Exhibit 99.1

 

 

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

 

Contact:Investor Relations Department

212-365-6721

IR@MetropolitanBankNY.com

 

Metropolitan Bank Holding Corp. Reports Core Earnings Growth and Sustained Growth in Loans and Deposits

 

NEW YORK, July 24, 2019 – Metropolitan Bank Holding Corp. (the “Company”) (NYSE: MCB), the holding company for Metropolitan Commercial Bank (the “Bank”), today reported net income of $6.1 million, or $0.71 per diluted common share, for the second quarter of 2019, as compared to $5.9 million, or $0.70 per diluted common share, for the second quarter of 2018.

For the six months ended June 30, 2019, the Company reported net income of $14.6 million, or $1.72 per diluted common share, compared to $12.2 million, or $1.46 per diluted common share, for the six months ended June 30, 2018.

 

Financial Highlights for the second quarter of 2019 include:

 

·GAAP net income decreased $2.4 million to $6.1 million, or $0.71 per diluted common share, for the second quarter of 2019, as compared to GAAP net income of $8.5 million, or $1.01 per diluted common share, for the first quarter of 2019. Core earnings (a non-GAAP measure) increased $471,000 to $6.1 million, or $0.71 per diluted common share, for the second quarter of 2019, as compared to core earnings of $5.6 million, or $0.66 per diluted common share, for the first quarter of 2019. Core earnings excludes the $2.9 million (on an after-tax basis) recovery of loan losses, in the first quarter of 2019, related to taxi medallion loans. See reconciliation to GAAP measures on page 15.

 

·Total assets increased $778.0 million or 35.6% to $2.96 billion at June 30, 2019, as compared to $2.18 billion at December 31, 2018. Total assets increased $415.4 million or 16.3% to $2.96 billion at June 30, 2019, as compared to $2.55 billion at March 31, 2019.

 

·Total loans increased $470.4 million, or 25.2%, to $2.34 billion at June 30, 2019, as compared to $1.87 billion at December 31, 2018. For the three and six months ended June 30, 2019, the Bank’s organic loan production was $299.7 million and $571.9 million, respectively, as compared to $153.8 million and $390.6 million for the three and six months ended June 30, 2018, respectively. Total loans increased $233.2 million or 11.1% to $2.34 billion at June 30, 2019, as compared to $2.10 billion at March 31, 2019.

 

·Total deposits increased $715.6 million, or 43.1%, to $2.38 billion at June 30, 2019, as compared to $1.66 billion at December 31, 2018. This growth in deposits was across the Bank’s deposit verticals.

 

·The loan-to-deposit ratio decreased to 98.3% at June 30, 2019, as compared to 112.3% at December 31, 2018.

 

·Non-interest-bearing deposits increased 38.2% to $1.10 billion at June 30, 2019, as compared to $798.6 million at December 31, 2018. Interest-bearing deposits increased 47.7% to $1.27 billion at June 30, 2019 as compared to $862.0 million at December 31, 2018.

 


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