Metropolitan Bank Holding Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Metropolitan Bank Holding Corp. has submitted its 2023 10-K annual report detailing financial performance and equity information.</b>

AI Summary

Metropolitan Bank Holding Corp. (MCB) filed a Annual Report (10-K) with the SEC on February 28, 2024. Metropolitan Bank Holding Corp. filed its 10-K report for the fiscal year ending December 31, 2023. The filing includes financial data for the years ending December 31, 2023, 2022, 2021, and 2020. Key financial statement components such as Retained Earnings, Additional Paid-In Capital, and Accumulated Other Comprehensive Income are detailed for multiple fiscal years. Information regarding employee stock options and restricted stock grants is provided for various periods within 2021, 2022, and 2023. The company's business address is 99 Park Avenue, New York, NY 10016, with a phone number of 212-659-0600.

Why It Matters

For investors and stakeholders tracking Metropolitan Bank Holding Corp., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Metropolitan Bank Holding Corp.'s financial health and operational activities for the fiscal year 2023, allowing investors to assess its performance against prior periods. The detailed breakdown of equity accounts and stock-based compensation offers insights into the company's capital structure and its strategies for incentivizing management and employees.

Risk Assessment

Risk Level: medium — Metropolitan Bank Holding Corp. shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine annual report. While it contains detailed financial information, it does not indicate any immediate or severe risks beyond those typically associated with publicly traded companies in the financial sector.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand Metropolitan Bank Holding Corp.'s financial position and future outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-28 — Filing Date (Date of submission)
• 125 — Public Document Count (Number of documents in the filing)
• 0001558370-24-001997 — Accession Number (Unique identifier for the filing)

Key Players & Entities

• Metropolitan Bank Holding Corp. (company) — Filer name
• 2023-12-31 (date) — Fiscal year end
• 2024-02-28 (date) — Filing date
• 99 PARK AVENUE (address) — Business address
• NEW YORK (location) — Business address city
• NY (location) — Business address state
• 10016 (postal_code) — Business address zip
• 212-659-0600 (phone_number) — Business phone

FAQ

Industry Context

Metropolitan Bank Holding Corp. operates within the commercial banking sector, providing a range of financial services.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose material information to investors.

What Investors Should Do

1. Review the consolidated financial statements for detailed revenue, net income, and balance sheet figures.
2. Analyze the Management's Discussion and Analysis (MD&A) section for insights into the company's performance drivers and outlook.
3. Examine the risk factors section for potential challenges and uncertainties facing the company.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-28: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial analysis of the 2023 10-K filing. A comparison to the previous year's filing (2022 10-K) would require access to that document.

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value MCB New York Stock Exchan
• $7.1 b — osits, and stockholders' equity totaled $7.1 billion, $5.6 billion, $5.7 billion and $
• $5.6 b — ckholders' equity totaled $7.1 billion, $5.6 billion, $5.7 billion and $659.0 million,
• $5.7 billion — ity totaled $7.1 billion, $5.6 billion, $5.7 billion and $659.0 million, respectively. As a
• $659.0 m — billion, $5.6 billion, $5.7 billion and $659.0 million, respectively. As a bank holding
• $5 million — ed as businesses with annual revenue of $5 million to $400 million). The Company's market
• $400 million — es with annual revenue of $5 million to $400 million). The Company's market area has a diver
• $50 million — state entrepreneurs with a net worth of $50 million or more. The Company originates and ser
• $3 million — CRE and C&I loans of generally between $3 million and $30 million, which it believes is a
• $30 m — ans of generally between $3 million and $30 million, which it believes is an under-se
• $1.5 b — use properties. At December 31, 2023, $1.5 billion, or 33.3% of the Company's real e

Filing Documents

• mcb-20231231x10k.htm (10-K) — 5941KB
• mcb-20231231xex23.htm (EX-23) — 3KB
• mcb-20231231xex31d01.htm (EX-31.01) — 12KB
• mcb-20231231xex31d02.htm (EX-31.02) — 12KB
• mcb-20231231xex32.htm (EX-32) — 6KB
• mcb-20231231xex19d01.htm (EX-19.01) — 104KB
• mcb-20231231xex97d01.htm (EX-97.01) — 41KB
• mcb-20231231x10k004.jpg (GRAPHIC) — 77KB
• mcb-20231231xex19d01003.jpg (GRAPHIC) — 24KB
• mcb-20231231xex19d01004.jpg (GRAPHIC) — 19KB
• 0001558370-24-001997.txt (&nbsp;) — 25218KB
• mcb-20231231.xsd (EX-101.SCH) — 82KB
• mcb-20231231_cal.xml (EX-101.CAL) — 120KB
• mcb-20231231_def.xml (EX-101.DEF) — 456KB
• mcb-20231231_lab.xml (EX-101.LAB) — 712KB
• mcb-20231231_pre.xml (EX-101.PRE) — 724KB
• mcb-20231231x10k_htm.xml (XML) — 6690KB

Business

Business 5 Item 1A .

Risk Factors

Risk Factors 26 Item 1B . Unresolved Staff Comments 39 Item 1C . Cybersecurity 40 Item 2 .

Properties

Properties 43 Item 3 .

Legal Proceedings

Legal Proceedings 44 Item 4 . Mine Safety Disclosures 44 PART II Item 5 . Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 45 Item 6 . [Reserved] 46 Item 7 .

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 46 Item 7A .

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 62 Item 8 .

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 64 Item 9 . Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 64 Item 9A .

Controls and Procedures

Controls and Procedures 64 Item 9B . Other Information 65 Item 9C . Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 65 PART III Item 10 . Directors, Executive Officers and Corporate Governance 66 Item 11 .

Executive Compensation

Executive Compensation 66 Item 12 .

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 66 Item 13 . Certain Relationships and Related Transactions, and Director Independence 66 Item 14 . Principal Accountant Fees and Services 66 PART IV Item 15 . Exhibits and Financial Statement Schedules 67 Item 16 . Form 10-K Summary 69

SIGNATURES

SIGNATURES 70 1 Table of Contents GLOSSARY OF COMMON TERMS AND ACRONYMS ACL Allowance for Credit Losses FHLBNY Federal Home Loan Bank of New York AFS Available-for-sale FRB Federal Reserve Bank ALCO Asset Liability Committee FRBNY Federal Reserve Bank of New York ALLL Allowance for loan and lease losses FX Foreign exchange AOCI Accumulated Other Comprehensive Income GAAP U.S. Generally accepted accounting principles ASC Accounting Standards Codification GPG Global Payments Group ASU Accounting Standards Update HTM Held-to-maturity Bank Metropolitan Commercial Bank IRR Interest rate risk BHC Act Bank Holding Company Act of 1956, as amended ISO Incentive stock option BSA Bank Secrecy Act JOBS Act The Jumpstart Our Business Startups Act C&I Commercial and Industrial LIBOR London Inter-Bank Offered Rate CARES Act Coronavirus Aid, Relief, and Economic Security Act LTV Loan-to-value CECL Current Expected Credit Loss MBS Mortgage-backed securities CFPB Consumer Financial Protection Bureau NYSDFS New York State Department of Financial Services Company Metropolitan Bank Holding Corp. OCC Office of the Comptroller of the Currency Coronavirus COVID-19 OTTI Other-than-temporary impairment CRA Community Reinvestment Act PPP Paycheck Protection Program CRE Commercial real estate PRSU Performance Restricted Share Units CRE Guidance Commercial Real Estate Lending, Sound Risk Management Practices ROU Right of Use DIF Deposit Insurance Fund SEC U.S. Securities and Exchange Commission EGC Emerging Growth Company SOFR Secured Overnight Financing Rate EVE Economic value of equity SRC Smaller reporting company FASB Financial Accounting Standards Board TDR Troubled debt restructuring FDIC Federal Deposit Insurance Corporation USD U.S. Dollar FHLB Federal Home Loan Bank 2 Table of Contents NOTE ABOUT FORWARD-LOOKING STATEMENTS This

Business

Item 1. Business The Company is a bank holding company headquartered in New York, New York and registered under the BHC Act. Through its wholly owned bank subsidiary, Metropolitan Commercial Bank, a New York state-chartered bank, 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 primarily in the New York metropolitan area. The Company's founding members, including its Chief Executive Officer, Mark DeFazio, recognized a need in the New York metropolitan area for a solutions-oriented, relationship bank focused on middle market companies and real estate entrepreneurs whose financial needs are often overlooked by larger financial institutions. The Bank was established in 1999 with the goal of helping these under-served clients build and sustain wealth. Its motto, "The Entrepreneurial Bank," is a reflection of the Bank's aspiration to develop a middle-market bank that shares the same entrepreneurial spirit as its clients. By combining high-tech service with the relationship-based focus of a community bank with an extensive suite of financial products and services, the Company is well-positioned to continue to capitalize on the significant growth opportunities available in the New York metropolitan area. See the "GLOSSARY OF COMMON TERMS AND ACRONYMS" for the definition of certain terms and acronyms used throughout this Form 10-K. In addition to traditional commercial banking products, the Company offers corporate cash management and retail banking services, and, through GPG, provides global payments business services to non-bank financial service companies (referred to as Banking-as-a-Service ("BaaS")) by serving as an issuing bank for third-party debit card programs, while also providing such companies with other financial infrastructure components, including cash settlement and custodian deposit services. In early 2024, the Compa

View Full Filing

View this 10-K filing on SEC EDGAR