Le Lézard
Classified in: Business, Covid-19 virus
Subjects: EARNINGS, Conference Call, Webcast

Metropolitan Bank Holding Corp. Reports Record Quarterly and Annual Net Income


Metropolitan Bank Holding Corp. (the "Company") (NYSE: MCB), the holding company for Metropolitan Commercial Bank (the "Bank"), reported net income of $18.9 million, or $1.69 per diluted common share, for the fourth quarter of 2021 compared to net income of $11.8 million, or $1.39 per diluted common share, for the fourth quarter of 2020. Net income for the year 2021 was $60.6 million, or $6.45 per diluted common share, compared to net income of $39.5 million, or $4.66 per diluted common share, for the year 2020.

Financial Highlights include:

For the Full Year 2021:

Fourth Quarter of 2021 Compared to the Prior Linked Quarter:

Mark DeFazio, President and Chief Executive Officer, commented, "2021 was a breakout year for MCB that underscores our sustained performance. Being recognized in Fortune's 100 Fastest Growing Companies in 2021 highlights the success we have had in growing both the commercial bank and our Global Payments business, which was evident from the strong growth in loans and deposits as well as the expansion of Global Payments revenues from the banking-as-a-service we provide to our fintech partners. I could not be more proud of the men and women who show up in person every day and make this possible. I would also like to thank our board of directors for their support and guidance."

Balance Sheet

The Company had total assets of $7.1 billion at December 31, 2021, an increase of 15.9% from September 30, 2021. Total loans, net of deferred fees and unamortized costs, increased $129 million, or 3.6%, from the prior linked quarter to $3.7 billion. The increase in total loans was due primarily to an increase of $110 million in commercial real estate ("CRE") loans (including owner occupied) and $43 million in commercial and industrial loans. Loan production was $411 million for the fourth quarter of 2021, compared to $313 million for the prior linked quarter. Loans of $18 million were transferred to held-for-sale and sold in the fourth quarter.

Total assets increased 64.3% from December 31, 2020. Total loans, net of deferred fees and unamortized costs, increased to $3.7 billion at December 31, 2021, an increase of 19.0%, as compared to $3.1 billion at December 31, 2020. The increase in total loans was due primarily to an increase of $601 million in CRE loans (including owner occupied) and $63 million in commercial and industrial loans. Loan production was $1.2 billion for the year 2021 compared to $687 million for the year 2020.

Total cash and cash equivalents were $2.4 billion at December 31, 2021, an increase of $502 million, or 27.0% from September 30, 2021, and $1.5 billion, or 173.0%, from December 31, 2020. The increase in cash and cash equivalents reflected the strong growth in deposits as well as the cash received from the issuance of common stock during the third quarter of 2021.

Total securities were $951 million at December 31, 2021, an increase of 56.5% from September 30, 2021, and 250.7% from December 31, 2020, due primarily to the deployment of excess liquidity from deposit growth.

Total deposits increased $978 million to $6.4 billion at December 31, 2021, up 17.9% from September 30, 2021. The increase in deposits was due primarily to an increase in non-interest-bearing demand deposits from Global Payments Group clients. Total deposits increased $2.6 billion, up 68.0% from December 31, 2020. The increase in deposits from December 31, 2020, was due to increases of $1.9 billion in non-interest-bearing demand deposits and $663 million in interest-bearing deposits, resulting from increases across most deposit verticals.

Non-interest-bearing demand deposits were 57.0% of total deposits at December 31, 2021, as compared to 51.4% and 45.1% at September 30, 2021, and December 31, 2020, respectively.

The Company and the Bank each met all the requirements to be considered "Well-Capitalized" under applicable regulatory guidelines. Total non-owner-occupied commercial real estate loans were 343.4% of total risk-based capital at December 31, 2021, compared to 412.5% of total risk-based capital at December 31, 2020.

Income Statement

Financial Highlights

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(dollars in thousands, except per share data)

 

Three Months Ended

 

Twelve Months Ended

 

 

Dec 31,

 

Sept 30,

 

Dec 31,

 

Dec 31,

 

 

2021

 

2021

 

2020

 

2021

 

2020

Total revenues

 

$

51,867

 

$

46,683

 

$

36,840

 

$

180,698

 

$

141,924

 

Net income

 

 

18,887

 

 

16,215

 

 

11,775

 

 

60,555

 

 

39,466

 

Diluted earnings per common share

 

 

1.69

 

 

1.77

 

 

1.39

 

 

6.45

 

 

4.66

 

Return on average assets (1)

 

 

1.10

%

 

1.09

%

 

1.13

%

 

1.06

%

 

1.02

%

Return on average equity (1)

 

 

13.57

%

 

16.30

%

 

13.94

%

 

14.65

%

 

12.31

%

Return on average tangible common equity (1), (2)

 

 

13.86

%

 

16.95

%

 

14.61

%

 

15.18

%

 

12.92

%

________________________________

(1) For periods less than a year, ratios are annualized.
(2) Non-GAAP financial measure. See Reconciliation of Non-GAAP Measures starting on page 14.

Net Interest Income

Net interest income for the fourth quarter of 2021 was $44.8 million, an increase of $4.0 million from the prior linked quarter. This increase was primarily due to a higher average balance of $855 million in interest-earning assets, particularly in loans, held-to-maturity securities, and overnight deposits for the fourth quarter of 2021, which increased $128 million, $190 million and $477 million from the prior linked quarter, respectively.

Net interest income for the year 2021 was $157.0 million, an increase of $32.1 million from the prior year. This increase was primarily due to a higher average balance of $1.8 billion in interest-earning assets, particularly in loans and securities, which increased $560 million and $344 million from the prior year, respectively.

Net Interest Margin

Net interest margin decreased by 11 basis points to 2.59% for the fourth quarter of 2021, as compared to 2.70% for the prior linked quarter, primarily due to the increase in lower yielding overnight deposits driven by deposit growth. This was partially offset by an increase in loan yields which were up on elevated fees from loan payoffs, securities yields which were up due to new securities purchases at higher yields, and a modest decline in the average cost of interest-bearing liabilities.

Net interest margin decreased by 49 basis points to 2.77% for the year 2021, as compared to 3.26% for the prior year primarily due to the increase in lower-yielding overnight deposits driven by deposit growth and the decrease in yields on securities driven by the lower rate environment. This was partially offset by a decrease of 25 basis points in the average cost of interest-bearing liabilities driven by the lower rate environment.

Total cost of funds declined 3 basis points to 28 basis points for the fourth quarter of 2021 as compared to the prior linked quarter, driven by the shift toward non-interest bearing deposits as well as a decrease in cost of interest-bearing deposits.

Non-Interest Income

Non-interest income was $7.1 million for the fourth quarter of 2021, an increase of $1.2 million from the prior linked quarter driven primarily by the increase of $1.4 million in Global payments revenue from underlying client transaction volumes.

Non-interest income for the year 2021 increased by $6.7 million, as compared to the prior year, primarily due to an increase of $8.0 million in Global Payments Group revenue. This was partially offset by a decrease of $2.7 million in gain on sale of securities.

Non-Interest Expense

Non-interest expense was $23.3 million for the fourth quarter of 2021, an increase of $1.3 million from the prior linked quarter primarily driven by increased compensation and benefits and technology costs, which were in line with revenue growth and transaction volumes, respectively.

Non-interest expense increased $12.8 million, as compared to the prior year. Drivers included an increase in compensation and benefits costs due to additional full-time employees and an increase in professional fees and technology costs in line with revenue growth. This was partially offset by reduced licensing fees.

The estimated effective tax rate for the year ended December 31, 2021, was 32.4% compared to 31.9% for the year ended December 31, 2020.

Asset Quality

Credit quality remains strong as non-performing loans to total loans decreased to 0.28% at December 31, 2021, from 0.43% at September 30, 2021. During the fourth quarter of 2021, the Company recorded a provision of $0.5 million, which reflected loan growth and losses on transfers of loans to held for sale of $0.8 million. This was partially offset by a reduction in the provision of $1.4 million related to a reduction in non-performing consumer loans. Additionally, the Company recorded net charge-offs in the fourth quarter of $3.9 million which primarily related to one shared national credit loan of $3.1 million that had been substantially reserved for in 2020, as well as $0.8 million related to the loans transferred to held-for-sale.

The Company recorded a provision of $3.8 million for the full year 2021. Additionally, the Company recorded net charge-offs in 2021 of $4.5 million, which primarily related to one shared national credit loan of $3.1 million and two C&I loans in the amount of $0.9 million, which had been substantially reserved for in 2020, as well as $0.8 million related to the loans transferred to held for sale. Net charge-offs as a percentage of average loans for the full year 2021 were 13 basis points.

COVID-19 related full payment deferrals remained steady at $10.0 million, or 27 basis points of total loans as of December 31, 2021. Principal only deferrals were $39.2 million, or 1.05% of total loans, as of December 31, 2021.

Conference Call

The Company will conduct a conference call at 9:00 a.m. Eastern time on Friday, January 21, 2022, to discuss fourth quarter 2021 and full year 2021 results. To access the event by telephone, please dial 866-342-8591 (US), 203-518-9713 (INTL), and provide conference ID: MCBQ421 approximately 15 minutes prior to the start time (to allow time for registration).

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 MCB News. To listen to the live webcast, please visit the site at least 15 minutes prior to the start time to register, download and install any necessary audio software.

For those unable to join for the live presentation, a replay of the webcast will also be available later that day accessible at MCB Quarterly Results Conference Call.

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 which provides a broad range of business, commercial and personal banking products and services to small, middle-market, corporate enterprises, municipalities, and affluent individuals. The Bank's Global Payments Group is an established leader in BaaS ("Banking-as-a-Service") that include: domestic and international clients; digital payments settlements; gateway to payment networks; custodian of deposits; regulatory and compliance oversight; global settlement agent for crypto exchanges and a leading national issuer of third-party debit cards. The Bank operates banking centers in New York City and on Long Island in New York State and has been ranked as one of the 100 Fastest-Growing Companies by Fortune. The Bank is a New York State chartered commercial bank and a member of the Federal Reserve System and the Federal Deposit Insurance Corporation, and an equal opportunity lender. For more information, please visit 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 an unexpected deterioration in our loan or securities portfolios, unexpected increases in our expenses, greater than anticipated growth and our ability to manage our growth, unanticipated regulatory action or changes in regulations, unexpected changes in interest rates, 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, unanticipated increases in FDIC costs, changes in regulations, legislation or tax or accounting rules 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 and Quarterly Reports on Form 10-Q.

Further, given its ongoing and dynamic nature, including the rate of vaccine acceptance and the development of new variants, it is difficult to predict the continued impact of the COVID-19 outbreak on our business. The extent of such impact will depend on future developments, which are highly uncertain, including when the coronavirus can be controlled and abated. As the result of the COVID-19 pandemic and the related adverse local and national economic consequences, we could be subject to any of the following risks, any of which could have a material, adverse effect on our business, financial condition, liquidity, and results of operations: the demand for our products and services may decline, making it difficult to grow assets and income; if the economy worsens, 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; our allowance for loan losses may increase if borrowers experience financial difficulties, which will adversely affect our net income; the net worth and liquidity of loan guarantors may decline, impairing their ability to honor commitments to us; our cyber security risks may increase if a significant number of our employees are forced to work remotely; and FDIC premiums may increase if the agency experiences additional resolution costs. 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.

Consolidated Balance Sheet (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

Dec 31, 2021

 

Sept 30, 2021

 

June 30, 2021

 

Mar 31, 2021

 

 

Dec 31, 2020

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

28,864

 

 

$

32,660

 

 

$

29,651

 

 

$

9,432

 

 

$

8,692

 

Overnight deposits

 

 

2,330,486

 

 

 

1,824,820

 

 

 

1,689,614

 

 

 

1,125,589

 

 

 

855,613

 

Total cash and cash equivalents

 

 

2,359,350

 

 

 

1,857,480

 

 

 

1,719,265

 

 

 

1,135,021

 

 

 

864,305

 

Investment securities available for sale

 

 

566,624

 

 

 

603,168

 

 

 

543,769

 

 

 

479,988

 

 

 

266,096

 

Investment securities held to maturity

 

 

382,099

 

 

 

2,017

 

 

 

2,222

 

 

 

2,492

 

 

 

2,760

 

Investment securities -- Equity investments

 

 

2,273

 

 

 

2,289

 

 

 

2,291

 

 

 

2,281

 

 

 

2,313

 

Total securities

 

 

950,996

 

 

 

607,474

 

 

 

548,282

 

 

 

484,761

 

 

 

271,169

 

Other investments

 

 

11,998

 

 

 

11,998

 

 

 

11,989

 

 

 

11,638

 

 

 

11,597

 

Loans, net of deferred fees and unamortized costs

 

 

3,731,929

 

 

 

3,603,288

 

 

 

3,449,490

 

 

 

3,237,664

 

 

 

3,137,053

 

Allowance for loan losses

 

 

(34,729

)

 

 

(38,121

)

 

 

(37,377

)

 

 

(35,502

)

 

 

(35,407

)

Net loans

 

 

3,697,200

 

 

 

3,565,167

 

 

 

3,412,113

 

 

 

3,202,162

 

 

 

3,101,646

 

Receivables from global payments business, net

 

 

39,864

 

 

 

48,302

 

 

 

40,091

 

 

 

38,356

 

 

 

27,259

 

Accrued interest receivable

 

 

15,195

 

 

 

13,504

 

 

 

14,424

 

 

 

13,982

 

 

 

13,249

 

Premises and equipment, net

 

 

15,116

 

 

 

14,031

 

 

 

13,337

 

 

 

13,756

 

 

 

13,475

 

Prepaid expenses and other assets

 

 

16,906

 

 

 

13,565

 

 

 

17,959

 

 

 

13,392

 

 

 

18,388

 

Goodwill

 

 

9,733

 

 

 

9,733

 

 

 

9,733

 

 

 

9,733

 

 

 

9,733

 

Total assets

 

$

7,116,358

 

 

$

6,141,254

 

 

$

5,787,193

 

 

$

4,922,801

 

 

$

4,330,821

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest-bearing demand deposits

 

$

3,668,673

 

 

$

2,803,823

 

 

$

2,794,136

 

 

$

2,167,899

 

 

 

1,726,135

 

Interest-bearing deposits

 

 

2,766,899

 

 

 

2,653,746

 

 

 

2,494,137

 

 

 

2,258,818

 

 

 

2,103,471

 

Total deposits

 

 

6,435,572

 

 

 

5,457,569

 

 

 

5,288,273

 

 

 

4,426,717

 

 

 

3,829,606

 

Trust preferred securities

 

 

20,620

 

 

 

20,620

 

 

 

20,620

 

 

 

20,620

 

 

 

20,620

 

Subordinated debt, net of issuance cost

 

 

24,712

 

 

 

24,698

 

 

 

24,684

 

 

 

24,670

 

 

 

24,657

 

Secured Borrowings

 

 

32,461

 

 

 

35,559

 

 

 

36,449

 

 

 

36,475

 

 

 

36,964

 

Accounts payable, accrued expenses and other liabilities

 

 

36,411

 

 

 

38,129

 

 

 

30,598

 

 

 

42,737

 

 

 

61,645

 

Accrued interest payable

 

 

746

 

 

 

448

 

 

 

1,773

 

 

 

563

 

 

 

712

 

Prepaid third-party debit cardholder balances

 

 

8,847

 

 

 

21,577

 

 

 

21,201

 

 

 

22,802

 

 

 

15,830

 

Total liabilities

 

 

6,559,369

 

 

 

5,598,600

 

 

 

5,423,598

 

 

 

4,574,584

 

 

 

3,990,034

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class B preferred stock

 

 

?

 

 

 

3

 

 

 

3

 

 

 

3

 

 

 

3

 

Common stock

 

 

109

 

 

 

106

 

 

 

83

 

 

 

83

 

 

 

82

 

Additional paid in capital

 

 

382,999

 

 

 

382,922

 

 

 

219,098

 

 

 

217,384

 

 

 

218,899

 

Retained earnings

 

 

181,385

 

 

 

162,498

 

 

 

146,283

 

 

 

132,947

 

 

 

120,830

 

Accumulated other comprehensive gain, net of tax effect

 

 

(7,504

)

 

 

(2,875

)

 

 

(1,872

)

 

 

(2,200

)

 

 

973

 

Total stockholders' equity

 

 

556,989

 

 

 

542,654

 

 

 

363,595

 

 

 

348,217

 

 

 

340,787

 

Total liabilities and stockholders' equity

 

$

7,116,358

 

 

$

6,141,254

 

 

$

5,787,193

 

 

$

4,922,801

 

 

$

4,330,821

 

Consolidated Statement of Income (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

(dollars in thousands, except per share data)

 

Dec. 31, 2021

 

Sep. 30, 2021

 

 

Dec. 31, 2020

 

Dec. 31, 2021

 

Dec. 31, 2020

Total interest income

 

$

49,110

 

 

$

45,018

 

 

 

$

36,862

 

 

$

173,284

 

 

$

143,097

Total interest expense

 

 

4,300

 

 

 

4,226

 

 

 

 

3,395

 

 

 

16,283

 

 

 

18,176

Net interest income

 

 

44,810

 

 

 

40,792

 

 

 

 

33,467

 

 

 

157,001

 

 

 

124,921

Provision for loan losses

 

 

501

 

 

 

490

 

 

 

 

1,795

 

 

 

3,816

 

 

 

9,488

Net interest income after provision for loan losses

 

 

44,309

 

 

 

40,302

 

 

 

 

31,672

 

 

 

153,185

 

 

 

115,433

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service charges on deposit accounts (1)

 

 

1,313

 

 

 

1,344

 

 

 

 

981

 

 

 

4,755

 

 

 

3,728

Global payments revenue (1)

 

 

5,293

 

 

 

3,942

 

 

 

 

2,163

 

 

 

16,445

 

 

 

8,464

Other service charges and fees

 

 

468

 

 

 

614

 

 

 

 

236

 

 

 

1,950

 

 

 

1,477

Unrealized gain (loss) on equity securities

 

 

(17

)

 

 

(9

)

 

 

 

(7

)

 

 

(62

)

 

 

48

Gain (loss) on sale of securities

 

 

?

 

 

 

?

 

 

 

 

?

 

 

 

609

 

 

 

3,286

Total non-interest income

 

 

7,057

 

 

 

5,891

 

 

 

 

3,373

 

 

 

23,697

 

 

 

17,003

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

12,001

 

 

 

11,269

 

 

 

 

9,835

 

 

 

45,908

 

 

 

39,797

Bank premises and equipment

 

 

1,992

 

 

 

2,038

 

 

 

 

1,842

 

 

 

8,055

 

 

 

8,340

Professional fees

 

 

1,567

 

 

 

1,877

 

 

 

 

1,064

 

 

 

6,750

 

 

 

4,122

Technology costs

 

 

1,736

 

 

 

1,090

 

 

 

 

864

 

 

 

5,201

 

 

 

3,387

Licensing fees

 

 

2,265

 

 

 

2,201

 

 

 

 

1,950

 

 

 

8,606

 

 

 

9,653

Other expenses

 

 

3,753

 

 

 

3,509

 

 

 

 

2,233

 

 

 

12,792

 

 

 

9,219

Total non-interest expense

 

 

23,314

 

 

 

21,984

 

 

 

 

17,788

 

 

 

87,312

 

 

 

74,518

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income before income tax expense

 

 

28,052

 

 

 

24,209

 

 

 

 

17,257

 

 

 

89,570

 

 

 

57,918

Income tax expense

 

 

9,165

 

 

 

7,994

 

 

 

 

5,482

 

 

 

29,015

 

 

 

18,452

Net income

 

$

18,887

 

 

$

16,215

 

 

 

$

11,775

 

 

$

60,555

 

 

$

39,466

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average common shares outstanding - basic

 

 

10,780,073

 

 

 

8,618,973

 

 

 

 

8,225,083

 

 

 

9,011,700

 

 

 

8,221,429

Average common shares outstanding - diluted

 

 

11,084,262

 

 

 

8,893,104

 

 

 

 

8,417,729

 

 

 

9,272,822

 

 

 

8,398,444

Basic earnings

 

$

1.74

 

 

 

1.82

 

 

 

$

1.42

 

 

$

6.64

 

 

$

4.76

Diluted earnings

 

$

1.69

 

 

 

1.77

 

 

 

$

1.39

 

 

$

6.45

 

 

$

4.66

________________________

(1) Certain prior period amounts have been reclassified for consistency with the current period presentation.

Loan Production, Asset Quality & Regulatory Capital

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(dollars in thousands)

 

Dec 31, 2021

 

Sept 30, 2021

 

June 30, 2021

 

Mar 31, 2021

 

 

Dec 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LOAN PRODUCTION

 

$

411.0

 

 

$

312.9

 

 

$

265.4

 

$

235.7

 

 

$

174.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSET QUALITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-performing loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-accrual loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate

 

$

9,984

 

 

$

9,984

 

 

$

?

 

$

?

 

 

$

?

 

 

Commercial and industrial

 

 

?

 

 

 

3,145

 

 

 

3,337

 

 

3,337

 

 

 

4,192

 

 

Consumer

 

 

37

 

 

 

1,674

 

 

 

1,560

 

 

1,523

 

 

 

1,428

 

 

Total non-accrual loans

 

 

10,021

 

 

 

14,803

 

 

 

4,897

 

 

4,860

 

 

 

5,620

 

 

Total non-performing loans

 

 

10,286

 

 

 

15,376

 

 

 

5,491

 

 

5,464

 

 

 

6,389

 

 

Non-accrual loans to total loans

 

 

0.27

 

%

 

0.41

 

%

 

0.14

%

 

0.15

 

%

 

0.18

 

%

Non-performing loans to total loans

 

 

0.28

 

%

 

0.43

 

%

 

0.16

%

 

0.17

 

%

 

0.20

 

%

Allowance for loan losses

 

 

34,729

 

 

 

38,121

 

 

 

37,377

 

 

35,502

 

 

 

35,407

 

 

Allowance for loan losses to total loans

 

 

0.93

 

%

 

1.06

 

%

 

1.08

%

 

1.10

 

%

 

1.13

 

%

Charge-offs

 

 

(3,909

)

 

 

(54

)

 

 

?

 

 

(855

)

 

 

(30

)

 

Recoveries

 

 

17

 

 

 

308

 

 

 

?

 

 

?

 

 

 

28

 

 

Net charge-offs/(recoveries) as to average loans (annualized)

 

 

0.42

 

%

 

(0.03

)

%

 

?

%

 

0.11

 

%

 

?

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REGULATORY CAPITAL

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tier 1 Leverage:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Metropolitan Bank Holding Corp.

 

 

8.5

 

%

 

9.4

 

%

 

6.8

%

 

7.8

 

%

 

8.5

 

%

Metropolitan Commercial Bank

 

 

8.4

 

%

 

9.3

 

%

 

7.3

%

 

8.2

 

%

 

9.0

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Equity Tier 1 Risk-Based (CET1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Metropolitan Bank Holding Corp.

 

 

14.1

 

%

 

14.1

 

%

 

9.7

%

 

9.9

 

%

 

10.1

 

%

Metropolitan Commercial Bank

 

 

14.4

 

%

 

14.6

 

%

 

11.1

%

 

11.3

 

%

 

11.6

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tier 1 Risk-Based:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Metropolitan Bank Holding Corp.

 

 

14.6

 

%

 

14.8

 

%

 

10.5

%

 

10.7

 

%

 

10.9

 

%

Metropolitan Commercial Bank

 

 

14.4

 

%

 

14.6

 

%

 

11.1

%

 

11.3

 

%

 

11.6

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Risk-Based:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Metropolitan Bank Holding Corp.

 

 

16.1

 

%

 

16.5

 

%

 

12.2

%

 

12.4

 

%

 

12.7

 

%

Metropolitan Commercial Bank

 

 

15.2

 

%

 

15.6

 

%

 

12.2

%

 

12.4

 

%

 

12.7

 

%

Performance Measures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Twelve Months Ended

 

(dollars in thousands, except per share data)

 

Dec 31, 2021

 

Sept 30, 2021

 

Dec 31, 2020

 

Dec 31, 2021

 

Dec 31, 2020

 

Net income available to common shareholders

 

 

18,718

 

 

15,661

 

 

11,690

 

 

59,816

 

 

39,122

 

Per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings

 

$

1.74

 

$

1.82

 

$

1.42

 

$

6.64

 

$

4.76

 

Diluted earnings

 

$

1.69

 

$

1.77

 

$

1.39

 

$

6.45

 

$

4.66

 

Common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period end

 

 

10,925,029

 

 

10,644,193

 

 

8,295,272

 

 

10,925,029

 

 

8,295,272

 

Average fully diluted

 

 

11,084,262

 

 

8,893,104

 

 

8,417,729

 

 

9,272,822

 

 

8,398,444

 

Return on: (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average total assets

 

 

1.10

%

 

1.09

%

 

1.13

%

 

1.06

%

 

1.02

%

Average equity

 

 

13.57

%

 

16.30

%

 

13.94

%

 

14.65

%

 

12.31

%

Average tangible common equity (2)

 

 

13.86

%

 

16.95

%

 

14.61

%

 

15.18

%

 

12.92

%

Yield on average earning assets

 

 

2.85

%

 

2.99

%

 

3.54

%

 

3.05

%

 

3.73

%

Cost of interest-bearing deposits

 

 

0.54

%

 

0.57

%

 

0.56

%

 

0.57

%

 

0.75

%

Net interest spread

 

 

2.24

%

 

2.35

%

 

2.90

%

 

2.41

%

 

2.83

%

Net interest margin

 

 

2.59

%

 

2.70

%

 

3.21

%

 

2.77

%

 

3.26

%

Net charge-offs as % of average loans (1)

 

 

0.42

%

 

(0.03)

%

 

0.00

%

 

0.13

%

 

0.01

%

Efficiency ratio (2)

 

 

44.95

%

 

47.09

%

 

48.28

%

 

48.32

%

 

52.51

%

________________________________

(1) For periods less than a year, ratios are annualized.
(2) Non-GAAP financial measure. See Reconciliation of Non-GAAP Measures starting on page 14.

Interest Margin Analysis

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Dec 31, 2021

 

Sep 30, 2021

 

Average

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

 

Outstanding

 

 

 

 

Yield/Rate

 

 

Outstanding

 

 

 

 

Yield/Rate

 

(dollars in thousands)

Balance

 

Interest

 

(annualized)

 

 

Balance

 

Interest

 

(annualized)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans (1)

$

3,694,362

 

 

$

45,724

 

4.81

%

 

$

3,566,852

 

 

$

42,730

 

4.65

%

Available-for-sale securities

 

599,175

 

 

 

1,656

 

1.11

%

 

 

538,115

 

 

 

1,454

 

1.06

%

Held-to-maturity securities

 

191,795

 

 

 

716

 

1.49

%

 

 

2,120

 

 

 

9

 

1.66

%

Equity investments - non-trading

 

2,322

 

 

 

6

 

0.96

%

 

 

2,316

 

 

 

6

 

1.01

%

Overnight deposits

 

2,215,042

 

 

 

857

 

0.15

%

 

 

1,738,102

 

 

 

666

 

0.15

%

Other interest-earning assets

 

11,998

 

 

 

151

 

4.98

%

 

 

11,991

 

 

 

153

 

5.06

%

Total interest-earning assets

 

6,714,694

 

 

 

49,110

 

2.85

%

 

 

5,859,496

 

 

 

45,018

 

2.99

%

Non-interest-earning assets

 

105,083

 

 

 

 

 

 

 

 

 

95,181

 

 

 

 

 

 

 

Allowance for loan and lease losses

 

(38,464

)

 

 

 

 

 

 

 

 

(38,129

)

 

 

 

 

 

 

Total assets

$

6,781,313

 

 

 

 

 

 

 

 

$

5,916,548

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market, savings and other interest-bearing accounts

$

2,691,693

 

 

$

3,614

 

0.53

%

 

$

2,501,757

 

 

$

3,524

 

0.56

%

Certificates of deposit

 

80,197

 

 

 

176

 

0.87

%

 

 

82,628

 

 

 

192

 

0.92

%

Total interest-bearing deposits

 

2,771,890

 

 

 

3,790

 

0.54

%

 

 

2,584,385

 

 

 

3,716

 

0.57

%

Borrowed funds

 

45,324

 

 

 

510

 

4.49

%

 

 

45,309

 

 

 

510

 

4.40

%

Total interest-bearing liabilities

 

2,817,214

 

 

 

4,300

 

0.61

%

 

 

2,629,694

 

 

 

4,226

 

0.64

%

Non-interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest-bearing deposits

 

3,337,477

 

 

 

 

 

 

 

 

 

2,814,335

 

 

 

 

 

 

 

Other non-interest-bearing liabilities

 

74,496

 

 

 

 

 

 

 

 

 

77,732

 

 

 

 

 

 

 

Total liabilities

 

6,229,187

 

 

 

 

 

 

 

 

 

5,521,761

 

 

 

 

 

 

 

Stockholders' equity

 

552,126

 

 

 

 

 

 

 

 

 

394,787

 

 

 

 

 

 

 

Total liabilities and equity

$

6,781,313

 

 

 

 

 

 

 

 

$

5,916,548

 

 

 

 

 

 

 

Net interest income

 

 

 

$

44,810

 

 

 

 

 

 

 

$

40,792

 

 

 

Net interest rate spread (2)

 

 

 

 

 

 

2.24

%

 

 

 

 

 

 

 

2.35

%

Net interest-earning assets

$

3,897,480

 

 

 

 

 

 

 

 

$

3,229,802

 

 

 

 

 

 

 

Net interest margin (3)

 

 

 

 

 

 

2.59

%

 

 

 

 

 

 

 

2.70

%

Ratio of interest earning assets to interest bearing liabilities

 

 

 

 

 

 

2.38

x

 

 

 

 

 

 

 

2.23

x

Total cost of funds (4)

 

 

 

 

 

 

0.28

%

 

 

 

 

 

 

 

0.31

%

___________________________

(1) Amount includes deferred loan fees and non-performing loans.
(2) Determined by subtracting the annualized average cost of total interest-bearing liabilities from the annualized average yield on total interest-earning assets.
(3) Determined by dividing annualized net interest income by total average interest-earning assets.
(4) Determined by dividing annualized interest expense by the sum of total average interest-bearing liabilities and total average non-interest-bearing deposits.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

Dec 31, 2021

 

Dec 31, 2020

 

 

 

Average

 

 

 

 

 

 

Average

 

 

 

 

 

 

 

 

Outstanding

 

 

 

 

Yield/Rate

 

Outstanding

 

 

 

 

Yield/Rate

 

(dollars in thousands)

 

Balance

 

Interest

 

(annualized)

 

Balance

 

Interest

 

(annualized)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans (1)

 

$

3,694,362

 

 

$

45,724

 

4.81

%

$

3,070,850

 

 

$

35,843

 

4.62

%

Available-for-sale securities

 

 

599,175

 

 

 

1,656

 

1.11

%

 

230,080

 

 

 

573

 

0.97

%

Held-to-maturity securities

 

 

191,795

 

 

 

716

 

1.49

%

 

2,906

 

 

 

12

 

1.65

%

Equity investments - non-trading

 

 

2,322

 

 

 

6

 

0.96

%

 

2,294

 

 

 

9

 

1.46

%

Overnight deposits

 

 

2,215,042

 

 

 

857

 

0.15

%

 

806,602

 

 

 

280

 

0.14

%

Other interest-earning assets

 

 

11,998

 

 

 

151

 

4.98

%

 

11,336

 

 

 

145

 

5.09

%

Total interest-earning assets

 

 

6,714,694

 

 

 

49,110

 

2.85

%

 

4,124,068

 

 

 

36,862

 

3.54

%

Non-interest-earning assets

 

 

105,083

 

 

 

 

 

 

 

 

63,962

 

 

 

 

 

 

 

Allowance for loan and lease losses

 

 

(38,464

)

 

 

 

 

 

 

 

(34,122

)

 

 

 

 

 

 

Total assets

 

$

6,781,313

 

 

 

 

 

 

 

$

4,153,908

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market, savings and other interest-bearing accounts

 

$

2,691,693

 

 

$

3,614

 

0.53

%

$

1,962,417

 

 

$

2,554

 

0.52

%

Certificates of deposit

 

 

80,197

 

 

 

176

 

0.87

%

 

94,546

 

 

 

327

 

1.38

%

Total interest-bearing deposits

 

 

2,771,890

 

 

 

3,790

 

0.54

%

 

2,056,963

 

 

 

2,881

 

0.56

%

Borrowed funds

 

 

45,324

 

 

 

510

 

4.49

%

 

45,268

 

 

 

514

 

4.44

%

Total interest-bearing liabilities

 

 

2,817,214

 

 

 

4,300

 

0.61

%

 

2,102,231

 

 

 

3,395

 

0.64

%

Non-interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest-bearing deposits

 

 

3,337,477

 

 

 

 

 

 

 

 

1,636,417

 

 

 

 

 

 

 

Other non-interest-bearing liabilities

 

 

74,496

 

 

 

 

 

 

 

 

79,320

 

 

 

 

 

 

 

Total liabilities

 

 

6,229,187

 

 

 

 

 

 

 

 

3,817,968

 

 

 

 

 

 

 

Stockholders' equity

 

 

552,126

 

 

 

 

 

 

 

 

335,940

 

 

 

 

 

 

 

Total liabilities and equity

 

$

6,781,313

 

 

 

 

 

 

 

$

4,153,908

 

 

 

 

 

 

 

Net interest income

 

 

 

 

$

44,810

 

 

 

 

 

 

$

33,467

 

 

 

Net interest rate spread (2)

 

 

 

 

 

 

 

2.24

%

 

 

 

 

 

 

2.90

%

Net interest-earning assets

 

$

3,897,480

 

 

 

 

 

 

 

$

2,021,837

 

 

 

 

 

 

 

Net interest margin (3)

 

 

 

 

 

 

 

2.59

%

 

 

 

 

 

 

3.21

%

Ratio of interest earning assets to interest bearing liabilities

 

 

 

 

 

 

 

2.38

x

 

 

 

 

 

 

1.96

x

Total cost of funds (4)

 

 

 

 

 

 

 

0.28

%

 

 

 

 

 

 

0.36

%

_________________________________

(1) Amount includes deferred loan fees and non-performing loans.
(2) Determined by subtracting the annualized average cost of total interest-bearing liabilities from the annualized average yield on total interest-earning assets.
(3) Determined by dividing annualized net interest income by total average interest-earning assets.
(4) Determined by dividing annualized interest expense by the sum of total average interest-bearing liabilities and total average non-interest-bearing deposits.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended

 

 

 

Dec 31, 2021

 

Dec 31, 2020

 

 

 

Average

 

 

 

 

 

 

Average

 

 

 

 

 

 

 

 

Outstanding

 

 

 

 

 

 

Outstanding

 

 

 

 

 

 

(dollars in thousands)

 

Balance

 

Interest

 

Yield/Rate

 

Balance

 

Interest

 

Yield/Rate

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans (1)

 

$

3,448,468

 

 

$

164,528

 

4.77

%

$

2,888,180

 

 

$

136,497

 

4.73

%

Available-for-sale securities

 

 

489,922

 

 

 

5,066

 

1.03

%

 

192,472

 

 

 

3,108

 

1.59

%

Held-to-maturity securities

 

 

50,110

 

 

 

746

 

1.49

%

 

3,282

 

 

 

59

 

1.77

%

Equity investments - non-trading

 

 

2,312

 

 

 

26

 

1.13

%

 

2,279

 

 

 

41

 

1.77

%

Overnight deposits

 

 

1,669,754

 

 

 

2,310

 

0.14

%

 

732,130

 

 

 

2,546

 

0.35

%

Other interest-earning assets

 

 

11,897

 

 

 

608

 

5.11

%

 

16,467

 

 

 

846

 

5.14

%

Total interest-earning assets

 

 

5,672,463

 

 

 

173,284

 

3.05

%

 

3,834,810

 

 

 

143,097

 

3.73

%

Non-interest-earning assets

 

 

89,002

 

 

 

 

 

 

 

 

59,584

 

 

 

 

 

 

 

Allowance for loan and lease losses

 

 

(37,235

)

 

 

 

 

 

 

 

(31,381

)

 

 

 

 

 

 

Total assets

 

$

5,724,230

 

 

 

 

 

 

 

$

3,863,013

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market, savings and other interest-bearing accounts

 

$

2,394,616

 

 

$

13,392

 

0.56

%

$

1,798,109

 

 

$

12,420

 

0.69

%

Certificates of deposit

 

 

83,313

 

 

 

849

 

1.02

%

 

98,483

 

 

 

1,824

 

1.85

%

Total interest-bearing deposits

 

 

2,477,929

 

 

 

14,241

 

0.57

%

 

1,896,592

 

 

 

14,244

 

0.75

%

Borrowed funds

 

 

45,303

 

 

 

2,042

 

4.51

%

 

129,460

 

 

 

3,932

 

2.99

%

Total interest-bearing liabilities

 

 

2,523,232

 

 

 

16,283

 

0.65

%

 

2,026,052

 

 

 

18,176

 

0.90

%

Non-interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest-bearing deposits

 

 

2,708,547

 

 

 

 

 

 

 

 

1,443,094

 

 

 

 

 

 

 

Other non-interest-bearing liabilities

 

 

79,239

 

 

 

 

 

 

 

 

73,250

 

 

 

 

 

 

 

Total liabilities

 

 

5,311,018

 

 

 

 

 

 

 

 

3,542,396

 

 

 

 

 

 

 

Stockholders' equity

 

 

413,212

 

 

 

 

 

 

 

 

320,617

 

 

 

 

 

 

 

Total liabilities and equity

 

$

5,724,230

 

 

 

 

 

 

 

$

3,863,013

 

 

 

 

 

 

 

Net interest income

 

 

 

 

$

157,001

 

 

 

 

 

 

$

124,921

 

 

 

Net interest rate spread (2)

 

 

 

 

 

 

 

2.41

%

 

 

 

 

 

 

2.83

%

Net interest-earning assets

 

$

3,149,231

 

 

 

 

 

 

 

$

1,808,758

 

 

 

 

 

 

 

Net interest margin (3)

 

 

 

 

 

 

 

2.77

%

 

 

 

 

 

 

3.26

%

Ratio of interest earning assets to interest bearing liabilities

 

 

 

 

 

 

 

2.25

x

 

 

 

 

 

 

1.89

x

Total cost of funds (4)

 

 

 

 

 

 

 

0.31

%

 

 

 

 

 

 

0.52

%

__________________________

(1) Amount includes deferred loan fees and non-performing loans.
(2) Determined by subtracting the average cost of total interest-bearing liabilities from the average yield on total interest-earning assets.
(3) Determined by dividing net interest income by total average interest-earning assets.
(4) Determined by dividing interest expense by the sum of total average interest-bearing liabilities and total average non-interest-bearing deposits.

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 table:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarterly Data

 

 

Annual Data

 

(dollars in thousands, except per share data)

 

Dec 31, 2021

 

Sept 30, 2021

 

June 30, 2021

 

Mar 31, 2021

 

Dec 31, 2020

 

 

Dec 31, 2021

 

 

Dec 31, 2020

 

Average assets

$

6,781,313

 

$

5,916,548

 

$

5,504,686

 

$

4,669,051

 

$

4,153,908

 

$

5,724,230

 

$

3,863,013

 

Less: average intangible assets

 

9,733

 

 

9,733

 

 

9,733

 

 

9,733

 

 

9,733

 

 

9,733

 

 

9,733

 

Average tangible assets

$

6,771,580

 

$

5,906,815

 

$

5,494,953

 

$

4,659,318

 

$

4,144,175

 

$

5,714,497

 

$

3,853,280

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average equity

$

552,126

 

$

394,787

 

$

357,097

 

$

346,785

 

$

335,940

 

$

413,212

 

$

320,617

 

Less: Average preferred equity

 

1,834

 

 

5,502

 

 

5,502

 

 

5,502

 

 

5,502

 

 

4,585

 

 

5,502

 

Average common equity

$

550,292

 

$

389,285

 

$

351,595

 

$

341,283

 

$

330,438

 

$

408,627

 

$

315,115

 

Less: average intangible assets

 

9,733

 

 

9,733

 

 

9,733

 

 

9,733

 

 

9,733

 

 

9,733

 

 

9,733

 

Average tangible common equity

$

540,559

 

$

379,552

 

$

341,862

 

$

331,550

 

$

320,705

 

$

398,894

 

$

305,382

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average tangible common equity (1), (2)

 

13.86

%

 

16.95

%

 

15.65

%

 

14.82

%

 

14.61

 

%

15.18

%

 

12.92

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

$

7,116,358

 

$

6,141,254

 

$

5,787,193

 

$

4,922,801

 

$

4,330,821

 

$

7,116,358

 

$

4,330,821

 

Less: intangible assets

 

9,733

 

 

9,733

 

 

9,733

 

 

9,733

 

 

9,733

 

 

9,733

 

 

9,733

 

Tangible assets

$

7,106,625

 

$

6,131,521

 

$

5,777,460

 

$

4,913,068

 

$

4,321,088

 

$

7,106,625

 

$

4,321,088

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total equity

$

556,989

 

$

542,654

 

$

363,595

 

$

348,217

 

$

340,787

 

$

556,989

 

$

340,787

 

Less: preferred equity

 

?

 

 

5,502

 

 

5,502

 

 

5,502

 

 

5,502

 

 

?

 

 

5,502

 

Common equity

$

556,989

 

$

537,152

 

$

358,093

 

$

342,715

 

$

335,285

 

$

556,989

 

$

335,285

 

Less: intangible assets

 

9,733

 

 

9,733

 

 

9,733

 

 

9,733

 

 

9,733

 

 

9,733

 

 

9,733

 

Tangible common equity (book value)

$

547,256

 

$

527,419

 

$

348,360

 

$

332,982

 

$

325,552

 

$

547,256

 

$

325,552

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares outstanding

 

10,925,029

 

 

10,644,193

 

 

8,344,193

 

 

8,345,032

 

 

8,295,272

 

 

10,925,029

 

 

8,295,272

 

Book value per share (GAAP)

$

50.98

 

$

50.46

 

$

42.92

 

$

41.07

 

$

40.42

 

$

50.98

 

$

40.42

 

Tangible book value per share
(non-GAAP) (3)

$

50.09

 

$

49.55

 

$

41.75

 

$

39.90

 

$

39.25

 

$

50.09

 

$

39.25

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue (GAAP) (4)

$

51,867

 

$

46,683

 

$

43,129

 

$

39,017

 

$

33,467

 

$

180,698

 

$

141,924

 

Gain on sale of securities

$

?

 

$

?

 

$

609

 

$

?

 

$

?

 

$

609

 

$

3,286

 

Revenue excluding gain on sale of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

securities (non-GAAP)

$

51,867

 

$

46,683

 

$

42,520

 

$

39,017

 

$

33,467

 

$

180,089

 

$

138,638

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

___________________________

(1) For periods less than a year, ratios are annualized.
(2) Net income divided by average tangible common equity.
(3) Tangible book value divided by common shares outstanding at period-end.
(4) Total revenue equals net interest income plus non-interest income.

Reconciliation of Non-GAAP Measures, continued

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarterly Data

 

Annual Data

 

(dollars in thousands)

Dec 31, 2021

 

Sept 30, 2021

 

June 30, 2021

 

Mar 31, 2021

 

Dec 31, 2020

 

Dec 31, 2021

 

Dec 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total non-interest expense (GAAP)

$

23,314

 

$

21,984

 

$

21,689

 

$

20,323

 

$

17,788

 

87,312

 

$

74,518

 

Total Revenue (GAAP)

$

51,867

 

$

46,683

 

$

43,129

 

$

39,017

 

$

36,840

 

180,698

 

$

141,924

 

Efficiency ratio (non-GAAP)

 

44.9

%

 

47.1

%

 

50.3

%

 

52.1

%

 

48.3

%

48.3

%

 

52.5

%

Explanatory Note

Some amounts presented within this document may not recalculate due to rounding.


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