Exhibit 99.1

 

 

 

Release: 4:00 P.M. April 24, 2019

 

Contact:Investor Relations Department

212-365-6721

IR@MetropolitanBankNY.com

 

Metropolitan Bank Holding Corp. Reports Record Growth in Loans and Deposits

 

NEW YORK, April 24, 2019 – Metropolitan Bank Holding Corp. (NYSE:MCB), the holding company (the “Company”) for Metropolitan Commercial Bank (the “Bank”), today reported net income of $8.5 million or $1.01 per diluted common share for the first quarter of 2019 as compared to $6.3 million, or $0.75 per diluted common share, for the first quarter of 2018. Financial Highlights for the first quarter of 2019 include:

 

·Total assets increased 17.0% to $2.55 billion at March 31, 2019 as compared to $2.18 billion at December 31, 2018.

 

·Total loans increased 12.3% to $2.10 billion at March 31, 2019, as compared to $1.87 billion at December 31, 2018. For the first quarter of 2019, the Bank’s loan production was $289.8 million as compared to $175.8 million for the same period in 2018.

 

·Total deposits increased $305.6 million or 18.7% to $1.97 billion at March 31, 2019 as compared to $1.66 billion at December 31, 2018. This growth in deposits was across most of the Bank’s deposit verticals, including retail deposits, and specialty deposit verticals.

 

·Non-interest-bearing demand accounts increased 14.6% to $915.5 million at March 31, 2019 as compared to $798.6 million at December 31, 2018. Interest-bearing deposits increased 21.9% to $1.1 billion at March 31, 2019 as compared to $862.0 million at December 31, 2018.

 

·Net interest margin increased 6 basis points to 3.74% for the first quarter of 2019 from 3.68% for the first quarter of 2018.

 

·The provision for loan losses for the first quarter of 2019 was $2.2 million, entirely offset by a recovery of $4.2 million related to taxi medallion loans. Accordingly, a credit of $2.0 million was recorded in the first quarter of 2019. The $2.2 million provision reflected the record loan growth in the quarter.

 

·Annualized return on average assets for the first quarter of 2019 was 1.49%, an increase of 14 basis points as compared to 1.35% for the first quarter of 2018.

 

·Annualized return on average equity was 12.67% for the first quarter of 2019 as compared to 10.53% for the first quarter of 2018.

 

·The Company’s efficiency ratio in the first quarter of 2019 was 55.87%, compared to 51.48% for the same quarter in 2018.

 

Mark R. DeFazio, the Company’s President and Chief Executive Officer, commented, “I am very pleased with the results of the first quarter. We are committed to our strategy of building out our sustainable and scalable business and expanding our market share. The record growth in loans and deposits this quarter was organically generated, while maintaining our focus on quality. We are encouraged by our recent business wins, many of which came from new relationships which we plan to deepen.”

 


The following information was filed by Metropolitan Bank Holding Corp. (MCB) on Thursday, April 25, 2019 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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