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Metropolitan Bank Holding Corp. Reports Earnings of
$7.1 Million or $0.85 per Diluted Common Share in Third Quarter
Results Led by Growth in Loans and Deposits
NEW YORK, October 25, 2018 – Metropolitan Bank Holding Corp. (NYSE:MCB), the holding company (the “Company”) for Metropolitan Commercial Bank (the “Bank”), today reported net income of $7.1 million, or $0.85 per diluted common share, for the third quarter of 2018 as compared to $3.8 million, or $0.82 per diluted common share, for the third quarter of 2017.
For the nine-months ended September 30, 2018, the Company reported net income of $19.3 million, or $2.31 per diluted common share, as compared to $9.0 million, or $1.94 per diluted common share, for the nine months ended September 30, 2017.
Financial Highlights for the third quarter of 2018 include:
|·||Net income for the third quarter of 2018 included a loan loss recovery of $1.5 million resulting in a negative provision for loan losses of $453,000. Excluding the loan loss recovery, net of associated legal fees, net income for the quarter was $6.1 million or $0.73 per diluted common share.|
|·||The average balance of loans increased 24% to $1.6 billion for the third quarter of 2018, as compared to the third quarter of 2017. For the three and nine months ended September 30, 2018, the Bank originated loans of $146.9 million and $528.2 million, respectively as compared to $137.3 million and $417.6 million for the same periods in 2017.|
|·||The average balance of non-interest-bearing demand accounts increased 25% to $850.3 million for the third quarter of 2018 as compared to $682.3 million for the third quarter of 2017.|
|·||The average balance of interest-bearing deposits increased 12% to $728.5 million for the 2018 third quarter as compared to $653.1 million for third quarter of 2017.|
|·||Net interest margin increased 17 basis points to 3.76% for the third quarter of 2018 from 3.59% for the third quarter of 2017. For the nine months ended September 30, 2018, net interest margin increased to 3.70% as compared to 3.54% for the same period in 2017.|
|·||Annualized return on average assets for the third quarter of 2018 was 1.45%, an increase of 51 basis points as compared to 0.94% for the third quarter of 2017.|
|·||Annualized return on average equity was 11.22% for the third quarter of 2018 as compared to 13.14% for the third quarter of 2017. The Company completed its initial public offering in November 2017 raising $114.8 million.|
|·||The Company’s efficiency ratio in the third quarter of 2018 was 50.85%, compared to 53.03% for the same quarter in 2017.|
Mark DeFazio, the Company’s President and Chief Executive Officer, commented, “We are pleased with the accomplishments we have achieved as we approach the first anniversary of our IPO. Year-over-year, total assets increased 12% fueled by growth in our loan portfolio which was the result of our steadfast commitment to our relationship banking model. This growth in our balance sheet will yield a more consistent and sustainable net interest margin over time. Our balance sheet improvement translated into strong earnings for the quarter and for the first nine months of 2018. We more than doubled our net income – to $19.3 million for the first nine months of 2018 as compared to $9.0 million for the same period in 2017.”
Mr. DeFazio continued, “I am pleased with the successes of the past year but am keenly aware of the challenges and opportunities that face banks in 2019. A flat yield curve and competition for loans and deposits are challenges facing the industry but I am confident that our “branch-light” franchise and deposit funding strategy differentiate us from our peers. Our strategy combined with deposit platforms that cater to institutional clients with discretion over large sums of money provides the Bank with an efficient source of funding. As we prepare for 2019 and our second year as a public company, we are well-positioned for the opportunities that the future holds for our business.”
The following information was filed by Metropolitan Bank Holding Corp. (MCB) on Thursday, October 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.
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