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Metropolitan Bank Holding Corp. Reports Fourth Quarter 2022 and Full Year 2022 Results

Annual Financial Highlights Year-Over-Year:

  • Revenues increased 41.5%.
  • Net interest income of $229.2 million, an increase of 46.0%.
  • Net interest margin of 3.49%, an increase of 72 basis points.
  • Net income of $59.4 million, inclusive of a $35.0 million charge for a regulatory settlement reserve and adjusted net income1 of $94.4 million.  
  • Diluted earnings per share of $5.29, inclusive of a $3.13 per share charge for a regulatory settlement reserve and adjusted diluted earnings per share1 of $8.42.
  • Loans totaled $4.8 billion, an increase of 29.7%.
  • Return on average equity of 10.3% and return on average tangible common equity1 of 10.4%.
  • Adjusted return on average equity1 of 16.3% and adjusted return on average tangible common equity1 of 16.6%.

Quarterly Financial Highlights Year-Over-Year:

  • Net interest income of $63.9 million, an increase of 42.6%.
  • Net interest margin of 4.05%, an increase of 146 basis points.

Metropolitan Bank Holding Corp. (the “Company”) (NYSE: MCB), the holding company for Metropolitan Commercial Bank (the “Bank”), reported a net loss of $7.7 million, or $0.71 per diluted common share, for the fourth quarter of 2022, compared to net income of $18.9 million, or $1.69 per diluted common share, for the fourth quarter of 2021. Adjusted net income1 for the fourth quarter of 2022 was $27.3 million, or $2.43 per diluted common share after removing the impact of the regulatory settlement reserve. Net income for the year 2022 was $59.4 million, or $5.29 per diluted common share, compared to net income of $60.6 million, or $6.45 diluted common share, for the year 2021. Adjusted net income1 for the year 2022 was $94.4 million, or $8.42 per diluted common share.

1 Non-GAAP financial measure. Adjusted amounts exclude the effect of costs related to the $35.0 million regulatory settlement reserve. See Reconciliation of Non-GAAP Measures beginning on page 13.

Mark DeFazio, President and Chief Executive Officer, commented,

“I am pleased to report on an operating basis MCB had a record year with adjusted net income of $94.4 million. The commercial bank along with our banking-as-a-service initiatives saw growth along all lines of business contributing to our operating results.

“While 2022 was a challenging year for our industry, we worked through rising interest rates, increased cost of funds, fierce competition for deposits, a material correction in the digital assets industry, and with that, increased regulatory scrutiny. To that end, we have reserved $35 million toward a potential resolution of an investigation by the Federal Reserve and the New York DFS relating to matters involving a fintech client MCB banked in 2020. We look forward to putting this matter behind us, which is more fully discussed in an SEC filing we are making today.

“On balance, we successfully covered tremendous ground in 2022 and are entering 2023 in a strong position to support our clients with enhanced resilience and strong capital levels.”

Balance Sheet

The Company had total assets of $6.3 billion at December 31, 2022, a decrease of $154.7 million, or 2.4%, from September 30, 2022, and a decrease of $849.0 million, or 11.9% from December 31, 2021.

Total cash and cash equivalents were $257.4 million at December 31, 2022, a decrease of $451.4 million, or 63.7%, from September 30, 2022 and a decrease of $2.1 billion, or 89.1%, from December 31, 2021. The decrease from September 30, 2022, reflected net loan growth of $220.9 million and net deposit outflows of $453.6 million partially offset by $250.0 million in Fed funds purchased and Federal Home Loan Bank of New York advances. The decrease from December 31, 2021, reflected the $1.1 billion deployment into loans and securities and the $1.2 billion outflow of deposits.

Total loans, net of deferred fees and unamortized costs, were $4.8 billion, an increase of $223.2 million, or 4.8%, from September 30, 2022, and an increase of $1.1 billion, or 29.7% from December 31, 2021. Loan production was $411.3 million for the fourth quarter of 2022 compared to $423.6 million for the prior linked quarter and $411.0 million for the prior year period. The increase in total loans from September 30, 2022, was due primarily to an increase of $192.5 million in commercial real estate (“CRE”) loans (including owner-occupied) and $39.4 million in commercial and industrial (“C&I”) loans. The increase in total loans from December 31, 2021, was due primarily to an increase of $765.2 million in CRE loans (including owner-occupied) and $254.1 million in C&I loans.

Other assets were $148.3 million at December 31, 2022, an increase of $49.4 million from September 30, 2022, and an increase of $91.4 million from December 31, 2021. The increase in Other assets from September 30, 2022 was due primarily to the adoption of ASU 2016-02 Leases (Topic 842), which required the Company to recognize lease assets, and liabilities, on the balance sheet as of December 31, 2022. The increase in Other assets from December 31, 2021, was due primarily to the adoption of ASU 2016-02 and the recognition of deferred tax assets related to the unrealized losses on available-for-sale securities.

Total deposits were $5.3 billion, a decrease of $453.6 million, or 7.9% from September 30, 2022, and a decrease of $1.2 billion or 18.0% from December 31, 2021. The decrease from September 30, 2022, was due to a decrease of $268.4 million in digital currency business deposits and aggregate net decrease of $185.2 million in all other deposit verticals. The decrease in digital currency business deposits reflects the Company’s decision to fully exit the crypto-asset related vertical in light of recent developments in the crypto-asset industry and material changes in the regulatory environment regarding banks’ involvement in crypto-asset related businesses. The decrease in deposits from December 31, 2021, was primarily due to a decrease of $1.0 billion in digital currency business deposits and $789.7 million in bankruptcy trustee and property manager deposits, partially offset by an aggregate net increase of $658.3 in all other deposit verticals. Non-interest-bearing demand deposits were 45.9% of total deposits at December 31, 2022, compared to 53.4% at September 30, 2022 and 57.0% at December 31, 2021.

Accumulated other comprehensive loss, net of tax, was $54.3 million, an increase of $0.5 million, from September 30, 2022, and $46.8 million from December 31, 2021. The increases were due to the prevailing interest rate environment, which increased the unrealized losses on available-for-sale securities, partially offset by the increases in unrealized gains on cash flow hedges prior to their termination in the third quarter of 2022.

At December 31, 2022, the Company had available borrowing capacity of $984.4 million from the Federal Home Loan Bank, and an available line of credit of $137.6 million under the Federal Reserve Bank of New York discount window. 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 366.0% of total risk-based capital at December 31, 2022, compared to 343.3% and 343.4% at September 30, 2022 and December 31, 2021, respectively.

Income Statement

Financial Highlights

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

Year ended

 

 

Dec. 31,

 

Sept. 30,

 

Dec. 31,

 

 

Dec. 31,

 

Dec. 31,

 

(dollars in thousands, except per share data)

 

2022

 

2022

 

2021

 

 

2022

 

2021

 

Total revenues (1)

 

$

70,249

 

$

69,143

 

$

51,867

 

 

$

255,751

 

$

180,698

 

Net income (loss)

 

 

(7,740

)

 

24,955

 

 

18,887

 

 

 

59,425

 

 

60,555

 

Diluted earnings (loss) per common share

 

 

(0.71

)

 

2.23

 

 

1.69

 

 

 

5.29

 

 

6.45

 

Return on average assets (2)

 

 

N.M.

%

 

1.51

%

 

1.10

%

 

 

0.90

%

 

1.06

%

Return on average equity (2)

 

 

N.M.

%

 

16.8

%

 

13.6

%

 

 

10.3

%

 

14.7

%

Return on average tangible common equity (2), (3)

 

 

N.M.

%

 

17.1

%

 

13.9

%

 

 

10.4

%

 

15.2

%

For the fourth quarter of 2022, adjusted return on average assets (2), (3), adjusted return on average equity (2), (3) and adjusted return on average tangible common equity (2), (3) was 1.72%, 18.2% and 18.5%, respectively

_______________________________________________________________________________

(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 beginning on page 13.

N.M. ‒ Not meaningful.

Net Interest Income

Net interest income for the fourth quarter of 2022 was $63.9 million, an increase of $574,000 from the prior linked quarter and $19.1 million from the prior year period. The increase from the prior linked quarter was primarily due to the $291.7 million increase in the average balance of loans and the 68 basis point increase in the average yield for loans partially offset by the $551.3 million decrease in the average balance of overnight deposits and a higher cost of funds. The increase from the prior year period was primarily due to the $1.1 billion increase in the average balance of loans and the 117 basis point increase in the average yield for loans partially offset by the higher cost of funds.

Net interest income for the year 2022 was $229.2 million, an increase of $72.2 million from the prior year. The increase from the prior year was primarily due to the $1.4 billion increase in the average balance of loans and securities and the 55 basis point and 91 basis point increases in average yield for loans and overnight deposits, respectively, partially offset by a higher cost of funds.

Net Interest Margin

Net interest margin for the fourth quarter of 2022 was 4.05% compared to 3.85% and 2.59% for the prior linked quarter and prior year period, respectively. The 20 basis point increase for the prior linked quarter was driven largely by the increase in the average balance of loans and the increase in loan and overnight deposit yields partially offset by the decrease in the average balance of overnight deposits and a higher cost of funds. The 146 basis point increase for the prior year period was driven largely by the increase in the average balance of loans and the increase in loan yields partially offset by the higher cost of funds.

Net interest margin for the year 2022 was 3.49% compared to 2.77% for the prior year. The 72 basis point increase was driven largely by the increase in the average balance of loans and the increase in loan and overnight deposit yields partially offset by the decrease in the average balance of overnight deposits and a higher cost of funds.

Total cost of funds for fourth quarter of 2022 was 117 basis points compared to 45 basis points and 28 basis points for the prior linked quarter and prior year period, respectively, which reflects the increase in prevailing interest rates and competition for deposits.

Total cost of funds for the year 2022 was 53 basis points compared to 31 basis points for the prior year, which reflect the increase in prevailing interest rates and competition for deposits.

Non-Interest Income

Non-interest income was $6.4 million for the fourth quarter of 2022, an increase of $532,000 from the prior linked quarter and a decrease of $707,000 from the prior year period. The increase from the prior linked quarter was driven by higher Global Payments Group (“GPG”) revenues and other services charges and fees. The decrease from the prior year period was driven by decreases in GPG revenues.

Non-interest income was $26.6 million for the year 2022, an increase of $2.9 million from the prior year, driven by driven primarily by increases in GPG revenue from higher fintech Banking-as-a-Service transactions.

Non-Interest Expense

Non-interest expense was $66.7 million for the fourth quarter of 2022, an increase of $35.5 million from the prior linked quarter and $43.3 million from the prior year period. The increase from the prior linked quarter was due primarily to the $35.0 million regulatory settlement reserve and the increase in compensation and benefits due to the increase in the number of full-time employees that is in line with revenue growth, partially offset by lower professional fees. The increase from the prior year period was due primarily to the $35.0 million regulatory settlement reserve, the increase in compensation and benefits due to the increase in the number of full-time employees, and by an increase in professional fees.

Non-interest expense was $148.7 million for the year 2022, an increase of $61.4 million from the prior year. The increase was driven by the $35.0 million regulatory settlement reserve, an increase in compensation and benefits due to the increase in the number of full-time employees that is in line with revenue growth, and an increase in professional fees.

Income Tax Expense

The effective tax rate for the year 2022 was 38.7% compared to 32.4% for the prior year period. The effective tax rate increased from the prior year due to the $35.0 million regulatory settlement reserve and other discrete tax items.

Asset Quality

Credit quality remains strong as there were no charge-offs during the fourth quarter of 2022 and only $24,000 in non-performing loans at December 31, 2022. The ratio of non-performing loans to total loans was 0.00% at December 31, 2022 compared to 0.00% at September 30, 2022 and 0.28% at December 31, 2021, respectively.

The Company recorded a provision of $2.3 million for the fourth quarter of 2022 compared to $2.0 million and $501,000 for the prior linked quarter and prior year period, respectively. The Company recorded a provision of $10.1 million for the year 2022 compared to $3.8 million for the prior year. The provision was in line with loan growth during the respective periods.

Conference Call

The Company will conduct a conference call at 9:00 a.m. ET on Friday, January 20, 2023, to discuss the results. To access the event by telephone, please dial 800-245-3047 (US), 203-518-9765 (INTL), and provide conference ID: MCBQ422 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, Top 50 Community Banks by S&P, Top 20 Commercial Lenders by ICBA for banks with an asset size of more than $1 billion, and is a member of the Piper Sandler Sm-All Stars Class of 2022. 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 the continuing impact of the COVID-19 pandemic on our business and results of operation, 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, potential recessionary conditions, 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, an unexpected adverse financial, regulatory or bankruptcy event experienced by our fintech partners, unanticipated increases in FDIC costs, changes in regulations, legislation or tax or accounting rules, monetary and fiscal policies of the U.S. Government including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System, the current or anticipated impact of military conflict, terrorism or other geopolitical events, the costs, including possibly incurring 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, a failure in or breach of the Company’s operational or security systems or infrastructure, including cyberattacks, the failure to maintain current technologies, failure to retain or attract employees 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.

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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dec. 31,

 

Sept. 30,

 

Jun. 30,

 

Mar. 31,

 

Dec. 31,

(in thousands)

 

2022

 

2022

 

2022

 

2022

 

2021

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

26,780

 

 

$

28,929

 

 

$

33,143

 

 

$

32,483

 

 

$

28,864

 

Overnight deposits

 

 

230,638

 

 

 

679,849

 

 

 

1,308,738

 

 

 

1,381,475

 

 

 

2,330,486

 

Total cash and cash equivalents

 

 

257,418

 

 

 

708,778

 

 

 

1,341,881

 

 

 

1,413,958

 

 

 

2,359,350

 

Investment securities available for sale

 

 

445,747

 

 

 

423,265

 

 

 

465,661

 

 

 

505,728

 

 

 

566,624

 

Investment securities held to maturity

 

 

510,425

 

 

 

521,376

 

 

 

530,740

 

 

 

467,893

 

 

 

382,099

 

Equity investment securities, at fair value

 

 

2,048

 

 

 

2,027

 

 

 

2,107

 

 

 

2,173

 

 

 

2,273

 

Total securities

 

 

958,220

 

 

 

946,668

 

 

 

998,508

 

 

 

975,794

 

 

 

950,996

 

Other investments

 

 

22,110

 

 

 

17,484

 

 

 

17,357

 

 

 

15,989

 

 

 

11,998

 

Loans, net of deferred fees and unamortized costs

 

 

4,840,523

 

 

 

4,617,304

 

 

 

4,375,165

 

 

 

4,121,443

 

 

 

3,731,929

 

Allowance for loan losses

 

 

(44,876

)

 

 

(42,541

)

 

 

(40,534

)

 

 

(38,134

)

 

 

(34,729

)

Net loans

 

 

4,795,647

 

 

 

4,574,763

 

 

 

4,334,631

 

 

 

4,083,309

 

 

 

3,697,200

 

Receivables from global payments business, net

 

 

85,605

 

 

 

75,457

 

 

 

68,214

 

 

 

62,129

 

 

 

39,864

 

Other assets

 

 

148,337

 

 

 

98,911

 

 

 

106,451

 

 

 

75,761

 

 

 

56,950

 

Total assets

 

$

6,267,337

 

 

$

6,422,061

 

 

$

6,867,042

 

 

$

6,626,940

 

 

$

7,116,358

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest-bearing demand deposits

 

$

2,422,151

 

 

$

3,058,014

 

 

$

3,470,325

 

 

$

3,176,048

 

 

$

3,668,673

 

Interest-bearing deposits

 

 

2,855,761

 

 

 

2,673,509

 

 

 

2,708,075

 

 

 

2,763,315

 

 

 

2,766,899

 

Total deposits

 

 

5,277,912

 

 

 

5,731,523

 

 

 

6,178,400

 

 

 

5,939,363

 

 

 

6,435,572

 

Federal funds purchased

 

 

150,000

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal Home Loan Bank of New York advances

 

 

100,000

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust preferred securities

 

 

20,620

 

 

 

20,620

 

 

 

20,620

 

 

 

20,620

 

 

 

20,620

 

Subordinated debt, net of issuance cost

 

 

 

 

 

 

 

 

 

 

 

 

 

 

24,712

 

Secured borrowings

 

 

7,725

 

 

 

26,912

 

 

 

32,044

 

 

 

32,322

 

 

 

32,461

 

Prepaid third-party debit cardholder balances

 

 

10,579

 

 

 

9,395

 

 

 

23,531

 

 

 

24,092

 

 

 

8,847

 

Other liabilities

 

 

124,604

 

 

 

51,374

 

 

 

38,141

 

 

 

50,513

 

 

 

37,157

 

Total liabilities

 

 

5,691,440

 

 

 

5,839,824

 

 

 

6,292,736

 

 

 

6,066,910

 

 

 

6,559,369

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

109

 

 

 

109

 

 

 

109

 

 

 

109

 

 

 

109

 

Additional paid in capital

 

 

389,276

 

 

 

387,406

 

 

 

385,369

 

 

 

383,327

 

 

 

382,999

 

Retained earnings

 

 

240,810

 

 

 

248,550

 

 

 

223,595

 

 

 

200,406

 

 

 

181,385

 

Accumulated other comprehensive gain (loss), net of tax effect

 

 

(54,298

)

 

 

(53,828

)

 

 

(34,767

)

 

 

(23,812

)

 

 

(7,504

)

Total stockholders’ equity

 

 

575,897

 

 

 

582,237

 

 

 

574,306

 

 

 

560,030

 

 

 

556,989

 

Total liabilities and stockholders’ equity

 

$

6,267,337

 

 

$

6,422,061

 

 

$

6,867,042

 

 

$

6,626,940

 

 

$

7,116,358

 

 

Consolidated Statement of Income (unaudited)

 

 

 

Three months ended

 

Year ended

 

 

Dec. 31,

 

Sept. 30,

 

Dec. 31,

 

Dec. 31,

 

Dec. 31,

(dollars in thousands, except per share data)

 

2022

 

2022

 

2021

 

2022

 

2021

Total interest income

 

$

80,554

 

$

70,057

 

$

49,110

 

$

260,739

 

$

173,284

Total interest expense

 

 

16,655

 

 

6,732

 

 

4,300

 

 

31,581

 

 

16,283

Net interest income

 

 

63,899

 

 

63,325

 

 

44,810

 

 

229,158

 

 

157,001

Provision for loan losses

 

 

2,309

 

 

2,007

 

 

501

 

 

10,116

 

 

3,816

Net interest income after provision for loan losses

 

 

61,590

 

 

61,318

 

 

44,309

 

 

219,042

 

 

153,185

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service charges on deposit accounts (1)

 

 

1,458

 

 

1,445

 

 

1,313

 

 

5,747

 

 

4,755

Global Payments Group revenue (1)

 

 

4,343

 

 

4,099

 

 

5,293

 

 

19,341

 

 

16,445

Other income

 

 

549

 

 

274

 

 

451

 

 

1,505

 

 

2,497

Total non-interest income

 

 

6,350

 

 

5,818

 

 

7,057

 

 

26,593

 

 

23,697

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

15,886

 

 

14,568

 

 

12,001

 

 

57,290

 

 

45,908

Bank premises and equipment

 

 

2,247

 

 

2,228

 

 

1,992

 

 

8,855

 

 

8,055

Professional fees

 

 

5,171

 

 

6,086

 

 

1,567

 

 

14,423

 

 

6,750

Technology costs

 

 

1,186

 

 

984

 

 

1,736

 

 

4,713

 

 

5,201

Licensing fees

 

 

2,674

 

 

2,823

 

 

2,265

 

 

10,477

 

 

8,606

FDIC assessments

 

 

1,030

 

 

1,110

 

 

975

 

 

4,625

 

 

3,852

Regulatory settlement reserve

 

 

35,000

 

 

 

 

 

 

35,000

 

 

Other expenses

 

 

3,465

 

 

3,391

 

 

2,778

 

 

13,354

 

 

8,940

Total non-interest expense

 

 

66,659

 

 

31,190

 

 

23,314

 

 

148,737

 

 

87,312

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income before income tax expense

 

 

1,281

 

 

35,946

 

 

28,052

 

 

96,898

 

 

89,570

Income tax expense

 

 

9,021

 

 

10,991

 

 

9,165

 

 

37,473

 

 

29,015

Net income (loss)

 

$

(7,740)

 

$

24,955

 

$

18,887

 

$

59,425

 

$

60,555

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

10,932,952

 

 

10,931,697

 

 

10,780,073

 

 

10,929,021

 

 

9,011,700

Diluted

 

 

11,183,862

 

 

11,177,152

 

 

11,084,262

 

 

11,200,184

 

 

9,272,822

Basic earnings (loss)

 

$

(0.71)

 

$

2.28

 

$

1.74

 

$

5.42

 

$

6.64

Diluted earnings (loss)

 

$

(0.71)

 

$

2.23

 

$

1.69

 

$

5.29

 

$

6.45

_______________________________________________________________________________

(1) Certain prior period amounts have been reclassified for consistency with the current period presentation.

 

Loan Production, Asset Quality & Regulatory Capital

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dec. 31,

 

Sept. 30,

 

Jun. 30,

 

Mar. 31,

 

Dec. 31,

 

 

 

2022

 

2022

 

2022

 

2022

 

2021

 

LOAN PRODUCTION (in millions)

 

$

411.3

 

$

423.6

 

$

512.8

 

$

488.9

 

$

411.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSET QUALITY (in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-accrual loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate

 

$

 

$

 

$

 

$

 

$

9,984

 

Commercial and industrial

 

 

 

 

 

 

 

 

 

 

 

Consumer

 

 

24

 

 

24

 

 

24

 

 

24

 

 

37

 

Total non-accrual loans

 

$

24

 

$

24

 

$

24

 

$

24

 

$

10,021

 

Total non-performing loans

 

$

24

 

$

24

 

$

24

 

$

24

 

$

10,286

 

Non-accrual loans to total loans

 

 

%

 

%

 

%

 

%

 

0.27

%

Non-performing loans to total loans

 

 

%

 

%

 

%

 

%

 

0.28

%

Allowance for loan losses

 

$

44,876

 

$

42,541

 

$

40,534

 

$

38,134

 

$

34,729

 

Allowance for loan losses to total loans

 

 

0.93

%

 

0.92

%

 

0.93

%

 

0.93

%

 

0.93

%

Charge-offs

 

$

 

$

 

$

 

$

 

$

(3,909

)

Recoveries

 

$

25

 

$

 

$

 

$

5

 

$

17

 

Net charge-offs/(recoveries) to average loans (annualized)

 

 

%

 

%

 

%

 

%

 

0.42

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REGULATORY CAPITAL

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tier 1 Leverage:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Metropolitan Bank Holding Corp.

 

 

10.2

%

 

9.9

%

 

9.2

%

 

8.6

%

 

8.5

%

Metropolitan Commercial Bank

 

 

10.0

%

 

9.7

%

 

9.1

%

 

8.5

%

 

8.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Equity Tier 1 Risk-Based (CET1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Metropolitan Bank Holding Corp.

 

 

12.1

%

 

12.9

%

 

13.0

%

 

13.3

%

 

14.1

%

Metropolitan Commercial Bank

 

 

12.3

%

 

13.1

%

 

13.2

%

 

13.6

%

 

14.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tier 1 Risk-Based:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Metropolitan Bank Holding Corp.

 

 

12.5

%

 

13.3

%

 

13.4

%

 

13.7

%

 

14.6

%

Metropolitan Commercial Bank

 

 

12.3

%

 

13.1

%

 

13.2

%

 

13.6

%

 

14.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Risk-Based:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Metropolitan Bank Holding Corp.

 

 

13.4

%

 

14.2

%

 

14.3

%

 

14.6

%

 

16.1

%

Metropolitan Commercial Bank

 

 

13.1

%

 

14.0

%

 

14.1

%

 

14.5

%

 

15.2

%

 

Performance Measures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Year ended

 

(dollars in thousands,

 

Dec. 31,

 

Sept. 30,

 

Dec. 31,

 

Dec. 31,

 

Dec. 31,

 

except per share data)

 

2022

 

2022

 

2021

 

2022

 

2021

 

Net income (loss) available to common shareholders

 

$

(7,740

)

$

24,887

 

$

18,718

 

$

59,284

 

$

59,816

 

Per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings (loss)

 

$

(0.71

)

$

2.28

 

$

1.74

 

$

5.42

 

$

6.64

 

Diluted earnings (loss)

 

$

(0.71

)

$

2.23

 

$

1.69

 

$

5.29

 

$

6.45

 

Common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period end

 

 

10,949,965

 

 

10,931,697

 

 

10,920,569

 

 

10,949,965

 

 

10,920,569

 

Average fully diluted

 

 

11,183,862

 

 

11,177,152

 

 

11,084,262

 

 

11,200,184

 

 

9,272,822

 

Return on: (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average total assets

 

 

N.M.

%

 

1.51

%

 

1.10

%

 

0.90

%

 

1.06

%

Average equity

 

 

N.M.

%

 

16.8

%

 

13.6

%

 

10.3

%

 

14.7

%

Average tangible common equity (2)

 

 

N.M.

%

 

17.1

%

 

13.9

%

 

10.4

%

 

15.2

%

Yield on average earning assets

 

 

5.12

%

 

4.26

%

 

2.85

%

 

3.97

%

 

3.05

%

Total cost of deposits

 

 

1.11

%

 

0.44

%

 

0.25

%

 

0.49

%

 

0.27

%

Net interest spread

 

 

2.79

%

 

3.25

%

 

2.24

%

 

2.82

%

 

2.41

%

Net interest margin

 

 

4.05

%

 

3.85

%

 

2.59

%

 

3.49

%

 

2.77

%

Net charge-offs as % of average loans (1)

 

 

%

 

%

 

0.42

%

 

%

 

0.13

%

Efficiency ratio (3)

 

 

94.9

%

 

45.1

%

 

44.9

%

 

58.16

%

 

48.32

%

For the fourth quarter of 2022, adjusted return on average assets (2), (3), adjusted return on average equity (2), (3) and adjusted return on average tangible common equity (2), (3) was 1.72%, 18.2% and 18.5%, respectively

_______________________________________________________________________________

(1) For periods less than a year, ratios are annualized.

(2) Non-GAAP financial measure. See Reconciliation of Non-GAAP Measures beginning on page 13.

(3) Total non-interest expense divided by total revenues.

N.M. ‒ Not meaningful.

 

Interest Margin Analysis

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

 

Dec. 31, 2022

 

 

Sept. 30, 2022

 

 

Dec. 31, 2021

 

 

 

Average

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

 

 

Outstanding

 

 

 

 

Yield /

 

 

Outstanding

 

 

 

 

Yield /

 

 

Outstanding

 

 

 

 

Yield /

 

(dollars in thousands)

 

Balance

 

Interest

 

Rate (1)

 

 

Balance

 

Interest

 

Rate (1)

 

 

Balance

 

Interest

 

Rate (1)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans (2)

 

$

4,796,001

 

$

72,560

 

5.98

%

 

$

4,504,260

 

$

60,570

 

5.30

%

 

$

3,694,362

 

$

45,724

 

4.81

%

Available-for-sale securities

 

 

527,523

 

 

1,979

 

1.50

 

 

 

521,378

 

 

1,651

 

1.27

 

 

 

599,175

 

 

1,656

 

1.11

 

Held-to-maturity securities

 

 

518,822

 

 

2,422

 

1.87

 

 

 

527,050

 

 

2,466

 

1.87

 

 

 

191,795

 

 

716

 

1.49

 

Equity investments

 

 

2,351

 

 

10

 

1.70

 

 

 

2,342

 

 

9

 

1.47

 

 

 

2,322

 

 

6

 

0.96

 

Overnight deposits

 

 

362,244

 

 

3,291

 

3.55

 

 

 

913,566

 

 

5,114

 

2.19

 

 

 

2,215,042

 

 

857

 

0.15

 

Other interest-earning assets

 

 

18,689

 

 

292

 

6.26

 

 

 

17,360

 

 

247

 

5.69

 

 

 

11,998

 

 

151

 

4.98

 

Total interest-earning assets

 

 

6,225,630

 

 

80,554

 

5.12

 

 

 

6,485,956

 

 

70,057

 

4.26

 

 

 

6,714,694

 

 

49,110

 

2.85

 

Non-interest-earning assets

 

 

101,826

 

 

 

 

 

 

 

 

108,643

 

 

 

 

 

 

 

 

105,083

 

 

 

 

 

 

Allowance for loan losses

 

 

(43,643

 

 

 

 

 

 

 

(41,494

 

 

 

 

 

 

 

(38,464

)

 

 

 

 

 

Total assets

 

$

6,283,813

 

 

 

 

 

 

 

$

6,553,105

 

 

 

 

 

 

 

$

6,781,313

 

 

 

 

 

 

Liabilities and Stockholders' Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market and savings accounts

 

$

2,683,653

 

 

15,241

 

2.25

 

 

$

2,572,111

 

 

6,407

 

0.99

 

 

$

2,691,693

 

 

3,614

 

0.53

 

Certificates of deposit

 

 

49,470

 

 

207

 

1.66

 

 

 

51,363

 

 

98

 

0.76

 

 

 

80,197

 

 

176

 

0.87

 

Total interest-bearing deposits

 

 

2,733,123

 

 

15,448

 

2.24

 

 

 

2,623,474

 

 

6,505

 

0.98

 

 

 

2,771,890

 

 

3,790

 

0.54

 

Borrowed funds

 

 

101,600

 

 

1,207

 

4.75

 

 

 

20,555

 

 

227

 

4.41

 

 

 

45,324

 

 

510

 

4.49

 

Total interest-bearing liabilities

 

 

2,834,723

 

 

16,655

 

2.33

 

 

 

2,644,029

 

 

6,732

 

1.01

 

 

 

2,817,214

 

 

4,300

 

0.61

 

Non-interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest-bearing deposits

 

 

2,792,370

 

 

 

 

 

 

 

 

3,243,664

 

 

 

 

 

 

 

 

3,337,477

 

 

 

 

 

 

Other non-interest-bearing liabilities

 

 

60,951

 

 

 

 

 

 

 

 

75,471

 

 

 

 

 

 

 

 

74,496

 

 

 

 

 

 

Total liabilities

 

 

5,688,044

 

 

 

 

 

 

 

 

5,963,164

 

 

 

 

 

 

 

 

6,229,187

 

 

 

 

 

 

Stockholders' equity

 

 

595,769

 

 

 

 

 

 

 

 

589,941

 

 

 

 

 

 

 

 

552,126

 

 

 

 

 

 

Total liabilities and equity

 

$

6,283,813

 

 

 

 

 

 

 

$

6,553,105

 

 

 

 

 

 

 

$

6,781,313

 

 

 

 

 

 

Net interest income

 

 

 

 

$

63,899

 

 

 

 

 

 

 

$

63,325

 

 

 

 

 

 

 

$

44,810

 

 

 

Net interest rate spread (3)

 

 

 

 

 

 

 

2.79

%

 

 

 

 

 

 

 

3.25

%

 

 

 

 

 

 

 

2.24

%

Net interest margin (4)

 

 

 

 

 

 

 

4.05

%

 

 

 

 

 

 

 

3.85

%

 

 

 

 

 

 

 

2.59

%

Total cost of deposits (5)

 

 

 

 

 

 

 

1.11

%

 

 

 

 

 

 

 

0.44

%

 

 

 

 

 

 

 

0.25

%

Total cost of funds (6)

 

 

 

 

 

 

 

1.17

%

 

 

 

 

 

 

 

0.45

%

 

 

 

 

 

 

 

0.28

%

_______________________________________________________________________________

(1) For periods less than a year, 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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year ended

 

 

 

Dec. 31, 2022

 

 

Dec. 31, 2021

 

 

 

Average

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

 

 

Outstanding

 

 

 

 

Yield /

 

 

Outstanding

 

 

 

 

Yield /

 

(dollars in thousands)

 

Balance

 

Interest

 

Rate (1)

 

 

Balance

 

Interest

 

Rate (1)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans (2)

 

$

4,361,412

 

$

231,851

 

5.32

%

 

$

3,448,468

 

$

164,528

 

4.77

%

Available-for-sale securities

 

 

538,425

 

 

6,921

 

1.29

 

 

 

489,922

 

$

5,066

 

1.03

 

Held-to-maturity securities

 

 

495,812

 

 

8,682

 

1.75

 

 

 

50,110

 

$

746

 

1.49

 

Equity investments

 

 

2,339

 

 

32

 

1.37

 

 

 

2,312

 

$

26

 

1.13

 

Overnight deposits

 

 

1,156,468

 

 

12,314

 

1.05

 

 

 

1,669,754

 

$

2,310

 

0.14

 

Other interest-earning assets

 

 

16,700

 

 

939

 

5.62

 

 

 

11,897

 

$

608

 

5.11

 

Total interest-earning assets

 

 

6,571,156

 

 

260,739

 

3.97

 

 

 

5,672,463

 

 

173,284

 

3.05

 

Non-interest-earning assets

 

 

90,495

 

 

 

 

 

 

 

 

89,002

 

 

 

 

 

 

Allowance for loan losses

 

 

(40,020

 

 

 

 

 

 

 

(37,235

)

 

 

 

 

 

Total assets

 

$

6,621,631

 

 

 

 

 

 

 

$

5,724,230

 

 

 

 

 

 

Liabilities and Stockholders' Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market and savings accounts

 

$

2,652,502

 

$

28,694

 

1.08

 

 

$

2,394,616

 

$

13,392

 

0.56

 

Certificates of deposit

 

 

59,645

 

 

590

 

0.99

 

 

 

83,313

 

$

849

 

1.02

 

Total interest-bearing deposits

 

 

2,712,147

 

 

29,284

 

1.08

 

 

 

2,477,929

 

 

14,241

 

0.57

 

Borrowed funds

 

 

45,878

 

 

2,297

 

5.00

 

 

 

45,303

 

 

2,042

 

4.51

 

Total interest-bearing liabilities

 

 

2,758,025

 

 

31,581

 

1.15

 

 

 

2,523,232

 

 

16,283

 

0.65

 

Non-interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest-bearing deposits

 

 

3,223,606

 

 

 

 

 

 

 

 

2,708,547

 

 

 

 

 

 

Other non-interest-bearing liabilities

 

 

61,213

 

 

 

 

 

 

 

 

79,239

 

 

 

 

 

 

Total liabilities

 

 

6,042,844

 

 

 

 

 

 

 

 

5,311,018

 

 

 

 

 

 

Stockholders' equity

 

 

578,787

 

 

 

 

 

 

 

 

413,212

 

 

 

 

 

 

Total liabilities and equity

 

$

6,621,631

 

 

 

 

 

 

 

$

5,724,230

 

 

 

 

 

 

Net interest income

 

 

 

 

$

229,158

 

 

 

 

 

 

 

$

157,001

 

 

 

Net interest rate spread (3)

 

 

 

 

 

 

 

2.82

%

 

 

 

 

 

 

 

2.41

%

Net interest margin (4)

 

 

 

 

 

 

 

3.49

%

 

 

 

 

 

 

 

2.77

%

Total cost of deposits (5)

 

 

 

 

 

 

 

0.49

%

 

 

 

 

 

 

 

0.27

%

Total cost of funds (6)

 

 

 

 

 

 

 

0.53

%

 

 

 

 

 

 

 

0.31

%

_______________________________________________________________________________

(1) For periods less than a year, 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.

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

 

 

Year ended

 

(dollars in thousands,

 

Dec. 31,

 

 

Sept. 30,

 

 

Jun. 30,

 

 

Mar. 31,

 

 

Dec. 31,

 

 

Dec. 31,

 

 

Dec. 31,

 

except per share data)

 

2022

 

 

2022

 

 

2022

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Average assets

 

$

6,283,813

 

 

$

6,553,105

 

 

$

6,736,800

 

 

$

6,920,575

 

 

$

6,781,313

 

 

$

6,621,631

 

 

$

5,724,230

 

Less: average intangible assets

 

 

9,733

 

 

 

9,733

 

 

 

9,733

 

 

 

9,733

 

 

 

9,733

 

 

 

9,733

 

 

 

9,733

 

Average tangible assets (non-GAAP)

 

$

6,274,080

 

 

$

6,543,372

 

 

$

6,727,067

 

 

$

6,910,842

 

 

$

6,771,580

 

 

$

6,611,898

 

 

$

5,714,497

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average equity

 

$

595,769

 

 

$

589,941

 

 

$

567,931

 

 

$

561,020

 

 

$

552,126

 

 

$

578,787

 

 

$

413,212

 

Less: average preferred equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,834

 

 

 

 

 

 

4,585

 

Average common equity

 

$

595,769

 

 

$

589,941

 

 

$

567,931

 

 

$

561,020

 

 

$

550,292

 

 

$

578,787

 

 

$

408,627

 

Less: average intangible assets

 

 

9,733

 

 

 

9,733

 

 

 

9,733

 

 

 

9,733

 

 

 

9,733

 

 

 

9,733

 

 

 

9,733

 

Average tangible common equity (non-GAAP)

 

$

586,036

 

 

$

580,208

 

 

$

558,198

 

 

$

551,287

 

 

$

540,559

 

 

$

569,054

 

 

$

398,894

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

6,267,337

 

 

$

6,422,061

 

 

$

6,867,042

 

 

$

6,626,940

 

 

$

7,116,358

 

 

$

6,267,337

 

 

$

7,116,358

 

Less: intangible assets

 

 

9,733

 

 

 

9,733

 

 

 

9,733

 

 

 

9,733

 

 

 

9,733

 

 

 

9,733

 

 

 

9,733

 

Tangible assets (non-GAAP)

 

$

6,257,604

 

 

$

6,412,328

 

 

$

6,857,309

 

 

$

6,617,207

 

 

$

7,106,625

 

 

$

6,257,604

 

 

$

7,106,625

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common equity

 

$

575,897

 

 

$

582,237

 

 

$

574,306

 

 

$

560,030

 

 

$

556,989

 

 

$

575,897

 

 

$

556,989

 

Less: intangible assets

 

 

9,733

 

 

 

9,733

 

 

 

9,733

 

 

 

9,733

 

 

 

9,733

 

 

 

9,733

 

 

 

9,733

 

Tangible common equity (book value) (non-GAAP)

 

$

566,164

 

 

$

572,504

 

 

$

564,573

 

 

$

550,297

 

 

$

547,256

 

 

$

566,164

 

 

$

547,256

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares outstanding

 

 

10,949,965

 

 

 

10,931,697

 

 

 

10,931,697

 

 

 

10,931,697

 

 

 

10,920,569

 

 

 

10,949,965

 

 

 

10,920,569

 

Book value per share (GAAP)

 

$

52.59

 

 

$

53.26

 

 

$

52.54

 

 

$

51.23

 

 

$

51.00

 

 

$

52.59

 

 

$

51.00

 

Tangible book value per share (non-GAAP) (1)

 

$

51.70

 

 

$

52.37

 

 

$

51.65

 

 

$

50.34

 

 

$

50.11

 

 

$

51.70

 

 

$

50.11

 

_______________________________________________________________________________

(1) Tangible book value divided by common shares outstanding at period-end.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarterly Data

 

 

Year ended

 

(dollars in thousands,

 

Dec. 31,

 

 

Sept. 30,

 

 

Jun. 30,

 

 

Mar. 31,

 

 

Dec. 31,

 

 

Dec. 31,

 

 

Dec. 31,

 

except per share data)

 

2022

 

 

 

2022

 

 

2022

 

 

2022

 

 

2021

 

 

2022

 

 

 

2021

 

Net income (loss)

 

$

(7,740

)

 

 

$

24,955

 

 

$

23,189

 

 

$

19,021

 

 

$

18,887

 

 

$

59,425

 

 

 

$

60,555

 

Impact of adjustments (1)

 

 

35,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

35,000

 

 

 

 

 

Adjusted net income (non-GAAP)

 

$

27,260

 

 

 

$

24,955

 

 

$

23,189

 

 

$

19,021

 

 

$

18,887

 

 

$

94,425

 

 

 

$

60,555

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings (loss) per common share

 

$

(0.71

)

 

 

$

2.23

 

 

$

2.07

 

 

$

1.69

 

 

$

1.69

 

 

$

5.29

 

 

 

$

6.45

 

Impact of adjustments (1)

 

 

3.14

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3.13

 

 

 

 

 

Adjusted diluted earnings per common share (non-GAAP)

 

$

2.43

 

 

 

$

2.23

 

 

$

2.07

 

 

$

1.69

 

 

$

1.69

 

 

$

8.42

 

 

 

$

6.45

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets (2)

 

 

(0.49

)

%

 

 

1.51

%

 

 

1.38

%

 

 

1.11

%

 

 

1.10

%

 

 

0.90

 

%

 

 

1.06

%

Impact of adjustments (1)

 

 

2.21

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.53

 

 

 

 

 

Adjusted return on average assets (non-GAAP)

 

 

1.72

 

%

 

 

1.51

%

 

 

1.38

%

 

 

1.11

%

 

 

1.10

%

 

 

1.43

 

%

 

 

1.06

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average equity (2)

 

 

(5.2

)

%

 

 

16.8

%

 

 

16.4

%

 

 

13.8

%

 

 

13.6

%

 

 

10.3

 

%

 

 

14.7

%

Impact of adjustments (1)

 

 

23.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6.0

 

 

 

 

 

Adjusted return on average equity (non-GAAP)

 

 

18.2

 

%

 

 

16.8

%

 

 

16.4

%

 

 

13.8

%

 

 

13.6

%

 

 

16.3

 

%

 

 

14.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average tangible common equity (2)

 

 

(5.2

)

%

 

 

17.1

%

 

 

16.7

%

 

 

14.0

%

 

 

13.9

%

 

 

10.4

 

%

 

 

15.2

%

Impact of adjustments (1)

 

 

23.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6.2

 

 

 

 

 

Adjusted return on average tangible common equity (non-GAAP)

 

 

18.5

 

%

 

 

17.1

%

 

 

16.7

%

 

 

14.0

%

 

 

13.9

%

 

 

16.6

 

%

 

 

15.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Efficiency ratio (2)

 

 

94.9

 

%

 

 

45.1

%

 

 

42.2

%

 

 

45.5

%

 

 

44.9

%

 

 

58.2

 

%

 

 

48.3

%

Impact of adjustments (1)

 

 

(49.8

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(13.7

)

 

 

 

 

Adjusted efficiency ratio (non-GAAP)

 

 

45.1

 

%

 

 

45.1

%

 

 

42.2

%

 

 

45.5

%

 

 

44.9

%

 

 

44.5

 

%

 

 

48.3

%

_______________________________________________________________________________

(1) Impact of adjustments exclude the effect of costs related to the regulatory settlement reserve in the fourth quarter of 2022.

(2) For periods less than a year, ratios are annualized.

Explanatory Note

Some amounts presented within this document may not recalculate due to rounding.

Contacts

Greg Sigrist

EVP & Chief Financial Officer

Metropolitan Commercial Bank

(212) 365-6721

IR@MCBankNY.com

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