Metropolitan Bank Holding Corp. Files Q2 2024 10-Q

TL;DR

Metropolitan Bank Holding Corp. filed its Q2 2024 10-Q. Financials look steady.

AI Summary

Metropolitan Bank Holding Corp. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter. Key financial data and disclosures relevant to investors and regulators are presented.

Why It Matters

This filing provides crucial insights into Metropolitan Bank's financial health and operational performance during the second quarter of 2024, impacting investor confidence and regulatory oversight.

Risk Assessment

Risk Level: medium — As a financial institution, Metropolitan Bank Holding Corp. is subject to inherent risks related to market fluctuations, regulatory changes, and credit quality.

Key Numbers

• 2024 Q2 — Reporting Period (Financials for the second quarter of 2024 are detailed.)
• 1231 — Fiscal Year End (Indicates the end of the company's fiscal year.)

Key Players & Entities

• Metropolitan Bank Holding Corp. (company) — Filer of the 10-Q
• 20240630 (date) — End of reporting period
• 20240802 (date) — Filing date
• 99 PARK AVENUE (address) — Company business and mailing address
• NEW YORK (location) — Company city
• NY (location) — Company state
• 10016 (zip_code) — Company zip code
• 212-659-0600 (phone_number) — Company business phone

FAQ

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share MCB New York Stock Exchan

Filing Documents

• mcb-20240630x10q.htm (10-Q) — 4609KB
• mcb-20240630xex3d1.htm (EX-3.1) — 109KB
• mcb-20240630xex31d1.htm (EX-31.1) — 12KB
• mcb-20240630xex31d2.htm (EX-31.2) — 13KB
• mcb-20240630xex32.htm (EX-32) — 9KB
• 0001558370-24-010721.txt ( ) — 20233KB
• mcb-20240630.xsd (EX-101.SCH) — 55KB
• mcb-20240630_cal.xml (EX-101.CAL) — 84KB
• mcb-20240630_def.xml (EX-101.DEF) — 338KB
• mcb-20240630_lab.xml (EX-101.LAB) — 477KB
• mcb-20240630_pre.xml (EX-101.PRE) — 488KB
• mcb-20240630x10q_htm.xml (XML) — 6067KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) Consolidated Statements of Financial Condition 6 Consolidated Statements of Operations 7 Consolidated Statements of Comprehensive Income 8 Consolidated Statements of Changes in Stockholders' Equity 9 Consolidated Statements of Cash Flows 10 Notes to Unaudited Consolidated Financial Statements 11

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 32

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 42

Controls and Procedures

Item 4. Controls and Procedures 44

OTHER INFORMATION

PART II. OTHER INFORMATION 45

Legal Proceedings

Item 1. Legal Proceedings 45

Risk Factors

Item 1A. Risk Factors 45

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 45

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 45

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 45

Other Information

Item 5. Other Information 45

Exhibits

Item 6. Exhibits 46

Signatures

Signatures 47 2 Table of Contents GLOSSARY OF COMMON TERMS AND ACRONYMS ACL Allowance for credit losses FHLB Federal Home Loan Bank AFS Available-for-sale FHLBNY Federal Home Loan Bank of New York ALCO Asset Liability Committee FRB Federal Reserve Bank ALLL Allowance for loan and lease losses FRBNY Federal Reserve Bank of New York AOCI Accumulated other comprehensive income FX Foreign exchange ASC Accounting Standards Codification GAAP U.S. Generally accepted accounting principles ASU Accounting Standards Update GPG Global Payments Group Bank Metropolitan Commercial Bank HTM Held-to-maturity BHC Act Bank Holding Company Act of 1956, as amended IRR Interest rate risk BSA Bank Secrecy Act ISO Incentive stock option C&I Commercial and industrial JOBS Act The Jumpstart Our Business Startups Act CARES Act Coronavirus Aid, Relief, and Economic Security Act LIBOR London Inter-Bank Offered Rate CECL Current Expected Credit Loss LTV Loan-to-value CFPB Consumer Financial Protection Bureau MBS Mortgage-backed securities Company Metropolitan Bank Holding Corp. NYSDFS New York State Department of Financial Services Coronavirus COVID-19 OCC Office of the Comptroller of the Currency CRA Community Reinvestment Act OTTI Other-than-temporary impairment CRE Commercial real estate PPP Paycheck Protection Program CRE Guidance Commercial Real Estate Lending, Sound Risk Management Practices PRSU Performance restricted share units DIF Deposit Insurance Fund ROU Right of use EB-5 Program EB-5 Immigrant Investor Program SEC U.S. Securities and Exchange Commission EGC Emerging Growth Company SOFR Secured Overnight Financing Rate EVE Economic value of equity TDR Troubled debt restructuring FASB Financial Accounting Standards Board USD U.S. dollar FDIC Federal Deposit Insurance Corporation 3 Table of Contents NOTE ABOUT FORWARD-LOOKING S

View Full Filing

View this 10-Q filing on SEC EDGAR