Company Quick10K Filing
Metropolitan Bank Holding
Price41.75 EPS3
Shares8 P/E12
MCap349 P/FCF7
Net Debt-435 EBIT75
TEV-87 TEV/EBIT-1
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-05
10-Q 2020-03-31 Filed 2020-05-05
10-K 2019-12-31 Filed 2020-03-09
10-Q 2019-09-30 Filed 2019-11-08
10-Q 2019-06-30 Filed 2019-08-07
10-Q 2019-03-31 Filed 2019-05-09
10-K 2018-12-31 Filed 2019-03-13
10-Q 2018-09-30 Filed 2018-11-13
10-Q 2018-06-30 Filed 2018-08-14
10-Q 2018-03-31 Filed 2018-05-15
10-K 2017-12-31 Filed 2018-03-28
10-Q 2017-09-30 Filed 2017-12-19
8-K 2020-08-18 Officers, Exhibits
8-K 2020-08-06 Officers
8-K 2020-08-05 Officers, Exhibits
8-K 2020-07-22 Earnings, Regulation FD, Exhibits
8-K 2020-06-24 Officers
8-K 2020-04-21
8-K 2020-04-20
8-K 2020-01-22
8-K 2020-01-07
8-K 2019-11-27
8-K 2019-10-23
8-K 2019-09-25
8-K 2019-07-24
8-K 2019-05-28
8-K 2019-05-28
8-K 2019-05-16
8-K 2019-04-24
8-K 2019-01-24
8-K 2018-12-21
8-K 2018-11-07
8-K 2018-10-25
8-K 2018-07-30
8-K 2018-07-25
8-K 2018-07-25
8-K 2018-05-29
8-K 2018-05-21
8-K 2018-04-25
8-K 2018-04-04
8-K 2018-03-06
8-K 2018-02-05
8-K 2018-01-29
8-K 2018-01-16

MCB 10Q Quarterly Report

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
Note 12 - Derivatives
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-20200630xex31d1.htm
EX-31.2 mcb-20200630xex31d2.htm
EX-32 mcb-20200630xex32.htm

Metropolitan Bank Holding Earnings 2020-06-30

Balance SheetIncome StatementCash Flow

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Table of Contents

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, 2020

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)

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

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

There were 8,293,709 shares of the Registrant’s common stock, par value $0.01 per share, outstanding as of August 3, 2020.

Table of Contents

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, 2020 and December 31, 2019

5

Consolidated Statements of Operations for the Three and Six Months ended June 30, 2020 and 2019

6

Consolidated Statements of Comprehensive Income for the Three and Six Months ended June 30, 2020 and 2019

7

Consolidated Statements of Changes in Stockholders’ Equity for the Three and Six Months ended June 30, 2020 and 2019

8

Consolidated Statements of Cash Flows for the Six Months ended June 30, 2020 and 2019

10

Notes to Unaudited Consolidated Financial Statements

11

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

36

Item 3. Quantitative and Qualitative Disclosures About Market Risk

57

Item 4. Controls and Procedures

59

PART II. OTHER INFORMATION

60

Item 1. Legal Proceedings

60

Item 1A. Risk Factors

60

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

60

Item 3. Defaults Upon Senior Securities

60

Item 4. Mine Safety Disclosures

60

Item 5. Other Information

60

Item 6. Exhibits

61

Signatures

62

2

Table of Contents

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 9, 2020 and “Item 1A. Risk Factors” of the Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2020 filed with the SEC on May 5, 2020. 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;
declines in real estate values in Bank’s market area may adversely affect its loan production;
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, cyber-attacks and pandemics such as the Novel Coronavirus (“COVID-19”), as discussed below.

Given its ongoing and dynamic nature, it is difficult to predict the full impact of the COVID-19 outbreak on the Company’s business. The extent of such impact will depend on future developments, which are highly uncertain, including when COVID-19 can be controlled and abated, the timing of an effective vaccine and when and how the economy may fully reopen. As the result of the COVID-19 pandemic and the related adverse local and national economic consequences, the Company could be subject to any of the following risks, any of which could have a material, adverse effect on its business, financial condition, liquidity, and results of operations: the demand for the Bank’s products and services may decline, making it difficult to grow assets and income; if the economy is unable to substantially reopen, and high levels of unemployment continue for an extended period of time, loan delinquencies, problem assets, and foreclosures may increase, resulting in increased charges and reduced income; collateral for loans, especially real estate, may decline in value, which could cause loan losses to increase; the Company’s allowance for loan losses may increase if borrowers experience

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financial difficulties, which will adversely affect the Company’s net income; the net worth and liquidity of loan guarantors may decline, impairing their ability to honor commitments to the Bank; as the result of the decline in the Federal Reserve Board’s target federal funds rate to near 0%, the yield on the Company’s assets may decline to a greater extent than the decline in the Company’s  cost of interest-bearing liabilities, reducing its net interest margin and spread and reducing net income; if legislation is enacted or governmental or regulatory action is enacted limiting the amount of ATM fees or surcharges that Bank may receive or on its ability to charge overdraft or other fees, it could adversely impact the Company’s financial results; the Company’s cyber security risks are increased as the result of an increased use of the Bank’s online banking platform and an increase in the number of employees working remotely; and FDIC premiums may increase if the agency experiences additional resolution costs.

However, this is a period of great uncertainty. The impact of COVID-19 is likely to be felt over the next several quarters particularly as the term of loan modifications expire and borrowers return to a normal debt service schedule as well as the commencement of a repayment schedule for payments that were deferred. As such, significant adjustments to the ALLL may be required as the full impact of COVID-19 on the Bank’s borrowers becomes known.

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.

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METROPOLITAN BANK HOLDING CORP. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (unaudited)

(in thousands, except share data)

June 30, 

December 31, 

    

2020

    

2019

Assets

Cash and due from banks

$

9,529

$

8,116

Overnight deposits

813,147

381,104

Total cash and cash equivalents

822,676

389,220

Investment securities available for sale, at fair value

189,359

234,942

Investment securities held to maturity (estimated fair value of $3,406 and $3,712 at June 30, 2020 and December 31, 2019 respectively)

3,319

3,722

Equity investment securities

2,301

2,224

Total securities

194,979

240,888

Other investments

15,731

21,437

Loans, net of deferred fees and unamortized costs

2,892,274

2,672,949

Allowance for loan losses

(32,505)

(26,272)

Net loans

2,859,769

2,646,677

Receivable from prepaid card programs, net

31,123

11,581

Accrued interest receivable

11,148

8,862

Premises and equipment, net

15,065

12,100

Prepaid expenses and other assets

10,217

17,074

Goodwill

9,733

9,733

Total assets

$

3,970,441

$

3,357,572

Liabilities and Stockholders’ Equity

Deposits:

Noninterest-bearing demand deposits

$

1,526,439

$

1,090,479

Interest-bearing deposits

1,868,300

1,700,295

Total deposits

3,394,739

2,790,774

Federal Home Loan Bank of New York advances

104,000

144,000

Trust preferred securities

20,620

20,620

Subordinated debt, net of issuance cost

24,629

24,601

Secured borrowing

41,948

42,972

Accounts payable, accrued expenses and other liabilities

34,780

23,556

Accrued interest payable

1,199

1,229

Prepaid third-party debit cardholder balances

31,357

10,696

Total liabilities

$

3,653,272

$

3,058,448

Class B preferred stock, $0.01 par value, authorized 2,000,000 shares, 272,636 issued and outstanding at June 30, 2020 and December 31, 2019

$

3

$

3

Common stock, $0.01 par value, 25,000,000 shares authorized, 8,294,801 and 8,312,918 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively

82

82

Additional paid in capital

217,643

216,468

Retained earnings

98,272

81,364

Accumulated other comprehensive gain, net of tax effect

1,169

1,207

Total stockholders’ equity

$

317,169

$

299,124

Total liabilities and stockholders’ equity

$

3,970,441

$

3,357,572

See accompanying notes to unaudited consolidated financial statements

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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, 

    

2020

    

2019

    

2020

    

2019

    

Interest and dividend income:

Loans, including fees

$

32,983

$

28,019

$

65,811

$

53,069

Securities:

Taxable

636

373

2,008

606

Tax-exempt

4

11

Money market funds

4

41

34

75

Overnight deposits

374

2,111

1,967

3,520

Other interest and dividends

226

280

471

537

Total interest income

$

34,223

$

30,828

$

70,291

$

57,818

Interest expense:

Deposits

$

2,915

$

5,936

$

8,682

$

10,582

Borrowed funds

583

1,322

1,319

2,426

Trust preferred securities interest expense

159

228

349

485

Subordinated debt interest expense

405

405

809

810

Total interest expense

$

4,062

$

7,891

$

11,159

$

14,303

Net interest income

30,161

22,937

59,132

43,515

Provision (credit) for loan losses

1,766

1,950

6,556

(81)

Net interest income after provision for loan losses

$

28,395

$

20,987

$

52,576

$

43,596

Non-interest income:

Service charges on deposit accounts

$

803

$

908

$

1,883

$

1,727

Prepaid third-party debit card income

2,108

1,422

3,729

2,679

Other service charges and fees

411

313

1,036

591

Unrealized gain on equity securities

19

31

55

70

Gain on sale of securities

2,312

3,286

Total non-interest income

$

5,653

$

2,674

$

9,989

$

5,067

Non-interest expense:

Compensation and benefits

$

10,058

$

7,921

$

20,017

$

15,411

Bank premises and equipment

1,887

1,348

4,387

2,683

Professional fees

882

917

1,837

1,711

Licensing fees and technology costs

3,460

2,618

7,265

4,003

Other expenses

1,997

1,920

4,291

3,610

Total non-interest expense

$

18,284

$

14,724

$

37,797

$

27,418

Net income before income tax expense

15,764

8,937

24,768

21,245

Income tax expense

4,953

2,880

7,860

6,657

Net income

$

10,811

$

6,057

$

16,908

$

14,588

Earnings per common share:

Basic earnings

$

1.30

$

0.73

$

2.04

$

1.76

Diluted earnings

$

1.28

$

0.71

$

2.00

$

1.72

See accompanying notes to unaudited consolidated financial statements

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METROPOLITAN BANK HOLDING CORP. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited)

(in thousands)

Three months ended June 30, 

Six months ended June 30, 

    

2020

    

2019

    

2020

    

2019

    

Net Income

$

10,811

$

6,057

$

16,908

$

14,588

Other comprehensive income:

Unrealized gain (loss) on securities available for sale:

Unrealized holding gain (loss) arising during the period

$

(1,428)

$

1,009

5,110

1,394

Reclassification adjustment for gain included in net income

(2,312)

(3,286)

Tax effect

1,179

(315)

(577)

(442)

Net of tax

$

(2,561)

$

694

$

1,247

$

952

Unrealized loss on cash flow hedges:

Unrealized holding loss arising during the period

$

(817)

$

(1,877)

Tax effect

258

592

Net of tax

$

(559)

$

(1,285)

Total other comprehensive income (loss)

$

(3,120)

$

694

$

(38)

$

952

Comprehensive Income

$

7,691

$

6,751

$

16,870

$

15,540

See accompanying notes to unaudited consolidated financial statements

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METROPOLITAN BANK HOLDING CORP. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (unaudited)

For three months ended June 30, 2020 and 2019

(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, 2020

272,636

$

3

8,294,801

$

82

$

216,701

$

87,461

$

4,289

$

308,536

Employee and non-employee stock-based compensation

942

942

Net income

10,811

10,811

Other comprehensive loss

(3,120)

(3,120)

Balance at June 30, 2020

272,636

$

3

8,294,801

$

82

$

217,643

$

98,272

$

1,169

$

317,169

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

See accompanying notes to unaudited consolidated financial statements

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METROPOLITAN BANK HOLDING CORP. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (unaudited)

For six months ended June 30, 2020 and 2019

(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, 2020

272,636

$

3

8,312,918

$

82

$

216,468

$

81,364

$

1,207

$

299,124

Restricted stock, net of forfeiture

(12,244)

Employee and non-employee stock-based compensation

1,754

1,754

Repurchase of shares for tax withholding for restricted stock vesting

(5,873)

(579)

(579)

Net income

16,908