LukaTDB When it comes to the current fiscal year, the picture looks a bit different. Net interest income continued its descent, dropping from $57.9 million in the first quarter of last year to $52.9 million the same time this year. In addition to suffering from a larger debt balance and a surge in costly deposits, the bank took a hit from its net interest margin. This managed to fall from 3.86% last year to 3.40% this year. Also, when I say that deposits are costly, the total cost of deposits in the most re ...

Over the past 60 days, the Zacks Consensus Estimate for 2024 and 2025 earnings has moved north by 3.2% and 1.4%, respectively. MCB currently carries a Zacks Rank #2 (Buy). Moreover, at the beginning of 2024, MCB began implementing an innovative digital transformation project to enhance its capabilities and operational efficiency. This is further likely to aid bottom-line expansion. Revenue Strength: Driven by strong loan growth and various deposit-gathering strategies, Metropolitan Bank's net revenues witne ...

Of these, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. Value investors use a variety of methods, including tried-and-true valuation metrics, to find these stocks. Metropolitan Bank Holding (MCB) is a stock many investors are watching right now. MCB is currently sporting a Zacks Rank of #2 (Buy), as well as an A grade for Value. The stock holds a P/E ratio of 5.87, while its industry has an averag ...

Value investors also use the P/S ratio. The P/S ratio is is calculated as price divided by sales. Some people prefer this metric because sales are harder to manipulate on an income statement. This means it could be a truer performance indicator. MCB has a P/S ratio of 1.12. This compares to its industry's average P/S of 1.57. Finally, our model also underscores that MCB has a P/CF ratio of 7.23. This metric focuses on a firm's operating cash flow and is often used to find stocks that are undervalued based o ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR New York 13-4042724 (I.R.S. Employer Identification No.) 99 Park Avenue, New York, New York 10016 (Address of Principal Executive Offices) (Zip Code) (212) 659-0600 (Registrant's Telephone Number, Including Area Code) N/A ☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES ...

Solid earnings are helping to reverse a year-long sell-off in the stock.Investors concerned that the issues plaguing New York Community Bancorp would bleed into neighboring institutions had to be encouraged by the latest results of Metropolitan Bank Holdings Corp. (MCB 18.66%).Shares of the New York-based commercial bank had soared 19% as of 11 a.m. ET after Metropolitan easily exceeded Wall Street expectations in its first-quarter earnings release Thursday.Solid earnings and strong deposit growthThe New Yo ...

Financial Data and Key Metrics Changes - The company reported earnings per share of $1.46, supported by strong growth in net interest income and excellent credit performance [17] - There was a 4 basis points expansion in net interest margin (NIM) in the first quarter, with expectations for further margin expansion as the year progresses [5][21] - Non-interest expenses totaled $41.9 million in the first quarter, with expectations for full-year non-interest expenses to be in the range of $160 million to $163 million [10][11] Business Line Data and Key Metrics Changes - First quarter loan growth exceeded $94 million, funded entirely by core deposit growth of over $340 million [7] - The weighted average coupon on new loan originations was 8.47%, compared to a December 2023 portfolio coupon of 6.92% [8] - Non-interest income increased by approximately 7% from the linked quarter, driven by fees associated with letter of credit activity and deposit service charges [23] Market Data and Key Metrics Changes - The company experienced significant core deposit growth, which contributed to a substantial increase in cash parked at the Federal Reserve [7] - The outlook for loan growth is projected to be between $600 million and $800 million for the year, with loan pipelines growing, particularly in the commercial and industrial (C&I) sector [22] Company Strategy and Development Direction - The company is focused on the wind down of the GPG business and a digital transformation project, both proceeding on time and on budget [4] - The strategy emphasizes relationship-based commercial banking and high-quality commercial clients, with a conservative approach to underwriting and portfolio diversity [18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding loan growth and credit performance, citing strong economic fundamentals [5] - The company expects to see additional uplift in NIM throughout the year, with a forecasted fourth quarter NIM in the range of 3.45% to 3.5% [21] - Management noted that asset quality remains strong, with no identifiable negative trends in the loan portfolio [9][18] Other Important Information - The digital transformation budget remains unchanged at $12 million, with expectations to complete the project by 2025 [24] - The company anticipates a provision for loan growth of approximately 1%, estimating a provision level of $6 million to $8 million for the remainder of the year [32] Q&A Session Summary Question: Will the deposit pipelines continue to be strong? - Management confirmed that while there may be timing differences, they are confident in replacing deposits and funding loan growth by the end of the year [27] Question: What are the expectations for regulatory remediation costs? - Management indicated that regulatory remediation costs are primarily legal and consulting fees, with confidence in meeting expectations throughout the year [39] Question: What is the expected pace of GPG fee income and expenses reduction? - Management expects a decline in GPG fee income and expenses to accelerate in the latter half of the year [72] Question: How does the company view the integration of potential new teams from neighboring banks? - Management expressed that cultural fit and loan expectations have been significant hurdles in integrating new teams, leading to a low probability of hiring in 2024 [49][50] Question: What is the outlook for non-performing assets and reserves? - Management expects to review reserves in the second quarter, with substantial interest reserves available [73]

Metropolitan Bank Holding Corp. (MCB) reported $66.71 million in revenue for the quarter ended March 2024, representing a year-over-year increase of 1.8%. EPS of $1.46 for the same period compares to $2.25 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $63.97 million, representing a surprise of +4.29%. The company delivered an EPS surprise of +14.06%, with the consensus EPS estimate being $1.28.While investors closely watch year-over-year changes in headline numbers -- revenue a ...

Metropolitan Bank Holding Corp. (MCB) came out with quarterly earnings of $1.46 per share, beating the Zacks Consensus Estimate of $1.28 per share. This compares to earnings of $2.25 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 14.06%. A quarter ago, it was expected that this company would post earnings of $1.51 per share when it actually produced earnings of $1.28, delivering a surprise of -15.23%.Over the last four quarte ...

Financial Performance - Net income for Q1 2024 was $16.2 million, or $1.46 per diluted share, up 14.1% from $14.6 million, or $1.28 per diluted share in Q4 2023[1]. - Net income for the period was $16,203,000, an increase from $14,568,000 in the previous quarter, representing a growth of about 11.2%[33]. - Net income available to common shareholders for the three months ended March 31, 2024, was $16,203,000, representing a 4.9% increase from $14,490,000 in the previous quarter, but a decrease from $24,992,000 in the same period last year[50]. - Basic earnings per share for the quarter were $1.46, up from $1.31 in the previous quarter, but down from $2.26 year-over-year[50]. Deposits and Loans - Total deposits increased to $6.2 billion, a rise of $500.3 million, or 8.7%, from Q4 2023, and up $1.1 billion, or 21.5%, from Q1 2023[5]. - Total loans reached $5.7 billion, an increase of $94.4 million, or 1.7%, from Q4 2023, and up $867.5 million, or 17.9%, from Q1 2023[4]. - Total deposits rose to $6,237,542,000, compared to $5,737,292,000 at the end of 2023, marking an increase of approximately 8.7%[30]. - Net loans reached $5,660,680,000, an increase from $5,566,832,000 at the end of 2023, reflecting a growth of about 1.7%[30]. Interest Income and Margin - Net interest margin for Q1 2024 was 3.40%, a slight increase from 3.36% in Q4 2023, but down from 3.86% in Q1 2023[10]. - Total interest income for the three months ended March 31, 2024, was $112,335,000, an increase of 6.4% from $105,267,000 in the previous quarter and a significant increase from $83,263,000 in the same period last year[47]. - Net interest income after provision for credit losses was $59,181,000, up 17.2% from $50,453,000 in the previous quarter, but slightly down from $57,888,000 year-over-year[47]. - The yield on average earning assets was 6.40%, up from 6.21% in the previous quarter, showing improved asset utilization[50]. Non-Interest Income and Expenses - Non-interest income for Q1 2024 was $7.0 million, an increase of $443,000 from Q4 2023[11]. - Non-interest income totaled $7,004,000, up from $6,561,000 in the previous quarter, indicating a growth of about 6.7%[33]. - Total non-interest expense increased to $41,900,000, compared to $37,147,000 in the prior quarter, reflecting a rise of approximately 12.5%[33]. - Non-interest expense rose to $41.9 million, an increase of $4.8 million from the prior quarter and $10.9 million year-over-year[36]. Assets and Equity - Total assets increased to $7,453,371,000 as of March 31, 2024, up from $7,067,672,000 at December 31, 2023, representing a growth of approximately 5.5%[30]. - Average total assets increased to $7,185,768,000 from $6,861,335,000 in the previous quarter, reflecting a growth of 4.7%[51]. - The total stockholders' equity increased to $673,541,000 from $659,021,000 at the end of 2023, reflecting a growth of about 2.5%[30]. - The book value per share (GAAP) increased to $60.18 from $59.57 in the previous quarter, reflecting a positive trend in shareholder equity[51]. Credit Quality - The ratio of non-performing loans to total loans was 0.91% at March 31, 2024, stable compared to 0.92% at December 31, 2023[20]. - The allowance for credit losses stood at $58,538,000, slightly up from $57,965,000 at the end of 2023, indicating a cautious approach to credit risk management[30]. - The allowance for credit losses was $58.538 million, representing 1.02% of total loans[34]. - Total non-accrual loans increased to $51.928 million, with a non-accrual loans to total loans ratio of 0.91%[34]. Operational Efficiency - The efficiency ratio for the quarter was 62.8%, compared to 58.4% in the previous quarter, indicating a decline in operational efficiency[50]. - The company is implementing a digital transformation project to enhance operational efficiencies[36]. - The Tier 1 leverage ratio for Metropolitan Bank Holding Corp. was 10.3%, down from 10.6% in the previous quarter[34]. - The total cost of funds for Q1 2024 was 330 basis points, up from 314 basis points in Q4 2023[17]. Loan Production - Loan production for Q1 2024 was $269.6 million, a decrease of 21.3% from $342.5 million in Q4 2023[34].