Metropolitan Bank Holding Corp. (the “Company”) (NYSE:MCB), the holding company for Metropolitan Commercial Bank (the “Bank”) today updated the following financial information (unaudited):
- The Company and Bank remain well capitalized across all measures of regulatory capital, with a total risk-based capital of 13.4% and 13.1%, respectively, at December 31, 2022, well above regulatory minimums.
- As of March 29, 2023:
- Total core deposit verticals were $5.04 billion compared with $4.78 billion as of December 31, 2022, an increase of 5.4%.
- Insured deposits account for 66% of total deposits, up from 60% at December 31, 2022.
- Liquidity remains strong. Cash on deposit with the Federal Reserve Bank of New York and readily accessible secured funding capacity totaled $3.1 billion, which is 170% of uninsured deposit balances.
- Our previously announced exit from the crypto vertical, not included in total core deposit verticals above, is almost complete, with crypto-related deposits currently accounting for 4% of total deposits and as anticipated is expected to be near zero by the end of the second quarter of 2023.
- Asset quality remains strong. The commercial real estate (“CRE”) portfolio, which includes owner-occupied CRE, is broadly diversified by property type, with offices accounting for only 10% of the portfolio, and the 61% average loan-to-value ratio of the portfolio significantly mitigates credit risk.
