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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): April 21, 2025
METROPOLITAN BANK HOLDING CORP.
(Exact Name of Registrant as Specified in Its Charter)
New York |
001-38282 |
13-4042724 |
(State or Other Jurisdiction of Incorporation or Organization) |
(Commission File No.) |
(I.R.S. Employer Identification No.) |
|
|
|
99 Park Avenue, New York, New York |
|
10016 |
(Address of Principal Executive Offices) |
|
(Zip Code) |
(212) 659-0600
(Registrant’s Telephone Number, Including Area Code)
N/A
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (See General Instruction A.2. below):
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4c)
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
Common Stock, par value $0.01 per share |
|
MCB |
|
New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02Results of Operations and Financial Condition
On April 21, 2025, Metropolitan Bank Holding Corp. (the “Company”), the holding company for Metropolitan Commercial Bank (the “Bank”), issued a press release announcing its financial results for the first quarter of 2025. The press release containing the financial results is attached hereto as Exhibit 99.1 and shall not be deemed “filed” for any purpose, nor shall the information or Exhibit 99.1 be deemed incorporated by reference in any filings under the Securities Act of 1933, as amended.
Item 7.01Regulation FD Disclosure
The Company has also made available on its website presentation materials containing additional information about the Company’s financial results for the first quarter of 2025 (the “Presentation Materials”). The Presentation Materials are furnished herewith as Exhibit 99.2 and is incorporated by reference in this Item 7.01.
The information provided in Item 7.01 of this report, including Exhibit 99.2, shall not be deemed “filed” for any purpose, nor shall the information or Exhibit 99.2 be deemed incorporated by reference in any filings under the Securities Act of 1933, as amended.
Item 9.01.Financial Statements and Exhibits
(d) Exhibits.
Exhibit No. |
|
Description |
99.1 |
|
|
99.2 |
|
|
104 |
|
Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
METROPOLITAN BANK HOLDING CORP.
Dated: April 21, 2025By:/s/ Daniel F. Dougherty
Daniel F. Dougherty
Executive Vice President and
Chief Financial Officer
Exhibit 99.1
Release: |
4:05 P.M. April 21, 2025 |
212-365-6721
IR@MCBankNY.com
Metropolitan Bank Holding Corp. Reports First Quarter 2025 Results
Strong Financial Results and Robust Capital Position
Financial Highlights
NEW YORK, April 21, 2025 ‒ Metropolitan Bank Holding Corp. (the “Company”) (NYSE: MCB), the holding company for Metropolitan Commercial Bank (the “Bank”), reported net income of $16.4 million, or $1.45 per diluted common share, for the first quarter of 2025 compared to $21.4 million, or $1.88 per diluted common share, for the fourth quarter of 2024, and $16.2 million, or $1.46 per diluted common share, for the first quarter of 2024.
1
Mark DeFazio, President and Chief Executive Officer, commented,
“MCB continues to deliver strong financial results while maintaining our focus on risk management. The Bank produced exceptional loan and deposit growth in the first quarter and we continued to benefit from NIM improvement for the sixth consecutive quarter. Our business development pipelines are strong, which underpins our outlook for continued growth. The strength of our balance sheet and earnings positions us well to achieve continued strategic growth while advancing our initial share repurchase program that we announced in March.
Mark DeFazio added, “We are steadfast in our commitment to support our clients and communities, especially during volatile or challenging times.”
Balance Sheet
Total cash and cash equivalents were $196.5 million at March 31, 2025, a decrease of $3.8 million, or 1.9%, from December 31, 2024, and a decrease of $337.9 million, or 63.2%, from March 31, 2024. The decrease from December 31, 2024 primarily reflects an increase in the loan book of $308.0 million and $165.0 million decrease in wholesale funding, partially offset by an increase of $466.3 million in deposits. The decrease from March 31, 2024 primarily reflects an increase in the loan book of $622.9 million, partially offset by an increase of $211.8 million in deposits.
Total loans, net of deferred fees and unamortized costs, were $6.3 billion at March 31, 2025, an increase of $308.0 million, or 5.1%, from December 31, 2024, and an increase of $622.9 million, or 10.9%, from March 31, 2024. Loan production was $409.8 million for the first quarter of 2025 compared to $309.0 million for the prior linked quarter and $269.6 million for the prior year period. The increase in total loans from December 31, 2024, was due primarily to an increase of $277.0 million in commercial real estate (“CRE”) loans (including owner-occupied). The increase in total loans from March 31, 2024 was due primarily to an increase of $643.3 million in CRE loans (including owner-occupied).
Total deposits were $6.4 billion at March 31, 2025, an increase of $466.3 million, or 7.8%, from December 31, 2024, and an increase of $211.8 million, or 3.4%, from March 31, 2024. Most of the Bank’s various deposit verticals contributed to the prior period increases.
At March 31, 2025, cash on deposit with the Federal Reserve Bank of New York and available secured funding capacity totaled $2.9 billion. 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 367.0% of total risk-based capital at March 31, 2025, compared to 346.1% and 363.3% at December 31, 2024 and March 31, 2024, respectively. The increased CRE concentration ratio is primarily the result of the Bank funding the share repurchase program at the holding company.
2
Income Statement
Financial Highlights
|
|
Three months ended |
|
|||||||
|
|
Mar. 31, |
|
Dec. 31, |
|
Mar. 31, |
|
|||
(dollars in thousands, except per share data) |
|
2025 |
|
2024 |
|
2024 |
|
|||
Total revenues(1) |
|
$ |
70,590 |
|
$ |
71,004 |
|
$ |
66,713 |
|
Net income (loss) |
|
$ |
16,354 |
|
$ |
21,418 |
|
$ |
16,203 |
|
Diluted earnings (loss) per common share |
|
$ |
1.45 |
|
$ |
1.88 |
|
$ |
1.46 |
|
Return on average assets(2) |
|
|
0.89 |
% |
|
1.16 |
% |
|
0.91 |
% |
Return on average equity(2) |
|
|
9.0 |
% |
|
11.8 |
% |
|
9.8 |
% |
Return on average tangible common equity(2), (3), (4) |
|
|
9.1 |
% |
|
12.0 |
% |
|
9.9 |
% |
(1) |
Total revenues equal net interest income plus non-interest income. |
(2) |
Ratios are annualized. |
(3) |
Non-GAAP financial measure. See Reconciliation of Non-GAAP Measures on page 12. |
(4) |
Net income divided by average tangible common equity. |
Net Interest Income
Net interest income for the first quarter of 2025 was $67.0 million compared to $66.6 million for the prior linked quarter and $59.7 million for the prior year period. The $349,000 increase from the prior linked quarter was due primarily to an increase in the average balance of loans and a decrease in the cost of funds, partially offset by a decrease in loan yields primarily related to reductions in short-term interest rates. The $7.2 million increase from the prior year period was due primarily to an increase in the average balance of loans and a decrease in the cost of funds, partially offset by an increase in the average balance of deposits.
Net Interest Margin
Net interest margin for the first quarter of 2025 was 3.68% compared to 3.66% and 3.40% for the prior linked quarter and prior year period, respectively. The Bank’s ability to expand its net interest margin is supported by rigorous loan and deposit pricing initiatives.
The total cost of funds for the first quarter of 2025 was 319 basis points compared to 325 basis points and 330 basis points for the prior linked quarter and prior year period, respectively. The decrease from the prior linked quarter and prior year period reflects the reduction in short-term interest rates. The first quarter of 2025 decline in the cost of funds was significantly muted by the decline in low-cost BaaS deposits that occurred in the fourth quarter of 2024.
Non-Interest Income
Non-interest income was $3.6 million for the first quarter of 2025, a decrease of $763,000 from the prior linked quarter and a decrease of $3.4 million from the prior year period. The decrease from the prior linked quarter was driven primarily by the absence of BaaS revenue as that business was wound down, partially offset by the one-time recognition of non-refundable program fees of $822,000. The decrease from the prior year period was driven primarily by the absence of BaaS revenue.
Non-Interest Expense
Non-interest expense was $42.7 million for the first quarter of 2025, an increase of $4.6 million from the prior linked quarter and an increase of $822,000 from the prior year period. The increase from the prior linked quarter was due primarily to a $2.1 million increase in compensation and benefits, related to seasonally higher employer taxes and benefit costs and an increase of $1.3 million in professional fees. The $822,000 increase from the prior year period was due primarily to a $1.9 million increase in compensation and benefits related to the increase in the number of employees, and a $1.1 million increase in deposit program related fees, partially offset by decreases of $986,000 in professional fees, $802,000 in licensing fees and $791,000 in technology costs.
3
Income Tax Expense
The effective tax rate for the first quarter of 2025 was 30.0% compared to 31.7% for the prior linked quarter and 33.3% for the prior year period.
Asset Quality
Credit quality remains stable. The ratio of non-performing loans to total loans was 0.54% at March 31, 2025 and 0.54% at December 31, 2024 and 0.91% at March 31, 2024.
The allowance for credit losses was $67.8 million at March 31, 2025, an increase of $4.5 million from December 31, 2024 and an increase of $9.3 million from March 31, 2024. The increase from the prior linked quarter was due primarily to loan growth.
4
Conference Call
The Company will conduct a conference call at 9:00 a.m. ET on Tuesday, April 22, 2025, to discuss the results. To access the event by telephone, please dial 800-579-2543 (US), 785-424-1789 (INTL), and provide conference ID: MCBQ125 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”), a New York City based full-service commercial bank. The Bank provides a broad range of business, commercial and personal banking products and services to individuals, small businesses, private and public middle-market and corporate enterprises and institutions, municipalities, and local government entities.
Metropolitan Commercial Bank was named one of Newsweek’s Best Regional Banks in 2024 and 2025. The Bank was ranked by Independent Community Bankers of America among the top ten successful loan producers for 2024 by loan category and asset size for commercial banks with more than $1 billion in assets. Kroll affirmed a BBB+ (investment grade) deposit rating on January 29, 2025. For the fourth time, MCB has earned a place in the Piper Sandler Bank Sm-All Stars Class of 2024.
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 the Bank’s website at MCBankNY.com.
5
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 are difficult to predict and are generally beyond our control and 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 the following: the interest rate policies of the Federal Reserve and other regulatory bodies; an unexpected deterioration in the performance of our loan or securities portfolios; changes in liquidity, including the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio; unexpected increases in our expenses; different than anticipated growth and our ability to manage our growth; global pandemics, or localized epidemics, could adversely affect the Company’s financial condition and results of operations; potential recessionary conditions, including the related effects on our borrowers and on our financial condition and results of operations; an unanticipated loss of key personnel or existing clients, or an inability to attract key employees; increases in competitive pressures among financial institutions or from non-financial institutions which may result in unanticipated changes in our loan or deposit rates; unanticipated increases in FDIC insurance premiums or future assessments; legislative, tax or regulatory changes or actions, which may adversely affect the Company’s business; impacts related to or resulting from regional and community bank failures and stresses to regional banks; changes in deposit flows, funding sources or loan demand, which may adversely affect the Company’s business; changes in accounting principles, policies or guidelines may cause the Company’s financial condition or results of operation to be reported or perceived differently; general economic conditions, including unemployment rates, either nationally or locally in some or all of the areas in which the Company does business, or conditions in the securities markets or the banking industry being less favorable than currently anticipated; inflation, which may lead to higher operating costs; declines in real estate values in the Company’s market area, which may adversely affect our loan production; an unexpected adverse financial, regulatory, legal or bankruptcy event experienced by our non-bank financial service clients; system failures or cybersecurity breaches of our information technology infrastructure and/or confidential information or those of the Company’s third-party service providers or those of our non-bank financial service clients for which we provide global payments infrastructure; emerging issues related to the development and use of artificial intelligence that could give rise to legal or regulatory action, damage our reputation or otherwise materially harm our business or clients; failure to maintain current technologies or technological changes that may be more difficult or expensive to implement than anticipated, and failure to successfully implement future information technology enhancements; the costs, including the possible incurrence of fines, penalties, or other negative effects (including reputational harm) of any adverse judicial, administrative, or arbitral rulings or proceedings, regulatory enforcement actions, or other legal actions to which we or any of our subsidiaries are a party, and which may adversely affect our results; the current or anticipated impact of military conflict, terrorism or other geopolitical events; the successful implementation or consummation of new business initiatives, which may be more difficult or expensive than anticipated; the timely and efficient development of new products and services offered by the Company or its strategic partners, as well as risks (including reputational and litigation) attendant thereto, and the perceived overall value and acceptance of these products and services by clients; changes in consumer spending, borrowing or savings habits; the risks associated with adverse changes to credit quality; an unexpected failure to successfully manage our credit risk and the sufficiency of our allowance for credit losses; credit and other risks from borrower and depositor concentrations (e.g., by geographic area and by industry); difficulties associated with achieving or predicting expected future financial results; and the potential impact on the Company’s operations and clients resulting from natural or man-made disasters, wars, acts of terrorism, cyberattacks and pandemics, 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 which have been filed with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended. Forward-looking statements speak only as of the date of this release. We do not undertake (and expressly disclaim) any obligation to update or revise any forward-looking statement, except as may be required by law.
6
Consolidated Balance Sheet (unaudited)
|
|
Mar. 31, |
|
Dec. 31, |
|
Sept. 30, |
|
Jun. 30, |
|
Mar. 31, |
|||||
(in thousands) |
|
2025 |
|
2024 |
|
2024 |
|
2024 |
|
2024 |
|||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
18,572 |
|
$ |
13,078 |
|
$ |
16,674 |
|
$ |
18,152 |
|
$ |
34,037 |
Overnight deposits |
|
|
177,891 |
|
|
187,190 |
|
|
301,804 |
|
|
226,510 |
|
|
500,366 |
Total cash and cash equivalents |
|
|
196,463 |
|
|
200,268 |
|
|
318,478 |
|
|
244,662 |
|
|
534,403 |
Investment securities available-for-sale |
|
|
523,542 |
|
|
482,085 |
|
|
510,966 |
|
|
504,748 |
|
|
497,789 |
Investment securities held-to-maturity |
|
|
398,973 |
|
|
428,557 |
|
|
438,445 |
|
|
449,368 |
|
|
460,249 |
Equity investment securities, at fair value |
|
|
5,221 |
|
|
5,109 |
|
|
5,213 |
|
|
2,122 |
|
|
2,115 |
Total securities |
|
|
927,736 |
|
|
915,751 |
|
|
954,624 |
|
|
956,238 |
|
|
960,153 |
Other investments |
|
|
27,062 |
|
|
30,636 |
|
|
26,586 |
|
|
26,584 |
|
|
32,669 |
Loans, net of deferred fees and unamortized costs |
|
|
6,342,122 |
|
|
6,034,076 |
|
|
5,897,119 |
|
|
5,838,892 |
|
|
5,719,218 |
Allowance for credit losses |
|
|
(67,803) |
|
|
(63,273) |
|
|
(62,493) |
|
|
(60,008) |
|
|
(58,538) |
Net loans |
|
|
6,274,319 |
|
|
5,970,803 |
|
|
5,834,626 |
|
|
5,778,884 |
|
|
5,660,680 |
Receivables from global payments business, net |
|
|
— |
|
|
— |
|
|
96,048 |
|
|
90,626 |
|
|
93,852 |
Other assets |
|
|
190,718 |
|
|
183,291 |
|
|
172,996 |
|
|
168,597 |
|
|
171,614 |
Total assets |
|
$ |
7,616,298 |
|
$ |
7,300,749 |
|
$ |
7,403,358 |
|
$ |
7,265,591 |
|
$ |
7,453,371 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing demand deposits |
|
$ |
1,384,524 |
|
$ |
1,334,054 |
|
$ |
1,780,305 |
|
$ |
1,883,176 |
|
$ |
1,927,629 |
Interest-bearing deposits |
|
|
5,064,768 |
|
|
4,648,919 |
|
|
4,489,602 |
|
|
4,286,486 |
|
|
4,309,913 |
Total deposits |
|
|
6,449,292 |
|
|
5,982,973 |
|
|
6,269,907 |
|
|
6,169,662 |
|
|
6,237,542 |
Federal funds purchased |
|
|
125,000 |
|
|
210,000 |
|
|
— |
|
|
— |
|
|
— |
Federal Home Loan Bank of New York advances |
|
|
160,000 |
|
|
240,000 |
|
|
150,000 |
|
|
150,000 |
|
|
300,000 |
Trust preferred securities |
|
|
20,620 |
|
|
20,620 |
|
|
20,620 |
|
|
20,620 |
|
|
20,620 |
Secured and other borrowings |
|
|
17,403 |
|
|
7,441 |
|
|
107,478 |
|
|
107,514 |
|
|
107,549 |
Prepaid third-party debit cardholder balances |
|
|
— |
|
|
— |
|
|
21,970 |
|
|
22,631 |
|
|
18,685 |
Other liabilities |
|
|
106,137 |
|
|
109,888 |
|
|
118,192 |
|
|
102,760 |
|
|
95,434 |
Total liabilities |
|
|
6,878,452 |
|
|
6,570,922 |
|
|
6,688,167 |
|
|
6,573,187 |
|
|
6,779,830 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
|
113 |
|
|
112 |
|
|
112 |
|
|
112 |
|
|
112 |
Additional paid in capital |
|
|
398,823 |
|
|
400,188 |
|
|
397,963 |
|
|
395,520 |
|
|
393,341 |
Retained earnings |
|
|
399,015 |
|
|
382,661 |
|
|
361,243 |
|
|
348,977 |
|
|
332,178 |
Accumulated other comprehensive gain (loss), net of tax effect |
|
|
(47,170) |
|
|
(53,134) |
|
|
(44,127) |
|
|
(52,205) |
|
|
(52,090) |
Treasury stock, at cost |
|
|
(12,935) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Total stockholders’ equity |
|
|
737,846 |
|
|
729,827 |
|
|
715,191 |
|
|
692,404 |
|
|
673,541 |
Total liabilities and stockholders’ equity |
|
$ |
7,616,298 |
|
$ |
7,300,749 |
|
$ |
7,403,358 |
|
$ |
7,265,591 |
|
$ |
7,453,371 |
7
Consolidated Statement of Income (unaudited)
|
|
Three months ended |
|||||||
|
|
Mar. 31, |
|
Dec. 31, |
|
Mar. 31, |
|||
(dollars in thousands, except per share data) |
|
2025 |
|
2024 |
|
2024 |
|||
Total interest income |
|
$ |
118,770 |
|
$ |
119,829 |
|
$ |
112,335 |
Total interest expense |
|
|
51,818 |
|
|
53,226 |
|
|
52,626 |
Net interest income |
|
|
66,952 |
|
|
66,603 |
|
|
59,709 |
Provision for credit losses |
|
|
4,506 |
|
|
1,500 |
|
|
528 |
Net interest income after provision for credit losses |
|
|
62,446 |
|
|
65,103 |
|
|
59,181 |
|
|
|
|
|
|
|
|
|
|
Non-interest income |
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
|
2,173 |
|
|
2,177 |
|
|
1,863 |
Global Payments Group revenue |
|
|
— |
|
|
2,100 |
|
|
4,069 |
Other income |
|
|
1,465 |
|
|
124 |
|
|
1,072 |
Total non-interest income |
|
|
3,638 |
|
|
4,401 |
|
|
7,004 |
|
|
|
|
|
|
|
|
|
|
Non-interest expense |
|
|
|
|
|
|
|
|
|
Compensation and benefits |
|
|
21,739 |
|
|
19,615 |
|
|
19,827 |
Bank premises and equipment |
|
|
2,463 |
|
|
2,520 |
|
|
2,343 |
Professional fees |
|
|
4,986 |
|
|
3,687 |
|
|
5,972 |
Technology costs |
|
|
2,220 |
|
|
1,989 |
|
|
3,011 |
Licensing fees |
|
|
2,474 |
|
|
3,217 |
|
|
3,276 |
FDIC assessments |
|
|
2,967 |
|
|
2,980 |
|
|
2,925 |
Regulatory settlement reserve |
|
|
— |
|
|
(537) |
|
|
— |
Other expenses |
|
|
5,873 |
|
|
4,690 |
|
|
4,546 |
Total non-interest expense |
|
|
42,722 |
|
|
38,161 |
|
|
41,900 |
|
|
|
|
|
|
|
|
|
|
Net income before income tax expense |
|
|
23,362 |
|
|
31,343 |
|
|
24,285 |
Income tax expense |
|
|
7,008 |
|
|
9,925 |
|
|
8,082 |
Net income (loss) |
|
$ |
16,354 |
|
$ |
21,418 |
|
$ |
16,203 |
|
|
|
|
|
|
|
|
|
|
Earnings per common share: |
|
|
|
|
|
|
|
|
|
Average common shares outstanding: |
|
|
|
|
|
|
|
|
|
Basic |
|
|
11,215,118 |
|
|
11,196,822 |
|
|
11,132,989 |
Diluted |
|
|
11,281,375 |
|
|
11,388,163 |
|
|
11,132,989 |
Basic earnings (loss) |
|
$ |
1.46 |
|
$ |
1.91 |
|
$ |
1.46 |
Diluted earnings (loss) |
|
$ |
1.45 |
|
$ |
1.88 |
|
$ |
1.46 |
8
Loan Production, Asset Quality & Regulatory Capital
|
|
Mar. 31, |
|
Dec. 31, |
|
Sept. 30, |
|
Jun. 30, |
|
Mar. 31, |
|
|||||
|
|
2025 |
|
2024 |
|
2024 |
|
2024 |
|
2024 |
|
|||||
LOAN PRODUCTION (in millions) |
|
$ |
409.8 |
|
$ |
309.0 |
|
$ |
460.6 |
|
$ |
290.8 |
|
$ |
269.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY (in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate |
|
$ |
25,087 |
|
$ |
25,087 |
|
$ |
24,000 |
|
$ |
24,000 |
|
$ |
44,939 |
|
Commercial and industrial |
|
|
8,989 |
|
|
6,989 |
|
|
6,989 |
|
|
6,989 |
|
|
6,989 |
|
One- to four- family |
|
|
446 |
|
|
452 |
|
|
— |
|
|
— |
|
|
— |
|
Consumer |
|
|
22 |
|
|
72 |
|
|
— |
|
|
108 |
|
|
145 |
|
Total non-performing loans |
|
$ |
34,544 |
|
$ |
32,600 |
|
$ |
30,989 |
|
$ |
31,097 |
|
$ |
52,073 |
|
Non-performing loans to total loans |
|
|
0.54 |
% |
|
0.54 |
% |
|
0.53 |
% |
|
0.53 |
% |
|
0.91 |
% |
Allowance for credit losses |
|
$ |
67,803 |
|
$ |
63,273 |
|
$ |
62,493 |
|
$ |
60,008 |
|
$ |
58,538 |
|
Allowance for credit losses to total loans |
|
|
1.07 |
% |
|
1.05 |
% |
|
1.06 |
% |
|
1.03 |
% |
|
1.02 |
% |
Charge-offs |
|
$ |
(118) |
|
$ |
(106) |
|
$ |
(122) |
|
$ |
(16) |
|
$ |
(3) |
|
Recoveries |
|
$ |
180 |
|
$ |
120 |
|
$ |
2 |
|
$ |
— |
|
$ |
2 |
|
Net charge-offs/(recoveries) to average loans (annualized) |
|
|
— |
% |
|
— |
% |
|
0.01 |
% |
|
— |
% |
|
— |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REGULATORY CAPITAL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 Leverage: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metropolitan Bank Holding Corp. |
|
|
10.7 |
% |
|
10.8 |
% |
|
10.6 |
% |
|
10.3 |
% |
|
10.3 |
% |
Metropolitan Commercial Bank |
|
|
10.1 |
% |
|
10.6 |
% |
|
10.3 |
% |
|
10.1 |
% |
|
10.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Equity Tier 1 Risk-Based (CET1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metropolitan Bank Holding Corp. |
|
|
11.4 |
% |
|
11.9 |
% |
|
11.9 |
% |
|
11.7 |
% |
|
11.6 |
% |
Metropolitan Commercial Bank |
|
|
11.0 |
% |
|
12.0 |
% |
|
11.9 |
% |
|
11.8 |
% |
|
11.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 Risk-Based: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metropolitan Bank Holding Corp. |
|
|
11.7 |
% |
|
12.3 |
% |
|
12.2 |
% |
|
12.1 |
% |
|
11.9 |
% |
Metropolitan Commercial Bank |
|
|
11.0 |
% |
|
12.0 |
% |
|
11.9 |
% |
|
11.8 |
% |
|
11.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Risk-Based: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metropolitan Bank Holding Corp. |
|
|
12.8 |
% |
|
13.3 |
% |
|
13.2 |
% |
|
13.0 |
% |
|
12.9 |
% |
Metropolitan Commercial Bank |
|
|
12.1 |
% |
|
13.0 |
% |
|
12.9 |
% |
|
12.8 |
% |
|
12.6 |
% |
9
Performance Measures
|
|
Three months ended |
|
|||||||
|
|
Mar. 31, |
|
Dec. 31, |
|
Mar. 31, |
|
|||
(dollars in thousands, except per share data) |
|
2025 |
|
2024 |
|
2024 |
|
|||
Net income per consolidated statements of income |
|
$ |
16,354 |
|
$ |
21,418 |
|
$ |
16,203 |
|
Less: Earnings allocated to participating securities |
|
|
— |
|
|
— |
|
|
— |
|
Net income (loss) available to common shareholders |
|
$ |
16,354 |
|
$ |
21,418 |
|
$ |
16,203 |
|
|
|
|
|
|
|
|
|
|
|
|
Per common share: |
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss) |
|
$ |
1.46 |
|
$ |
1.91 |
|
$ |
1.46 |
|
Diluted earnings (loss) |
|
$ |
1.45 |
|
$ |
1.88 |
|
$ |
1.46 |
|
Common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
Period end |
|
|
11,066,234 |
|
|
11,197,625 |
|
|
11,191,958 |
|
Average fully diluted |
|
|
11,281,375 |
|
|
11,388,163 |
|
|
11,132,989 |
|
Return on:(1) |
|
|
|
|
|
|
|
|
|
|
Average total assets |
|
|
0.89 |
% |
|
1.16 |
% |
|
0.91 |
% |
Average equity |
|
|
9.0 |
% |
|
11.8 |
% |
|
9.8 |
% |
Average tangible common equity(2), (3) |
|
|
9.1 |
% |
|
12.0 |
% |
|
9.9 |
% |
Yield on average earning assets(1) |
|
|
6.52 |
% |
|
6.58 |
% |
|
6.40 |
% |
Total cost of deposits(1) |
|
|
3.09 |
% |
|
3.15 |
% |
|
3.16 |
% |
Net interest spread(1) |
|
|
2.53 |
% |
|
2.28 |
% |
|
1.77 |
% |
Net interest margin(1) |
|
|
3.68 |
% |
|
3.66 |
% |
|
3.40 |
% |
Net charge-offs as % of average loans(1) |
|
|
— |
% |
|
— |
% |
|
— |
% |
Efficiency ratio(4) |
|
|
60.5 |
% |
|
53.7 |
% |
|
62.8 |
% |
(1)Ratios are annualized.
(2)Net income divided by average tangible common equity.
(3)Non-GAAP financial measure. See Reconciliation of Non-GAAP Measures on page 12.
(4)Total non-interest expense divided by total revenues.
10
Interest Margin Analysis
|
|
Three months ended |
|
||||||||||||||||||||||||
|
|
Mar. 31, 2025 |
|
|
Dec. 31, 2024 |
|
|
Mar. 31, 2024 |
|
||||||||||||||||||
|
|
Average |
|
|
|
|
Yield / |
|
|
Average |
|
|
|
|
Yield / |
|
|
Average |
|
|
|
|
Yield / |
|
|||
(dollars in thousands) |
|
Balance |
|
Interest |
|
Rate (1) |
|
|
Balance |
|
Interest |
|
Rate (1) |
|
|
Balance |
|
Interest |
|
Rate (1) |
|
||||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (2) |
|
$ |
6,202,311 |
|
$ |
110,865 |
|
7.25 |
% |
|
$ |
6,027,313 |
|
$ |
111,486 |
|
7.36 |
% |
|
$ |
5,696,841 |
|
$ |
102,381 |
|
7.23 |
% |
Available-for-sale securities |
|
|
577,184 |
|
|
3,415 |
|
2.40 |
|
|
|
567,548 |
|
|
3,256 |
|
2.28 |
|
|
|
565,292 |
|
|
2,957 |
|
2.10 |
|
Held-to-maturity securities |
|
|
417,326 |
|
|
1,943 |
|
1.89 |
|
|
|
434,234 |
|
|
2,012 |
|
1.84 |
|
|
|
465,270 |
|
|
2,172 |
|
1.88 |
|
Equity investments |
|
|
5,516 |
|
|
39 |
|
2.90 |
|
|
|
5,477 |
|
|
39 |
|
2.81 |
|
|
|
2,416 |
|
|
15 |
|
2.47 |
|
Overnight deposits |
|
|
154,357 |
|
|
1,925 |
|
5.06 |
|
|
|
180,175 |
|
|
2,469 |
|
5.45 |
|
|
|
297,992 |
|
|
4,154 |
|
5.61 |
|
Other interest-earning assets |
|
|
30,917 |
|
|
583 |
|
7.65 |
|
|
|
30,255 |
|
|
567 |
|
7.46 |
|
|
|
33,428 |
|
|
656 |
|
7.89 |
|
Total interest-earning assets |
|
|
7,387,611 |
|
|
118,770 |
|
6.52 |
|
|
|
7,245,002 |
|
|
119,829 |
|
6.58 |
|
|
|
7,061,239 |
|
|
112,335 |
|
6.40 |
|
Non-interest-earning assets |
|
|
128,676 |
|
|
|
|
|
|
|
|
181,786 |
|
|
|
|
|
|
|
|
183,046 |
|
|
|
|
|
|
Allowance for credit losses |
|
|
(64,584) |
|
|
|
|
|
|
|
|
(63,536) |
|
|
|
|
|
|
|
|
(58,517) |
|
|
|
|
|
|
Total assets |
|
$ |
7,451,703 |
|
|
|
|
|
|
|
$ |
7,363,252 |
|
|
|
|
|
|
|
$ |
7,185,768 |
|
|
|
|
|
|
Liabilities and Stockholders' Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market and savings accounts |
|
$ |
4,747,995 |
|
|
45,844 |
|
3.92 |
|
|
$ |
4,459,792 |
|
|
47,581 |
|
4.24 |
|
|
$ |
4,099,466 |
|
|
46,611 |
|
4.57 |
|
Certificates of deposit |
|
|
126,471 |
|
|
1,334 |
|
4.28 |
|
|
|
116,062 |
|
|
1,254 |
|
4.30 |
|
|
|
34,264 |
|
|
275 |
|
3.22 |
|
Total interest-bearing deposits |
|
|
4,874,466 |
|
|
47,178 |
|
3.93 |
|
|
|
4,575,854 |
|
|
48,835 |
|
4.25 |
|
|
|
4,133,730 |
|
|
46,886 |
|
4.56 |
|
Borrowed funds |
|
|
392,453 |
|
|
4,640 |
|
4.80 |
|
|
|
350,892 |
|
|
4,391 |
|
4.98 |
|
|
|
437,389 |
|
|
5,740 |
|
5.28 |
|
Total interest-bearing liabilities |
|
|
5,266,919 |
|
|
51,818 |
|
3.99 |
|
|
|
4,926,746 |
|
|
53,226 |
|
4.30 |
|
|
|
4,571,119 |
|
|
52,626 |
|
4.63 |
|
Non-interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing deposits |
|
|
1,319,688 |
|
|
|
|
|
|
|
|
1,586,005 |
|
|
|
|
|
|
|
|
1,835,368 |
|
|
|
|
|
|
Other non-interest-bearing liabilities |
|
|
126,872 |
|
|
|
|
|
|
|
|
128,995 |
|
|
|
|
|
|
|
|
112,272 |
|
|
|
|
|
|
Total liabilities |
|
|
6,713,479 |
|
|
|
|
|
|
|
|
6,641,746 |
|
|
|
|
|
|
|
|
6,518,759 |
|
|
|
|
|
|
Stockholders' equity |
|
|
738,224 |
|
|
|
|
|
|
|
|
721,506 |
|
|
|
|
|
|
|
|
667,009 |
|
|
|
|
|
|
Total liabilities and equity |
|
$ |
7,451,703 |
|
|
|
|
|
|
|
$ |
7,363,252 |
|
|
|
|
|
|
|
$ |
7,185,768 |
|
|
|
|
|
|
Net interest income |
|
|
|
|
$ |
66,952 |
|
|
|
|
|
|
|
$ |
66,603 |
|
|
|
|
|
|
|
$ |
59,709 |
|
|
|
Net interest rate spread (3) |
|
|
|
|
|
|
|
2.53 |
% |
|
|
|
|
|
|
|
2.28 |
% |
|
|
|
|
|
|
|
1.77 |
% |
Net interest margin (4) |
|
|
|
|
|
|
|
3.68 |
% |
|
|
|
|
|
|
|
3.66 |
% |
|
|
|
|
|
|
|
3.40 |
% |
Total cost of deposits (5) |
|
|
|
|
|
|
|
3.09 |
% |
|
|
|
|
|
|
|
3.15 |
% |
|
|
|
|
|
|
|
3.16 |
% |
Total cost of funds (6) |
|
|
|
|
|
|
|
3.19 |
% |
|
|
|
|
|
|
|
3.25 |
% |
|
|
|
|
|
|
|
3.30 |
% |
(1) |
Ratios are 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. |
11
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 tables:
|
|
Quarterly Data |
|
|
|||||||||||||||||
(dollars in thousands, |
|
Mar. 31, |
|
|
Dec. 31, |
|
|
Sept. 30, |
|
|
Jun. 30, |
|
|
Mar. 31, |
|
|
|||||
except per share data) |
|
2025 |
|
|
2024 |
|
|
2024 |
|
|
2024 |
|
|
2024 |
|
|
|||||
Average assets |
|
$ |
7,451,703 |
|
|
$ |
7,363,252 |
|
|
$ |
7,297,503 |
|
|
$ |
7,322,480 |
|
|
$ |
7,185,768 |
|
|
Less: average intangible assets |
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
Average tangible assets (non-GAAP) |
|
$ |
7,441,970 |
|
|
$ |
7,353,519 |
|
|
$ |
7,287,770 |
|
|
$ |
7,312,747 |
|
|
$ |
7,176,035 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average common equity |
|
$ |
738,224 |
|
|
$ |
721,506 |
|
|
$ |
706,442 |
|
|
$ |
680,064 |
|
|
$ |
667,009 |
|
|
Less: average intangible assets |
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
Average tangible common equity (non-GAAP) |
|
$ |
728,491 |
|
|
$ |
711,773 |
|
|
$ |
696,709 |
|
|
$ |
670,331 |
|
|
$ |
657,276 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
7,616,298 |
|
|
$ |
7,300,749 |
|
|
$ |
7,403,358 |
|
|
$ |
7,265,591 |
|
|
$ |
7,453,371 |
|
|
Less: intangible assets |
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
Tangible assets (non-GAAP) |
|
$ |
7,606,565 |
|
|
$ |
7,291,016 |
|
|
$ |
7,393,625 |
|
|
$ |
7,255,858 |
|
|
$ |
7,443,638 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common equity |
|
$ |
737,846 |
|
|
$ |
729,827 |
|
|
$ |
715,191 |
|
|
$ |
692,404 |
|
|
$ |
673,541 |
|
|
Less: intangible assets |
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
Tangible common equity (book value) (non-GAAP) |
|
$ |
728,113 |
|
|
$ |
720,094 |
|
|
$ |
705,458 |
|
|
$ |
682,671 |
|
|
$ |
663,808 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding |
|
|
11,066,234 |
|
|
|
11,197,625 |
|
|
|
11,194,411 |
|
|
|
11,192,936 |
|
|
|
11,191,958 |
|
|
Book value per share (GAAP) |
|
$ |
66.68 |
|
|
$ |
65.18 |
|
|
$ |
63.89 |
|
|
$ |
61.86 |
|
|
$ |
60.18 |
|
|
Tangible book value per share (non-GAAP) (1) |
|
$ |
65.80 |
|
|
$ |
64.31 |
|
|
$ |
63.02 |
|
|
$ |
60.99 |
|
|
$ |
59.31 |
|
|
| (1) | 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.
12
|
1Q 2025 Investor Presentation |
|
Contents 1 Page Disclosure 2 Relationship Driven Commercial Bank 3 Performance Metrics 5 Loans and Deposits 11 Modern Banking in Motion Digital Transformation 20 Selected Financial Information 23 |
|
Disclosure 2 This presentation 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 are difficult to predict and are generally beyond our control and 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 the following: a failure to successfully manage our credit risk and the sufficiency of our allowance for credit losses; changes in loan demand and declines in real estate values in the Company’s market area, which may adversely affect our loan production; borrower and depositor concentrations (e.g., by geographic area and by industry); the interest rate policies of the Federal Reserve and other regulatory bodies; general economic conditions, including unemployment rates, and potential recessionary and inflationary indicators, either nationally or locally, including the related effects on our borrowers and other clients, such as adverse changes to credit quality, and on our financial condition and results of operations; an unanticipated loss of key personnel or existing clients, or an inability to attract key employees; system failures or cybersecurity breaches of our information technology infrastructure and/or confidential information or those of the Company’s third-party service providers or those of our non-bank financial service clients for which we provide global payments infrastructure; failure to maintain current technologies or technological changes and enhancements that may be more difficult or expensive to implement than anticipated, and failure to successfully implement future information technology enhancements; emerging issues related to the development and use of artificial intelligence that could give rise to legal or regulatory action, damage our reputation or otherwise materially harm our business or clients; the timely and efficient development of new products and services offered by the Company, as well as risks (including reputational and litigation) attendant thereto, and the perceived overall value and acceptance of these products and services by clients; the successful implementation or consummation of new business initiatives, which may be more difficult or expensive than anticipated; an unexpected adverse financial, regulatory, legal or bankruptcy event experienced by our financial service clients; unexpected increases in our expenses; changes in liquidity, including funding sources, deposit flows and the size and composition of our deposit portfolio, and the percentage of uninsured deposits in the portfolio; an unexpected deterioration in the performance of our loan or securities portfolios and our inability to absorb the amount of actual losses inherent in the portfolio; difficulties associated with achieving or predicting expected future financial results; different than anticipated growth and our ability to manage our growth; increases in competitive pressures among financial institutions or from non-financial institutions which may result in unanticipated changes in our loan or deposit rates; unexpected adverse impact of future acquisitions or divestitures; impacts related to or resulting from regional and community bank failures and stresses to regional banks, or conditions in the securities markets or the banking industry being less favorable than currently anticipated; changes in accounting principles, policies or guidelines may cause the Company’s financial condition or results of operation to be reported or perceived differently; legislative, tax or regulatory changes or actions, including changes and the potential for changes to regulatory policy and the promulgation of new laws and regulations following the inauguration of a new presidential administration, may adversely affect the Company’s business; unanticipated increases in FDIC insurance premiums or future assessments; the costs, including the possible incurrence of fines, penalties, or other negative effects (including reputational harm) of any adverse judicial, administrative, or arbitral rulings or proceedings, regulatory enforcement actions, or other legal actions to which we or any of our subsidiaries are a party, and which may adversely affect our results; and the current or the potential impact on the Company’s operations, financial condition, and clients resulting from natural or man-made disasters, climate change, wars, military conflict, acts of terrorism, other geopolitical events, cyberattacks, and global pandemics, or localized epidemics 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 which have been filed with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended. Forward-looking statements speak only as of the date of this presentation. We do not undertake (and expressly disclaim) any obligation to update or revise any forward-looking statement, except as may be required by law. |
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Relationship Driven Commercial Bank 3 |
|
Relationship Driven Commercial Bank with Strong Client Execution • Our Business Bankers have deep knowledge and expertise across multiple industries (e.g. law firms, resident healthcare, real estate property management, U.S. Trustee and Municipalities). • Full suite of retail financial service products targeting small and middle-market commercial businesses. • Commercial Lending group offers an array of commercial and industrial lending products providing our clients with custom lending solutions. • Commercial Real Estate ("CRE") Lending group has proven track record of successfully navigating today's complex real estate market. White-glove concierge service and a full suite of digital banking services allowing clients to easily manage their everyday banking needs. Modern Banking in Motion Digital Transformation supports future business expansion, drives efficiencies and enables better client experience. Only TRUE mid-sized relationship driven commercial bank headquartered in NYC. Our mission is to: • Help clients build and sustain generational wealth. • Offer a full range of banking and innovative financial servicesto businesses and individuals embracing an ever-evolving digital banking era. • Deliver enhanced client experiences through an innovative technology platform. • Provide modern and robust internal capabilities for our employees to support future business expansion and back-office efficiencies. Our Mission 4 |
|
Performance Metrics 5 |
|
Source: FactSet, S&P Global Market Intelligence 1 CAGR from December 31, 2017 through December 31, 2024. 1* KRX and NYC Middle Market-Banks include growth resulting from acquisitions. 2 KRX Index represents median performance of the KBW Regional Banking Index constituents. 3 Includes BRKL, CNOB, DCOM, FFIC, OCFC, PFS and VLY. 4 Non-GAAP financial measure. See reconciliation to GAAP measure in the appendix to this presentation. 5 Performance since November 7, 2017 (MCB offering price of $35.00 per share) through April 8, 2025. Pre-tax, pre-provision net revenue4 CAGR1 2017-2024 Organic Growth Outpacing Peers Since 2017 IPO Deposits CAGR1, 1* 2017–2024 Loans CAGR1, 1* 2017–2024 Share price performance since IPO5 November 7, 2017 Tangible book value per share4 CAGR1 2017–2024 Earnings per share CAGR1 2017–2024 13.2% 5.4% 3.3% MCB KRX Index² NYC Middle-Market Banks³ 14.2% 6.9% 2.2% MCB KRX Index² NYC Middle-Market Banks³ 39.8% (7.9%) (35.8%) NYC Middle-Market Banks³ Metropolitan Commercial Bank KRX Index² 23.0% 10.0% 12.8% MCB KRX Index² NYC Middle-Market Banks³ 19.6% 7.7% 6.7% MCB KRX Index² NYC Middle-Market Banks³ 23.0% 8.8% 10.2% MCB KRX Index² NYC Middle-Market Banks³ 6 |
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Source: Bloomberg, FactSet, S&P Global Market Intelligence 1 Includes BRKL, CNOB, DCOM, FFIC, OCFC, PFS and VLY. 2 Cumulative shareholder return (change in stock price plus reinvested dividends). Share Price Performance and Valuation 50 100 150 200 250 300 3/30/2023 7/13/2023 10/26/2023 2/8/2024 5/23/2024 9/5/2024 12/19/2024 4/3/2025 Total Return Performance NYC Middle-Market Banks1, 2 KBW Regional Banking Index (“KRX”) Metropolitan Commercial Bank 95 113 193 4/8/2025 7 |
|
Track Record of Strong Operating Performance 1 Annualized. 2 Return on average tangible common equity ("ROATCE") is a non-GAAP financial measure. See reconciliation to GAAP measure on slide 28. 3 CAGR from December 31, 2017 through March 31, 2025. Strong Book Value Growth Since IPO Tangible Book Value per Share2 Strong Operating Results 1Q 2025 $27.04 $30.34 $34.15 $39.25 $50.11 $51.70 $58.69 $64.31 $65.80 2017 2018 2019 2020 2021 2022 2023 2024 1Q 2025 8 60.5% Efficiency Ratio 0.0% Avg. Last 5 Year Net Charge-offs % / Average Loans 3.68% Net Interest Margin1 0.89% Return on Average Assets1 1.52% Pre-Provision Net Revenue / Average Assets1 9.1% Return on Average Tangible Common Equity1, 2 |
|
$53.6 $57.0 $59.7 $61.5 $65.2 $66.6 $67.0 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 9 1 Represents effective average daily Fed Funds rate. Well Managed Net Interest Margin Net Interest Margin Analysis Estimated Sensitivity of Annual Net Interest Income March 31, 2025 Net Interest Income $ millions 1.00% 1.83% 2.16% 0.36% 1.68% 5.03% 5.15% 4.33% 4.57% 4.78% 5.09% 4.73% 4.80% 5.33% 6.70% 6.53% 7.25% 0.47% 0.58% 1.10% 0.43% 0.27% 0.49% 2.43% 3.22% 3.09% 3.52% 3.70% 3.46% 3.26% 2.77% 3.49% 3.49% 3.53% 3.68% 2017 2018 2019 2020 2021 2022 2023 2024 YTD Q1'25 Average Fed Funds Rate¹ Average Loan Yield Average Total Cost of Deposits MCB Net Interest Margin ("NIM") 5.61% 2.63% -2.21% -4.67% -200 bps -100 bps +100 bps +200 bps |
|
30.9% 30.5% 28.4% 22.3% 21.5% 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 $6.2 $6.2 $6.3 $6.0 $6.4 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 8.9% 9.4% 9.5% 9.9% 9.6% 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 Highly Liquid and Resilient Balance Sheet 75% Insured deposits Deposits ($ bn) TCE/TA Ratio1 Non-interest bearing Deposit % Deposit Profile at March 31, 2025 179% Uninsured Deposit Coverage Ratio2 BBB+ Kroll Deposit Rating 10 $5.7 $5.8 $5.9 $6.0 $6.3 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 Loans ($ bn) 1 Tangible Common Equity divided by Tangible Assets. Non-GAAP financial measure. See reconciliation to GAAP measure on slide 28 2 Cash and available secured borrowing capacity divided by uninsured deposits. |
|
Loans and Deposits 11 |
|
12 1 Gross of deferred fees and unamortized costs. 2 Certain prior period amounts adjusted to conform to current presentation. 3 Excludes owner-occupied. 4 Mobile Home Parks, Residential Condos/Co-ops, Temporary Shelters, Religious Orgs., Parking Lots and Garages, Restaurants and Entertainment Facilities * Includes commercial real estate, multifamily and construction loans. Loan Portfolio Growth and Diversification $6.4 billion Gross Loan Portfolio1, 2 March 31, 2025 | $ millions Diversified Loan Portfolio March 31, 2025 33% 6% 6% 5% 6% 5% 3% 4% 3% 3% 7% 16% 33% CRE: Skilled Nursing Facility ("SNF") 6% CRE: Office 6% CRE: Multi-family 6% CRE: Hospitality 5% CRE: Retail 5% CRE: Mixed Use 4% CRE: Land 4% CRE: Construction 3% CRE: Warehouse 3% CRE: Schools $3& 0UIFSĩ 16% C&I 2% Consumer & 1-4 Family $2,821 $2,857 $2,911 $2,939 $3,042 $1,749 $1,786 $1,827 $1,962 $2,171 $1,057 $1,105 $1,070 $1,046 $1,045 $109 $108 $106 $104 $102 $5,736 $5,856 $5,914 $6,051 $6,360 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 Consumer & 1-4 Family C&I CRE: Owner Occupied CRE: Non Owner Occupied* Average 1Q 2025 Yield: 7.25% CRE/RBC ratio3 : 367% |
|
19% 17% 11% 9% 8% 8% 4% 3% 21% 19% Manhattan 17% Florida 11% Brooklyn 9% Bronx 8% Queens 8% New Jersey 4% Long Island 3% Other NY 21% Other States 41% 8% 8% 8% 7% 6% 4% 3% 15% 41% Skilled Nursing Facilities 8% Multifamily 8% Office 8% Hospitality 7% Retail 6% Mixed Use 4% Land 3% Warehouse 15% Other CRE Relationship-Based Commercial Real Estate Lending 13 Target Market • New York metropolitan area real estate entrepreneurs with a net worth in excess of $50 million • Primarily concentrated in the New York MSA • Well-diversified across multiple property types Key Metrics March 31, 2025 • Weighted average LTV of 61% • Owner occupied – 42% Composition by Type March 31, 2025 Composition by Region March 31, 2025 Majority of loans are originated through direct relationships or referrals from existing clients. Total CRE loans: $5.2 billion |
|
$265 $266 $269 $273 $258 $236 $258 $248 $238 $249 $125 $121 $152 $159 $154 $126 $127 $119 $117 $116 $75 $71 $70 $69 $66 $56 $58 $63 $64 $67 $42 $41 $30 $29 $30 $132 $163 $119 $97 $105 $1,057 $1,105 $1,070 $1,046 $1,045 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 Other Manufacturing Wholesale Services Other Healthcare Individuals Skilled Nursing Facilities Finance & Insurance Commercial & Industrial Growth Driven by Expertise in Specific Lending Verticals 14 C&I Composition March 31, 2025 Target Market • Middle market businesses with revenues up to $400 million • Well-diversified across industries Key Metrics • Strong historical credit performance - Pledged collateral and/or personal guarantees from high-net-worth individuals support most loans - Target borrowers have strong historical cash flows, and good asset coverage 25% 24% 15% 11% 6% 6% 3% 10% 25% Finance & Insurance 24% Skilled Nursing Facilities 15% Individuals 11% Other Healthcare 6% Services 6% Wholesale Trade 3% Manufacturing 10% Other 1 Certain prior period amounts adjusted to conform to current presentation. C&I Portfolio1 March 31, 2025 | $ millions |
|
C&I Healthcare Composition | March 31, 2025 Diversified CRE and C&I Healthcare Portfolio • Active in Healthcare lending since 2002. • No realized losses since 2002. No deferrals during the pandemic. • Stabilized SNF – 70% of CRE SNF portfolio. Stabilized facilities provide cash flows adequate to support debt service and collateral value. Borrowers’ primary motive for acquisition of a stabilized property is for synergies with existing portfolio of SNFs. Weighted average debt service coverage ratio is 1.8x. • Transitional Non-stabilized SNF – are typically value-add opportunities that may have underlying issues that can be remediated. By implementing operational and management changes, enhancing the quality of care, improving the payor mix, and optimizing efficiency, experienced operators can increase the facility's profitability and value. Operators that have a strong market share in the region can negotiate higher reimbursement rates by working with payers, such as Medicare and Medicaid, to negotiate higher reimbursement rates for the services provided by the SNF. 68% 14% 10% 4% 68% SNF 14% Ambulatory Health Care Services 10% Medical Labs 4% Misc. Health Practitioners 2% Doctor Office 2% Ambulance Services CRE SNF $2.1 billion C&I SNF $249 mm C&I Other $116 mm Healthcare Portfolio | March 31, 2025 Total Healthcare loans: $2.5 billion 15 Total C&I Healthcare loans: $365mm Overview March 31, 2025 |
|
C&I Skilled Nursing Facility Exposure by State March 31, 2025 Geographically Diversified Skilled Nursing Facility Portfolio CRE Skilled Nursing Facility Exposure by State March 31, 2025 35% 24% 10% 6% 5% 20% 35% Florida 24% New York 10% New Jersey 6% Indiana 5% Ohio 20% Other States 47% 18% 14% 7% 5% 9% 47% Florida 18% New Jersey 14% New York 7% Tennessee 5% Indiana 9% Other 16 Total CRE SNF loans: $2.1 billion Total C&I SNF loans: $249mm • CRE – Skilled Nursing Facilities (“SNF”) – average LTV of 69%. • Highly selective regarding the quality of SNF Operators that we finance. • Borrowers are very experienced operators that typically have in excess of 1,000 beds under management and strong cash flows. Many further supported by vertically integrated related businesses. • Loans are made primarily in “certificate of need” states which limits the supply of beds and supports stable occupancy rates. • New York had Medicaid reimbursement rate increases of 4.4% and 6.5% in 2024 and 2023, respectively.1 • Florida had Medicaid reimbursement rate increase of 8.0% in 2024, with an additional 8% in 2025.1 Overview March 31, 2025 1 Source: Zimmet Healthcare Services Group LLC |
|
Conservatively Underwritten, Geographically Diversified CRE Office Portfolio 17 Office by Region March 31, 2025 44% 11% 5% 28% 10% 44% Manhattan 11% Brooklyn 5% Queens 2% Bronx 28% NY Metro Area (outside NYC) 10% Non NY Metro Area Overview March 31, 2025 • Total Office loans: $413mm • Weighted average LTV of 52% • Weighted average occupancy rate of 76%* • Weighted average debt service coverage ratio of 1.40x* • Manhattan loans originated since March 2022 is 100% • Owner-occupied is 11.1% • Varying levels of recourse on approximately 50% of loans * Excluding owner-occupied office properties. 1 Based on Outstanding Balance. 2 Single loan with "as is" LTV of 62%. Occupancy by Region March 31, 2025 Maturity Schedule March 31, 2025 | $ millions 44% 81% 61% 42% 85% 84% Non NY Metro Area NY Metro Area (outside NYC) Bronx Queens² Brooklyn Manhattan 2025 2026 Thereafter Total Outstanding Balance $72 $46 $295 $413 Commitment Amount $73 $50 $311 $434 Avg. Commitment Size $7 $5 $11 $9 LTV1 42% 50% 55% 52% Nonperforming 0% 0% 0% 0% WAC 6.1% 6.5% 6.0% 6.1% |
|
18 Conservatively Underwritten Multi-family Portfolio Overview March 31, 2025 | $ millions Stabilized1 Maturity Schedule March 31, 2025 | $ millions Origination Vintage March 31, 2025 • Total Multi-family loans: $389mm • Weighted average LTV of 50% • Recourse on 51% of Total; recourse on 100% of Transitional • Rent regulated 54% of Total • Rent regulated have weighted average LTV of 46% • Stabilized weighted average debt service coverage ratio of 2.09x Transitional1 Maturity Schedule March 31, 2025 | $ millions 1 Stabilized facilities provide cash flows adequate to support debt service and collateral value. Transitional are value-add opportunities that may have historic underlying issues or challenges that can be addressed and improved upon. 2 Based on Outstanding Balance. 3% 19% 78% % of $389mm Outstanding Balance 2017 - 2019 2020 - 2021 2022 - 2025 2025 2026 Thereafter Total Outstanding Balance $121 $37 $137 $295 Commitment Amount $121 $37 $142 $300 Avg. Loan Size $5 $3 $5 $5 LTV2 56% 66% 35% 48% Rent Regulated2 66% 66% 55% 61% With Recourse2 33% 88% 25% 36% Nonperforming 0% 0% 0% 0% WAC 6.0% 5.4% 4.6% 5.3% 2025 2026 Thereafter Total Outstanding Balance $17 $54 $23 $94 Commitment Amount $17 $54 $23 $94 Avg. Commitment Size $3 $8 $23 $7 LTV2 50% 53% 75% 58% Rent Regulated2 29% 3% 100% 31% With Recourse2 100% 100% 100% 100% Nonperforming 0% 0% 0% 0% WAC 7.1% 4.3% 7.0% 5.5% |
|
$1,803 $1,810 $1,880 $2,011 $2,135 $1,135 $1,055 $1,091 $1,108 $1,235 $298 $298 $311 $305 $300 $989 $1,059 $1,193 $1,217 $1,269 $940 $892 $770 $92 $757 $758 $723 $858 $988 $316 $298 $302 $392 $522 $6,238 $6,170 $6,270 $5,983 $6,449 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 EB-5, Title & Escrow, & Charter Schools Municipal Other** Property Managers Bankruptcy Trustees Deposits from Loan Customers Retail Deposits 22% 76% 22% Non-interest-bearing demand deposits 76% Money market & savings account 2% Time deposits 1Q 2025 Cost of deposits: 3.09% Deposit Verticals Composition Over Time $ millions* Deposit Composition * Certain prior period amounts adjusted to conform to current presentation. ** GPG wind down. Total Deposits $ millions* $6,238 $6,170 $6,270 $5,983 $6,449 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 Deposits Composition March 31, 2025 19 |
|
Modern Banking in Motion Digital Transformation 20 |
|
2024 2025 Service Description Partners Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Payments Hub (Wires) Payments Hub (ACH) Payments Hub (FedNow) Commercial Loans Servicing Enterprise Datawarehouse Digital Banking (Consumers) Digital Banking (Commercial) Fraud Risk Management Core Processing Contact Center / Core servicing Statements Processing and Rendering Teller System Project Phoenix Modern Banking in Motion Digital Transformation 21 Overview • The Bank is modernizing its core, payments and online banking systems to support continued growth. A modern stack will support future business expansion, drive efficiencies and enable a better client experience. • Digital transformation will provide extensive digital proficiencies, NextGen analytics capabilities, API-based extensibility, optimized back-office processes and efficient origination and loan servicing. • In 2024, the Bank launched project Phoenix to overhaul its infrastructure in line with its strategic growth and to enhance its disaster recovery capabilities. This project is expected to be completed in Q4'2025 and includes the redesign of the network, expansion of the datacenters, and increased system capacity. • Q1'25 digital transformation costs – $219,000 • Projects to be completed in 2025 • Total estimated project costs – $17 million (including 10% contingency) • Project costs expensed to date – $6.8 million Go live. N.A. – not applicable. |
|
Modern Banking in Motion Digital Transformation Partners 22 Partners Service Areas About Finzly provides a modern, cloud-based, API-enabled operating system that serves as a parallel payment processing platform to a bank's core. Finzly offers a wide range of turnkey banking solutions, including a multi-rail payment for traditional payments on ACH and wires, instant payments on FedNow and RTP, foreign exchange, trade finance, compliance, and commercial banking digital experiences. Payments Hub (wires) Payments Hub (ACH) Payments Hub (FedNow) AFS is the global leader in providing advanced commercial loan servicing solutions to lending institutions of all sizes. Solely dedicated to the commercial lending industry, AFS is uniquely positioned to support its client’s business and technology transformation. Commercial Loans Origination and Servicing Snowflake enables organizations to mobilize their data with Snowflake’s Data Cloud. Customers use the Data Cloud to unite siloed data, discover and securely share data, power data applications, and execute diverse AI/ML and analytic workloads. Enterprise Datawarehouse ebankIT enables banks to deliver humanized, personalized, and accessible digital experiences for their customers from mobile to web banking, from wearable gadgets to the metaverse and beyond. Digital Banking (Consumers & Commercial) Alloy helps banks and fintech companies make safe and seamless fraud, credit, and compliance decisions. Alloy's platform connects companies to more than 150 data sources of KYC/KYB, AML, credit, and compliance data through a single API to help create a future without fraud. MX Technologies, Inc. is a leader in actionable intelligence, enabling financial providers and consumers to do more with financial data. MX offers fast, secure solutions that helps streamline the account opening process while mitigating fraud and reducing risk. Fraud Risk Management & KYC To drive continued growth, the Bank is modernizing its core banking system with Finxact. Finxact, a gen-3 core, was built to be a full core banking solution providing MCB with the ability to develop and get to market with speed, with complete flexibility and control to adopt new capabilities. Gen 3 core solutions are geared towards banks who are looking to rapidly innovate utilizing new technologies to create unique customer experiences through a cloud-native / event driven architecture enabling highly automated real time access to bank data from modern APIs to all ancillary systems. Core Processing Savana provides a front-end servicing solution for the core processing system. Savana's platform is designed to orchestrate channels, products and processes to provide a unified ecosystem that streamlines operations between the core, back office and banker assisted channel. Contact Center / Core servicing A full-service, browser based, teller solution that is core agnostic. Dedicated to innovating cash and people across the branch network, offering cash management resources, cash planning tools, CTR, and Reg CC for the US market, a fully accessible electronic journal, and 27 other branch functions integrated directly to a Financial Institution's ecosystem. Statements Processing and Rendering Antuar is a financial technology company focused on branch innovation. Antuar's banking software solutions are designed to enable financial institutions to innovate the branch network, while reducing the overhead cost of servicing customers. Teller System |
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Selected Financial Information 23 |
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Proven High Growth Business Model Loans1 | $ millions $3,830 $6,436 $5,278 $5,737 $5,983 $6,449 2020 2021 2022 2023 2024 1Q 2025 Deposits | $ millions $142 $181 $256 $251 $277 $71 2020 2021 2022 2023 2024 1Q 2025 Revenue | $ millions $39 $60 $59 $77 $67 $16 2020 2021 ĩ Ī ī 1Q 2025 Net Income | $ millions 1 Loans, net of deferred fees and costs. 2 CAGR from December 31, 2020 through March 31, 2025. 3 CAGR from December 31, 2020 through December 31, 2024. 4 Includes a $35.0 million charge for a regulatory settlement reserve in the fourth quarter of 2022. 5 Includes a $5.5 million reversal of the regulatory settlement reserve. 6 Includes a $10.0 million regulatory reserve recorded in the third quarter of 2024 $3,137 $3,732 $4,841 $5,625 $6,034 $6,342 2020 2021 2022 2023 2024 1Q 2025 24 |
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Return on Average Assets Highly Profitable, Scalable Model 1 Non-GAAP financial measures. See reconciliation on slide 28. 2 Total non-interest expense divided by Total revenues. 3 Includes a $35.0 million charge for a regulatory settlement reserve. 4 Includes a $5.5 million reversal of the regulatory settlement reserve. Ī *ODMVEFT B NJMMJPO SFHVMBUPSZ SFTFSWF SFDPSEFE JO UIF UIJSE RVBSUFS PG Efficiency ratio2 12.9% 15.2% 10.4% 12.6% 9.7% 9.1% 2020 2021 2022³ ĩ Ī YTD 2025 ROATCE1 52.5% 48.3% 58.2% 52.5% 62.7% 60.5% 2020 2021 2022³ ĩ Ī YTD 2025 Net Interest Margin 3.26% 2.77% 3.49% 3.49% 3.53% 3.68% 2020 2021 2022 2023 2024 YTD 2025 25 1.02% 1.06% 0.90% 1.19% 0.91% 0.89% 2020 2021 2022 2023 2024 YTD 2025 |
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0.20% 0.28% 0.00% 0.92% 0.54% 0.54% 2020 2021 2022 2023 2024 1Q 2025 Non-Performing Loans/Loans Credit Metrics NCOs/Average Loans ACL/Loans Non-Performing Loans/ACL 0.01% 0.13% 0.00% 0.02% 0.00% 0.00% 2020 2021 2022 2023 2024 YTD 2025 1.13% 0.93% 0.93% 1.03% 1.05% 1.07% 2020 2021 2022 2023* 2024 1Q 2025 18.0% 29.6% 0.0% 89.5% 51.5% 50.9% 2020 2021 2022 2023* 2024 1Q 2025 26 * Includes $2.3 million increase in ACL due to impact of CECL adoption on January 1, 2023. |
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Capital Ratios* Common Equity Tier 1 Capital Ratio 10.1% 14.1% 12.1% 11.5% 11.9% 11.4% 2020 2021 2022¹ 2023² 2024³ 1Q 2025 Minimum to be "Well Capitalized" (8%) * These capital ratios are for Metropolitan Bank Holding Corp. 1 Includes a $35.0 million charge for a regulatory settlement reserve. 2 Includes a $5.5 million reversal of the regulatory settlement reserve. 3 Includes a $10.0 million regulatory reserve recorded in the third quarter of 2024. ĩ /PO(""1 GJOBODJBM NFBTVSF 4FF SFDPODJMJBUJPO UP (""1 NFBTVSF PO TMJEF Tier 1 Leverage Ratio 8.5% 8.5% 10.2% 10.6% 10.8% 10.7% 2020 2021 2022¹ 2023² 2024³ 1Q 2025 Minimum to be "Well Capitalized" (5%) 12.7% 16.1% 13.4% 12.8% 13.3% 12.8% 2020 2021 2022¹ 2023² 2024³ 1Q 2025 Minimum to be "Well Capitalized" (10%) Total Risk-Based Capital Ratio TCE / TA4 7.5% 7.7% 9.0% 9.2% 9.9% 9.6% 2020 2021 2022¹ 2023² 2024³ 1Q 2025 27 |
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Reconciliation of GAAP to Non-GAAP Measures 1 Tangible common equity divided by common shares outstanding at period-end. 2 Total revenues equal net interest income plus non-interest income. In addition to the results presented in accordance with Generally Accepted Accounting Principles (“GAAP”), this earnings presentation 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 presentation to the comparable GAAP measures are provided in the accompanying tables. 28 $ thousands, except per share data Q1 2025 2024 2023 2022 2021 2020 2019 2018 2017 Average assets $ 7,451,703 $ 7,293,445 $ 6,506,614 $ 6,621,631 $ 5,724,230 $ 3,863,013 $ 2,846,959 $ 1,951,982 $ 1,524,202 Less: average intangible assets 9,733 9,733 9,733 9,733 9,733 9,733 9,733 9,733 9,733 Average tangible assets $ 7,441,970 $ 7,283,712 $ 6,496,881 $ 6,611,898 $ 5,714,497 $ 3,853,280 $ 2,837,226 $ 1,942,249 $ 1,514,469 Average equity $ 738,224 $ 694,154 $ 621,006 $ 578,787 $ 413,212 $ 320,617 $ 282,604 $ 251,030 $ 133,462 Less: Average preferred equity — — — — 4,585 5,502 5,502 5,502 5,502 Average common equity 738,224 694,154 621,006 578,787 408,627 315,115 277,102 245,528 127,960 Less: average intangible assets 9,733 9,733 9,733 9,733 9,733 9,733 9,733 9,733 9,733 Average tangible common equity $ 728,491 $ 684,421 $ 611,273 $ 569,054 $ 398,894 $ 305,382 $ 267,369 $ 235,795 $ 118,227 Total assets $ 7,616,298 $ 7,300,749 $ 7,067,672 $ 6,267,337 $ 7,116,358 $ 4,330,821 $ 3,357,572 $ 2,182,644 $ 1,759,855 Less: intangible assets 9,733 9,733 9,733 9,733 9,733 9,733 9,733 9,733 9,733 Tangible assets $ 7,606,565 $ 7,291,016 $ 7,057,939 $ 6,257,604 $ 7,106,625 $ 4,321,088 $ 3,347,839 $ 2,172,911 $ 1,750,122 Total Equity $ 737,846 $ 729,827 $ 659,021 $ 575,897 $ 556,989 $ 340,787 $ 299,124 $ 264,517 $ 236,884 Less: preferred equity — — — — — 5,502 5,502 5,502 5,502 Common Equity 737,846 729,827 659,021 575,897 556,989 335,285 293,622 259,015 231,382 Less: intangible assets 9,733 9,733 9,733 9,733 9,733 9,733 9,733 9,733 9,733 Tangible common equity (book value) $ 728,113 $ 720,094 $ 649,288 $ 566,164 $ 547,256 $ 325,552 $ 283,889 $ 249,282 $ 221,649 Common shares outstanding 11,066,234 11,197,625 11,062,729 10,949,965 10,920,569 8,295,272 8,312,918 8,217,274 8,196,310 Book value per share (GAAP) $ 66.68 $ 65.18 $ 59.57 $ 52.59 $ 51.00 $ 40.42 $ 35.32 $ 31.52 $ 28.23 Tangible book value per share (non-GAAP)¹ $ 65.80 $ 64.31 $ 58.69 $ 51.70 $ 50.11 $ 39.25 $ 34.15 $ 30.34 $ 27.04 Total Revenue (GAAP)² $ 70,590 $ 276,913 $ 250,739 $ 255,751 $ 180,698 $ 141,924 $ 108,239 $ 83,177 $ 63,382 Less: Non-interest expense 42,722 173,575 131,538 148,737 87,312 74,518 59,955 43,471 32,745 Less: Gain (loss) on sale of securities — — — — 609 3,286 — (37) — Pre-tax, pre-provision net revenue $ 27,868 $ 103,338 $ 119,201 $ 107,014 $ 92,777 $ 64,120 $ 48,284 $ 39,743 $ 30,637 For Year Ending |
