   1.25%   1.45%   1.20%   1.35%   0.73%
Average common equity   9.80%   11.47%   9.75%   10.78%   7.68%
Yield on average earning assets   4.65%   4.49%   4.13%   4.17%   3.98%
Cost of interest-bearing liabilities   1.90%   1.69%   1.46%   1.31%   1.25%
Net interest spread   2.75%   2.80%   2.67%   2.85%   2.74%
Net interest margin   3.77%   3.76%   3.59%   3.68%   3.48%
Net charge-offs (recoveries) as % of average loans (annualized)   0.09%   (0.36)%   0.02%   0.04%   1.06%
Efficiency ratio   54.86%   50.85%   51.26%   51.48%   44.82%

 

10 

 

 

Consolidated Balance Sheet Summary

Five Quarter Trend (unaudited)

            
                     
(dollars in thousands)  Dec. 31, 2018   Sept. 30, 2018   June. 30, 2018   Mar. 31, 2018   Dec. 31, 2017 
Assets                         
Total Assets  $2,182,644   $1,930,714   $1,924,495   $1,968,886   $1,759,855 
Overnight deposits   223,704    148,260    240,994    363,887    254,441 
Total securities   37,120    32,247    33,974    35,488    37,585 
Other investments   22,287    16,645    16,770    16,566    13,677 
Loans, net of deferred fees and unamortized costs   1,865,216    1,698,929    1,599,647    1,526,166    1,419,896 
                          
Liabilities and Stockholders' Equity                         
Deposits:                         
Noninterest-bearing demand deposits  $798,563   $772,754   $878,703   $1,012,250   $812,616 
Interest-bearing deposits   861,991    761,177    661,779    604,866    591,739 
Total deposits   1,660,554    1,533,931    1,540,482    1,617,116    1,404,355 
Borrowings   230,165    105,151    108,137    78,123    87,307 
Total stockholders' Equity   264,517    257,269    249,584    243,041    236,884 
                          
Asset Quality                         
Total non-accrual loans  $50   $79   $192   $85   $3,389 
Total non-performing assets  $289   $407   $192   $85   $3,389 
Non-accrual loans to total loans   0.00%   0.00%   0.01%   0.01%   0.24%
Non-performing loans to total loans   0.02%   0.02%   0.01%   0.01%   0.24%
Allowance for loan losses   (18,942)   (18,493)   (17,463)   (16,260)   (14,887)
Allowance for loan losses to total loans   1.02%   1.09%   1.09%   1.07%   1.05%
Provision for loan losses   844    (453)   1,270    1,477    3,499 
Net charge-offs   395    1,483    67    104    3,687 
                          
Regulatory Capital                         
Tier 1 Leverage:                         
Metropolitan Bank Holding Corp.   13.7%   13.8%   13.5%   13.7%   13.7%
Metropolitan Commercial Bank   14.7    14.8    14.5    14.7    14.7 
                          
Common Equity Tier 1 Risk-Based (CET1):                         
Metropolitan Bank Holding Corp.   13.2    13.9    14.3    14.9    15.3 
Metropolitan Commercial Bank   15.7    16.5    17.0    17.7    18.4 
                          
Tier 1 Risk-Based:                         
Metropolitan Bank Holding Corp.   14.6    15.4    15.8    16.5    17.1 
Metropolitan Commercial Bank   15.7    16.5    17.0    17.7    18.4 
                          
Total Risk-Based:                         
Metropolitan Bank Holding Corp.   16.9    17.9    18.4    19.2    19.9 
Metropolitan Commercial Bank   16.7    17.6    18.1    18.8    19.4 

 

11 

 

 

Reconciliation of Quarterly GAAP to Non-GAAP Measures, Five Quarter Trend

 

In addition to the results presented in accordance with Generally Accepted Accounting Principles ("GAAP"), this earnings release includes certain non-GAAP financial measures. Management believes these non-GAAP financial measures provide meaningful information to investors in understanding the Company’s operating performance and trends. These non-GAAP measures have inherent limitations and are not required to be uniformly applied and are not audited. They should not be considered in isolation or as a substitute for an analysis of results reported under GAAP. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies. Reconciliations of non-GAAP/adjusted financial measures disclosed in this earnings release to the comparable GAAP measures are provided in the accompanying tables.

 

Balance sheet data                    
Dollars in thousands, except per share data  Dec. 31, 2018   Sept. 30, 2018   June 30, 2018   Mar. 31, 2018   Dec. 31, 2017 
Average assets  $2,015,831   $1,960,318   $1,946,910   $1,869,251   $1,813,785 
Less: average intangible assets   9,733    9,733    9,733    9,733    9,733 
Average tangible assets  $2,006,098   $1,950,585   $1,937,177   $1,859,518   $1,804,052 
                          
Average equity  $262,030   $253,516   $246,108   $240,250   $178,747 
Less: Average preferred equity   5,502    5,502    5,502    5,502    5,502 
Average common equity  $256,528   $248,014   $240,606   $234,748   $173,245 
Less: average intangible assets   9,733    9,733    9,733    9,733    9,733 
Average tangible common equity  $246,795   $238,281   $230,873   $225,015   $163,512 
                          
Total assets  $2,182,644   $1,930,714   $1,924,495   $1,968,886   $1,759,855 
Less: intangible assets   9,733    9,733    9,733    9,733    9,733 
Tangible assets  $2,172,911   $1,920,981   $1,914,762   $1,959,153   $1,750,122 
                          
Total Equity  $264,517   $257,270   $249,584   $243,039   $236,884 
Less: preferred equity   5,502    5,502    5,502    5,502    5,502 
Common Equity  $259,015   $251,768   $244,082   $237,537   $231,382 
Less: intangible assets   9,733    9,733    9,733    9,733    9,733 
Tangible common equity (book value)  $249,282   $242,035   $234,349   $227,804   $221,649 
                          
Common shares outstanding   8,217,274    8,207,234    8,205,234    8,194,925    8,196,310 
                          
Book value per share (GAAP)  $31.52   $30.68   $29.75   $29.23   $28.23 
Tangible book value per common share (non-GAAP)*  $30.34   $29.49   $28.56   $28.03   $27.04 

 

* Tangible book value divided by common shares outstanding at period-end.

 

12 

View differences made from one to another to evaluate Metropolitan Bank Holding Corp.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 8-K Corporate News to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Metropolitan Bank Holding Corp..

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Log in with your credentials

or    

Forgot your details?

Create Account