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].

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 001-38282 METROPOLITAN BANK HOLDING CORP. (Exact name of registrant as specified in its charter) New York 13-4042724 (State or other jurisdiction of inc ...

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________________ to __________________ Commission File No. 001-38282 Metropolitan Bank Holding Corp. (Exact Name of Registrant as Specified in Its Charter) New Yor ...

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 June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________________ to __________________ Commission File No. 001-38282 Metropolitan Bank Holding Corp. (Exact Name of Registrant as Specified in Its Charter) New York 13- ...

Financial Data and Key Metrics Changes - The second quarter of 2023 showed a net interest margin (NIM) compression of 42 basis points, primarily due to the replacement of non-interest bearing crypto deposits with borrowings [14][32] - New loan production yielded an average of 8.19%, up from 6.34% in the first quarter, indicating a focus on pricing discipline [14] - Average borrowings decreased from $597 million to $425 million, reflecting a reduction in reliance on higher-cost borrowings [13] Business Line Data and Key Metrics Changes - The global payments business saw a revenue increase of 21% from non-bank financial service companies, with corporate disbursement client revenues up 27% [15] - Retail deposits, including those from loan customers, increased nearly 13% in the quarter, demonstrating strong growth from both existing and new customers [33] Market Data and Key Metrics Changes - Crypto deposits were reduced by $220 million in the quarter, with only $58 million remaining at the end of the quarter, expected to be fully transitioned away soon [33] - Non-interest-bearing deposits decreased by $400 million, with half attributed to crypto-related outflows and the other half due to normal client liquidity deployment [42] Company Strategy and Development Direction - The company is focused on transitioning from higher-cost borrowings to lower-cost deposits, aiming to stabilize and eventually expand net interest margins [11][31] - MCB is optimistic about future growth opportunities arising from market disruptions and is committed to maintaining a disciplined approach to pricing and risk management [11][31] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges of a high-rate environment but expressed confidence in the company's ability to manage its balance sheet effectively [5][10] - The company expects to return to historical funding strategies with reduced reliance on borrowed funds, aiming for a loan-to-deposit ratio below 100% in the future [69][70] Other Important Information - Professional fees are expected to decrease by approximately $2 million in the third quarter, contributing to a more favorable expense outlook [16][57] - The effective tax rate is projected to be between 31% and 32%, excluding discrete items [37] Q&A Session Summary Question: What is the outlook for NIM recovery? - Management indicated that NIM could potentially recover to the 380 to 390 basis points range, depending on asset yields and the balance sheet's sensitivity to liabilities [39][41] Question: What caused the decrease in non-interest-bearing deposits? - The decrease was attributed to normal flows, particularly from retail and commercial lending clients deploying liquidity, rather than a wholesale repricing of deposits [42] Question: What is the status of the GPG fee income? - The crypto-related fee income is expected to drop to zero in the third quarter as the business has wound down [53] Question: How does the company view loan growth given the current loan-to-deposit ratio? - Management is comfortable operating above a 100% loan-to-deposit ratio in the short term but expects to return to more historical levels over the next few quarters [69][70] Question: What are the expectations for overall expense growth? - After normalizing for professional fees, management anticipates continued investment in human capital, which may lead to overall expenses being up in the third quarter [58]