Metropolitan Bank Holding Corp 8-K, filed Oct 22, 2020

Metropolitan Bank Holding Corp. (MCB)

8-K 2020-10-22 For: 2020-10-21

View Original

Added on April 04, 2026

About this 8-K

Metropolitan Bank Holding Corp filed this 8-K on October 22, 2020, reporting on events of October 21, 2020.

Items reported

Item 2.02: Financial results
Item 7.01: Regulation FD disclosure
Item 9.01: Financial statements and exhibits

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →

New York	001-38282	13-4042724
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(IRS Employer Identification No.)

99 Park Avenue		10016
New York, New York		(Zip Code)
(Address of principal executive offices)

☐	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

Exhibit No.		Description
99.1		Press Release dated October 21, 2020
99.2		Presentation Materials
104		Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

		METROPOLITAN BANK HOLDING CORP.



Dated: October 21, 2020	By:	/s/ Gregory A. Sigrist
		Gregory A. Sigrist
		Executive Vice President and Chief Financial Officer



(dollars in thousands)	September 30, 2020			June 30, 2020
Non-performing loans:
Non-accrual loans:
One-to-four family		—			—
Commercial and industrial		4,512			6,482
Consumer		1,157			601
Total non-accrual loans	$	5,669		$	7,083
Accruing loans 90 days or more past due		954			1,365
Total non-performing loans	$	6,623		$	8,448
Non-accrual loans as % of loans outstanding		0.19	%		0.24	%
Non-performing loans as % of loans outstanding		0.22	%		0.29	%
Allowance for loan losses	$	(33,614)		$	(32,505)
Allowance for loan losses as % of loans outstanding		1.12	%		1.12	%


	Three months ended September 30,						Nine months ended September 30,
(dollars in thousands)	2020			2019			2020			2019
Provision for loan losses	$	1,137		$	2,004		$	7,693		$	1,923
Charge-offs	$	(82)		$	(275)		$	(475)		$	(691)
Recoveries	$	54		$	—		$	124		$	4,270
Net charge-offs/(recoveries) as % of average loans (annualized)		0.00	%		0.05	%		0.02	%		(0.22)	%



	CRE			C&I			1-4 Family			Consumer			Total
Type of Modification		Balance	Number of Loans		Balance	Number of Loans		Balance	Number of Loans		Balance	Number of Loans		Balance	Number of Loans

Defer monthly principal payments⁽¹⁾	$	150,151	32	$	503	1	$	—	—	$	—	—	$	150,654	33
Full payment deferral⁽²⁾		120,870	15		7,983	5		4,098	12		2,685	33		135,636	65
Allow the use of reserve accounts		5,000	1		1,400	1		—	—		—	—		6,400	2
Cease escrowing for tax payments		4,000	1		—	—		—	—		—	—		4,000	1
Interest rate reduction⁽³⁾		29,703	5		3,532	1		—	—		—	—		33,235	6
	$	309,724	54	$	13,418	8	$	4,098	12	$	2,685	33	$	329,925	107


Industry		Total Modifications	Weighted Average LTV

CRE:
Retail	$	51,235	46.5%
Hospitality		81,554	50.6%
Office		16,732	27.5%
Mixed-Use		32,007	55.6%
Multifamily		62,332	22.0%
Warehouse		21,021	37.3%
Other		44,843	72.2%
Total CRE	$	309,724	45.7%
C&I Owner-Occupied:
Real Estate Secured	$	7,735	69.3%
1-4 Family
Residential Real Estate	$	4,098	49.9%

	$	321,557	46.3%


	September 30, 2020		December 31, 2019
Assets		(unaudited)
Cash and due from banks	$	8,991	$	8,116
Overnight deposits		758,913		381,104
Total cash and cash equivalents		767,904		389,220
Investment securities available for sale		182,334		234,942
Investment securities held to maturity		3,050		3,722
Investment securities -- Equity investments		2,311		2,224
Total securities		187,695		240,888
Other investments		11,097		21,437
Loans, net of deferred fees and unamortized costs		2,989,550		2,672,949
Allowance for loan losses		(33,614)		(26,272)
Net loans		2,955,936		2,646,677
Receivable from prepaid card programs, net		31,237		11,581
Accrued interest receivable		12,524		8,862
Premises and equipment, net		15,913		12,100
Prepaid expenses and other assets		9,720		17,074
Goodwill		9,733		9,733
Total assets	$	4,001,759	$	3,357,572
Liabilities and Stockholders' Equity
Deposits:
Non-interest-bearing demand deposits	$	1,553,241	$	1,090,479
Interest-bearing deposits		1,974,385		1,700,295
Total deposits		3,527,626		2,790,774
Federal Home Loan Bank of New York advances		—		144,000
Trust preferred securities		20,620		20,620
Subordinated debt, net of issuance cost		24,643		24,601
Secured Borrowings		32,224		42,972
Accounts payable, accrued expenses and other liabilities		37,014		23,556
Accrued interest payable		479		1,229
Prepaid third-party debit cardholder balances		30,569		10,696
Total liabilities		3,673,175		3,058,448

Class B preferred stock		3		3
Common stock		82		82
Additional paid in capital		218,361		216,468
Retained earnings		109,054		81,364
Accumulated other comprehensive gain, net of tax effect		1,084		1,207
Total stockholders’ equity		328,584		299,124
Total liabilities and stockholders’ equity	$	4,001,759	$	3,357,572


	Three months ended
	September 30, 2020						June 30, 2020
	Average						Average
	Outstanding				Yield/Rate		Outstanding				Yield/Rate
(dollars in thousands)	Balance		Interest		(annualized)		Balance		Interest		(annualized)
Assets:
Interest-earning assets:
Loans ⁽¹⁾	$	2,946,359	$	34,844	4.66	%	$	2,827,154	$	32,983	4.68	%
Available-for-sale securities		180,698		582	1.26	%		138,944		609	1.73	%
Held-to-maturity securities		3,181		14	1.71	%		3,423		16	1.85	%
Equity investments - non-trading		2,284		10	1.63	%		2,274		11	1.91	%
Overnight deposits		854,737		299	0.14	%		794,377		374	0.19	%
Other interest-earning assets		14,680		196	5.22	%		18,485		230	4.92	%
Total interest-earning assets		4,001,939		35,945	3.54	%		3,784,657		34,223	3.62	%
Non-interest-earning assets		57,545						59,014
Allowance for loan and lease losses		(33,118)						(31,446)
Total assets	$	4,026,366					$	3,812,225

Liabilities and Stockholders' Equity:
Interest-bearing liabilities:
Money market, savings and other interest-bearing accounts	$	1,818,436	$	2,258	0.49	%	$	1,764,742	$	2,437	0.56	%
Certificates of deposit		97,685		423	1.72	%		97,688		478	1.97	%
Total interest-bearing deposits		1,916,121		2,681	0.56	%		1,862,430		2,915	0.63	%
Borrowed funds		125,841		940	2.92	%		158,471		1,147	2.86	%
Total interest-bearing liabilities		2,041,962		3,621	0.71	%		2,020,901		4,062	0.81	%
Non-interest-bearing liabilities:
Non-interest-bearing deposits		1,583,037						1,398,438
Other non-interest-bearing liabilities		76,491						78,159
Total liabilities		3,701,490						3,497,498

Stockholders' Equity		324,876						314,727
Total liabilities and equity	$	4,026,366					$	3,812,225

Net interest income			$	32,324					$	30,161
Net interest rate spread ⁽²⁾					2.83	%					2.81	%
Net interest-earning assets	$	1,959,977					$	1,763,756
Net interest margin ⁽³⁾					3.18	%					3.19	%
Ratio of interest earning assets to interest bearing liabilities					1.96	x					1.87	x


	Three months ended
	September 30, 2020						September 30, 2019
	Average						Average
	Outstanding				Yield/Rate		Outstanding				Yield/Rate
(dollars in thousands)	Balance		Interest		(annualized)		Balance		Interest		(annualized)
Assets:
Interest-earning assets:
Loans ⁽¹⁾	$	2,946,359	$	34,844	4.66	%	$	2,419,774	$	31,208	5.03	%
Available-for-sale securities		180,698		582	1.26	%		238,384		1,521	2.55	%
Held-to-maturity securities		3,181		14	1.71	%		4,050		20	1.98	%
Equity investments - non-trading		2,284		10	1.63	%		2,237		13	2.32	%
Overnight deposits		854,737		299	0.14	%		420,982		2,436	2.30	%
Other interest-earning assets		14,680		196	5.22	%		21,983		298	5.31	%
Total interest-earning assets		4,001,939		35,945	3.54	%		3,107,410		35,496	4.47	%
Non-interest-earning assets		57,545						46,886
Allowance for loan and lease losses		(33,118)						(23,196)
Total assets	$	4,026,366					$	3,131,100

Liabilities and Stockholders' Equity:
Interest-bearing liabilities:
Money market, savings and other interest-bearing accounts	$	1,818,436	$	2,258	0.49	%	$	1,426,576	$	7,163	1.99	%
Certificates of deposit		97,685		423	1.72	%		112,856		718	2.52	%
Total interest-bearing deposits		1,916,121		2,681	0.56	%		1,539,432		7,881	2.03	%
Borrowed funds		125,841		940	2.92	%		202,047		1,562	3.03	%
Total interest-bearing liabilities		2,041,962		3,621	0.71	%		1,741,479		9,443	2.15	%
Non-interest-bearing liabilities:
Non-interest-bearing deposits		1,583,037						1,075,781
Other non-interest-bearing liabilities		76,491						27,193
Total liabilities		3,701,490						2,844,453

Stockholders' Equity		324,876						286,647
Total liabilities and equity	$	4,026,366					$	3,131,100

Net interest income			$	32,324					$	26,053
Net interest rate spread ⁽²⁾					2.83	%					2.32	%
Net interest-earning assets	$	1,959,977					$	1,365,931
Net interest margin ⁽³⁾					3.18	%					3.26	%
Ratio of interest earning assets to interest bearing liabilities					1.96	x					1.78	x


	Nine months ended
	September 30, 2020						September 30, 2019
	Average						Average
	Outstanding				Yield/Rate		Outstanding
(dollars in thousands)	Balance		Interest		(annualized)		Balance		Interest		Yield/Rate
Assets:
Interest-earning assets:
Loans ⁽¹⁾	$	2,826,845	$	100,655	4.75	%	$	2,208,125	$	84,277	5.09	%
Available-for-sale securities		179,845		2,536	1.85	%		108,526		2,068	2.54	%
Held-to-maturity securities		3,408		47	1.81	%		4,270		65	2.03	%
Equity investments - non-trading		2,274		32	1.85	%		2,225		39	2.29	%
Overnight deposits		707,125		2,266	0.43	%		331,637		5,957	2.40	%
Other interest-earning assets		18,189		700	5.06	%		22,562		908	5.31	%
Total interest-earning assets		3,737,686		106,236	3.79	%		2,677,345		93,314	4.65	%
Non-interest-earning assets		58,040						42,752
Allowance for loan and lease losses		(30,461)						(21,401)
Total assets	$	3,765,265					$	2,698,696

Liabilities and Stockholders' Equity:
Interest-bearing liabilities:
Money market, savings and other interest-bearing accounts	$	1,742,611	$	9,867	0.76	%	$	1,134,004	$	16,434	1.94	%
Certificates of deposit		99,805		1,497	2.00	%		110,256		2,029	2.46	%
Total interest-bearing deposits		1,842,416		11,364	0.82	%		1,244,260		18,463	1.98	%
Borrowed funds		157,729		3,417	2.85	%		218,537		5,283	3.19	%
Total interest-bearing liabilities		2,000,145		14,781	0.99	%		1,462,797		23,746	2.17	%
Non-interest-bearing liabilities:
Non-interest-bearing deposits		1,378,512						933,938
Other non-interest-bearing liabilities		71,210						23,947
Total liabilities		3,449,867						2,420,682

Stockholders' Equity		315,398						278,014
Total liabilities and equity	$	3,765,265					$	2,698,696

Net interest income			$	91,455					$	69,568
Net interest rate spread ⁽²⁾					2.80	%					2.48	%
Net interest-earning assets	$	1,737,541					$	1,214,548
Net interest margin ⁽³⁾					3.26	%					3.47	%
Ratio of interest earning assets to interest bearing liabilities					1.87	x					1.83	x


	Quarter Ended
(Dollars in thousands)	Sept. 30, 2020			June 30, 2020			Mar. 31, 2020			Dec. 31, 2019			Sept. 30, 2019
Net interest income	$	32,324		$	30,161		$	28,969		$	28,042		$	26,053
Provision for loan losses		1,137			1,766			4,790			2,300			2,004
Net interest income after provision for loan losses		31,187			28,395			24,179			25,742			24,049
Non-interest income		3,637			5,653			4,340			2,862			2,700
Non-interest expense:
Compensation and benefits		9,944			10,058			9,960			7,956			7,875
Other Expense		8,986			8,226			9,556			9,086			7,620
Total non-interest expense		18,930			18,284			19,516			17,042			15,495

Income before income tax expense		15,894			15,764			9,003			11,562			11,254
Income tax expense		5,111			4,953			2,906			3,699			3,571
Net income		10,783			10,811			6,097			7,863			7,683

Performance Measures:
Net income available to common shareholders		10,694			10,716			6,032			7,741			7,550
Per common share:
Basic earnings	$	1.30		$	1.30		$	0.73		$	0.95		$	0.92
Diluted earnings	$	1.27		$	1.28		$	0.72		$	0.93		$	0.90
Common shares outstanding:
Average - diluted		8,393,211			8,359,450			8,412,782			8,363,080			8,348,970
Period end		8,289,479			8,294,801			8,294,801			8,312,918			8,319,852
Return on (annualized):
Average total assets		1.07	%		1.14	%		0.71	%		0.95	%		0.97	%
Average equity		13.20	%		13.82	%		8.00	%		10.53	%		10.63	%
Average tangible common equity*		13.85	%		14.36	%		8.33	%		11.13	%		11.26	%
Yield on average earning assets		3.54	%		3.62	%		4.22	%		4.38	%		4.47	%
Cost of interest-bearing liabilities		0.71	%		0.81	%		1.48	%		1.77	%		2.15	%
Net interest spread		2.83	%		2.81	%		2.74	%		2.61	%		2.32	%
Net interest margin		3.18	%		3.19	%		3.38	%		3.35	%		3.26	%
Net charge-offs as % of average loans (annualized)		0.00	%		0.03	%		0.02	%		0.07	%		0.05	%
Efficiency ratio		52.64	%		54.58	%		58.59	%		55.14	%		53.89	%


Dollars in thousands, except per share data	Sept. 30, 2020		June 30, 2020		Mar. 31, 2020		Dec. 31, 2019		Sept. 30, 2019

Total Equity	$	328,584	$	317,169	$	308,536	$	299,124	$	291,002
Less: preferred equity		5,502		5,502		5,502		5,502		5,502
Common Equity	$	323,082	$	311,667	$	303,034	$	293,622	$	285,500
Less: intangible assets		9,733		9,733		9,733		9,733		9,733
Tangible common equity (book value)	$	313,349	$	301,934	$	293,301	$	283,889	$	275,767

Common shares outstanding		8,289,479		8,294,801		8,294,801		8,312,918		8,319,852

Book value per share (GAAP)	$	38.97	$	37.57	$	36.53	$	35.32	$	34.32
Tangible book value per common share (non-GAAP)*	$	37.80	$	36.40	$	35.36	$	34.15	$	33.15

Average assets	$	4,026,366	$	3,812,225	$	3,454,335	$	3,286,916	$	3,131,100
Less: average intangible assets		9,733		9,733		9,733		9,733		9,733
Average tangible assets	$	4,016,633	$	3,802,492	$	3,444,602	$	3,277,183	$	3,121,367

Average equity	$	324,876	$	314,727	$	306,487	$	296,228	$	286,647
Less: Average preferred equity		5,502		5,502		5,502		5,502		5,502
Average common equity	$	319,374	$	309,225	$	300,985	$	290,726	$	281,145
Less: average intangible assets		9,733		9,733		9,733		9,733		9,733
Average tangible common equity	$	309,641	$	299,492	$	291,252	$	280,993	$	271,412

Total assets	$	4,001,759	$	3,970,441	$	3,612,012	$	3,357,572	$	3,243,171
Less: intangible assets		9,733		9,733		9,733		9,733		9,733
Tangible assets	$	3,992,026	$	3,960,708	$	3,602,279	$	3,347,839	$	3,233,438