Company Quick10K Filing
Quick10K
Metropolitan Bank Holding
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$41.66 8 $347
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
8-K 2019-07-24 Earnings, Regulation FD, Exhibits
8-K 2019-05-28 Shareholder Vote
8-K 2019-05-28 Officers, Other Events, Exhibits
8-K 2019-05-16 Other Events
8-K 2019-04-24 Earnings, Regulation FD, Exhibits
8-K 2019-01-24 Earnings, Regulation FD, Exhibits
8-K 2019-01-24 Earnings, Regulation FD, Exhibits
8-K 2018-12-21 Officers, Exhibits
8-K 2018-11-07 Other Events, Exhibits
8-K 2018-10-25 Earnings, Regulation FD, Exhibits
8-K 2018-07-30 Other Events, Exhibits
8-K 2018-07-25 Regulation FD, Exhibits
8-K 2018-07-25 Earnings, Exhibits
8-K 2018-05-29 Officers, Code of Ethics, Shareholder Vote, Exhibits
8-K 2018-05-21 Regulation FD, Exhibits
8-K 2018-04-25 Earnings, Exhibits
8-K 2018-04-04 Other Events
8-K 2018-03-06 Officers
8-K 2018-02-05 Officers, Exhibits
8-K 2018-01-29 Earnings, Exhibits
8-K 2018-01-16 Other Events, Exhibits
MAR Marriott 45,610
AMH American Homes 4 Rent 7,070
PE Parsley Energy 6,530
XPO XPO Logistics 5,650
OGS One Gas 4,530
NGHC National General Holdings 2,770
EPE EP Energy 64
SIF Sifco Industries 16
IZEA IZEA 8
MHDG Mullan Agritech 0
MCB 2019-06-30
Note 1 - Organization
Note 2 – Basis of Presentation
Note 3 – Summary of Recent Accounting Pronouncements
Note 4 - Investment Securities
Note 5 – Loans and Allowance for Loan Losses
Note 6 – Earnings per Share
Note 7 - Stock Compensation Plan
Note 8 - Fair Value of Financial Instruments
Note 9 - Accumulated Other Comprehensive Loss
Note 10 - Financial Instruments with Off-Balance-Sheet Risk
Note 11 – Revenue From Contracts with Customers
Item 2. Management’S Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 mcb-20190630ex3112d130d.htm
EX-31.2 mcb-20190630ex3125bd970.htm
EX-32 mcb-20190630xex32.htm

Metropolitan Bank Holding Earnings 2019-06-30

MCB 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

10-Q 1 mcb-20190630x10q.htm 10-Q mcb_Current_Folio_10Q

 

 

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, 2019

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

    

13-4042724

(State or Other Jurisdiction of Incorporation or Organization)

 

(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

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such requirements for the past 90 days.

YES ☒ NO ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

YES ☒ NO ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b‑2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

 

Emerging Growth Company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b‑2 of the Exchange Act).

YES ☐     NO ☒

Securities registered pursuant to Section 12(b) of the Act:

 

 

 

 

 

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

 

There were 8,319,853 shares of the Registrant’s common stock, par value $0.01 per share, outstanding as of August 05, 2019.

 

 

METROPOLITAN BANK HOLDING CORP.

Form 10‑Q

Table of Contents

 

 

 

Page

 

 

PART I. FINANCIAL INFORMATION

 

 

 

Item 1. Financial Statements (unaudited)

 

 

 

Consolidated Statements of Financial Condition as of June 30, 2019 and December 31, 2018 

4

 

 

Consolidated Statements of Operations for the Three and Six Months ended June 30, 2019 and 2018 

5

 

 

Consolidated Statements of Comprehensive Income for the Three and Six Months ended June 30, 2019 and 2018 

6

 

 

Consolidated Statements of Changes in Stockholders’ Equity for the Three and Six Months ended June 30, 2019 and 2018 

7

 

 

Consolidated Statements of Cash Flows for the Six Months ended June 30, 2019 and 2018 

9

 

 

Notes to Unaudited Consolidated Financial Statements 

10

 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 

31

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk 

46

 

 

Item 4. Controls and Procedures 

48

 

 

PART II. OTHER INFORMATION 

48

 

 

Item 1. Legal Proceedings 

48

 

 

Item 1A. Risk Factors 

48

 

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 

49

 

 

Item 3. Defaults Upon Senior Securities 

49

 

 

Item 4. Mine Safety Disclosures 

49

 

 

Item 5. Other Information 

49

 

 

Item 6. Exhibits 

49

 

 

Signatures 

51

 

 

2

Cautionary Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10‑Q contains certain “forward looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which may be identified by the use of such words as “may,” “believe,” “expect,” “anticipate,” “consider,” “should,” “plan,” “estimate,” “predict,” “continue,” “probable,” and “potential” or the negative of these terms or other comparable terminology. Examples of forward-looking statements include, but are not limited to, estimates with respect to the financial condition, results of operations and business of Metropolitan Bank Holding Corp. (the “Company”) and its wholly-owned subsidiary Metropolitan Commercial Bank (the “Bank”), and the Company’s strategies, plans, objectives, expectations and intentions, and other statements contained in this Quarterly Report on Form 10‑Q that are not historical facts. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors (many of which are beyond the Company’s control) that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Factors that may cause actual results to differ from those results expressed or implied include those factors listed under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 13, 2019. In addition, these factors include but are not limited to:

·

increases in competitive pressure among financial institutions or from non-financial institutions;

·

changes in the interest rate environment may reduce interest margins or affect the value of the Bank’s investments;

·

changes in deposit flows, loan demand or real estate values may adversely affect the Bank’s business;

·

changes in accounting principles, policies or guidelines may cause the Company’s financial condition to be perceived differently;

·

general economic conditions, including unemployment rates, either nationally or locally in some or all of the areas in which the Bank does business, or conditions in the securities markets or the banking industry may be less favorable than currently anticipated;

·

legislative or regulatory changes may adversely affect the Bank’s business;

·

applicable technological changes may be more difficult or expensive than anticipated;

·

success or consummation of new business initiatives may be more difficult or expensive than anticipated;

·

the risks associated with adverse changes to credit quality, including changes in the level of loan delinquencies and non-performing assets and charge-offs and changes in estimates of the adequacy of the allowance for loan losses;

·

difficulties associated with achieving or predicting expected future financial results; and

·

the potential impact on the Bank’s operations and customers resulting from natural or man-made disasters, wars, acts of terrorism and cyber-attacks.

The Company’s ability to predict results or the actual effects of its plans or strategies is inherently uncertain. As such, forward-looking statements can be affected by inaccurate assumptions made or by known or unknown risks and uncertainties. Consequently, no forward-looking statement can be guaranteed. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect conditions only as of the date of this filing. The Company does not intend to update any of the forward-looking statements after the date of this Form 10‑Q or to conform these statements to actual events.

3

METROPOLITAN BANK HOLDING CORP. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (unaudited)

(in thousands, except share data)

 

 

 

 

 

 

 

 

 

June 30, 

 

December 31, 

 

    

2019

    

2018

Assets

 

 

 

 

 

 

Cash and due from banks

 

$

9,115

 

$

9,246

Overnight deposits

 

 

424,276

 

 

223,704

Total cash and cash equivalents

 

 

433,391

 

 

232,950

Investment securities available for sale, at fair value

 

 

130,755

 

 

30,439

Investment securities held to maturity (estimated fair value of $4,120 and $4,403 at June 30, 2019 and December 31, 2018 respectively)

 

 

4,161

 

 

4,571

Marketable equity investments, at fair value

 

 

2,193

 

 

2,110

Total securities

 

 

137,109

 

 

37,120

Other investments

 

 

22,972

 

 

22,287

Loans, net of deferred fees and unamortized costs

 

 

2,335,573

 

 

1,865,216

Allowance for loan losses

 

 

(22,715)

 

 

(18,942)

Net loans

 

 

2,312,858

 

 

1,846,274

Receivable from prepaid card programs, net

 

 

16,533

 

 

8,218

Accrued interest receivable

 

 

7,795

 

 

5,507

Premises and equipment, net

 

 

6,626

 

 

6,877

Prepaid expenses and other assets

 

 

10,967

 

 

8,158

Goodwill

 

 

9,733

 

 

9,733

Accounts receivable, net

 

 

2,629

 

 

5,520

Total assets

 

$

2,960,613

 

$

2,182,644

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

Noninterest-bearing demand deposits

 

$

1,103,278

 

$

798,563

Interest-bearing deposits

 

 

1,272,844

 

 

861,991

Total deposits

 

 

2,376,122

 

 

1,660,554

Federal Home Loan Bank of New York advances

 

 

190,000

 

 

185,000

Trust preferred securities

 

 

20,620

 

 

20,620

Subordinated debt, net of issuance cost

 

 

24,573

 

 

24,545

Accounts payable, accrued expenses and other liabilities

 

 

26,203

 

 

18,439

Due to brokers

 

 

24,513

 

 

 —

Accrued interest payable

 

 

1,535

 

 

1,282

Prepaid third-party debit cardholder balances

 

 

15,717

 

 

7,687

Total liabilities

 

 

2,679,283

 

 

1,918,127

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class B preferred stock, $0.01 par value, authorized 2,000,000 shares, 272,636 issued and outstanding at June 30, 2019 and December 31, 2018

 

 

 3

 

 

 3

Common stock, $0.01 par value, 25,000,000 shares authorized, 8,320,816 and 8,217,274 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively

 

 

82

 

 

82

Additional paid in capital

 

 

214,880

 

 

213,490

Retained earnings

 

 

65,818

 

 

51,415

Accumulated other comprehensive gain (loss), net of tax effect

 

 

547

 

 

(473)

Total stockholders’ equity

 

 

281,330

 

 

264,517

Total liabilities and stockholders’ equity

 

$

2,960,613

 

$

2,182,644

 

See accompanying notes to unaudited consolidated financial statements

4

METROPOLITAN BANK HOLDING CORP. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

(in thousands, except share and per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended June 30, 

 

Six months ended June 30, 

 

 

 

    

2019

    

2018

    

2019

    

2018

 

    

Interest and dividend income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

 

$

28,019

 

$

17,996

 

$

53,069

 

$

35,208

 

 

Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

376

 

 

177

 

 

619

 

 

363

 

 

Tax-exempt

 

 

 4

 

 

 8

 

 

11

 

 

15

 

 

Money market funds

 

 

92

 

 

121

 

 

146

 

 

240

 

 

Overnight deposits

 

 

2,060

 

 

1,534

 

 

3,449

 

 

2,577

 

 

Other interest and dividends

 

 

277

 

 

162

 

 

524

 

 

288

 

 

Total interest income

 

$

30,828

 

$

19,998

 

$

57,818

 

$

38,691

 

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

$

5,936

 

$

1,799

 

$

10,582

 

$

3,238

 

 

Borrowed funds

 

 

1,322

 

 

191

 

 

2,426

 

 

341

 

 

Trust preferred securities interest expense

 

 

228

 

 

208

 

 

485

 

 

392

 

 

Subordinated debt interest expense

 

 

405

 

 

405

 

 

810

 

 

809

 

 

Total interest expense

 

$

7,891

 

$

2,603

 

$

14,303

 

$

4,780

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

 

22,937

 

 

17,395

 

 

43,515

 

 

33,911

 

 

Provision (credit) for loan losses

 

 

1,950

 

 

1,270

 

 

(81)

 

 

2,747

 

 

Net interest income after provision for loan losses

 

$

20,987

 

$

16,125

 

$

43,596

 

$

31,164

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service charges on deposit accounts

 

$

908

 

$

821

 

$

1,727

 

$

2,731

 

 

Prepaid third-party debit card income

 

 

1,422

 

 

1,519

 

 

2,679

 

 

2,427

 

 

Other service charges and fees

 

 

313

 

 

346

 

 

591

 

 

2,840

 

 

Unrealized gain on equity securities

 

 

31

 

 

 —

 

 

70

 

 

 —

 

 

Losses on call of securities

 

 

 —

 

 

(37)

 

 

 —

 

 

(37)

 

 

Total non-interest income

 

$

2,674

 

$

2,649

 

$

5,067

 

$

7,961

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

$

7,921

 

$

6,126

 

$

15,411

 

$

12,443

 

 

Bank premises and equipment

 

 

1,348

 

 

1,288

 

 

2,683

 

 

2,468

 

 

Professional fees

 

 

917

 

 

841

 

 

1,711

 

 

1,619

 

 

Technology costs

 

 

2,618

 

 

609

 

 

4,003

 

 

2,115

 

 

Other expenses

 

 

1,920

 

 

1,411

 

 

3,610

 

 

2,868

 

 

Total non-interest expense

 

$

14,724

 

$

10,275

 

$

27,418

 

$

21,513

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income before income tax expense

 

 

8,937

 

 

8,499

 

 

21,245

 

 

17,612

 

 

Income tax expense

 

 

2,880

 

 

2,634

 

 

6,657

 

 

5,456

 

 

Net income

 

$

6,057

 

$

5,865

 

$

14,588

 

$

12,156

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings

 

$

0.73

 

$

0.72

 

$

1.76

 

 

1.48

 

 

Diluted earnings

 

$

0.71

 

$

0.70

 

$

1.72

 

 

1.46

 

 

 

See accompanying notes to unaudited consolidated financial statements

5

METROPOLITAN BANK HOLDING CORP. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited)

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended June 30, 

 

Six months ended June 30, 

 

 

 

    

2019

    

2018

    

2019

    

2018

    

 

Net Income

 

$

6,057

 

$

5,865

 

$

14,588

 

$

12,156

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Unrealized holding gain (loss) arising during the period

 

 

1,009

 

 

(166)

 

 

1,394

 

 

(588)

 

 

Reclassification adjustments for net losses included in net income 

 

 

 —

 

 

37

 

 

 —

 

 

37

 

 

    Tax effect

 

 

(315)

 

 

40

 

 

(442)

 

 

140

 

 

       Total unrealized gains (loss) on securities available for sale, net

 

 

694

 

 

(89)

 

 

952

 

 

(411)

 

 

Comprehensive income

 

$

6,751

 

$

5,776

 

$

15,540

 

$

11,745

 

 

 

 

 

See accompanying notes to unaudited consolidated financial statements

6

METROPOLITAN BANK HOLDING CORP. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (unaudited)

For the three months ended June 30, 2019 and 2018

(in thousands, except share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred

 

 

 

 

 

 

 

Additional

 

 

 

 

AOCI

 

 

 

 

 

Stock,

 

 

Common

 

Paid-in

 

Retained

 

(Loss),

 

 

 

 

  

Class B

  

 

Stock

  

Capital

  

Earnings

  

Net

  

Total

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

 

 

 

 

 

 

 

 

 

 

Balance at April 1, 2019

 

272,636

 

$

 3

 

 

8,320,816

 

$

82

 

$

214,088

 

$

59,761

 

$

(147)

 

$

273,787

Employee and non-employee stock-based compensation

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

792

 

 

 —

 

 

 —

 

 

792

Net income

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

6,057

 

 

 —

 

 

6,057

Other comprehensive income

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

694

 

 

694

Balance at June 30, 2019

 

272,636

 

$

 3

 

 

8,320,816

 

$

82

 

$

214,880

 

$

65,818

 

$

547

 

$

281,330

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred

 

 

 

 

 

 

 

Additional

 

 

 

 

AOCI

 

 

 

 

 

Stock,

 

 

Common

 

Paid-in

 

Retained

 

(Loss),

 

 

 

 

  

Class B

  

 

Stock

  

Capital

  

Earnings

  

Net

  

Total

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

 

 

 

 

 

 

 

 

 

 

Balance at April 1, 2018

 

272,636

 

$

 3

 

 

8,194,925

 

$

81

 

$

211,333

 

$

32,152

 

$

(528)

 

$

243,041

Restricted stock, net of forfeiture

 

 —

 

 

 —

 

 

8,987

 

 

 —

 

 

440

 

 

 —

 

 

 —

 

 

440

Net issuance of shares for exercise of stock options and tax withholding for restricted stock vesting

 

 —

 

 

 —

 

 

1,322

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

Employee and non-employee stock-based compensation

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

327

 

 

 —

 

 

 —

 

 

327

Net Income

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

5,865

 

 

 —

 

 

5,865

Other comprehensive loss

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(89)

 

 

(89)

Balance at June 30, 2018

 

272,636

 

$

 3

 

 

8,205,234

 

$

81

 

$

212,100

 

$

38,017

 

$

(617)

 

$

249,584

 

 

 

 

 

 

 

See accompanying notes to unaudited consolidated financial statement

 

 

 

 

 

7

 

METROPOLITAN BANK HOLDING CORP. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (unaudited)

For the six months ended June 30, 2019 and 2018

(in thousands, except share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred

 

 

 

 

 

 

 

Additional

 

 

 

 

AOCI

 

 

 

 

 

Stock,

 

 

Common

 

Paid-in

 

Retained

 

(Loss),

 

 

 

 

  

Class B

  

 

Stock

  

Capital

  

Earnings

  

Net

  

Total

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

 

 

 

 

 

 

 

 

 

 

Balance at January 1, 2019

 

272,636

 

$

 3

 

 

8,217,274

 

$

82

 

$

213,490

 

$

51,415

 

$

(473)

 

$

264,517

Restricted stock, net of forfeiture

 

 —

 

 

 —

 

 

106,423

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

Employee and non-employee stock-based compensation

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

1,478

 

 

 —

 

 

 —

 

 

1,478

Repurchase of shares for exercise of stock options and tax withholding for restricted stock vesting

 

 —

 

 

 —

 

 

(2,881)

 

 

 —

 

 

(88)

 

 

 —

 

 

 —

 

 

(88)

Net income

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

14,588

 

 

 —

 

 

14,588

ASU 2016-01 Accounting adjustment to opening retained earnings

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(68)

 

 

68

 

 

 —

ASU 2014-09 Accounting adjustment to opening retained earnings

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(117)

 

 

 —

 

 

(117)

Other comprehensive income

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

952

 

 

952

Balance at June 30, 2019

 

272,636

 

$

 3

 

 

8,320,816

 

$

82

 

$

214,880

 

$

65,818

 

$

547

 

$

281,330

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred

 

 

 

 

 

 

 

Additional

 

 

 

 

AOCI

 

 

 

 

 

Stock,

 

 

Common

 

Paid-in

 

Retained

 

(Loss),

 

 

 

 

  

Class B

  

 

Stock

  

Capital

  

Earnings

  

Net

  

Total

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

 

 

 

 

 

 

 

 

 

 

Balance at January 1, 2018

 

272,636

 

$

 3

 

 

8,196,310

 

$

81

 

$

211,145

 

$

25,861

 

$

(206)

 

$

236,884

Restricted stock, net of forfeiture

 

 —

 

 

 —

 

 

8,987

 

 

 —

 

 

440

 

 

 —

 

 

 —

 

 

440

Issuance of common stock, net (1)

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(33)

 

 

 —

 

 

 —

 

 

(33)

Repurchase of shares for exercise of stock options and tax withholding for restricted stock vesting

 

 —

 

 

 —

 

 

(63)

 

 

 —

 

 

(72)

 

 

 —

 

 

 —

 

 

(72)

Employee and non-employee stock-based compensation

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

619

 

 

 —

 

 

 —

 

 

619

Net Income

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

12,156

 

 

 —

 

 

12,156

Other comprehensive loss

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(411)

 

 

(411)

Balance at June 30, 2018

 

272,636

 

$

 3

 

 

8,205,234

 

$

81

 

$

212,100

 

$

38,017

 

$

(617)

 

$

249,584

 


(1)

Represents costs incurred in connection with the Company’s initial public offering completed in November 2017.

See accompanying notes to unaudited consolidated financial statements

8

METROPOLITAN BANK HOLDING CORP. AND SUBSIDIARY

CONSOLIDATED STATEMENT OF CASH FLOWS (unaudited)

(in thousands, except share data)

 

 

 

 

 

 

 

 

 

 

Six months ended June 30, 

 

 

    

2019

    

2018

    

Cash flows from operating activities:

 

 

 

 

 

 

 

Net income

 

$

14,588

 

$

12,156

 

Adjustments to reconcile net income to net cash: