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Mar 31, 2022
Metropolitan Bank Q1 2022 Earnings Report
Reported a net income of $19.0 million, driven by sustained balance sheet growth and Banking-as-a-Service business expansion.
Key Takeaways
Metropolitan Bank Holding Corp. reported a strong first quarter with a net income of $19.0 million, or $1.69 per diluted common share. Revenues increased 38.6% year-over-year, and loans increased 10.4% quarter-over-quarter. The company's return on average tangible common equity was 14.0%.
Net income for the first quarter of 2022 was $19.0 million, or $1.69 per diluted common share, compared to $12.1 million, or $1.43 per diluted common share, for the first quarter of 2021.
Total assets reached $6.6 billion, a 34.5% increase from March 31, 2021.
Total loans, net of deferred fees and unamortized costs, were $4.1 billion, up 10.4% from December 31, 2021.
Total deposits were $5.9 billion, a 34.2% increase from March 31, 2021.
Metropolitan Bank
Metropolitan Bank
Forward Guidance
The company did not provide specific forward guidance but expressed confidence in its long runway for momentum, despite economic uncertainty.
Positive Outlook
- Strategic deployment of liquidity by both MCB and its clients.
- Substantial deployment of liquidity into lending and securities.
- Repayment of outstanding subordinated debt.
- Significant liquidity moving into business investments and acquisitions by clients.
- Immediate benefits expected from these initiatives and clients’ strategic investments.
Challenges Ahead
- Economic uncertainty.
- Potential disruptions that need to be addressed while sustaining growth and profitability.
- Unexpected deterioration in loan or securities portfolios.
- Unexpected increases in expenses.
- Potential adverse changes in customers’ economic conditions or general economic conditions.