Exhibit 99.1

 

 

Release: 4:30 P.M. October 23, 2019

 

Contact: Investor Relations Department
  212-365-6721
  IR@MetropolitanBankNY.com

 

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

 

NEW YORK, October 23, 2019 – Metropolitan Bank Holding Corp. (the “Company”) (NYSE: MCB), the holding company for Metropolitan Commercial Bank (the “Bank”), today reported net income of $7.7 million, or $0.90 per diluted common share, for the third quarter of 2019, as compared to $7.1 million, or $0.85 per diluted common share, for the third quarter of 2018.

 

For the nine months ended September 30, 2019, the Company reported net income of $22.3 million, or $2.63 per diluted common share, compared to $19.3 million, or $2.31 per diluted common share, for the nine months ended September 30, 2018.

 

Financial Highlights for the third quarter of 2019 include:

 

·Total assets increased $1.06 billion or 48.6% to $3.24 billion at September 30, 2019, as compared to $2.18 billion at December 31, 2018 and increased $282.6 million or 9.5%, as compared to $2.96 billion at June 30, 2019.

 

·Total loans increased 33.8%, or $631.5 million, to $2.50 billion at September 30, 2019, as compared to $1.87 billion at December 31, 2018. For the three and nine months ended September 30, 2019, the Bank’s loan production was $267.7 million and $839.7 million, respectively, as compared to $146.9 million and $528.2 million for the three and nine months ended September 30, 2018, respectively. Total loans increased $161.1 million or 6.9% to $2.50 billion at September 30, 2019, as compared to $2.34 billion at June 30, 2019.

 

·Total cash and cash equivalents increased $202.4 million, or 86.9%, to $435.4 million at September 30, 2019, as compared to $233.0 million at December 31, 2018. Total securities, primarily those classified as available-for-sale, increased $219.7 million to $256.8 million at September 30, 2019, as compared to $37.1 million at December 31, 2018.

 

·Total deposits increased 63.5%, or $1.05 billion, to $2.71 billion at September 30, 2019, as compared to total deposits of $1.66 billion at December 31, 2018. This growth in deposits was across the Bank’s various deposit verticals.

 

·The loan-to-deposit ratio decreased to 92.3% at September 30, 2019, as compared to 112.3% at December 31, 2018.

 

·Non-interest-bearing deposits increased 30.4% to $1.04 billion at September 30, 2019, as compared to non-interest-bearing deposits of $798.6 million at December 31, 2018. Interest-bearing deposits increased 93.1% to $1.66 billion at September 30, 2019 as compared to $862.0 million at December 31, 2018.

 

·Net interest margin decreased 21 basis points for the third quarter of 2019 to 3.26%, as compared to 3.47% for the second quarter of 2019. This decrease in net interest margin was primarily due to a change in the mix of interest-earning assets in the current quarter. The average balance of securities available for sale increased $184.0 million to $238.4 million for the third quarter of 2019 as compared to $54.4 million for the second quarter of 2019. In addition, the average balance of overnight deposits increased $80.4 million during the same period. As a result of these increases, the average balance of loans, which have a higher yield than securities and overnight funds, represented 78% of total interest-earning average assets for the third quarter of 2019, as compared to 84% for the second quarter of 2019. Further, the ratio of average interest-earning assets to average interest-bearing liabilities decreased to 1.78x for the third quarter of 2019, as compared to 1.86x for the second quarter of 2019.

 


The following information was filed by Metropolitan Bank Holding Corp. (MCB) on Wednesday, October 23, 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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