Metropolitan Commercial Bank Issues Updated Financial Information
March 30 2023 - 4:41PM
Business Wire
Metropolitan Bank Holding Corp. (the “Company”) (NYSE: MCB), the
holding company for Metropolitan Commercial Bank (the “Bank”) today
updated the following financial information (unaudited):
- The Company and Bank remain well capitalized across all
measures of regulatory capital, with a total risk-based capital of
13.4% and 13.1%, respectively, at December 31, 2022, well above
regulatory minimums.
- As of March 29, 2023:
- Total core deposit verticals were $5.04 billion compared with
$4.78 billion as of December 31, 2022, an increase of 5.4%.
- Insured deposits account for 66% of total deposits, up from 60%
at December 31, 2022.
- Liquidity remains strong. Cash on deposit with the Federal
Reserve Bank of New York and readily accessible secured funding
capacity totaled $3.1 billion, which is 170% of uninsured deposit
balances.
- Our previously announced exit from the crypto vertical, not
included in total core deposit verticals above, is almost complete,
with crypto-related deposits currently accounting for 4% of total
deposits and as anticipated is expected to be near zero by the end
of the second quarter of 2023.
- Asset quality remains strong. The commercial real estate
(“CRE”) portfolio, which includes owner-occupied CRE, is broadly
diversified by property type, with offices accounting for only 10%
of the portfolio, and the 61% average loan-to-value ratio of the
portfolio significantly mitigates credit risk.
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. With its Global Payments group, the Bank has
established itself as a leader in domestic and international
fintech, payments, and money services. Metropolitan Commercial Bank
operates banking centers in New York City and on Long Island in New
York state.
The Bank is a member of the Piper Sandler Sm-All Stars Class of
2022, has a Kroll BBB+ (investment grade) Deposit Rating, and was
recently ranked in the top ten of S&P Global Market
Intelligence’s annual ranking of the best-performing community
banks with assets between $3 billion and $10 billion. 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 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, 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, the current or anticipated impact of military
conflict, terrorism or other geopolitical events 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.
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20230330005786/en/
Greg Sigrist EVP & Chief Financial Officer Metropolitan
Commercial Bank (212) 365-6721 IR@MCBankNY.com
Metropolitan Bank (NYSE:MCB)
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