Metropolitan Bank Holding Corp. Reports First Quarter 2026 Results

Metropolitan Bank Holding Corp. Reports First Quarter 2026 Results Strong Financial Performance and Successful Follow on Equity offering Highlight First Quarter Results Financial Highlights Diluted earnings per share of $2.92 for the first quarter of 2026, compared to $2.77 for the prior linked quarter and $1.45 for the prior year period. Net interest income for the first quarter of 2026 was $85.9 million, an increase of $19.0 million or 28.3%, compared to the prior year period. The net interest margin for the first quarter of 2026 was 4.08%, an increase of 40 basis points compared to 3.68% for the prior year period. Annualized return on average equity (“ROAE”) of 15.4% and annualized return on average tangible common equity1 (“ROATCE”) of 15.6% for the first quarter of 2026. The Company completed a public equity offering of approximately 2.3 million shares of common stock at a price of $85.00 per share, resulting in proceeds, net of underwriting discounts and commissions of approximately $186.8 million. On April 20, 2026, the board of directors declared a quarterly cash dividend of $0.25 per share on the Company’s common stock, an increase of $0.05 from the prior quarterly dividend of $0.20 per share. Total loans at March 31, 2026 were $7.0 billion, an increase of $236.3 million, or 3.5%, from December 31, 2025 and $704.4 million, or 11.1%, from March 31, 2025. Total deposits at March 31, 2026 were $7.7 billion, an increase of $362.5 million, or 4.9%, from December 31, 2025 and $1.3 billion, or 20.0%, from March 31, 2025. The Company and Bank have total risk-based capital ratios of 14.6% and 14.3%, respectively, at March 31, 2026, well above regulatory minimums. The Bank is “well capitalized” under all applicable regulatory guidelines. 1 Non-GAAP financial measure. See Reconciliation of Non-GAAP Measures on page 11. Metropolitan Bank Holding Corp. (the “Company”) (NYSE: MCB), the holding company for Metropolitan Commercial Bank (the “Bank”), reported net income of $31.4 million, or $2.92 per diluted common share, for the first quarter of 2026 compared to $28.9 million, or $2.77 per diluted common share, for the fourth quarter of 2025 and $16.4 million, or $1.45 per diluted common share, for the first quarter of 2025. Mark DeFazio, President and Chief Executive Officer, commented, “Our first quarter results reflect the continued strength and momentum of our business model. Driven by disciplined balance sheet management and continued growth across our core client base, we delivered diluted earnings per share of $2.92, strong core margin expansion, and solid returns on equity. Net interest income increased more than 28% year over year, reflecting disciplined loan pricing, funding mix optimization, and consistent execution in a dynamic interest‑rate environment. Loan and deposit growth was robust during the quarter, highlighting the durability of our franchise and the deepened relationships we continue to build with our clients. Total loans increased to $7.0 billion, while deposits grew to $7.7 billion, demonstrating our ability to grow prudently with core funding while maintaining strong credit discipline. We also strengthened our capital position with the successful completion of our follow‑on public equity offering. Our robust capital position provides us with the ability to support significant future growth while enhancing the strength of our balance sheet. In addition, the Board’s decision to increase the quarterly dividend underscores our confidence in the Company’s earnings power and long‑term outlook. We enter the remainder of 2026 well positioned, with strong capital levels, a proven operating model, and a clear strategic focus on delivering sustainable growth and long‑term value for our shareholders.” Balance Sheet Total loans, net of deferred fees and unamortized costs, were $7.0 billion at March 31, 2026, an increase of $236.3 million, or 3.5%, from December 31, 2025, and an increase of $704.4 million, or 11.1%, from March 31, 2025. Loan production was $428.3 million for the first quarter of 2026 compared to $510.9 million for the prior linked quarter and $409.8 million for the prior year period. The increase in total loans from December 31, 2025 was due primarily to an increase of $233.1 million in commercial real estate (“CRE”) loans (including owner-occupied). The increase in total loans from March 31, 2025 was due primarily to an increase of $840.3 million in CRE loans (including owner-occupied), partially offset by a decrease of $143.5 million in commercial and industrial loans. Total deposits were $7.7 billion at March 31, 2026, an increase of $362.5 million, or 4.9%, from December 31, 2025, and an increase of $1.3 billion, or 20.0%, from March 31, 2025. Deposit growth for the quarter was broadly distributed across the Bank’s various deposit verticals. The Company raised approximately $196.6 million of capital through the issuance of approximately 2.3 million shares of its common stock at a public offering price of $85.00 per share. The Company plans to use the proceeds from the offering, which, net of underwriting discounts and commissions, amounts to approximately $186.8 million, to support its organic growth initiatives, investments in the Bank, working capital for ongoing operations, and general corporate purposes. The Bank’s liquidity position remains robust. At March 31, 2026, cash on deposit with the Federal Reserve Bank of New York and available secured funding capacity totaled $3.7 billion, which represented 200% of our estimated uninsured deposits. Total cash and cash equivalents were $672.4 million at March 31, 2026. The Company and Bank have total risk-based capital ratios well above regulatory minimums. The Bank is “well capitalized” under all applicable regulatory guidelines. Total non-owner-occupied CRE loans were 299.5% of total risk-based capital at March 31, 2026, compared to 376.5% and 367.0% at December 31, 2025 and March 31, 2025, respectively. The CRE loan concentration ratio declined from December 31, 2025 primarily owing to the completion of the Company’s public equity offering of common stock in the first quarter of 2026. Income Statement Financial Highlights Three months ended Mar. 31, Dec. 31, Mar. 31, (dollars in thousands, except per share data) 2026 2025 2025 Total revenues(1) $ 88,490 $ 88,408 $ 70,590 Net income (loss) $ 31,426 $ 28,857 $ 16,354 Diluted earnings (loss) per common share $ 2.92 $ 2.77 $ 1.45 Return on average assets(2) 1.49 % 1.38 % 0.89 % Return on average equity(2) 15.4 % 15.6 % 9.0 % Return on average tangible common equity(2), (3) 15.6 % 15.8 % 9.1 % ______________________ (1) Total revenues equal net interest income plus non-interest income. (2) Ratios are annualized. (3) Determined by dividing net income by average tangible common equity. Return on average tangible common equity is a Non-GAAP financial measure. See Reconciliation of Non-GAAP Measures on page 11. Net Interest Income Net interest income for the first quarter of 2026 was $85.9 million compared to $85.3 million for the prior linked quarter and $67.0 million for the prior year period. The modest increase in net interest income from the prior linked quarter was primarily due to elevated loan payoffs at the end of December 2025, that were offset by $428.3 million of new loan originations made during the first quarter. The $19.0 million increase from the prior year period was due primarily to an increase in the average balance of loans and overnight deposits and a decrease in the cost of funds, partially offset by an increase in the average balance of interest-bearing deposits. Net Interest Margin Net interest margin for the first quarter of 2026 was 4.08% compared to 4.10% and 3.68% for the prior linked quarter and prior year period, respectively. The total cost of funds for the first quarter of 2026 was 261 basis points compared to 279 basis points and 319 basis points for the prior linked quarter and prior year period, respectively. The decrease from the prior linked quarter and from the prior year period primarily reflects the decline in short-term interest rates. Non-Interest Income Non-interest income was $2.6 million for the first quarter of 2026, a decrease of $502,000 from the prior linked quarter and a decrease of $1.1 million from the prior year period. The decrease from the prior linked quarter was due primarily to a $674,000 gain on the sale of securities in the fourth quarter of 2025. The decrease from the prior year period was driven primarily by the absence of one-time non-refundable program fees of $822,000 reflected in the prior year period. Non-Interest Expense Non-interest expense was $46.4 million for the first quarter of 2026, an increase of $2.0 million from the prior linked quarter and an increase of $3.7 million from the prior year period. The increase from the prior linked quarter was primarily due to an increase of $3.8 million in compensation and benefits, partially offset by a $1.8 million decrease in technology costs. The $3.7 million increase from the prior year period was due primarily to a $2.6 million increase in deposit related program fees, $2.4 million increase in compensation and benefits and $2.0 million increase in technology costs, partially offset by a $1.8 million decrease in professional fees and a $1.1 million decrease in the Federal Deposit Insurance Corporation (“FDIC”) assessment. Income Tax Expense The effective tax rate for the first quarter of 2026 was 29.2% compared to 29.9% for the prior linked quarter and 30.0% for the prior year period. Asset Quality The ratio of non-performing loans to total loans was 1.01% at March 31, 2026 and 1.28% at December 31, 2025 and 0.54% at March 31, 2025. The decrease in the non-performing loan ratio from the prior linked quarter primarily reflects the charge-off of three loans totaling $12.5 million. The increase in the non-performing loan ratio from the prior year period is primarily attributable to a single out-of-market CRE multi-family loan relationship that was classified as non-performing in the third quarter of 2025. The allowance for credit losses was $82.1 million at March 31, 2026, a decrease of $15.0 million from December 31, 2025, and an increase of $14.3 million from March 31, 2025. The decrease from December 31, 2025 primarily reflects the aforementioned charge-offs, along with enhancements made to the Bank’s allowance for credit loss estimation process, and changes in the outlook for certain macroeconomic variables resulting in a net provision release of $2.6 million. The increase from March 31, 2025 was primarily due to a single out-of-market CRE multi-family loan relationship that was classified as non-performing in the third quarter of 2025 as well as loan growth, partially offset by the aforementioned charge-offs in the first quarter of 2026. Conference Call The Company will conduct a conference call at 9:00 a.m. ET on Wednesday, April 22, 2026, to discuss the results. To access the event by telephone, please dial 800-245-3047 (US), 203-518-9765 (INTL), and provide conference ID: MCBQ126 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 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 Independent Community Bankers of America ranked the Bank as a top ten loan producer in 2024 among commercial banks with more than $1 billion in assets. Kroll affirmed a BBB+ (investment grade) deposit rating in January 2026. 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. 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, business, share repurchases under the share repurchase program, dividend payments and statements related to the completion of the public offering of common stock and the anticipated use of proceeds from the public offering of common stock. 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 or critical technology service providers; system failures or cybersecurity breaches of our information technology infrastructure and/or confidential information or those of the Company’s third-party service providers; 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. Consolidated Balance Sheet (unaudited) Mar. 31, Dec. 31, Sept. 30, Jun. 30, Mar. 31, (in thousands) 2026 2025 2025 2025 2025 Assets Cash and due from banks $ 12,034 $ 12,086 $ 13,109 $ 13,577 $ 18,572 Overnight deposits 660,359 381,501 372,827 138,876 177,891 Total cash and cash equivalents 672,393 393,587 385,936 152,453 196,463 Investment securities available-for-sale 649,719 578,932 552,441 551,029 523,542 Investment securities held-to-maturity 347,868 356,627 376,447 387,901 398,973 Equity investment securities, at fair value 5,625 5,609 5,548 5,276 5,221 Total securities 1,003,212 941,168 934,436 944,206 927,736 Other investments 20,725 20,632 27,330 27,297 27,062 Loans, net of deferred fees and unamortized costs 7,046,547 6,810,233 6,781,703 6,612,789 6,342,122 Allowance for credit losses (82,071 ) (97,081 ) (94,239 ) (74,071 ) (67,803 ) Net loans 6,964,476 6,713,152 6,687,464 6,538,718 6,274,319 Other assets 183,318 187,177 199,264 191,175 190,718 Total assets $ 8,844,124 $ 8,255,716 $ 8,234,430 $ 7,853,849 $ 7,616,298 Liabilities and Stockholders' Equity Deposits Non-interest-bearing demand deposits $ 1,539,553 $ 1,479,420 $ 1,382,345 $ 1,427,439 $ 1,384,524 Interest-bearing deposits 6,200,166 5,897,758 5,690,414 5,363,867 5,064,768 Total deposits 7,739,719 7,377,178 7,072,759 6,791,306 6,449,292 Federal funds purchased — — 125,000 50,000 125,000 Federal Home Loan Bank of New York advances — — 150,000 150,000 160,000 Trust preferred securities 20,620 20,620 20,620 20,620 20,620 Secured and other borrowings 15,975 10,975 17,355 17,366 17,403 Other liabilities 119,471 103,831 116,656 101,589 106,137 Total liabilities 7,895,785 7,512,604 7,502,390 7,130,881 6,878,452 Common stock 136 113 113 113 113 Additional paid in capital 584,524 405,565 403,708 401,055 398,823 Retained earnings 479,177 450,639 423,338 417,782 399,015 Accumulated other comprehensive gain (loss), net of tax effect (39,233 ) (39,739 ) (41,852 ) (45,455 ) (47,170 ) Treasury stock, at cost (76,265 ) (73,466 ) (53,267 ) (50,527 ) (12,935 ) Total stockholders’ equity 948,339 743,112 732,040 722,968 737,846 Total liabilities and stockholders’ equity $ 8,844,124 $ 8,255,716 $ 8,234,430 $ 7,853,849 $ 7,616,298 Consolidated Statement of Income (unaudited) Three months ended Mar. 31, Dec. 31, Mar. 31, (dollars in thousands, except per share data) 2026 2025 2025 Total interest income $ 134,932 $ 137,465 $ 118,770 Total interest expense 49,023 52,140 51,818 Net interest income 85,909 85,325 66,952 Provision for credit losses (2,300 ) 2,846 4,506 Net interest income after provision for credit losses 88,209 82,479 62,446 Non-interest income Service charges on deposit accounts 2,274 2,037 2,173 Other income 307 1,046 1,465 Total non-interest income 2,581 3,083 3,638 Non-interest expense Compensation and benefits 24,148 20,361 21,739 Bank premises and equipment 2,729 2,682 2,463 Professional fees 3,229 2,857 4,986 Technology costs 4,196 5,965 2,220 Deposit related program fees 6,799 7,067 4,187 FDIC assessments 1,850 1,610 2,967 Other expenses 3,449 3,839 4,160 Total non-interest expense 46,400 44,381 42,722 Net income before income tax expense 44,390 41,181 23,362 Income tax expense 12,964 12,324 7,008 Net income (loss) $ 31,426 $ 28,857 $ 16,354 Earnings per common share: Average common shares outstanding: Basic 10,674,698 10,214,267 11,215,118 Diluted 10,756,358 10,418,492 11,281,375 Basic earnings (loss) $ 2.94 $ 2.83 $ 1.46 Diluted earnings (loss) $ 2.92 $ 2.77 $ 1.45 Loan Production, Asset Quality & Regulatory Capital Mar. 31, Dec. 31, Sept. 30, Jun. 30, Mar. 31, 2026 2025 2025 2025 2025 LOAN PRODUCTION (in millions) $ 428.3 $ 510.9 $ 514.2 $ 492.0 $ 409.8 ASSET QUALITY (in thousands) Non-performing loans: Commercial real estate $ 68,635 $ 75,408 $ 70,122 $ 28,480 $ 25,087 Commercial and industrial — 8,989 8,989 8,989 8,989 One- to four- family 2,416 2,450 2,451 2,469 446 Consumer — 37 — — 22 Total non-performing loans $ 71,051 $ 86,884 $ 81,562 $ 39,938 $ 34,544 Non-performing loans to total loans 1.01 % 1.28 % 1.20 % 0.60 % 0.54 % Allowance for credit losses $ 82,071 $ 97,081 $ 94,239 $ 74,071 $ 67,803 Allowance for credit losses to total loans 1.16 % 1.43 % 1.39 % 1.12 % 1.07 % Charge-offs $ (12,455 ) $ — $ (3,858 ) $ (112 ) $ (118 ) Recoveries $ 14 $ 58 $ 72 $ 126 $ 180 Net charge-offs/(recoveries) to average loans (annualized) 0.73 % — % 0.22 % — % — % REGULATORY CAPITAL Tier 1 Leverage: Metropolitan Bank Holding Corp. 11.6 % 9.5 % 9.8 % 10.0 % 10.7 % Metropolitan Commercial Bank 11.4 % 9.1 % 9.4 % 9.8 % 10.1 % Common Equity Tier 1 Risk-Based (CET1): Metropolitan Bank Holding Corp. 13.2 % 10.7 % 10.6 % 10.8 % 11.4 % Metropolitan Commercial Bank 13.1 % 10.5 % 10.4 % 10.9 % 11.0 % Tier 1 Risk-Based: Metropolitan Bank Holding Corp. 13.4 % 11.0 % 10.9 % 11.1 % 11.7 % Metropolitan Commercial Bank 13.1 % 10.5 % 10.4 % 10.9 % 11.0 % Total Risk-Based: Metropolitan Bank Holding Corp. 14.6 % 12.3 % 12.2 % 12.2 % 12.8 % Metropolitan Commercial Bank 14.3 % 11.7 % 11.7 % 12.0 % 12.1 % Performance Measures Three months ended Mar. 31, Dec. 31, Mar. 31, (dollars in thousands, except per share data) 2026 2025 2025 Net income (loss) available to common shareholders $ 31,426 $ 28,857 $ 16,354 Per common share: Basic earnings (loss) $ 2.94 $ 2.83 $ 1.46 Diluted earnings (loss) $ 2.92 $ 2.77 $ 1.45 Common shares outstanding: Period end 12,392,035 10,088,617 11,066,234 Average fully diluted 10,756,358 10,418,492 11,281,375 Return on:(1) Average total assets 1.49 % 1.38 % 0.89 % Average equity 15.4 % 15.6 % 9.0 % Average tangible common equity(2), (3) 15.6 % 15.8 % 9.1 % Yield on average earning assets(1) 6.41 % 6.60 % 6.52 % Total cost of deposits(1) 2.60 % 2.75 % 3.09 % Net interest spread(1) 3.19 % 3.16 % 2.53 % Net interest margin(1) 4.08 % 4.10 % 3.68 % Net charge-offs as % of average loans(1) 0.73 % — % — % Efficiency ratio(4) 52.4 % 50.2 % 60.5 % ______________________ (1) Ratios are annualized. (2) Determined by dividing net income by average tangible common equity. (3) Non-GAAP financial measure. See Reconciliation of Non-GAAP Measures on page 11. (4) Total non-interest expense divided by total revenues. Interest Margin Analysis Three months ended Mar. 31, 2026 Dec. 31, 2025 Mar. 31, 2025 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) $ 6,926,983 $ 122,594 7.18 % $ 6,905,105 $ 127,338 7.32 % $ 6,202,311 $ 110,865 7.25 % Available-for-sale securities 651,928 4,982 3.10 624,952 4,606 2.92 577,184 3,415 2.40 Held-to-maturity securities 352,937 1,663 1.91 372,218 1,733 1.85 417,326 1,943 1.89 Equity investments 5,874 44 3.04 5,830 44 3.02 5,516 39 2.90 Overnight deposits 578,330 5,329 3.74 330,538 3,349 4.02 154,357 1,925 5.06 Other interest-earning assets 20,693 319 6.26 24,553 396 6.41 30,917 583 7.65 Total interest-earning assets 8,536,745 134,931 6.41 8,263,196 137,466 6.60 7,387,611 118,770 6.52 Non-interest-earning assets 127,802 152,006 128,676 Allowance for credit losses (97,788 ) (95,523 ) (64,584 ) Total assets $ 8,566,759 $ 8,319,679 $ 7,451,703 Liabilities and Stockholders' Equity: Interest-bearing liabilities: Money market and savings accounts $ 5,961,007 46,997 3.20 $ 5,727,076 48,925 3.39 $ 4,747,995 45,844 3.92 Certificates of deposit 184,625 1,732 3.80 171,784 1,707 3.94 126,471 1,334 4.28 Total interest-bearing deposits 6,145,632 48,729 3.22 5,898,860 50,632 3.41 4,874,466 47,178 3.93 Borrowed funds 22,638 293 5.25 119,532 1,509 5.01 392,453 4,640 4.80 Total interest-bearing liabilities 6,168,270 49,022 3.22 6,018,392 52,141 3.44 5,266,919 51,818 3.99 Non-interest-bearing liabilities: Non-interest-bearing deposits 1,459,199 1,409,271 1,319,688 Other non-interest-bearing liabilities 111,159 156,294 126,872 Total liabilities 7,738,628 7,583,957 6,713,479 Stockholders' equity 828,131 735,722 738,224 Total liabilities and equity $ 8,566,759 $ 8,319,679 $ 7,451,703 Net interest income $ 85,909 $ 85,325 $ 66,952 Net interest rate spread(3) 3.19 % 3.16 % 2.53 % Net interest margin(4) 4.08 % 4.10 % 3.68 % Total cost of deposits(5) 2.60 % 2.75 % 3.09 % Total cost of funds(6) 2.61 % 2.79 % 3.19 % ______________________ (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. 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,except per share data) Mar. 31, 2026 Dec. 31, 2025 Sept. 30, 2025 Jun. 30, 2025 Mar. 31, 2025 Average assets $ 8,566,759 $ 8,319,679 $ 7,964,712 $ 7,775,199 $ 7,451,703 Less: average intangible assets 9,733 9,733 9,733 9,733 9,733 Average tangible assets (non-GAAP) $ 8,557,026 $ 8,309,946 $ 7,954,979 $ 7,765,466 $ 7,441,970 Average common equity $ 828,131 $ 735,722 $ 731,281 $ 723,974 $ 738,224 Less: average intangible assets 9,733 9,733 9,733 9,733 9,733 Average tangible common equity (non-GAAP) $ 818,398 $ 725,989 $ 721,548 $ 714,241 $ 728,491 Total assets $ 8,844,124 $ 8,255,716 $ 8,234,430 $ 7,853,849 $ 7,616,298 Less: intangible assets 9,733 9,733 9,733 9,733 9,733 Tangible assets (non-GAAP) $ 8,834,391 $ 8,245,983 $ 8,224,697 $ 7,844,116 $ 7,606,565 Common equity $ 948,339 $ 743,112 $ 732,040 $ 722,968 $ 737,846 Less: intangible assets 9,733 9,733 9,733 9,733 9,733 Tangible common equity (book value) (non-GAAP) $ 938,606 $ 733,379 $ 722,307 $ 713,235 $ 728,113 Common shares outstanding 12,392,035 10,088,617 10,382,218 10,421,384 11,066,234 Book value per share (GAAP) $ 76.53 $ 73.66 $ 70.51 $ 69.37 $ 66.68 Tangible book value per share (non-GAAP)(1) $ 75.74 $ 72.69 $ 69.57 $ 68.44 $ 65.80 ______________________ (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. Daniel F. Dougherty EVP & Chief Financial Officer Metropolitan Commercial Bank (212) 365-6721 [email protected] Source: Metropolitan Bank Holding Corp.