$MCB
Metropolitan Bank Holding Corp.

2022 Q2 Form 10-Q Financial Statement

#000155837022007627 Filed on May 06, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q4
Revenue $59.16M $50.97M $49.11M
YoY Change 44.11% 33.76% 33.23%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development $1.144M $1.399M
YoY Change 50.92%
% of Gross Profit
Depreciation & Amortization $1.130M $1.161M $1.730M
YoY Change 1.8% -8.58% -205.49%
% of Gross Profit
Operating Expenses $1.144M $1.399M
YoY Change 50.92%
Operating Profit
YoY Change
Interest Expense $3.856M $4.338M $4.300M
YoY Change -5.42% 17.75% 26.66%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $33.63M $26.04M $28.05M
YoY Change 71.89% 46.75% 62.55%
Income Tax $10.44M $7.019M $9.165M
% Of Pretax Income 31.05% 26.95% 32.67%
Net Earnings $23.19M $19.02M $18.89M
YoY Change 73.88% 56.98% 60.4%
Net Earnings / Revenue 39.2% 37.32% 38.46%
Basic Earnings Per Share $2.12 $1.74 $1.74
Diluted Earnings Per Share $2.072M $1.69 $1.69
COMMON SHARES
Basic Shares Outstanding 10.93M 10.92M 10.64M
Diluted Shares Outstanding 11.19M 11.22M

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $1.342B $1.414B $2.359B
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $17.93M $16.43M $15.12M
YoY Change 34.46% 19.47% 12.18%
Goodwill $9.733M $9.733M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $6.867B $6.627B $7.116B
YoY Change 18.66% 34.62% 64.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $367.0K $297.0K $700.0K
YoY Change -79.61% -50.5% 0.0%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $37.77M $50.22M $700.0K
YoY Change 1998.56% 17.6% -98.86%
LONG-TERM LIABILITIES
Long-Term Debt $52.66M $52.94M $77.80M
YoY Change -35.62% -35.28% -5.35%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $52.66M $52.94M $77.80M
YoY Change -35.62% -35.28% -5.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $37.77M $50.22M $700.0K
Total Long-Term Liabilities $52.66M $52.94M $77.80M
Total Liabilities $6.293B $6.067B $6.559B
YoY Change 16.03% 32.62% 64.39%
SHAREHOLDERS EQUITY
Retained Earnings $200.4M $181.4M
YoY Change 50.74% 50.12%
Common Stock $109.0K $109.0K
YoY Change 31.33% 32.93%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $574.3M $560.0M $557.0M
YoY Change
Total Liabilities & Shareholders Equity $6.867B $6.627B $7.116B
YoY Change 18.66% 34.62% 64.32%

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q4
OPERATING ACTIVITIES
Net Income $23.19M $19.02M $18.89M
YoY Change 73.88% 56.98% 60.4%
Depreciation, Depletion And Amortization $1.130M $1.161M $1.730M
YoY Change 1.8% -8.58% -205.49%
Cash From Operating Activities -$9.887M $30.88M $15.49M
YoY Change 502.87% -30376.47% -49.69%
INVESTING ACTIVITIES
Capital Expenditures -$2.099M -$1.874M -$2.160M
YoY Change -10595.0% 143.38% -173.47%
Acquisitions
YoY Change
Other Investing Activities -$298.9M -$452.1M -$485.3M
YoY Change 8.47% 40.01% 108.57%
Cash From Investing Activities -$300.9M -$454.0M -$487.4M
YoY Change 9.24% 40.26% 112.17%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 238.8M -522.3M 973.8M
YoY Change -72.28% -187.84% 229.72%
NET CHANGE
Cash From Operating Activities -9.887M 30.88M 15.49M
Cash From Investing Activities -300.9M -454.0M -487.4M
Cash From Financing Activities 238.8M -522.3M 973.8M
Net Change In Cash -72.08M -945.4M 501.9M
YoY Change -112.34% -449.22% 420.61%
FREE CASH FLOW
Cash From Operating Activities -$9.887M $30.88M $15.49M
Capital Expenditures -$2.099M -$1.874M -$2.160M
Free Cash Flow -$7.788M $32.76M $17.65M
YoY Change 369.16% 4803.59% -36.62%

Facts In Submission

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;text-decoration-line:none;">N</b><b style="font-weight:bold;text-decoration-line:none;">OTE 1 – ORGANIZATION</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Metropolitan Bank Holding Corp., a New York corporation (the “Company”), is a bank holding company whose principal activity is the ownership and management of Metropolitan Commercial Bank (the “Bank”), its wholly-owned subsidiary. The Company’s primary market is the New York metropolitan area. The Company provides a broad range of business, commercial and retail banking products and services to small businesses, middle-market enterprises, public entities and affluent individuals. See the “Glossary of Common Terms and Acronyms” for the definition of certain terms and acronyms used throughout this Form 10-Q.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company’s primary lending products are CRE loans, C&amp;I loans, and multi-family loans. Substantially all loans are secured by specific items of collateral including business assets, consumer assets, and commercial and residential real estate. Commercial loans are expected to be repaid from cash flows from operations of businesses.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company’s primary deposit products are checking, savings, and term deposit accounts, and its deposit accounts are insured by the FDIC under the maximum amounts allowed by law. In addition to traditional commercial banking products, the Company offers corporate cash management and retail banking services and, through its Global Payments Group (“global payments business”), provides BaaS to its fintech partners, which includes serving as an issuing bank for third-party managed debit card programs nationwide and providing other financial infrastructure, including cash settlement and custodian deposit services. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company and the Bank are subject to the regulations of certain state and federal agencies and, accordingly, are periodically examined by those regulatory authorities. The Company’s business is affected by state and federal legislation and regulations. </p>
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10919868
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8276174
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.74
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.46
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
18996000
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
12062000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10919868
CY2022Q1 us-gaap Financing Receivable Modifications Recorded Investment
FinancingReceivableModificationsRecordedInvestment
1272000
CY2021Q4 us-gaap Financing Receivable Modifications Recorded Investment
FinancingReceivableModificationsRecordedInvestment
1288000
CY2022Q1 mcb Percentage Of Loans And Leases Receivable Modified
PercentageOfLoansAndLeasesReceivableModified
0.0114
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
19021000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
12117000
CY2022Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
25000
CY2021Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
55000
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
18996000
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
12062000
CY2022Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
10934091
CY2021Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
8313660
CY2022Q1 mcb Weighted Average Number Of Shares Participating Securities
WeightedAverageNumberOfSharesParticipatingSecurities
14223
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8276174
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11223294
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8417319
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.69
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.43
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
231000
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
18.00
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
231000
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
18.00
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
231000
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
18.00
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P2Y1M17D
CY2022Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y4M17D
CY2021Q1 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2022Q1 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2022Q1 mcb Fair Value Assets Measured At Fair Value On Non Recurring Basis
FairValueAssetsMeasuredAtFairValueOnNonRecurringBasis
0
CY2021Q4 mcb Fair Value Assets Measured At Fair Value On Non Recurring Basis
FairValueAssetsMeasuredAtFairValueOnNonRecurringBasis
0
CY2022Q1 us-gaap Loans And Leases Receivable Commitments Fixed Rates
LoansAndLeasesReceivableCommitmentsFixedRates
93804
CY2022Q1 us-gaap Loans And Leases Receivable Commitments Variable Rates
LoansAndLeasesReceivableCommitmentsVariableRates
343546
CY2021 us-gaap Loans And Leases Receivable Commitments Fixed Rates
LoansAndLeasesReceivableCommitmentsFixedRates
89664
CY2021 us-gaap Loans And Leases Receivable Commitments Variable Rates
LoansAndLeasesReceivableCommitmentsVariableRates
346115
CY2022Q1 mcb Maturity Of Stand By Letters Of Credit And Time Deposits
MaturityOfStandByLettersOfCreditAndTimeDeposits
one year
CY2022Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
7533000
CY2021Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
4636000

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