Market Overview

Metropolitan Bank Holding Corp. Reports Record Growth in Loans and Deposits

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Metropolitan Bank Holding Corp. (NYSE:MCB), the holding company (the
"Company") for Metropolitan Commercial Bank (the "Bank"), today reported
net income of $8.5 million or $1.01 per diluted common share for the
first quarter of 2019 as compared to $6.3 million, or $0.75 per diluted
common share, for the first quarter of 2018. Financial Highlights for
the first quarter of 2019 include:

  • Total assets increased 17.0% to $2.55 billion at March 31, 2019 as
    compared to $2.18 billion at December 31, 2018.
  • Total loans increased 12.3% to $2.10 billion at March 31, 2019, as
    compared to $1.87 billion at December 31, 2018. For the first quarter
    of 2019, the Bank's loan production was $289.8 million as compared to
    $175.8 million for the same period in 2018.
  • Total deposits increased $305.6 million or 18.7% to $1.97 billion at
    March 31, 2019 as compared to $1.66 billion at December 31, 2018. This
    growth in deposits was across most of the Bank's deposit verticals,
    including retail deposits, and specialty deposit verticals.
  • Non-interest-bearing demand accounts increased 14.6% to $915.5 million
    at March 31, 2019 as compared to $798.6 million at December 31, 2018.
    Interest-bearing deposits increased 21.9% to $1.1 billion at
    March 31, 2019 as compared to $862.0 million at December 31, 2018.
  • Net interest margin increased 6 basis points to 3.74% for the first
    quarter of 2019 from 3.68% for the first quarter of 2018.
  • The provision for loan losses for the first quarter of 2019 was $2.2
    million, entirely offset by a recovery of $4.2 million related to taxi
    medallion loans. Accordingly, a credit of $2.0 million was recorded in
    the first quarter of 2019. The $2.2 million provision reflected the
    record loan growth in the quarter.
  • Annualized return on average assets for the first quarter of 2019 was
    1.49%, an increase of 14 basis points as compared to 1.35% for the
    first quarter of 2018.
  • Annualized return on average equity was 12.67% for the first quarter
    of 2019 as compared to 10.53% for the first quarter of 2018.
  • The Company's efficiency ratio in the first quarter of 2019 was
    55.87%, compared to 51.48% for the same quarter in 2018.

Mark R. DeFazio, the Company's President and Chief Executive Officer,
commented, "I am very pleased with the results of the first quarter. We
are committed to our strategy of building out our sustainable and
scalable business and expanding our market share. The record growth in
loans and deposits this quarter was organically generated, while
maintaining our focus on quality. We are encouraged by our recent
business wins, many of which came from new relationships which we plan
to deepen."

Mr. DeFazio continued, "I am very satisfied with the finalization of our
litigation regarding the taxi medallion loans that were charged-off in
2016 and 2017. The Bank achieved a very successful collection against
the original principal amounts charged-off."

Mr. DeFazio concluded, "The Bank is well-positioned for further growth
which will continue to generate favorable returns and shareholder value."

Balance Sheet

The Company had total assets of $2.55 billion at March 31, 2019,
compared with $2.18 billion on December 31, 2018. Loans, net of deferred
fees and unamortized costs increased to $2.10 billion at March 31, 2019
as compared to $1.87 billion at December 31, 2018. For the three months
ended March 31, 2019, the Bank's loan production was $289.8 million as
compared to $175.8 for the same period in 2018.

Total deposits increased $305.6 million, or 18.7%, to $1.97 billion at
March 31, 2019 as compared to $1.66 billion at December 31, 2018. This
was due to an increase of $188.6 million in interest-bearing demand
deposits and an increase of $116.9 million in non-interest-bearing
deposits.

Total borrowings increased by $30.0 million to $260.2 million at
March 31, 2019 as compared to $230.2 million at December 31, 2018. This
was due to an increase of $30.0 million in Federal Home Loan Bank
advances, which were used to support the Bank's loan growth.

Total stockholders' equity was $273.8 million on March 31, 2019 compared
to $264.5 million at December 31, 2018. The increase of $9.3 million was
primarily due to net income of $8.5 million earned in the first quarter
of 2019. Metropolitan Commercial Bank meets all the requirements to be
considered "Well-Capitalized" under applicable regulatory guidelines. At
March 31, 2019, total Commercial Real Estate Loans ("CRE") were 328.2%
of risk-based capital, compared to 312.4% at December 31, 2018.

Income Statement

         
Quarter Ended March 31,
(dollars in thousands) 2019 2018
Net income $ 8,531 $ 6,291
Diluted earnings per common share 1.01 0.75
Annualized return on average assets 1.49 % 1.35 %
Annualized return on average equity 12.67 % 10.53 %
Annualized return on average common equity* 12.93 % 10.78 %

__________________

*Common equity excludes Class B preferred stock. See reconciliation
to GAAP measures on page 11.
 

Net Income Summary

Net income increased $2.2 million to $8.5 million for the first quarter
of 2019 as compared to $6.3 million for the same period in 2018. This
increase was due primarily to a $4.4 million increase in net interest
income and a $3.5 million decrease in the provision for loan losses,
partially offset by a $2.9 million decrease in non-interest income and a
$1.8 million increase in non-interest expense.

Net Interest Margin Analysis

                         
Three months ended
March 31, 2019 March 31, 2018
Average Average
Outstanding Yield/Rate Outstanding Yield/Rate
(dollars in thousands) Balance Interest (annualized) Balance Interest (annualized)
Assets:
Interest-earning assets:
Loans (1) $ 1,973,136 $ 25,050 5.15 % $ 1,476,955 $ 17,212 4.73 %
Available-for-sale securities 30,522 204 2.68 % 31,833 162 2.09 %
Held-to-maturity securities 4,479 23 2.05 % 3,151 27 3.48 %
Equity investments - non-trading 3,210 23 2.87 % 2,167 4 0.75 %
Overnight deposits 228,506 1,389 2.47 % 241,173 1,043 1.75 %
Other interest-earning assets   24,722   301 4.94 %   63,245   245 1.57 %
Total interest-earning assets 2,264,575 26,990 4.83 % 1,818,524 18,693 4.17 %
Non-interest-earning assets 44,204 66,311
Allowance for loan and lease losses   (20,228)   (15,584)
Total assets $ 2,288,551 $ 1,869,251
 
Liabilities and Stockholders' Equity:
Interest-bearing liabilities:
Money market and savings accounts $ 856,477 $ 3,721 1.76 % $ 514,455 $ 1,190 0.94 %
Certificates of deposit   105,290   610 2.35 %   72,822   249 1.39 %
Total interest-bearing deposits 961,767 4,331 1.83 % 587,277 1,439 0.99 %
Borrowed funds   211,170   1,766 3.35 %   84,317   738 3.53 %
Total interest-bearing liabilities 1,172,937 6,097 2.11 % 671,594 2,177 1.31 %
Non-interest-bearing liabilities:
Non-interest-bearing deposits 822,763 935,417
Other non-interest-bearing liabilities   23,433   23,223
Total liabilities   2,019,133   1,630,234
 
Stockholders' Equity   269,418   239,017
Total liabilities and equity $ 2,288,551 $ 1,869,251
 
Net interest income $ 20,893 $ 16,516
Net interest rate spread (2) 2.72 % 2.86 %
Net interest-earning assets $ 1,091,638 $ 1,146,930
Net interest margin (3) 3.74 % 3.68 %
Ratio of interest earning assets to interest bearing liabilities 1.93 x 2.71 x
 

___________________________

(1)   Amount includes deferred loan fees and non-performing loans.
(2) Determined by subtracting the annualized weighted average cost of
total interest-bearing liabilities from the annualized weighted
average yield on total interest-earning assets.
(3) Determined by dividing annualized net interest income by total
average interest-earning assets.
 

Net Interest Income

Interest income increased $8.3 million to $27.0 million for the first
quarter of 2019 as compared to $18.7 million for the first quarter of
2018. This increase was due primarily to a $7.8 million increase in
interest income on loans. The increase in interest income on loans was
due to a $496.2 million increase in average balances of loans to $2.0
billion and a 42 basis point increase in the average yield to 5.15% for
the first quarter of 2019.

Interest expense amounted to $6.1 million for the first quarter of 2019
as compared to $2.2 million for the first quarter of 2018, an increase
of $3.9 million. This increase was due to a $2.9 million increase in
interest on deposits and a $1.0 million increase in interest on
borrowings.

The increase in interest expense on deposits was due primarily to a
$374.5 million increase in the average balance of interest-bearing
deposits to $961.8 million for the first quarter of 2019 and an 84 basis
point increase in the average cost to 1.83%.

The average balance of borrowing increased $126.9 million to $211.2
million for the first quarter of 2019 as compared to $84.3 million for
the first quarter of 2018. The average cost of borrowing decreased 18
basis points to 3.35% as compared to 3.53% for those same periods.

Net interest margin increased 6 basis points to 3.74% for the first
quarter of 2019 from 3.68% for the first quarter of 2018. Total average
interest-earning assets increased $446.1 million for the first quarter
of 2019 as compared to the first quarter of 2018, due primarily to a
$496.2 million increase in average loans, which was partially offset by
a decrease of $51.2 million in overnight funds and other
interest-earning assets. The total yield on average interest-earning
assets increased 66 basis points to 4.83% in the first quarter of 2019
as compared to 4.17% in the same period on 2018.

Asset Quality

Non-performing assets consist of non-accrual loans, accruing loans that
are 90 days or more past due, loans placed in forbearance with payments
past due over 90 days and still accruing, non-accrual troubled debt
restructurings and real estate owned ("REO") that has been acquired in
partial or full satisfaction of loan obligations or upon foreclosure.
The Bank had no REO properties at March 31, 2019 and December 31, 2018.

       
 
(dollars in thousands) March 31, 2019 December 31, 2018
Non-performing assets:
Non-accrual loans:
Commercial $ $
One-to-four family
Commercial and industrial
Consumer   68   50
Total non-accrual loans $ 68 $ 50
Accruing loans 90 days or more past due   1,430   239
Total non-performing assets $ 1,498 $ 289
Nonaccrual loans as % of loans outstanding % %
Non-performing assets as % of loans outstanding 0.07 % 0.02 %
Allowance for loan losses $ (20,834) $ (18,942)
Allowance for loan losses as % of loans outstanding 0.99 % 1.02 %
 
         
Quarter Ended March 31,
(dollars in thousands) 2019 2018
Provision/(credit) for loan losses $ (2,031) $ 1,477
Charge-offs $ (347) $ (157)
Recoveries $ 4,270 $ 53
Net charge-offs/(recoveries) as % of average loans (annualized) (0.80) % 0.04 %
 

The provision for loan losses was a credit of $2.0 million for the first
quarter of 2019 as compared to $1.5 million for the first quarter of
2018. This decrease was due primarily to a $4.2 million recovery related
to the taxi medallion loans, offset by a loan loss provision of $2.2
million necessitated by the record loan growth in the quarter.

Non-Interest Income

         
Quarter Ended March 31,
(dollars in thousands) 2019 2018
Service charges on deposit accounts $ 819 $ 1,910
Prepaid third-party debit card income 1,257 908
Other service charges and fees 278 2,494
Unrealized gain on equity securities   39  
Total non-interest income $ 2,393 $ 5,312
 

Non-interest income decreased by $2.9 million to $2.4 million in the
first quarter of 2019 as compared to $5.3 million in the first quarter
of 2018, primarily due to decreases of $1.1 million in service charges
on deposits and $2.2 million in other charges and fees, partially offset
by an increase in debit card income of $349,000. The decrease in service
charges on deposits was primarily due to a decline of $1.1 million in
wire fees related to transactions by digital currency customers. The
decrease in other service charges and fees was due to a $2.1 million
decrease in foreign currency conversion fees, which were at an elevated
level during the first quarter of 2018, as customers, particularly those
in the digital currency business, were transferring funds from their
global corporate accounts back into their U.S. dollar accounts with the
Bank.

Non-Interest Expense

         
Quarter Ended March 31,
(dollars in thousands) 2019 2018
Compensation and benefits $ 7,490 $ 6,317
Bank premises and equipment 1,335 1,180
Professional fees 794 753
Technology costs 1,700 1,506
Other expenses   1,690   1,482
Total non-interest expense $ 13,009 $ 11,238
 

Non-interest expense increased $1.8 million to $13.0 million during the
first quarter of 2019 as compared to $11.2 million for the first quarter
of 2018. Compensation and benefits increased $1.2 million to $7.5
million for the first quarter of 2019 as compared to $6.3 million for
the first quarter of 2018. This increase was due primarily to an
increase of 20 full-time equivalent employees for the first quarter of
2019 as compared to the first quarter of 2018. Technology costs
increased $194,000 for the first quarter of 2019 as compared to the
first quarter of 2018. For the first quarter of 2019, technology costs
included licensing fees related to software interfaces for deposit
products of $1.1 million as compared to $124,000 for the first quarter
of 2018, an increase of $1.0 million. This increase was partially offset
by a decrease of $741,000 in transaction costs related to the decreased
volume of wire transactions by digital currency customers in the first
quarter of 2019 as compared to the first quarter of 2018.

About Metropolitan Bank Holding Corporation

Metropolitan Bank Holding Corp. (NYSE:MCB) is the holding company for
Metropolitan Commercial Bank. The Bank provides a broad range of
business, commercial and personal banking products and services to small
and middle-market businesses, public entities and affluent individuals
in the New York metropolitan area. Founded in 1999, the Bank is
headquartered in New York City and operates six locations in Manhattan,
Brooklyn and Great Neck, Long Island. The Bank is also an active issuer
of debit cards for third-party debit card programs. Metropolitan
Commercial Bank is a New York State chartered commercial bank, a Federal
Reserve System member bank whose deposits are insured up to applicable
limits by the FDIC, and an equal opportunity lender. For more
information, please visit www.mcbankny.com.

Forward Looking Statement Disclaimer

This release contains certain "forward-looking statements" about the
Company which, to the extent applicable, are intended to be covered by
the safe harbor for forward-looking statements provided under Federal
securities laws and, regardless of such coverage, you are cautioned
about. Examples of forward-looking statements include but are not
limited to the Company's financial condition and capital ratios, results
of operations and the Company's outlook and business. Forward-looking
statements are not historical facts. Such statements may be identified
by the use of such words as "may", "believe", "expect", "anticipate",
"plan", "continue", or similar terminology. These statements relate to
future events or our future financial performance and involve risks and
uncertainties that may cause our actual results, levels of activity,
performance or achievements to differ materially from those expressed or
implied by these forward-looking statements. Although we believe that
the expectations reflected in the forward-looking statements are
reasonable, we caution you not to place undue reliance on these
forward-looking statements. Factors which may cause our forward-looking
statements to be materially inaccurate include, but are not limited to
those discussed under the heading "Risk Factors" in our Annual Report on
Form 10-K, as well as an unexpected deterioration in our loan portfolio,
unexpected increases in our expenses, greater than anticipated growth
and our ability to manage such growth, unanticipated regulatory action,
unexpected changes in interest rates, an unanticipated decrease in
deposits, an unanticipated loss of key personnel, an unanticipated loss
of existing customers, competition from other institutions resulting in
unanticipated changes in our loan or deposit rates, unanticipated
increases in Federal Deposit Insurance Corporation costs and
unanticipated adverse changes in our customers' economic conditions or
economic conditions in our local area in general.

Forward-looking statements speak only as of the date of this release. We
do not undertake any obligation to update or revise any forward-looking
statement, whether the result of new information, future events or
otherwise.

Consolidated Balance Sheet

         
March 31, 2019 December 31, 2018
Assets
Cash and due from banks $ 9,372 $ 9,246
Overnight deposits   346,674   223,704
Total cash and cash equivalents 356,046 232,950
Investment securities available for sale 29,731 30,439
Investment securities held to maturity 4,392 4,571
Investment securities -- Equity investments   2,149   2,110
Total securities 36,272 37,120
Other investments 23,652 22,287
Loans, net of deferred fees and unamortized costs 2,102,420 1,865,216
Allowance for loan losses   (20,834)   (18,942)
Net loans 2,081,586 1,846,274
Receivable from prepaid card programs, net 16,516 8,218
Accrued interest receivable 6,396 5,507
Premises and equipment, net 6,446 6,877
Prepaid expenses and other assets 7,599 8,158
Goodwill 9,733 9,733
Accounts receivable, net   940   5,520
Total assets $ 2,545,186 $ 2,182,644
Liabilities and Stockholders' Equity
Deposits:
Noninterest-bearing demand deposits $ 915,499 $ 798,563
Interest-bearing deposits   1,050,631   861,991
Total deposits 1,966,130 1,660,554
Federal Home Loan Bank of New York advances 215,000 185,000
Trust preferred securities 20,620 20,620
Subordinated debts, net of issuance cost 24,559 24,545
Accounts payable, accrued expenses and other liabilities 28,581 18,439
Accrued interest payable 984 1,282
Prepaid third-party debit cardholder balances   15,525   7,687
Total liabilities 2,271,399 1,918,127
 
Class B preferred stock 3 3
Common stock 82 82
Additional paid in capital 214,088 213,490
Retained earnings 59,761 51,415
Accumulated other comprehensive loss, net of tax effect   (147)   (473)
Total stockholders' equity   273,787   264,517
Total liabilities and stockholders' equity $ 2,545,186 $ 2,182,644
 

Consolidated Statement of Income (unaudited)

         
Quarter Ended March 31,
(dollars in thousands) 2019 2018
Total interest income $ 26,990 $ 18,693
Total interest expense   6,097   2,177
Net interest income 20,893 16,516
Provision for loan losses   (2,031)   1,477
Net interest income after provision for loan losses 22,924 15,039
 
Non-interest income:
Service charges on deposit accounts 819 1,910
Prepaid third-party debit card income 1,257 908
Other service charges and fees 278 2,494
Unrealized gain on equity securities   39  
Total non-interest income 2,393 5,312
 
Non-interest expense:
Compensation and benefits 7,490 6,317
Bank premises and equipment 1,335 1,180
Professional fees 794 753
Technology costs 1,700 1,506
Other expenses   1,690   1,482
Total non-interest expense 13,009 11,238
 
Net income before income tax expense 12,308 9,113
Income tax expense   3,777   2,822
Net income $ 8,531 $ 6,291
 
Earnings per common share:
Average common shares outstanding - basic 8,150,452 8,124,028
Average common shares outstanding - diluted 8,285,220 8,275,243
Basic earnings $ 1.03 $ 0.77
Diluted earnings $ 1.01 $ 0.75
 

Summary of Income and Performance Measures
Five Quarter
Trend (unaudited)

             
Quarter Ended
(Dollars in thousands) Mar. 31, 2019 Dec. 31, 2018 Sept. 30, 2018 June 30, 2018 Mar. 31, 2018
Net interest income $ 20,893 $ 18,961 $ 18,351 $ 17,395 $ 16,516
Provision (credit) for loan losses   (2,031)   844   (453)   1,270   1,477

Net interest income after provision for
loan losses

22,924 18,117 18,804 16,125 15,039
Non-interest income 2,393 2,188 2,012 2,649 5,312
Non-interest expense:
Compensation and benefits 7,490 6,962 6,253 6,126 6,317
Other Expense   5,519   4,640   4,102   4,149   4,921
Total non-interest expense 13,009 11,602 10,355 10,275 11,238
 
Income before income tax expense 12,308 8,703 10,461 8,499 9,113
Income tax expense   3,777   2,418   3,348   2,634   2,822
Net income   8,531   6,285   7,113   5,865   6,291
 
Performance Measures:
Net income available to common shareholders 8,396 6,238 7,057 5,816 6,238
Per common share:
Basic earnings $ 1.03 $ 0.77 $ 0.87 $ 0.72 $ 0.77
Diluted earnings $ 1.01 $ 0.75 $ 0.85 $ 0.70 $ 0.75
Common shares outstanding:
Average - diluted 8,285,220 8,273,220 8,292,385 8,290,048 8,275,243
Period end 8,320,816 8,217,274 8,207,234 8,205,234 8,194,925
Return on (annualized):
Average total assets 1.49 % 1.25 % 1.45 % 1.20 % 1.35 %
Average equity 12.67 % 9.59 % 11.22 % 9.53 % 10.53 %
Average common equity 12.93 % 9.80 % 11.47 % 9.75 % 10.78 %
Yield on average earning assets 4.83 % 4.65 % 4.49 % 4.13 % 4.17 %
Cost of interest-bearing liabilities 2.11 % 1.90 % 1.69 % 1.46 % 1.31 %
Net interest spread 2.72 % 2.75 % 2.80 % 2.67 % 2.86 %
Net interest margin 3.74 % 3.77 % 3.76 % 3.59 % 3.68 %

Net charge-offs (recoveries) as % of
average loans
(annualized)

(0.80) % 0.09 % (0.36) % 0.02 % 0.04 %
Efficiency ratio 55.87 % 54.86 % 50.85 % 51.26 % 51.48 %
 

Consolidated Balance Sheet Summary
Five
Quarter Trend (unaudited)

                     
(dollars in thousands) Mar. 31, 2019 Dec. 31, 2018 Sept. 30, 2018 June 30, 2018 Mar. 31, 2018
Assets
Total Assets $ 2,545,186 $ 2,182,644 $ 1,930,714 $ 1,924,495 $ 1,968,886
Overnight deposits 346,674 223,704 148,260 240,994 363,887
Total securities 36,272 37,120 32,247 33,974 35,488
Other investments 23,652 22,287 16,645 16,770 16,566

Loans, net of deferred fees and

unamortized costs

2,102,420 1,865,216 1,698,929 1,599,647 1,526,166
 
Liabilities and Stockholders' Equity
Deposits:
Noninterest-bearing demand deposits $ 915,499 $ 798,563 $ 772,754 $ 878,703 $ 1,012,250
Interest-bearing deposits   1,050,631   861,991   761,177   661,779   604,866
Total deposits 1,966,130 1,660,554 1,533,931 1,540,482 1,617,116
Borrowings 260,179 230,165 105,151 108,137 78,123
Total stockholders' Equity 273,787 264,517 257,270 249,584 243,039
 
Asset Quality
Total non-accrual loans $ 68 $ 50 $ 79 $ 192 $ 85
Total non-performing assets $ 1,498 $ 289 $ 407 $ 192 $ 85
Non-accrual loans to total loans % % % 0.01 % 0.01 %
Non-performing loans to total loans 0.07 % 0.02 % 0.02 % 0.01 % 0.01 %
Allowance for loan losses (20,834) (18,942) (18,493) (17,463) (16,260)
Allowance for loan losses to total loans 0.99 % 1.02 % 1.09 % 1.09 % 1.07 %
Provision for loan losses (2,031) 844 (453) 1,270 1,477
Net charge-offs (recoveries) 3,923 395 (1,483) 67 104
 
Regulatory Capital
Tier 1 Leverage:
Metropolitan Bank Holding Corp. 12.5 % 13.7 % 13.8 % 13.5 % 13.7 %
Metropolitan Commercial Bank 13.4 14.7 14.8 14.5 14.7
 
Common Equity Tier 1 Risk-Based (CET1):
Metropolitan Bank Holding Corp. 11.8 13.2 13.9 14.3 14.9
Metropolitan Commercial Bank 13.9 15.6 16.5 17.0 17.7
 
Tier 1 Risk-Based:
Metropolitan Bank Holding Corp. 12.9 14.6 15.4 15.8 16.5
Metropolitan Commercial Bank 13.9 15.6 16.5 17.0 17.7
 
Total Risk-Based:
Metropolitan Bank Holding Corp. 14.8 16.9 17.9 18.4 19.2
Metropolitan Commercial Bank 14.8 16.7 17.6 18.1 18.8
 

Reconciliation of Quarterly GAAP to Non-GAAP
Measures, Five Quarter Trend

In addition to the results presented in accordance with Generally
Accepted Accounting Principles ("GAAP"), this earnings release includes
certain non-GAAP financial measures. Management believes these non-GAAP
financial measures provide meaningful information to investors in
understanding the Company's operating performance and trends. These
non-GAAP measures have inherent limitations and are not required to be
uniformly applied and are not audited. They should not be considered in
isolation or as a substitute for an analysis of results reported under
GAAP. These non-GAAP measures may not be comparable to similarly titled
measures reported by other companies. Reconciliations of
non-GAAP/adjusted financial measures disclosed in this earnings release
to the comparable GAAP measures are provided in the accompanying tables.

Balance sheet data

                     
Dollars in thousands, except per share data Mar. 31, 2019 Dec. 31, 2018 Sept. 30, 2018 June 30, 2018 Mar. 31, 2018
Average assets $ 2,288,551 $ 2,015,831 $ 1,960,318 $ 1,946,910 $ 1,869,251
Less: average intangible assets   9,733   9,733   9,733   9,733   9,733
Average tangible assets $ 2,278,818 $ 2,006,098 $ 1,950,585 $ 1,937,177 $ 1,859,518
 
Average equity $ 269,418 $ 262,030 $ 253,516 $ 246,108 $ 239,017
Less: Average preferred equity   5,502   5,502   5,502   5,502   5,502
Average common equity $ 263,916 $ 256,528 $ 248,014 $ 240,606 $ 233,515
Less: average intangible assets   9,733   9,733   9,733   9,733   9,733
Average tangible common equity $ 254,183 $ 246,795 $ 238,281 $ 230,873 $ 223,782
 
Total assets $ 2,545,186 $ 2,182,644 $ 1,930,714 $ 1,924,495 $ 1,968,886
Less: intangible assets   9,733   9,733   9,733   9,733   9,733
Tangible assets $ 2,535,453 $ 2,172,911 $ 1,920,981 $ 1,914,762 $ 1,959,153
 
Total Equity $ 273,787 $ 264,517 $ 257,270 $ 249,584 $ 243,039
Less: preferred equity   5,502   5,502   5,502   5,502   5,502
Common Equity $ 268,285 $ 259,015 $ 251,768 $ 244,082 $ 237,537
Less: intangible assets   9,733   9,733   9,733   9,733   9,733
Tangible common equity (book value) $ 258,552 $ 249,282 $ 242,035 $ 234,349 $ 227,804
 
Common shares outstanding 8,320,816 8,217,274 8,207,234 8,205,234 8,194,925
 
Book value per share (GAAP) $ 32.24 $ 31.52 $ 30.68 $ 29.75 $ 29.23
Tangible book value per common share (non-GAAP)* $ 31.07 $ 30.34 $ 29.49 $ 28.56 $ 28.03
 

_____________________

* Tangible book value divided by common shares outstanding at
period-end.
 

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