$MCB
Metropolitan Bank Holding Corp.

2024 Q2 Form 10-Q Financial Statement

#000155837024006655 Filed on May 03, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $6.147M $7.027M
YoY Change -22.07% 1.14%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development $3.043M $3.011M
YoY Change 105.33% 129.32%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $3.043M $3.011M
YoY Change 105.33% 129.32%
Operating Profit
YoY Change
Interest Expense $52.63M
YoY Change 112.81%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $23.88M $24.29M
YoY Change -3.93% -28.23%
Income Tax $7.084M $8.082M
% Of Pretax Income 29.66% 33.28%
Net Earnings $16.80M $16.20M
YoY Change 7.96% -35.38%
Net Earnings / Revenue 273.29% 230.58%
Basic Earnings Per Share $1.50 $1.46
Diluted Earnings Per Share $1.50 $1.46
COMMON SHARES
Basic Shares Outstanding 11.19M 11.09M
Diluted Shares Outstanding 11.20M 11.13M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $244.7M $534.4M
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
YoY Change
Goodwill
YoY Change
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 $7.266B $7.453B
YoY Change 11.4% 18.12%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $100.0M
YoY Change -100.0% -48.72%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $100.0M
YoY Change -48.72%
LONG-TERM LIABILITIES
Long-Term Debt $128.1M $28.17M
YoY Change 352.77% -0.49%
Other Long-Term Liabilities $102.8M $95.43M
YoY Change -21.14% -29.77%
Total Long-Term Liabilities $230.9M $123.6M
YoY Change 45.58% -24.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $100.0M
Total Long-Term Liabilities $230.9M $123.6M
Total Liabilities $6.573B $6.780B
YoY Change 11.39% 18.9%
SHAREHOLDERS EQUITY
Retained Earnings $349.0M $332.2M
YoY Change 24.93% 25.93%
Common Stock $112.0K $112.0K
YoY Change 1.82% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $692.4M $673.5M
YoY Change
Total Liabilities & Shareholders Equity $7.266B $7.453B
YoY Change 11.4% 18.12%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $16.80M $16.20M
YoY Change 7.96% -35.38%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $35.26M $25.00M
YoY Change 429.37% -35.95%
INVESTING ACTIVITIES
Capital Expenditures $753.0K $111.0K
YoY Change -17.25% -88.67%
Acquisitions
YoY Change
Other Investing Activities -$106.3M -$116.7M
YoY Change -65.06% -4642.82%
Cash From Investing Activities -$107.1M -$116.8M
YoY Change -64.92% -7451.54%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -217.9M 356.8M
YoY Change -208.54% 24202.32%
NET CHANGE
Cash From Operating Activities 35.26M 25.00M
Cash From Investing Activities -107.1M -116.8M
Cash From Financing Activities -217.9M 356.8M
Net Change In Cash -289.7M 264.9M
YoY Change 196.47% 529.53%
FREE CASH FLOW
Cash From Operating Activities $35.26M $25.00M
Capital Expenditures $753.0K $111.0K
Free Cash Flow $34.50M $24.89M
YoY Change 500.05% -34.6%

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 the 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. 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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CY2023Q4 us-gaap Financing Receivable Excluding Accrued Interest Year Four Originated Three Years Before Current Fiscal Year
FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear
188086000
CY2023Q4 us-gaap Financing Receivable Excluding Accrued Interest Year Five Originated Four Years Before Current Fiscal Year
FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear
261384000
CY2023Q4 us-gaap Financing Receivable Excluding Accrued Interest Originated More Than Five Years Before Current Fiscal Year
FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear
199491000
CY2023Q4 us-gaap Financing Receivable Excluding Accrued Interest Revolving
FinancingReceivableExcludingAccruedInterestRevolving
497680000
CY2023Q4 mcb Financing Receivable Excluding Accrued Interest Before Allowance For Credit Losses And Loan Before Fee Gross
FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLossesAndLoanBeforeFeeGross
5642012000
CY2023Q4 us-gaap Federal Funds Purchased
FederalFundsPurchased
99000000
CY2024Q1 us-gaap Interest Expense Federal Funds Purchased
InterestExpenseFederalFundsPurchased
151000
CY2023Q1 us-gaap Interest Expense Federal Funds Purchased
InterestExpenseFederalFundsPurchased
1369000
CY2024Q1 us-gaap Advances From Federal Home Loan Banks
AdvancesFromFederalHomeLoanBanks
300000000
CY2023Q4 us-gaap Advances From Federal Home Loan Banks
AdvancesFromFederalHomeLoanBanks
440000000
CY2024Q1 mcb Interest Expense Federal Home Loan Bank Advance
InterestExpenseFederalHomeLoanBankAdvance
4129000
CY2023Q1 mcb Interest Expense Federal Home Loan Bank Advance
InterestExpenseFederalHomeLoanBankAdvance
657000
CY2024Q1 mcb Interest Expense Federal Reserve Bank Advances Short Term
InterestExpenseFederalReserveBankAdvancesShortTerm
1081000
CY2024Q1 us-gaap Federal Home Loan Bank Advances General Debt Obligations Disclosures Maximum Amount Available
FederalHomeLoanBankAdvancesGeneralDebtObligationsDisclosuresMaximumAmountAvailable
3400000000
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
16203000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
25076000
CY2023Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
84000
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
16203000
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
24992000
CY2024Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
11132989
CY2023Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
11081924
CY2023Q1 mcb Weighted Average Number Of Shares Participating Securities
WeightedAverageNumberOfSharesParticipatingSecurities
37300
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11132989
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11044624
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.46
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.26
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
16203000
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
24992000
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11132989
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11044624
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11132989
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11103008
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.46
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.25
CY2024Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y2M1D
CY2023Q1 mcb Fair Value Assets Level1 To Level2 Transfers Amounts
FairValueAssetsLevel1ToLevel2TransfersAmounts
0
CY2024Q1 mcb Fair Value Assets Level1 To Level2 Transfers Amounts
FairValueAssetsLevel1ToLevel2TransfersAmounts
0
CY2024Q1 mcb Fair Value Assets Measured At Fair Value On Non Recurring Basis
FairValueAssetsMeasuredAtFairValueOnNonRecurringBasis
0
CY2023Q4 mcb Fair Value Assets Measured At Fair Value On Non Recurring Basis
FairValueAssetsMeasuredAtFairValueOnNonRecurringBasis
0
CY2024Q1 mcb Accumulated Other Comprehensive Income Loss Before Tax
AccumulatedOtherComprehensiveIncomeLossBeforeTax
-74862000
CY2024Q1 mcb Accumulated Other Comprehensive Income Loss Tax
AccumulatedOtherComprehensiveIncomeLossTax
22772000
CY2024Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-52090000
CY2023Q4 mcb Accumulated Other Comprehensive Income Loss Before Tax
AccumulatedOtherComprehensiveIncomeLossBeforeTax
-75209000
CY2023Q4 mcb Accumulated Other Comprehensive Income Loss Tax
AccumulatedOtherComprehensiveIncomeLossTax
22273000
CY2023Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-52936000
CY2024Q1 us-gaap Loans And Leases Receivable Commitments Fixed Rates
LoansAndLeasesReceivableCommitmentsFixedRates
105061000
CY2024Q1 us-gaap Loans And Leases Receivable Commitments Variable Rates
LoansAndLeasesReceivableCommitmentsVariableRates
534372000
CY2023 us-gaap Loans And Leases Receivable Commitments Fixed Rates
LoansAndLeasesReceivableCommitmentsFixedRates
126950000
CY2023 us-gaap Loans And Leases Receivable Commitments Variable Rates
LoansAndLeasesReceivableCommitmentsVariableRates
527730000
CY2024Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
7027000
CY2023Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
6948000
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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