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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.
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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