Revenues Increased 38.6%
Year-Over-Year
Loans Increased 10.4%
Quarter-Over-Quarter
Return on Average Tangible Common Equity1 of
14.0%
Metropolitan Bank Holding Corp. (the “Company”) (NYSE: MCB), the
holding company for Metropolitan Commercial Bank (the “Bank”),
reported net income of $19.0 million, or $1.69 per diluted common
share, for the first quarter of 2022 compared to net income of
$12.1 million, or $1.43 per diluted common share, for the first
quarter of 2021.
The Company will conduct a conference call at 9:00 a.m. Eastern
time on Friday, April 22, 2022, to discuss first quarter 2022
results. See “Conference Call” section below for further
details.
Financial Highlights include:
- Total revenues of $54.1 million, up 38.6% from the prior year
period and 4.2% from the prior linked quarter.
- Banking-as-a-Service (“BaaS”) revenues of $5.7 million, up
68.4% from the prior year period and 6.9% from the prior linked
quarter.
- Net income of $19.0 million, up 57.0% from the prior year
period and 0.7% from the prior linked quarter.
- Diluted earnings per share of $1.69, up 18.2% from the prior
year period.
- Net interest margin of 2.71%, up 12 basis points from the prior
linked quarter.
- Loans totaled $4.1 billion, up 27.3% from March 31, 2021 and
10.4% from December 31, 2021.
- Loan originations of $488.9 million for the first quarter of
2022 compared to $235.7 million for the prior year period and
$411.0 million for the prior linked quarter.
- Deposits were $5.9 billion, up 34.2% from March 31, 2021.
- Non-interest-bearing demand deposits increased to $3.2 billion,
up 46.5% from March 31, 2021.
- Redeemed $25.0 million of 6.25% subordinated debt.
- Book value per share was $50.88, up 23.9% from March 31, 2021,
and tangible book value per share1 was $49.99, up 25.3% from March
31, 2021.
- Return on average equity of 13.8% and return on average
tangible common equity1 of 14.0%.
- Efficiency ratio2 improved to 45.5% compared to 52.1% for the
prior year period.
1 Non-GAAP financial measure. See Reconciliation of Non-GAAP
Measures on page 11. 2 Total non-interest expense divided by Total
revenues.
Mark DeFazio, President and Chief Executive Officer, commented,
“I am very pleased with our first quarter results, which reflect
the sustained strength of our organic balance sheet growth and
continued expansion of our Banking-as-a-Service business. The first
quarter of 2022 was one of economic uncertainty as well as
strategic deployment of liquidity by both MCB and our clients, and
at a pace unlike anything we have seen in quite some time. For MCB,
this has included substantial deployment of our liquidity into
lending and securities, as well as repaying outstanding
subordinated debt. For our clients, significant liquidity has moved
into business investments and acquisitions. MCB will see immediate
benefits from most of these initiatives, and will certainly benefit
from our clients’ strategic investments for years to come.
“I am confident this momentum has a long runway, notwithstanding
the economic uncertainty we are facing today. MCB has faced similar
economic challenges over the past two decades, and we have always
been prepared to address these disruptions while sustaining growth
and profitability. Lastly, I am grateful for the support of our
Board of Directors, clients and employees.”
Balance Sheet
The Company had total assets of $6.6 billion at March 31, 2022,
an increase of $1.7 billion, or 34.5%, from March 31, 2021, and a
decrease of $493.2 million, or 6.9% from December 31, 2021.
Total loans, net of deferred fees and unamortized costs, were
$4.1 billion, an increase of $883.8 million, or 27.3%, from March
31, 2021, and an increase of $389.5 million, or 10.4% from December
31, 2021. Loan production was $488.9 million for the first quarter
of 2022 compared to $235.7 million for the prior year period and
$411.0 million for the prior linked quarter. The increase in total
loans from March 31, 2021 was due primarily to an increase of
$800.9 million in commercial real estate (“CRE”) loans (including
owner-occupied) and $136.5 million in commercial and industrial
(“C&I”) loans, partially offset by a $72.2 million decrease in
multi-family loans. The increase in total loans from December 31,
2021 was due primarily to an increase of $293.7 million in CRE
loans (including owner-occupied) and $69.1 million in C&I
loans.
Total cash and cash equivalents were $1.4 billion at March 31,
2022, an increase of $278.9 million, or 24.6%, from March 31, 2021,
and a decrease of $945.4 million, or 40.1%, from December 31, 2021.
The increase from March 31, 2021, reflected the strong growth in
deposits as well as the cash received from the issuance of common
stock during the third quarter of 2021. The decrease from December
31, 2021, reflected the $414.3 million deployment into loans and
securities and the $492.6 million decrease of non-interest bearing
demand deposits.
Total securities were $975.8 million, an increase of 101.3% from
March 31, 2021, and 2.6% from December 31, 2021, due primarily to
the deployment of excess liquidity.
Total deposits were $5.9 billion, an increase of $1.5 billion,
or 34.2% from March 31, 2021, and a decrease of $496.2 million or
7.7% from December 31, 2021. The increase in deposits from March
31, 2021, was due to increases across most deposit verticals. The
decrease in deposits from December 31, 2021, was primarily driven
by the $492.6 million decrease of non-interest bearing demand
deposits, which was largely a result of deposit outflows related to
client corporate activity, including client related acquisitions in
the amount of approximately $275.0 million. Non-interest-bearing
demand deposits were 53.5% of total deposits at March 31, 2022,
compared to 49.0% at March 31, 2021 and 57.0% at December 31,
2021.
During the first quarter of 2022, the Company redeemed $25.0
million of subordinated debt, plus accrued interest. The
subordinated notes had a maturity date of March 15, 2027 and an
interest rate of 6.25% per annum.
The Company and the Bank each met all the requirements to be
considered “Well-Capitalized” under applicable regulatory
guidelines. Total non-owner-occupied commercial real estate loans
were 351.0% of total risk-based capital at March 31, 2022, compared
to 426.5% and 343.4% at March 31, 2021 and December 31, 2021,
respectively.
Income Statement
Financial Highlights
Three months ended
(dollars in thousands, except
per share data)
Mar. 31, 2022
Dec. 31, 2021
Mar. 31, 2021
Total revenues (1)
$
54,059
$
51,867
$
39,017
Net income
19,021
18,887
12,117
Diluted earnings per common share
1.69
1.69
1.43
Return on average assets (2)
1.11
%
1.10
%
1.05
%
Return on average equity (2)
13.8
%
13.6
%
14.2
%
Return on average tangible common equity
(2), (3)
14.0
%
13.9
%
14.8
%
____________________
(1)
Total revenues equal net interest income
plus non-interest income.
(2)
For periods less than a year, ratios are
annualized.
(3)
Non-GAAP financial measure. See
Reconciliation of Non-GAAP Measures on page 11.
Net Interest Income
Net interest income for the first quarter of 2022 was $46.6
million, an increase of $1.8 million from the prior linked quarter
and $12.2 million from the prior year period. This was primarily
due to an increase in the average balance of loans and securities.
The average balance of loans increased $207.6 million and $714.5
million compared to the prior linked quarter and prior year period,
respectively. The average balance of securities increased $221.5
million and $679.4 million compared to the prior linked quarter and
prior year period, respectively. Interest income for the prior
linked quarter included elevated loan fees. Interest expense for
the first quarter of 2022 included $274,000 of unamortized debt
issue costs related to the subordinated debt redemption.
Net Interest Margin
Net interest margin for the first quarter of 2022 was 2.71%
compared to 2.59% and 3.00% for the prior linked quarter and prior
year period, respectively. The 12 basis point increase in net
interest margin from the prior linked quarter was driven largely by
the shift toward higher yielding assets, partially offset by the
recognition of unamortized debt issue costs related to the
subordinated debt redemption in the first quarter of 2022. The 29
basis point decline from the prior year period was primarily due to
the $868.7 million increase in the average balance of lower
yielding overnight deposits.
Total cost of funds for the first quarter of 2022 was 28 basis
points compared to 28 basis points and 35 basis points for the
prior linked quarter and prior year period, respectively. The 7
basis point decline from the prior year period was driven by the
shift toward non-interest bearing deposits as well as a decrease in
the cost of interest-bearing deposits.
Non-Interest Income
Non-interest income was $7.4 million for the first quarter of
2022, an increase of $370,000 and $2.8 million from the prior
linked quarter and prior year period, respectively. The increases
from the prior periods were driven primarily by increases in Global
Payments Group (BaaS) revenue from underlying client transaction
volumes. Global Payments Group revenue was $5.7 million for the
first quarter of 2022, an increase of $364,000 and $2.3 million
from the prior linked quarter and prior year period,
respectively.
Non-Interest Expense
Non-interest expense was $24.6 million for the first quarter of
2022, an increase of $1.3 million and $4.3 million from the prior
linked quarter and prior year period, respectively. Non-interest
expense increased from the prior linked quarter primarily due to
seasonally higher employer taxes and benefit costs. Non-interest
expense increased from the prior year period primarily due to an
increase in full-time employees, and general expense growth in line
with revenue growth and volume expansion in the global payments
business.
Income Tax Expense
The estimated effective tax rate for the first quarter of 2022
was 27.0% compared to 32.7% and 31.7% for the prior linked quarter
and prior year period, respectively. The effective tax rate
decreased from the prior linked quarter and prior year period due
to discrete tax items during the period.
Asset Quality
Credit quality remains strong as non-performing loans to total
loans decreased to 0.00% at March 31, 2022 from 0.28% and 0.17% at
December 31, 2021 and March 31, 2021, respectively.
The Company recorded a provision of $3.4 million for the first
quarter of 2022 compared to $501,000 and $950,000 for the prior
linked quarter and prior year period, respectively. The increase in
the provision was driven primarily by loan growth.
Conference Call
The Company will conduct a conference call at 9:00 a.m. Eastern
time on Friday, April 22, 2022, to discuss first quarter 2022
results. To access the event by telephone, please dial 866-342-8591
(US), 203-518-9713 (INTL), and provide conference ID: MCBQ122
approximately 15 minutes prior to the start time (to allow time for
registration).
The call will also be broadcast live over the Internet and
accessible at MCB Quarterly Results Conference Call and in the
Investor Relations section of the Company’s website at MCB News. To
listen to the live webcast, please visit the site at least 15
minutes prior to the start time to register, download and install
any necessary audio software.
For those unable to join for the live presentation, a replay of
the webcast will also be available later that day accessible at MCB
Quarterly Results Conference Call.
About Metropolitan Bank Holding
Corp.
Metropolitan Bank Holding Corp. (NYSE: MCB) is the parent
company of Metropolitan Commercial Bank (the “Bank”). The Bank is a
New York City based commercial bank that provides a broad range of
business, commercial and personal banking products and services to
small, middle-market, corporate enterprises, municipalities, and
affluent individuals. The Bank’s Global Payments Group is an
established leader in BaaS (Banking-as-a-Service) to various
domestic and international fintech, payments and money services
businesses. The Bank operates banking centers in New York City and
on Long Island in New York State, and is ranked as one of the 100
Fastest-Growing Companies by Fortune and one of the Top 50
Community Banks by S&P. The Bank is a New York State chartered
commercial bank, a member of the Federal Reserve System and the
Federal Deposit Insurance Corporation, and an equal housing lender.
For more information, please visit MCBankNY.com.
Forward Looking Statement
Disclaimer
This release contains “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995.
Examples of forward-looking statements include but are not limited
to the Company’s future 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 an unexpected deterioration in our loan or
securities portfolios, unexpected increases in our expenses,
different than anticipated growth and our ability to manage our
growth, unanticipated regulatory action or changes in regulations,
unexpected changes in interest rates, inflation, an unanticipated
decrease in deposits, an unanticipated loss of key personnel or
existing customers, competition from other institutions resulting
in unanticipated changes in our loan or deposit rates,
unanticipated increases in FDIC costs, changes in regulations,
legislation or tax or accounting rules, the current or anticipated
impact of military conflict, terrorism or other geopolitical events
and unanticipated adverse changes in our customers’ economic
conditions or general economic conditions, as well as those
discussed under the heading “Risk Factors” in our Annual Report on
Form 10-K and Quarterly Reports on Form 10-Q.
Further, given its ongoing and dynamic nature, including the
rate of vaccine acceptance and the development of new variants, it
is difficult to predict the continued impact of the COVID-19
pandemic on our business. The extent of such impact will depend on
future developments, which are highly uncertain, including when the
coronavirus can be controlled and abated. As the result of the
COVID-19 pandemic and the related adverse local and national
economic consequences, we could be subject to any of the following
risks, any of which could have a material, adverse effect on our
business, financial condition, liquidity, and results of
operations: the demand for our products and services may decline,
making it difficult to grow assets and income; if the economy
worsens, loan delinquencies, problem assets, and foreclosures may
increase, resulting in increased charges and reduced income;
collateral for loans, especially real estate, may decline in value,
which could cause loan losses to increase; our allowance for loan
losses may increase if borrowers experience financial difficulties,
which will adversely affect our net income; the net worth and
liquidity of loan guarantors may decline, impairing their ability
to honor commitments to us; our cyber security risks may increase
if a significant number of our employees are forced to work
remotely; and FDIC premiums may increase if the agency experiences
additional resolution costs. 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.
Consolidated Balance Sheet
(unaudited)
(in thousands)
Mar. 31, 2022
Dec. 31, 2021
Sept. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Assets
Cash and due from banks
$
32,483
$
28,864
$
32,660
$
29,651
$
9,432
Overnight deposits
1,381,475
2,330,486
1,824,820
1,689,614
1,125,589
Total cash and cash equivalents
1,413,958
2,359,350
1,857,480
1,719,265
1,135,021
Investment securities available for
sale
505,728
566,624
603,168
543,769
479,988
Investment securities held to maturity
467,893
382,099
2,017
2,222
2,492
Equity investment securities, at fair
value
2,173
2,273
2,289
2,291
2,281
Total securities
975,794
950,996
607,474
548,282
484,761
Other investments
15,989
11,998
11,998
11,989
11,638
Loans, net of deferred fees and
unamortized costs
4,121,443
3,731,929
3,603,288
3,449,490
3,237,664
Allowance for loan losses
(38,134
)
(34,729
)
(38,121
)
(37,377
)
(35,502
)
Net loans
4,083,309
3,697,200
3,565,167
3,412,113
3,202,162
Receivables from global payments business,
net
62,129
39,864
48,302
40,091
38,356
Accrued interest receivable
16,186
15,195
13,504
14,424
13,982
Premises and equipment, net
16,434
15,116
14,031
13,337
13,756
Prepaid expenses and other assets
29,626
16,906
13,565
17,959
13,392
Goodwill
9,733
9,733
9,733
9,733
9,733
Total assets
$
6,623,158
$
7,116,358
$
6,141,254
$
5,787,193
$
4,922,801
Liabilities and Stockholders'
Equity
Deposits
Non-interest-bearing demand deposits
$
3,176,048
$
3,668,673
$
2,803,823
$
2,794,136
$
2,167,899
Interest-bearing deposits
2,763,315
2,766,899
2,653,746
2,494,137
2,258,818
Total deposits
5,939,363
6,435,572
5,457,569
5,288,273
4,426,717
Trust preferred securities
20,620
20,620
20,620
20,620
20,620
Subordinated debt, net of issuance
cost
—
24,712
24,698
24,684
24,670
Secured borrowings
32,322
32,461
35,559
36,449
36,475
Accounts payable, accrued expenses and
other liabilities
50,216
36,411
38,129
30,598
42,737
Accrued interest payable
297
746
448
1,773
563
Prepaid third-party debit cardholder
balances
24,092
8,847
21,577
21,201
22,802
Total liabilities
6,066,910
6,559,369
5,598,600
5,423,598
4,574,584
Class B preferred stock
—
—
3
3
3
Common stock
109
109
106
83
83
Additional paid in capital
383,327
382,999
382,922
219,098
217,384
Retained earnings
200,406
181,385
162,498
146,283
132,947
Accumulated other comprehensive gain
(loss), net of tax effect
(27,594
)
(7,504
)
(2,875
)
(1,872
)
(2,200
)
Total stockholders’ equity
556,248
556,989
542,654
363,595
348,217
Total liabilities and stockholders’
equity
$
6,623,158
$
7,116,358
$
6,141,254
$
5,787,193
$
4,922,801
Consolidated Statement of Income
(unaudited)
Three months ended
(dollars in thousands, except per share
data)
Mar. 31, 2022
Dec. 31, 2021
Mar. 31, 2021
Total interest income
$
50,970
$
49,110
$
38,106
Total interest expense
4,338
4,300
3,684
Net interest income
46,632
44,810
34,422
Provision for loan losses
3,400
501
950
Net interest income after provision for
loan losses
43,232
44,309
33,472
Non-interest income
Service charges on deposit accounts
(1)
1,370
1,313
972
Global Payments Group revenue (1)
5,657
5,293
3,360
Other service charges and fees
506
468
304
Unrealized gain (loss) on equity
securities
(106)
(17)
(41)
Total non-interest income
7,427
7,057
4,595
Non-interest expense
Compensation and benefits
13,421
12,001
11,428
Bank premises and equipment
2,116
1,992
2,024
Professional fees
1,474
1,567
1,304
Technology costs
1,399
1,736
927
Licensing fees
2,294
2,265
2,074
Other expenses
3,915
3,753
2,566
Total non-interest expense
24,619
23,314
20,323
Net income before income tax expense
26,040
28,052
17,744
Income tax expense
7,019
9,165
5,627
Net income
$
19,021
$
18,887
$
12,117
Earnings per common share:
Average common shares outstanding -
basic
10,919,868
10,780,073
8,276,174
Average common shares outstanding -
diluted
11,223,294
11,084,262
8,417,319
Basic earnings
$
1.74
1.74
$
1.46
Diluted earnings
$
1.69
1.69
$
1.43
____________________
(1)
Certain prior period amounts have
been reclassified for consistency with the current period
presentation.
Loan Production, Asset Quality &
Regulatory Capital
(dollars in thousands)
Mar. 31, 2022
Dec. 31, 2021
Sept. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
LOAN PRODUCTION
$
488.9
$
411.0
$
312.9
$
265.4
$
235.7
ASSET QUALITY
Non-performing loans:
Non-accrual loans:
Commercial real estate
$
—
$
9,984
$
9,984
$
—
$
—
Commercial and industrial
—
—
3,145
3,337
3,337
Consumer
24
37
1,674
1,560
1,523
Total non-accrual loans
24
10,021
14,803
4,897
4,860
Total non-performing loans
24
10,286
15,376
5,491
5,464
Non-accrual loans to total loans
—
%
0.27
%
0.41
%
0.14
%
0.15
%
Non-performing loans to total loans
—
%
0.28
%
0.43
%
0.16
%
0.17
%
Allowance for loan losses
38,134
34,729
38,121
37,377
35,502
Allowance for loan losses to total
loans
0.93
%
0.93
%
1.06
%
1.08
%
1.10
%
Charge-offs
—
(3,909)
(54)
—
(855)
Recoveries
5
17
308
—
—
Net charge-offs/(recoveries) to average
loans (annualized)
—
%
0.42
%
(0.03)
%
—
%
0.11
%
REGULATORY CAPITAL
Tier 1 Leverage:
Metropolitan Bank Holding Corp.
8.6
%
8.5
%
9.4
%
6.8
%
7.8
%
Metropolitan Commercial Bank
8.5
%
8.4
%
9.3
%
7.3
%
8.2
%
Common Equity Tier 1 Risk-Based
(CET1):
Metropolitan Bank Holding Corp.
13.3
%
14.1
%
14.1
%
9.7
%
9.9
%
Metropolitan Commercial Bank
13.6
%
14.4
%
14.6
%
11.1
%
11.3
%
Tier 1 Risk-Based:
Metropolitan Bank Holding Corp.
13.7
%
14.6
%
14.8
%
10.5
%
10.7
%
Metropolitan Commercial Bank
13.6
%
14.4
%
14.6
%
11.1
%
11.3
%
Total Risk-Based:
Metropolitan Bank Holding Corp.
14.6
%
16.1
%
16.5
%
12.2
%
12.4
%
Metropolitan Commercial Bank
14.5
%
15.2
%
15.6
%
12.2
%
12.4
%
Performance Measures
Three Months Ended
(dollars in thousands, except
per share data)
Mar. 31, 2022
Dec. 31, 2021
Mar. 31, 2021
Net income available to common
shareholders
18,996
18,718
12,062
Per common share:
Basic earnings
$
1.74
$
1.74
$
1.46
Diluted earnings
$
1.69
$
1.69
$
1.43
Common shares outstanding:
Period end
10,931,697
10,925,029
8,345,032
Average fully diluted
11,223,294
11,084,262
8,417,319
Return on: (1)
Average total assets
1.11
%
1.10
%
1.05
%
Average equity
13.8
%
13.6
%
14.2
%
Average tangible common equity (2)
14.0
%
13.9
%
14.8
%
Yield on average earning assets
2.96
%
2.85
%
3.32
%
Total cost of deposits
0.23
%
0.25
%
0.31
%
Net interest spread
2.32
%
2.24
%
2.64
%
Net interest margin
2.71
%
2.59
%
3.00
%
Net charge-offs as % of average loans
(1)
—
%
0.42
%
0.11
%
Efficiency ratio
45.5
%
44.9
%
52.1
%
____________________
(1)
Ratios are annualized.
(2)
Non-GAAP financial measure. See
Reconciliation of Non-GAAP Measures on page 11.
Interest Margin Analysis
Three Months Ended
Mar. 31, 2022
Dec. 31, 2021
Mar. 31, 2021
(dollars in thousands)
Average Outstanding
Balance
Interest
Yield / Rate
(1)
Average Outstanding
Balance
Interest
Yield / Rate
(1)
Average Outstanding
Balance
Interest
Yield / Rate
(1)
Assets:
Interest-earning assets:
Loans (2)
$
3,901,976
$
46,536
4.78
%
$
3,694,362
$
45,724
4.81
%
$
3,187,450
$
36,840
4.67
%
Available-for-sale securities
565,301
1,648
1.17
599,175
1,656
1.11
330,451
752
0.91
Held-to-maturity securities
447,165
1,738
1.55
191,795
716
1.49
2,623
11
1.71
Equity investments
2,328
6
1.03
2,322
6
0.96
2,302
8
1.39
Overnight deposits
1,969,366
915
0.19
2,215,042
857
0.15
1,100,690
344
0.13
Other interest-earning assets
13,328
127
3.80
11,998
151
4.98
11,610
151
5.27
Total interest-earning assets
6,899,464
50,970
2.96
6,714,694
49,110
2.85
4,635,126
38,106
3.32
Non-interest-earning assets
57,241
105,083
69,894
Allowance for loan losses
(36,130)
(38,464)
(35,969)
Total assets
$
6,920,575
$
6,781,313
$
4,669,051
Liabilities and Stockholders'
Equity:
Interest-bearing liabilities:
Money market and savings accounts
$
2,639,572
3,463
0.53
$
2,691,693
3,614
0.53
$
2,058,611
2,907
0.57
Certificates of deposit
75,881
162
0.86
80,197
176
0.87
86,902
264
1.23
Total interest-bearing deposits
2,715,453
3,625
0.54
2,771,890
3,790
0.54
2,145,513
3,171
0.60
Borrowed funds
40,340
713
7.07
45,324
510
4.49
45,282
513
4.53
Total interest-bearing liabilities
2,755,793
4,338
0.64
2,817,214
4,300
0.61
2,190,795
3,684
0.68
Non-interest-bearing liabilities:
Non-interest-bearing deposits
3,574,835
3,337,477
2,067,539
Other non-interest-bearing liabilities
28,927
74,496
63,932
Total liabilities
6,359,555
6,229,187
4,322,266
Stockholders' equity
561,020
552,126
346,785
Total liabilities and equity
$
6,920,575
$
6,781,313
$
4,669,051
Net interest income
$
46,632
$
44,810
$
34,422
Net interest rate spread (3)
2.32
%
2.24
%
2.64
%
Net interest margin (4)
2.71
%
2.59
%
3.00
%
Total cost of deposits (5)
0.23
%
0.25
%
0.31
%
Total cost of funds (6)
0.28
%
0.28
%
0.35
%
____________________
(1)
Annualized.
(2)
Amount includes deferred loan fees and
non-performing loans.
(3)
Determined by subtracting the annualized
average cost of total interest-bearing liabilities from the
annualized average yield on total interest-earning assets.
(4)
Determined by dividing annualized net
interest income by total average interest-earning assets.
(5)
Determined by dividing annualized interest
expense on deposits by total average interest-bearing and
non-interest bearing deposits.
(6)
Determined by dividing annualized interest
expense by the sum of total average interest-bearing liabilities
and total average non-interest-bearing deposits.
Reconciliation of Non-GAAP
Measures
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
following table:
Quarterly Data
(dollars in thousands, except per share
data)
Mar. 31, 2022
Dec. 31, 2021
Sept. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Average assets
$
6,920,575
$
6,781,313
$
5,916,548
$
5,504,686
$
4,669,051
Less: average intangible assets
9,733
9,733
9,733
9,733
9,733
Average tangible assets
$
6,910,842
$
6,771,580
$
5,906,815
$
5,494,953
$
4,659,318
Average equity
$
561,020
$
552,126
$
394,787
$
357,097
$
346,785
Less: Average preferred equity
—
1,834
5,502
5,502
5,502
Average common equity
$
561,020
$
550,292
$
389,285
$
351,595
$
341,283
Less: average intangible assets
9,733
9,733
9,733
9,733
9,733
Average tangible common equity
$
551,287
$
540,559
$
379,552
$
341,862
$
331,550
Return on average tangible common equity
(1), (2)
14.0
%
13.9
%
16.9
%
15.7
%
14.8
%
Total assets
$
6,623,158
$
7,116,358
$
6,141,254
$
5,787,193
$
4,922,801
Less: intangible assets
9,733
9,733
9,733
9,733
9,733
Tangible assets
$
6,613,425
$
7,106,625
$
6,131,521
$
5,777,460
$
4,913,068
Total equity
$
556,248
$
556,989
$
542,654
$
363,595
$
348,217
Less: preferred equity
—
—
5,502
5,502
5,502
Common equity
$
556,248
$
556,989
$
537,152
$
358,093
$
342,715
Less: intangible assets
9,733
9,733
9,733
9,733
9,733
Tangible common equity (book value)
$
546,515
$
547,256
$
527,419
$
348,360
$
332,982
Common shares outstanding
10,931,697
10,925,029
10,644,193
8,344,193
8,345,032
Book value per share (GAAP)
$
50.88
$
50.98
$
50.46
$
42.92
$
41.07
Tangible book value per share (non-GAAP)
(3)
$
49.99
$
50.09
$
49.55
$
41.75
$
39.90
____________________
(1)
Ratios are annualized.
(2)
Net income divided by average tangible
common equity.
(3)
Tangible book value divided by common
shares outstanding at period-end.
Explanatory Note
Some amounts presented within this document may not recalculate
due to rounding.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220421006017/en/
Greg Sigrist EVP & Chief Financial Officer Metropolitan
Commercial Bank (212) 365-6700 IR@MCBankNY.com
Metropolitan Bank (NYSE:MCB)
Historical Stock Chart
From Jun 2024 to Jul 2024
Metropolitan Bank (NYSE:MCB)
Historical Stock Chart
From Jul 2023 to Jul 2024