$MCB
Metropolitan Bank Holding Corp.

2023 Q2 Form 10-Q Financial Statement

#000155837023008079 Filed on May 04, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $7.888M $6.948M $50.97M
YoY Change -86.67% -86.37% 33.76%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development $1.482M $1.313M $1.399M
YoY Change 29.55% -6.15% 50.92%
% of Gross Profit
Depreciation & Amortization $570.0K $872.0K $1.161M
YoY Change -49.56% -24.89% -8.58%
% of Gross Profit
Operating Expenses $1.482M $1.313M $1.399M
YoY Change 29.55% -6.15% 50.92%
Operating Profit
YoY Change
Interest Expense $35.23M $24.73M $4.338M
YoY Change 813.56% 470.06% 17.75%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $24.86M $33.84M $26.04M
YoY Change -26.08% 29.94% 46.75%
Income Tax $9.298M $8.761M $7.019M
% Of Pretax Income 37.4% 25.89% 26.95%
Net Earnings $15.56M $25.08M $19.02M
YoY Change -32.89% 31.83% 56.98%
Net Earnings / Revenue 197.27% 360.91% 37.32%
Basic Earnings Per Share $1.39 $2.26 $1.74
Diluted Earnings Per Share $1.37 $2.25 $1.69
COMMON SHARES
Basic Shares Outstanding 11.21M 10.96M 10.92M
Diluted Shares Outstanding 11.28M 11.10M 11.22M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $201.8M $299.5M $1.414B
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 $16.43M
YoY Change 19.47%
Goodwill $9.733M
YoY Change 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 $6.522B $6.310B $6.627B
YoY Change -5.02% -4.78% 34.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $297.0K
YoY Change -50.5%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $243.0M $195.0M
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $243.0M $195.0M $50.22M
YoY Change 543.3% 288.32% 17.6%
LONG-TERM LIABILITIES
Long-Term Debt $28.30M $28.31M $52.94M
YoY Change -46.26% -46.53% -35.28%
Other Long-Term Liabilities $130.3M $135.9M
YoY Change
Total Long-Term Liabilities $158.6M $164.2M $52.94M
YoY Change 201.15% 210.16% -35.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $243.0M $195.0M $50.22M
Total Long-Term Liabilities $158.6M $164.2M $52.94M
Total Liabilities $5.901B $5.702B $6.067B
YoY Change -6.23% -6.01% 32.62%
SHAREHOLDERS EQUITY
Retained Earnings $279.3M $263.8M $200.4M
YoY Change 31.62% 50.74%
Common Stock $110.0K $112.0K $109.0K
YoY Change 2.75% 31.33%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $621.3M $607.9M $560.0M
YoY Change
Total Liabilities & Shareholders Equity $6.522B $6.310B $6.627B
YoY Change -5.02% -4.78% 34.62%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income $15.56M $25.08M $19.02M
YoY Change -32.89% 31.83% 56.98%
Depreciation, Depletion And Amortization $570.0K $872.0K $1.161M
YoY Change -49.56% -24.89% -8.58%
Cash From Operating Activities $6.660M $39.03M $30.88M
YoY Change -167.36% 26.38% -30376.47%
INVESTING ACTIVITIES
Capital Expenditures $910.0K $980.0K -$1.874M
YoY Change -143.35% -152.29% 143.38%
Acquisitions
YoY Change
Other Investing Activities -$304.3M $2.569M -$452.1M
YoY Change 1.81% -100.57% 40.01%
Cash From Investing Activities -$305.2M $1.589M -$454.0M
YoY Change 1.4% -100.35% 40.26%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 200.8M 1.468M -522.3M
YoY Change -15.91% -100.28% -187.84%
NET CHANGE
Cash From Operating Activities 6.660M 39.03M 30.88M
Cash From Investing Activities -305.2M 1.589M -454.0M
Cash From Financing Activities 200.8M 1.468M -522.3M
Net Change In Cash -97.73M 42.09M -945.4M
YoY Change 35.59% -104.45% -449.22%
FREE CASH FLOW
Cash From Operating Activities $6.660M $39.03M $30.88M
Capital Expenditures $910.0K $980.0K -$1.874M
Free Cash Flow $5.750M $38.05M $32.76M
YoY Change -173.83% 16.16% 4803.59%

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 (including multi-family loans) and C&amp;I 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, all of which are insured by the FDIC up to 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 services to non-bank financial service companies, including serving as an issuing bank for third-party debit card programs, as well as providing other financial infrastructure, including cash settlement and custodian deposit services. 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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CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11103008
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11223294
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.25
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.69
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
220200
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
18.00
CY2023Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
220200
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
18.00
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
8300000
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
0.0
CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y4M9D
CY2023Q1 mcb Fair Value Assets Level1 To Level2 Transfers Amounts
FairValueAssetsLevel1ToLevel2TransfersAmounts
0
CY2022Q4 mcb Fair Value Assets Level1 To Level2 Transfers Amounts
FairValueAssetsLevel1ToLevel2TransfersAmounts
0
CY2023Q1 mcb Fair Value Assets Measured At Fair Value On Non Recurring Basis
FairValueAssetsMeasuredAtFairValueOnNonRecurringBasis
0
CY2022Q4 mcb Fair Value Assets Measured At Fair Value On Non Recurring Basis
FairValueAssetsMeasuredAtFairValueOnNonRecurringBasis
0
CY2023Q1 us-gaap Loans And Leases Receivable Commitments Fixed Rates
LoansAndLeasesReceivableCommitmentsFixedRates
95196
CY2023Q1 us-gaap Loans And Leases Receivable Commitments Variable Rates
LoansAndLeasesReceivableCommitmentsVariableRates
387399
CY2022 us-gaap Loans And Leases Receivable Commitments Fixed Rates
LoansAndLeasesReceivableCommitmentsFixedRates
94632
CY2022 us-gaap Loans And Leases Receivable Commitments Variable Rates
LoansAndLeasesReceivableCommitmentsVariableRates
364908
CY2022Q4 us-gaap Litigation Reserve
LitigationReserve
35000000.0
CY2023Q1 mcb Litigation Reserve Reversed
LitigationReserveReversed
2500000
CY2023Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
6948000
CY2022Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
7533000

Files In Submission

Name View Source Status
mcb-20230331_pre.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
0001558370-23-008079-index-headers.html Edgar Link pending
0001558370-23-008079-index.html Edgar Link pending
0001558370-23-008079.txt Edgar Link pending
0001558370-23-008079-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
mcb-20230331.xsd Edgar Link pending
mcb-20230331x10q.htm Edgar Link pending
mcb-20230331xex31d1.htm Edgar Link pending
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mcb-20230331_def.xml Edgar Link unprocessable
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mcb-20230331x10q_htm.xml Edgar Link completed
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