Metropolitan Bank Holding Corp. Reports First Quarter 2024 Results
Strong commercial bank franchise underscores resiliency in challenging macroeconomic environment
Investment in core banking digital transformation underway to support continued growth
Financial Highlights
-
Total deposits at
March 31, 2024 were$6.2 billion , an increase of$500.3 million fromDecember 31, 2023 and an increase of$1.1 billion fromMarch 31, 2023 . - Net interest margin expanded 4 basis points to 3.40% for the first quarter of 2024 compared to 3.36% for the fourth quarter of 2023.
-
Loans at
March 31, 2024 were$5.7 billion , an increase of$94.4 million fromDecember 31, 2023 and$867.5 million fromMarch 31, 2023 . -
Diluted earnings per share of
$1.46 for the first quarter of 2024, an increase of 14.1% compared to the fourth quarter of 2023, inclusive of$4.9 million of expenses in the first quarter of 2024 related to theGlobal Payments Group (“GPG”) wind down, regulatory remediation, and the core banking digital transformation. - Return on average equity of 9.8% and return on average tangible common equity1 of 9.9% for the first quarter of 2024.
- Asset quality continues to be stable and a source of strength.
-
Liquidity remains strong. At
March 31, 2024 , cash on deposit with theFederal Reserve Bank of New York and available secured funding capacity totaled$3.4 billion , which was 222% of uninsured deposit balances. -
The Company and Bank are “well capitalized” across all measures of regulatory capital, with total risk-based capital ratios of 12.9% and 12.6%, respectively, atMarch 31, 2024 , well above regulatory minimums.
1 Non-GAAP financial measure. See Reconciliation of Non-GAAP Measures on page 11.
“As the only true mid-sized commercial bank headquartered in NYC, we continue to deliver strong returns for our shareholders while simultaneously and diligently preparing the bank for the future. We are ready, willing, and able to support our clients with our strong capital position and outstanding liquidity, supported by a continued focus on risk management.”
Balance Sheet
Total cash and cash equivalents were
Total loans, net of deferred fees and unamortized costs, were
Total deposits were
At
Income Statement
Financial Highlights
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Three months ended |
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(dollars in thousands, except per share data) |
|
2024 |
|
2023 |
|
2023 |
|
|||
Total revenues(1) |
|
$ |
66,713 |
|
$ |
63,555 |
|
$ |
65,508 |
|
Net income (loss) |
|
$ |
16,203 |
|
$ |
14,568 |
|
$ |
25,076 |
|
Diluted earnings (loss) per common share |
|
$ |
1.46 |
|
$ |
1.28 |
|
$ |
2.25 |
|
Return on average assets(2) |
|
|
0.91 |
% |
|
0.84 |
% |
|
1.64 |
% |
Return on average equity(2) |
|
|
9.8 |
% |
|
9.0 |
% |
|
17.2 |
% |
Return on average tangible common equity(2), (3), (4) |
|
|
9.9 |
% |
|
9.1 |
% |
|
17.4 |
% |
_____________________________
|
Net Interest Income
Net interest income for the first quarter of 2024 was
Net Interest Margin
Net interest margin for the first quarter of 2024 was 3.40% compared to 3.36% and 3.86% for the prior linked quarter and prior year period, respectively. The 46 basis point decrease from the prior year period was driven largely by the shift from non-interest bearing deposits to interest bearing deposits related to the final exit from the crypto-related deposit vertical, the increase in the average balance of borrowed funds and, moreover, the increase in the cost of funds, partially offset by loan growth and the increase in loan yields.
Total cost of funds for the first quarter of 2024 was 330 basis points compared to 314 basis points and 183 basis points for the prior linked quarter and prior year period, respectively. The increase in the cost of funds reflects the continued effects of high short-term interest rates, intense competition, and the shift from non-interest bearing deposits to interest bearing funding related to the final exit from the crypto-related deposit vertical.
Non-Interest Income
Non-interest income was
Non-Interest Expense
Non-interest expense was
The increase from the prior year period was due primarily to an increase of
Income Tax Expense
The effective tax rate for the first quarter of 2024 was 33.3% compared to 26.7% for the prior linked quarter and 25.9% for the prior year period. The effective tax rate for the first quarter of 2024 reflects unfavorable discrete items related to employee stock compensation. The effective tax rate for the prior linked quarter reflects seasonal annual adjustments. The effective tax rate for the prior year period includes a favorable discrete benefit related to the conversion of stock awards.
Asset Quality
Credit quality remains stable. The ratio of non-performing loans to total loans was 0.91% at
Conference Call
The Company will conduct a conference call at
The call will also be broadcast live over the Internet and accessible at MCB Quarterly Results Conference Call and in the Investor Relations section of the Company’s website at
About
The Bank is a
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 are difficult to predict and are generally beyond our control and 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 following: the interest rate policies of the
Forward-looking statements speak only as of the date of this release. We do not undertake (and expressly disclaim) any obligation to update or revise any forward-looking statement, except as may be required by law.
Consolidated Balance Sheet (unaudited)
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(in thousands) |
|
2024 |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
|||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
Cash and due from banks |
|
$ |
34,037 |
|
$ |
31,973 |
|
$ |
36,438 |
|
$ |
33,534 |
|
$ |
32,525 |
Overnight deposits |
|
|
500,366 |
|
|
237,492 |
|
|
140,929 |
|
|
168,242 |
|
|
266,978 |
Total cash and cash equivalents |
|
|
534,403 |
|
|
269,465 |
|
|
177,367 |
|
|
201,776 |
|
|
299,503 |
Investment securities available-for-sale |
|
|
497,789 |
|
|
461,207 |
|
|
429,850 |
|
|
426,068 |
|
|
444,169 |
Investment securities held-to-maturity |
|
|
460,249 |
|
|
468,860 |
|
|
478,886 |
|
|
515,613 |
|
|
501,525 |
Equity investment securities, at fair value |
|
|
2,115 |
|
|
2,123 |
|
|
2,015 |
|
|
2,066 |
|
|
2,087 |
Total securities |
|
|
960,153 |
|
|
932,190 |
|
|
910,751 |
|
|
943,747 |
|
|
947,781 |
Other investments |
|
|
32,669 |
|
|
38,966 |
|
|
35,015 |
|
|
28,040 |
|
|
27,099 |
Loans, net of deferred fees and unamortized costs |
|
|
5,719,218 |
|
|
5,624,797 |
|
|
5,354,487 |
|
|
5,149,546 |
|
|
4,851,694 |
Allowance for credit losses |
|
|
(58,538) |
|
|
(57,965) |
|
|
(52,298) |
|
|
(51,650) |
|
|
(47,752) |
Net loans |
|
|
5,660,680 |
|
|
5,566,832 |
|
|
5,302,189 |
|
|
5,097,896 |
|
|
4,803,942 |
Receivables from global payments business, net |
|
|
93,852 |
|
|
87,648 |
|
|
79,892 |
|
|
84,919 |
|
|
83,787 |
Other assets |
|
|
171,614 |
|
|
172,571 |
|
|
178,145 |
|
|
165,772 |
|
|
147,870 |
Total assets |
|
$ |
7,453,371 |
|
$ |
7,067,672 |
|
$ |
6,683,359 |
|
$ |
6,522,150 |
|
$ |
6,309,982 |
|
|
|
|
|
|
|
|
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|
Liabilities and Stockholders' Equity |
|
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Deposits |
|
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Non-interest-bearing demand deposits |
|
$ |
1,927,629 |
|
$ |
1,837,874 |
|
$ |
1,746,626 |
|
$ |
1,730,380 |
|
$ |
2,122,606 |
Interest-bearing deposits |
|
|
4,309,913 |
|
|
3,899,418 |
|
|
3,774,963 |
|
|
3,558,185 |
|
|
3,009,182 |
Total deposits |
|
|
6,237,542 |
|
|
5,737,292 |
|
|
5,521,589 |
|
|
5,288,565 |
|
|
5,131,788 |
Federal funds purchased |
|
|
100,000 |
|
|
99,000 |
|
|
— |
|
|
243,000 |
|
|
195,000 |
|
|
|
300,000 |
|
|
440,000 |
|
|
355,000 |
|
|
200,000 |
|
|
200,000 |
Trust preferred securities |
|
|
20,620 |
|
|
20,620 |
|
|
20,620 |
|
|
20,620 |
|
|
20,620 |
Secured borrowings |
|
|
7,549 |
|
|
7,585 |
|
|
7,621 |
|
|
7,655 |
|
|
7,689 |
Prepaid third-party debit cardholder balances |
|
|
18,685 |
|
|
10,178 |
|
|
10,297 |
|
|
10,772 |
|
|
11,102 |
Other liabilities |
|
|
95,434 |
|
|
93,976 |
|
|
133,322 |
|
|
130,263 |
|
|
135,896 |
Total liabilities |
|
|
6,779,830 |
|
|
6,408,651 |
|
|
6,048,449 |
|
|
5,900,875 |
|
|
5,702,095 |
|
|
|
|
|
|
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|
|
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|
|
Common stock |
|
|
112 |
|
|
111 |
|
|
110 |
|
|
110 |
|
|
112 |
Additional paid in capital |
|
|
393,341 |
|
|
395,871 |
|
|
393,544 |
|
|
392,742 |
|
|
394,124 |
Retained earnings |
|
|
332,178 |
|
|
315,975 |
|
|
301,407 |
|
|
279,344 |
|
|
263,783 |
Accumulated other comprehensive gain (loss), net of tax effect |
|
|
(52,090) |
|
|
(52,936) |
|
|
(60,151) |
|
|
(50,921) |
|
|
(50,132) |
Total stockholders’ equity |
|
|
673,541 |
|
|
659,021 |
|
|
634,910 |
|
|
621,275 |
|
|
607,887 |
Total liabilities and stockholders’ equity |
|
$ |
7,453,371 |
|
$ |
7,067,672 |
|
$ |
6,683,359 |
|
$ |
6,522,150 |
|
$ |
6,309,982 |
Consolidated Statement of Income (unaudited)
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|
Three months ended |
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(dollars in thousands, except per share data) |
|
2024 |
|
2023 |
|
2023 |
|||
Total interest income |
|
$ |
112,335 |
|
$ |
105,267 |
|
$ |
83,263 |
Total interest expense |
|
|
52,626 |
|
|
48,273 |
|
|
24,729 |
Net interest income |
|
|
59,709 |
|
|
56,994 |
|
|
58,534 |
Provision for credit losses |
|
|
528 |
|
|
6,541 |
|
|
646 |
Net interest income after provision for credit losses |
|
|
59,181 |
|
|
50,453 |
|
|
57,888 |
|
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|
|
|
|
|
|
|
|
Non-interest income |
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
|
1,863 |
|
|
1,671 |
|
|
1,456 |
|
|
|
4,069 |
|
|
4,177 |
|
|
4,850 |
Other income |
|
|
1,072 |
|
|
713 |
|
|
668 |
Total non-interest income |
|
|
7,004 |
|
|
6,561 |
|
|
6,974 |
|
|
|
|
|
|
|
|
|
|
Non-interest expense |
|
|
|
|
|
|
|
|
|
Compensation and benefits |
|
|
19,827 |
|
|
18,210 |
|
|
16,255 |
Bank premises and equipment |
|
|
2,343 |
|
|
2,317 |
|
|
2,344 |
Professional fees |
|
|
5,972 |
|
|
5,031 |
|
|
4,187 |
Technology costs |
|
|
3,011 |
|
|
974 |
|
|
1,313 |
Licensing fees |
|
|
3,276 |
|
|
3,638 |
|
|
2,662 |
|
|
|
2,925 |
|
|
2,639 |
|
|
2,814 |
Regulatory settlement reserve |
|
|
— |
|
|
— |
|
|
(2,500) |
Other expenses |
|
|
4,546 |
|
|
4,338 |
|
|
3,950 |
Total non-interest expense |
|
|
41,900 |
|
|
37,147 |
|
|
31,025 |
|
|
|
|
|
|
|
|
|
|
Net income before income tax expense |
|
|
24,285 |
|
|
19,867 |
|
|
33,837 |
Income tax expense |
|
|
8,082 |
|
|
5,299 |
|
|
8,761 |
Net income (loss) |
|
$ |
16,203 |
|
$ |
14,568 |
|
$ |
25,076 |
|
|
|
|
|
|
|
|
|
|
Earnings per common share: |
|
|
|
|
|
|
|
|
|
Average common shares outstanding: |
|
|
|
|
|
|
|
|
|
Basic |
|
|
11,132,989 |
|
|
11,062,729 |
|
|
11,044,624 |
Diluted |
|
|
11,132,989 |
|
|
11,366,463 |
|
|
11,103,008 |
Basic earnings (loss) |
|
$ |
1.46 |
|
$ |
1.31 |
|
$ |
2.26 |
Diluted earnings (loss) |
|
$ |
1.46 |
|
$ |
1.28 |
|
$ |
2.25 |
Loan Production,
|
|
|
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|||||
|
|
2024 |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
|
|||||
LOAN PRODUCTION (in millions) |
|
$ |
269.6 |
|
$ |
342.5 |
|
$ |
333.5 |
|
$ |
425.4 |
|
$ |
265.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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ASSET QUALITY (in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate |
|
$ |
44,939 |
|
$ |
44,939 |
|
$ |
24,000 |
|
$ |
24,000 |
|
$ |
24,000 |
|
Commercial and industrial |
|
|
6,989 |
|
|
6,934 |
|
|
6,934 |
|
|
— |
|
|
— |
|
Consumer |
|
|
— |
|
|
24 |
|
|
24 |
|
|
24 |
|
|
24 |
|
Total non-accrual loans |
|
$ |
51,928 |
|
$ |
51,897 |
|
$ |
30,958 |
|
$ |
24,024 |
|
$ |
24,024 |
|
Non-accrual loans to total loans |
|
|
0.91 |
% |
|
0.92 |
% |
|
0.58 |
% |
|
0.47 |
% |
|
0.50 |
% |
Allowance for credit losses |
|
$ |
58,538 |
|
$ |
57,965 |
|
$ |
52,298 |
|
$ |
51,650 |
|
$ |
47,752 |
|
Allowance for credit losses to total loans |
|
|
1.02 |
% |
|
1.03 |
% |
|
0.98 |
% |
|
1.00 |
% |
|
0.98 |
% |
Charge-offs |
|
$ |
(3) |
|
$ |
(946) |
|
$ |
(129) |
|
$ |
(44) |
|
$ |
(100) |
|
Recoveries |
|
$ |
2 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
Net charge-offs/(recoveries) to average loans (annualized) |
|
|
— |
% |
|
0.07 |
% |
|
0.01 |
% |
|
— |
% |
|
0.01 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REGULATORY CAPITAL |
|
|
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|
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|
Tier 1 Leverage: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.3 |
% |
|
10.6 |
% |
|
10.7 |
% |
|
10.8 |
% |
|
10.8 |
% |
|
|
|
10.1 |
% |
|
10.3 |
% |
|
10.5 |
% |
|
10.5 |
% |
|
10.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Equity Tier 1 Risk-Based (CET1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11.6 |
% |
|
11.5 |
% |
|
11.8 |
% |
|
11.9 |
% |
|
12.3 |
% |
|
|
|
11.7 |
% |
|
11.6 |
% |
|
11.9 |
% |
|
11.9 |
% |
|
12.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 Risk-Based: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11.9 |
% |
|
11.9 |
% |
|
12.2 |
% |
|
12.2 |
% |
|
12.7 |
% |
|
|
|
11.7 |
% |
|
11.6 |
% |
|
11.9 |
% |
|
11.9 |
% |
|
12.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Risk-Based: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12.9 |
% |
|
12.8 |
% |
|
13.1 |
% |
|
13.2 |
% |
|
13.6 |
% |
|
|
|
12.6 |
% |
|
12.5 |
% |
|
12.8 |
% |
|
12.9 |
% |
|
13.2 |
% |
Performance Measures
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|||||||
|
|
|
|
|
|
|
|
|||
(dollars in thousands, except per share data) |
|
2024 |
|
2023 |
|
2023 |
|
|||
Net income per consolidated statements of income |
|
$ |
16,203 |
|
$ |
14,568 |
|
$ |
25,076 |
|
Less: Earnings allocated to participating securities |
|
|
— |
|
|
(78) |
|
|
(84) |
|
Net income (loss) available to common shareholders |
|
$ |
16,203 |
|
$ |
14,490 |
|
$ |
24,992 |
|
|
|
|
|
|
|
|
|
|
|
|
Per common share: |
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss) |
|
$ |
1.46 |
|
$ |
1.31 |
|
$ |
2.26 |
|
Diluted earnings (loss) |
|
$ |
1.46 |
|
$ |
1.28 |
|
$ |
2.25 |
|
Common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
Period end |
|
|
11,191,958 |
|
|
11,062,729 |
|
|
11,211,274 |
|
Average fully diluted |
|
|
11,132,989 |
|
|
11,366,463 |
|
|
11,103,008 |
|
Return on:(1) |
|
|
|
|
|
|
|
|
|
|
Average total assets |
|
|
0.91 |
% |
|
0.84 |
% |
|
1.64 |
% |
Average equity |
|
|
9.8 |
% |
|
9.0 |
% |
|
17.2 |
% |
Average tangible common equity(2), (3) |
|
|
9.9 |
% |
|
9.1 |
% |
|
17.4 |
% |
Yield on average earning assets(1) |
|
|
6.40 |
% |
|
6.21 |
% |
|
5.51 |
% |
Total cost of deposits(1) |
|
|
3.16 |
% |
|
2.98 |
% |
|
1.72 |
% |
Net interest spread(1) |
|
|
1.77 |
% |
|
1.81 |
% |
|
2.25 |
% |
Net interest margin(1) |
|
|
3.40 |
% |
|
3.36 |
% |
|
3.86 |
% |
Net charge-offs as % of average loans(1) |
|
|
— |
% |
|
0.07 |
% |
|
0.01 |
% |
Efficiency ratio(4) |
|
|
62.8 |
% |
|
58.4 |
% |
|
47.4 |
% |
_____________________________
|
Interest Margin Analysis
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
Average |
|
|
|
|
Yield / |
|
|
Average |
|
|
|
|
Yield / |
|
|
Average |
|
|
|
|
Yield / |
|
|||
(dollars in thousands) |
|
Balance |
|
Interest |
|
Rate (1) |
|
|
Balance |
|
Interest |
|
Rate (1) |
|
|
Balance |
|
Interest |
|
Rate (1) |
|
||||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (2) |
|
$ |
5,696,841 |
|
$ |
102,381 |
|
7.23 |
% |
|
$ |
5,538,095 |
|
$ |
97,897 |
|
7.01 |
% |
|
$ |
4,838,336 |
|
$ |
75,960 |
|
6.34 |
% |
Available-for-sale securities |
|
|
565,292 |
|
|
2,957 |
|
2.10 |
|
|
|
532,970 |
|
|
2,430 |
|
1.82 |
|
|
|
530,503 |
|
|
2,106 |
|
1.59 |
|
Held-to-maturity securities |
|
|
465,270 |
|
|
2,172 |
|
1.88 |
|
|
|
474,475 |
|
|
2,217 |
|
1.87 |
|
|
|
506,655 |
|
|
2,377 |
|
1.88 |
|
Equity investments |
|
|
2,416 |
|
|
15 |
|
2.47 |
|
|
|
2,401 |
|
|
14 |
|
2.30 |
|
|
|
2,362 |
|
|
12 |
|
2.08 |
|
Overnight deposits |
|
|
297,992 |
|
|
4,154 |
|
5.61 |
|
|
|
139,009 |
|
|
1,966 |
|
5.53 |
|
|
|
207,917 |
|
|
2,484 |
|
4.78 |
|
Other interest-earning assets |
|
|
33,428 |
|
|
656 |
|
7.89 |
|
|
|
35,718 |
|
|
743 |
|
8.32 |
|
|
|
20,163 |
|
|
324 |
|
6.42 |
|
Total interest-earning assets |
|
|
7,061,239 |
|
|
112,335 |
|
6.40 |
|
|
|
6,722,668 |
|
|
105,267 |
|
6.21 |
|
|
|
6,105,936 |
|
|
83,263 |
|
5.51 |
|
Non-interest-earning assets |
|
|
183,046 |
|
|
|
|
|
|
|
|
192,237 |
|
|
|
|
|
|
|
|
152,302 |
|
|
|
|
|
|
Allowance for credit losses |
|
|
(58,517) |
|
|
|
|
|
|
|
|
(53,570) |
|
|
|
|
|
|
|
|
(45,614) |
|
|
|
|
|
|
Total assets |
|
$ |
7,185,768 |
|
|
|
|
|
|
|
$ |
6,861,335 |
|
|
|
|
|
|
|
$ |
6,212,624 |
|
|
|
|
|
|
Liabilities and Stockholders' Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market and savings accounts |
|
$ |
4,099,466 |
|
|
46,611 |
|
4.57 |
|
|
$ |
3,891,476 |
|
|
42,395 |
|
4.32 |
|
|
$ |
2,840,271 |
|
|
22,030 |
|
3.15 |
|
Certificates of deposit |
|
|
34,264 |
|
|
275 |
|
3.22 |
|
|
|
34,179 |
|
|
272 |
|
3.16 |
|
|
|
52,912 |
|
|
343 |
|
2.63 |
|
Total interest-bearing deposits |
|
|
4,133,730 |
|
|
46,886 |
|
4.56 |
|
|
|
3,925,655 |
|
|
42,667 |
|
4.31 |
|
|
|
2,893,183 |
|
|
22,373 |
|
3.14 |
|
Borrowed funds |
|
|
437,389 |
|
|
5,740 |
|
5.28 |
|
|
|
427,250 |
|
|
5,606 |
|
5.25 |
|
|
|
188,230 |
|
|
2,356 |
|
5.01 |
|
Total interest-bearing liabilities |
|
|
4,571,119 |
|
|
52,626 |
|
4.63 |
|
|
|
4,352,905 |
|
|
48,273 |
|
4.40 |
|
|
|
3,081,413 |
|
|
24,729 |
|
3.26 |
|
Non-interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing deposits |
|
|
1,835,368 |
|
|
|
|
|
|
|
|
1,748,178 |
|
|
|
|
|
|
|
|
2,390,840 |
|
|
|
|
|
|
Other non-interest-bearing liabilities |
|
|
112,272 |
|
|
|
|
|
|
|
|
116,995 |
|
|
|
|
|
|
|
|
147,850 |
|
|
|
|
|
|
Total liabilities |
|
|
6,518,759 |
|
|
|
|
|
|
|
|
6,218,078 |
|
|
|
|
|
|
|
|
5,620,103 |
|
|
|
|
|
|
Stockholders' equity |
|
|
667,009 |
|
|
|
|
|
|
|
|
643,257 |
|
|
|
|
|
|
|
|
592,521 |
|
|
|
|
|
|
Total liabilities and equity |
|
$ |
7,185,768 |
|
|
|
|
|
|
|
$ |
6,861,335 |
|
|
|
|
|
|
|
$ |
6,212,624 |
|
|
|
|
|
|
Net interest income |
|
|
|
|
$ |
59,709 |
|
|
|
|
|
|
|
$ |
56,994 |
|
|
|
|
|
|
|
$ |
58,534 |
|
|
|
Net interest rate spread (3) |
|
|
|
|
|
|
|
1.77 |
% |
|
|
|
|
|
|
|
1.81 |
% |
|
|
|
|
|
|
|
2.25 |
% |
Net interest margin (4) |
|
|
|
|
|
|
|
3.40 |
% |
|
|
|
|
|
|
|
3.36 |
% |
|
|
|
|
|
|
|
3.86 |
% |
Total cost of deposits (5) |
|
|
|
|
|
|
|
3.16 |
% |
|
|
|
|
|
|
|
2.98 |
% |
|
|
|
|
|
|
|
1.72 |
% |
Total cost of funds (6) |
|
|
|
|
|
|
|
3.30 |
% |
|
|
|
|
|
|
|
3.14 |
% |
|
|
|
|
|
|
|
1.83 |
% |
_____________________________
|
Reconciliation of Non-GAAP Measures
In addition to the results presented in accordance with Generally Accepted Accounting Principles (“GAAP”), this earnings release includes certain non-GAAP financial measures. Management believes these non-GAAP financial measures provide meaningful information to investors in understanding the Company’s operating performance and trends. These non-GAAP measures have inherent limitations and are not required to be uniformly applied and are not audited. They should not be considered in isolation or as a substitute for an analysis of results reported under GAAP. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies. Reconciliations of non-GAAP/adjusted financial measures disclosed in this earnings release to the comparable GAAP measures are provided in the following tables:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly Data |
|
|||||||||||||||||
(dollars in thousands, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
except per share data) |
|
2024 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
|||||
Average assets |
|
$ |
7,185,768 |
|
|
$ |
6,861,335 |
|
|
$ |
6,589,857 |
|
|
$ |
6,354,597 |
|
|
$ |
6,212,624 |
|
Less: average intangible assets |
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
Average tangible assets (non-GAAP) |
|
$ |
7,176,035 |
|
|
$ |
6,851,602 |
|
|
$ |
6,580,124 |
|
|
$ |
6,344,864 |
|
|
$ |
6,202,891 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average common equity |
|
$ |
667,009 |
|
|
$ |
643,257 |
|
|
$ |
631,205 |
|
|
$ |
616,370 |
|
|
$ |
592,521 |
|
Less: average intangible assets |
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
Average tangible common equity (non-GAAP) |
|
$ |
657,276 |
|
|
$ |
633,524 |
|
|
$ |
621,472 |
|
|
$ |
606,637 |
|
|
$ |
582,788 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
7,453,371 |
|
|
$ |
7,067,672 |
|
|
$ |
6,683,359 |
|
|
$ |
6,522,150 |
|
|
$ |
6,309,982 |
|
Less: intangible assets |
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
Tangible assets (non-GAAP) |
|
$ |
7,443,638 |
|
|
$ |
7,057,939 |
|
|
$ |
6,673,626 |
|
|
$ |
6,512,417 |
|
|
$ |
6,300,249 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common equity |
|
$ |
673,541 |
|
|
$ |
659,021 |
|
|
$ |
634,910 |
|
|
$ |
621,275 |
|
|
$ |
607,887 |
|
Less: intangible assets |
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
|
|
9,733 |
|
Tangible common equity (book value) (non-GAAP) |
|
$ |
663,808 |
|
|
$ |
649,288 |
|
|
$ |
625,177 |
|
|
$ |
611,542 |
|
|
$ |
598,154 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding |
|
|
11,191,958 |
|
|
|
11,062,729 |
|
|
|
11,062,729 |
|
|
|
10,991,074 |
|
|
|
11,211,274 |
|
Book value per share (GAAP) |
|
$ |
60.18 |
|
|
$ |
59.57 |
|
|
$ |
57.39 |
|
|
$ |
56.53 |
|
|
$ |
54.22 |
|
Tangible book value per share (non-GAAP) (1) |
|
$ |
59.31 |
|
|
$ |
58.69 |
|
|
$ |
56.51 |
|
|
$ |
55.64 |
|
|
$ |
53.35 |
|
_____________________________
|
Explanatory Note
Some amounts presented within this document may not recalculate due to rounding.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240418563734/en/
EVP & Chief Financial Officer
(212) 365-6721
IR@MCBankNY.com
Source: