Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): October 19, 2023

METROPOLITAN BANK HOLDING CORP.

(Exact Name of Registrant as Specified in Its Charter)


New York	001-38282	13-4042724
(State or Other Jurisdiction of Incorporation or Organization)	(Commission File No.)	(I.R.S. Employer Identification No.)

99 Park Avenue, New York, New York		10016
(Address of Principal Executive Offices)		(Zip Code)

(212) 659-0600

(Registrant’s Telephone Number, Including Area Code)

N/A

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (See General Instruction A.2. below):

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4c)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	MCB	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02Results of Operations and Financial Condition

On October 19, 2023, Metropolitan Bank Holding Corp. (the “Company”), the holding company for Metropolitan Commercial Bank (the “Bank”), issued a press release announcing its financial results for the third quarter of 2023. The press release containing the financial results is attached hereto as Exhibit 99.1 and shall not be deemed “filed” for any purpose, nor shall the information or Exhibit 99.1 be deemed incorporated by reference in any filings under the Securities Act of 1933, as amended.

Item 7.01Regulation FD Disclosure

The Company has also made available on its website presentation materials containing additional information about the Company’s financial results for the third quarter of 2023 (the “Presentation Materials”). The Presentation Materials are furnished herewith as Exhibit 99.2 and is incorporated by reference in this Item 7.01.

The information provided in Item 7.01 of this report, including Exhibit 99.2, shall not be deemed “filed” for any purpose, nor shall the information or Exhibit 99.2 be deemed incorporated by reference in any filings under the Securities Act of 1933, as amended.

Item 9.01.Financial Statements and Exhibits

(d) Exhibits.



Exhibit No.		Description
99.1		Press Release dated October 19, 2023
99.2		Presentation Materials
104		Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

METROPOLITAN BANK HOLDING CORP.

Dated: October 19, 2023By:/s/ Gregory A. Sigrist

Gregory A. Sigrist

Executive Vice President and

Chief Financial Officer

Exhibit 99.1

Release:

4:15 P.M. October 19, 2023

212-365-6721

IR@MCBankNY.com

Metropolitan Bank Holding Corp. Reports Third Quarter 2023 Results

Sustained Core Funding and Balance Sheet Growth Demonstrates Disciplined Approach to Balance Sheet Management

Quarterly Financial Highlights

●Total deposits at September 30, 2023 were $5.5 billion, an increase of $233.0 million from June 30, 2023 and an increase of $243.7 million from December 31, 2022.

●Strong prudent loan growth, with net loan growth of $204.9 million from June 30, 2023 and $514.0 million from December 31, 2022.

●Asset quality remains strong.

●Stable net interest income of $53.6 million.

●Return on average equity of 13.9% and return on average tangible common equity¹ of 14.1%.

●Liquidity remains strong. At September 30, 2023, cash on deposit with the Federal Reserve Bank of New York and available secured funding capacity totaled $3.1 billion, which was 223.7% of uninsured deposit balances and 56.9% of total deposits.

●The Company and Bank are “well capitalized” across all measures of regulatory capital, with total risk-based capital ratios of 13.1% and 12.8%, respectively, at September 30, 2023, well above regulatory minimums.

¹ Non-GAAP financial measure. See Reconciliation of Non-GAAP Measures on page 13.

NEW YORK, October 19, 2023 ‒ Metropolitan Bank Holding Corp. (the “Company”) (NYSE: MCB), the holding company for Metropolitan Commercial Bank (the “Bank”), reported net income of $22.1 million, or $1.97 per diluted common share, for the third quarter of 2023 compared to net income of $25.0 million, or $2.23 per diluted common share, for the third quarter of 2022.

Mark DeFazio, President and Chief Executive Officer, commented,

“I am pleased with our results this quarter, particularly given the continuing challenges facing the banking industry. Notwithstanding the sustained high interest rate environment, we had a strong quarter which demonstrated a disciplined approach to balance sheet management and net interest income stability.

“We continue to be well positioned to support our clients and to enhance shareholder value.”

Balance Sheet

Total cash and cash equivalents were $177.4 million at September 30, 2023, a decrease of $24.4 million, or 12.1%, from June 30, 2023 and a decrease of $531.4 million from September 30, 2022. The decrease from June 30, 2023, primarily reflected the $204.9 million net deployment into loans and $88.0 million decline in borrowings partially offset by the $233.0 million increase in deposits. The decrease from September 30, 2022, reflected the $737.2 million net deployment into loans and the $209.9 million outflow of deposits primarily due to the decrease in crypto-related deposits.

Total loans, net of deferred fees and unamortized costs, were $5.4 billion, an increase of $204.9 million, or 4.0%, from June 30, 2023, and an increase of $737.2 million, or 16.0%, from September 30, 2022. Loan production was $333.5 million for the third quarter of 2023 compared to $425.4 million for the prior linked quarter and $423.6 million for the prior year period. The increase in total loans from June 30, 2023, was due primarily to an increase of $165.8 million in CRE loans (including owner-occupied) and $22.1 million in commercial and industrial (C&I) loans. The increase in total loans from September 30, 2022, was due primarily to an increase of $651.6 million in CRE loans (including owner-occupied) and $107.6 million in C&I loans, partially offset by a $34.2 million decrease in construction loans.

Total deposits were $5.5 billion at September 30, 2023, an increase of $233.0 million, or 4.4% from June 30, 2023, and a decrease of $209.9 million or 3.7% from September 30, 2022. The increase from June 30, 2023, was due primarily to an aggregate net increase of $286.1 million in deposit verticals, partially offset by a decrease of $53.1 million in crypto corporate-related deposits. The decrease in crypto corporate-related deposits reflects the Company’s final exit from the crypto-related vertical. The decrease in deposits from September 30, 2022, was primarily due to a decrease of $757.3 million in crypto-related deposits, partially offset by an aggregate net increase of $547.3 million in deposit verticals. Non-interest-bearing demand deposits declined to 31.6% of total deposits at September 30, 2023, compared to 32.7% at June 30, 2023 and 53.4% at September 30, 2022, primarily reflecting the outflow of crypto-related deposits.

Accumulated other comprehensive loss, net of tax, was $60.2 million, an increase of $9.2 million, from June 30, 2023, and $6.3 million from September 30, 2022. The increase from June 30, 2023 was due to an increase in unrealized losses on available-for-sale securities due to prevailing market interest rates. The increase from September 30, 2022 was due primarily to an increase in unrealized losses on available-for-sale securities due to the prevailing market interest rates, partially offset by the increases in unrealized gains on cash flow hedges prior to their termination in the third quarter of 2022.

At September 30, 2023, the Company had $3.0 billion in available secured wholesale funding capacity. The Company and the Bank each met all the requirements to be considered “Well-Capitalized” under applicable regulatory guidelines. Total non-owner-occupied commercial real estate loans were 374.8% of total risk-based capital at September 30, 2023, compared to 363.2% and 343.3% at June 30, 2023 and September 30, 2022, respectively.

Income Statement

Financial Highlights


	Three months ended									Nine months ended
	Sept. 30,			Jun. 30,			Sept. 30,			Sept. 30,			Sept. 30,
(dollars in thousands, except per share data)	2023⁽¹⁾			2023			2022			2023⁽¹⁾			2022
Total revenues⁽²⁾	$	60,070		$	61,606		$	69,143		$	187,184		$	185,502
Net income (loss)		22,063			15,561			24,955			62,700			67,165
Diluted earnings (loss) per common share		1.97			1.37			2.23			5.61			5.98
Return on average assets⁽³⁾		1.33	%		0.98	%		1.51	%		1.31	%		1.33	%
Return on average equity⁽³⁾		13.9	%		10.1	%		16.8	%		13.7	%		15.7	%
Return on average tangible common equity^{(3), (4)}		14.1	%		10.3	%		17.1	%		13.9	%		16.1	%

(1)	The three and nine months ended September 30, 2023, include a $3.0 million and $5.5 million, respectively, reversal of the regulatory settlement reserve recorded in the fourth quarter of 2022.

(2)	Total revenues equal net interest income plus non-interest income.

(3)	Ratios are annualized.

(4)	Net income divided by average tangible common equity. Non-GAAP financial measure. See Reconciliation of Non-GAAP Measures on page 13.

Net Interest Income

Net interest income of $53.6 million for the third quarter of 2023 was stable compared to $53.8 million for the prior linked quarter, notwithstanding the prevailing interest rate environment. The $194,000 decrease was primarily due to changes in prevailing market interest rates, and the shift from non-interest bearing deposits to interest bearing funding primarily related to the final exit from the crypto-related deposit vertical, partially offset by loan growth and the increase in loan yields.

Net interest income for the third quarter of 2023 decreased $9.8 million from the prior year period. The decrease from the prior year period was primarily due to the 258 basis point increase in total cost of funds and the increase in the average balance of borrowed funds related to the final exit from the crypto-related deposit vertical, partially offset by loan growth and the increase in loan yields.

Net Interest Margin

Net interest margin for the third quarter of 2023 was 3.27% compared to 3.44% and 3.85% for the prior linked quarter and prior year period, respectively. The 17 basis point decrease from the prior linked quarter was due primarily to the shift from non-interest bearing deposits to interest bearing funding related to the final exit from the crypto-related deposit vertical and to changes in prevailing interest rates, which were partially offset by loan growth and the increase in loan yields. The 58 basis point decrease from the prior year period was driven largely by the increase in the average balance of borrowed funds and the shift from non-interest bearing deposits to interest bearing deposits related to the final exit from the crypto-related deposit vertical, partially offset by loan growth and the increase in loan yields.

Total cost of funds for the third quarter of 2023 was 303 basis points compared to 252 basis points and 45 basis points for the prior linked quarter and prior year period, respectively, which primarily reflects higher short term borrowing balances and the shift from non-interest bearing deposits to interest bearing deposits related to the final exit from the crypto-related deposit vertical, and to changes in prevailing market interest rates.

Non-Interest Income

Non-interest income was $6.5 million for the third quarter of 2023, a decrease of $1.3 million from the prior linked quarter and an increase of $695,000 from the prior year period. The decrease from the prior linked quarter was primarily driven by the final exit from the digital currency business. The increase from the prior year period was primarily driven by other service charges and fees.

Non-Interest Expense

Non-interest expense was $30.9 million for the third quarter of 2023, a decrease of $1.5 million from the prior linked quarter and a decrease of $266,000 from the prior year period. The decrease from the prior linked quarter was due primarily to the $3.0 million reversal of the regulatory settlement reserve recorded in the fourth quarter of 2022 and the $1.1 million reduction in professional fees, partially offset by the $1.9 million increase in compensation and benefits. The decrease from the prior year period was due primarily to the $3.0 million reversal of the regulatory settlement reserve recorded in the fourth quarter of 2022 and the $2.2 million reduction in professional fees, partially offset by the $2.6 million increase in compensation and benefits.

Income Tax Expense

The effective tax rate for the third quarter of 2023 was 22.2% compared to 37.4% for the prior linked quarter, which reflects a discrete tax item related to the exercise of stock options in the third quarter of 2023 and the reversal of the regulatory settlement reserve. The effective tax rate was 30.6% for the prior year period.

Asset Quality

Credit quality remains strong. The ratio of non-performing loans to total loans was 0.58% at September 30, 2023 compared to 0.47% at June 30, 2023 and 0.00% at September 30, 2022, respectively. The allowance for credit losses (“ACL”) was $52.3 million at September 30, 2023, an increase of $648,000 from June 30, 2023 and an increase of $9.8 million from September 30, 2022. The increase from the prior linked quarter was due primarily to loan growth, partially offset by improved macroeconomic factor forecasts. The increase from the prior year period was due primarily to loan growth and the adoption of ASU No. 2016-13. The Company adopted ASU No. 2016-13, Financial Instruments – Credit Losses (ASC 326) effective January 1, 2023. ASU No. 2016-13 requires the measurement of all expected credit losses for financial assets held at amortized cost to be based on historical experience, current condition, and reasonable and supportable forecasts. Upon adoption, the Company recorded a $2.3 million increase to the ACL for loans, a $777,000 increase to the ACL for loan commitments, and a $2.1 million decrease to retained earnings, net of taxes.

Conference Call

The Company will conduct a conference call at 9:00 a.m. ET on Friday, October 20, 2023, to discuss the results. To access the event by telephone, please dial 800-343-5172 (US), 203-518-9814 (INTL), and provide conference ID: MCBQ323 approximately 15 minutes prior to the start time (to allow time for registration).

The call will also be broadcast live over the Internet and accessible at MCB Quarterly Results Conference Call and in the Investor Relations section of the Company’s website at MCB News. To listen to the live webcast, please visit the site at least 15 minutes prior to the start time to register, download and install any necessary audio software. For those unable to join for the live presentation, a replay of the webcast will also be available later that day accessible at MCB Quarterly Results Conference Call.

About Metropolitan Bank Holding Corp.

Metropolitan Bank Holding Corp. (NYSE: MCB) is the parent company of Metropolitan Commercial Bank (the “Bank”), a New York City based full-service commercial bank.

The Bank provides a broad range of business, commercial and personal banking products and services to individuals, small businesses, private and public middle-market and corporate enterprises and institutions, municipalities and local government entities.

Metropolitan Commercial Bank’s Global Payments Group is an established leader in providing payments services to domestic and international non-bank financial service companies. The Bank continues to grow its presence as a valued, trusted and innovative strategic partner across payments, custodial and money services businesses worldwide.

Metropolitan Commercial Bank’s EB-5 / E-2 International Group delivers banking services and products for United States Citizen and Immigration Services EB-5 Immigrant Investor Program investors, developers, Regional Centers, government agencies, law firms and consulting companies that specialize in EB-5 and E-2.

Metropolitan Commercial Bank was ranked by Independent Community Bankers of America among the top ten successful loan producers for 2023 by loan category and asset size for commercial banks with more than $1 billion in assets. The Bank finished ninth in S&P Global Market Intelligence’s annual ranking of the best-performing community banks with assets between $3 billion and $10 billion for 2022 and eighth among top-performing community banks in the Northeast region for 2022. The Bank is also a member of the Piper Sandler Sm-All Stars Class of 2022 and Kroll affirmed a BBB+ (investment grade) deposit rating on January 25, 2023.

The Bank is a New York State chartered commercial bank, a member of the Federal Reserve System and the Federal Deposit Insurance Corporation, and an equal housing lender.

For more information, please visit the Bank’s website at MCBankNY.com.

Forward-Looking Statement Disclaimer

This release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include but are not limited to the Company’s future 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 are difficult to predict and are generally beyond our control and 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 the following: the interest rate policies of the Board of Governors of the Federal Reserve System; inflation; an unexpected deterioration in our loan or securities portfolios; changes in liquidity, including the size and composition of our deposit portfolio, including the percentage of uninsured deposits in the portfolio; further deterioration in the financial condition or stock prices of financial institutions generally; unexpected increases in our expenses; different than anticipated growth and our ability to manage our growth; the lingering effects of the COVID-19 pandemic on our business and results of operation; unanticipated regulatory action or changes in regulations; potential recessionary conditions; unanticipated volatility in deposits; unexpected increases in credit losses or in the level of delinquent, nonperforming, classified and criticized loans; our ability to absorb the amount of actual losses inherent in our existing loan portfolio; an unanticipated loss of key personnel or existing customers; competition from other institutions resulting in unanticipated changes in our loan or deposit rates; an unexpected adverse financial, regulatory or bankruptcy event experienced by our non-bank financial service partners; unanticipated increases in FDIC costs; changes in regulations, legislation or tax or accounting rules, monetary and fiscal policies of the U.S. Government including policies of the U.S. Treasury; impacts related to or resulting from recent bank failures; an unexpected failure

to successfully manage our credit risk and the sufficiency of our allowance, the credit and other risks from borrower and depositor concentrations (by geographic area and by industry); the current or anticipated impact of military conflict, terrorism or other geopolitical events; the costs, including possibly incurring fines, penalties or other negative effects (including reputational harm), of any adverse judicial, administrative, or arbitral rulings or proceedings, regulatory enforcement actions, or other legal actions; a failure in or breach of the Company’s operational or security systems or infrastructure, including cyberattacks; the failure to maintain current technologies, or to implement new technologies; the failure to maintain effective internal controls over financial reporting; the failure to retain or attract employees; and unanticipated adverse changes in our customers’ economic conditions or general economic conditions, as well as those discussed under the heading “Risk Factors” in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q which have been filed with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended.

Forward-looking statements speak only as of the date of this release. We do not undertake (and expressly disclaim) any obligation to update or revise any forward-looking statement, except as may be required by law.

Consolidated Balance Sheet (unaudited)


	Sept. 30,		Jun. 30,		Mar. 31,		Dec. 31,		Sept. 30,
(in thousands)	2023		2023		2023		2022		2022
Assets
Cash and due from banks	$	36,438	$	33,534	$	32,525	$	26,780	$	28,929
Overnight deposits		140,929		168,242		266,978		230,638		679,849
Total cash and cash equivalents		177,367		201,776		299,503		257,418		708,778
Investment securities available-for-sale		429,850		426,068		444,169		445,747		423,265
Investment securities held-to-maturity		478,886		515,613		501,525		510,425		521,376
Equity investment securities, at fair value		2,015		2,066		2,087		2,048		2,027
Total securities		910,751		943,747		947,781		958,220		946,668
Other investments		35,015		28,040		27,099		22,110		17,484
Loans, net of deferred fees and unamortized costs		5,354,487		5,149,546		4,851,694		4,840,523		4,617,304
Allowance for credit losses		(52,298)		(51,650)		(47,752)		(44,876)		(42,541)
Net loans		5,302,189		5,097,896		4,803,942		4,795,647		4,574,763
Receivables from global payments business, net		79,892		84,919		83,787		85,605		75,457
Other assets⁽¹⁾		178,145		165,772		147,870		148,337		144,328
Total assets	$	6,683,359	$	6,522,150	$	6,309,982	$	6,267,337	$	6,467,478

Liabilities and Stockholders' Equity
Deposits
Non-interest-bearing demand deposits	$	1,746,626	$	1,730,380	$	2,122,606	$	2,422,151	$	3,058,014
Interest-bearing deposits		3,774,963		3,558,185		3,009,182		2,855,761		2,673,509
Total deposits		5,521,589		5,288,565		5,131,788		5,277,912		5,731,523
Federal funds purchased		—		243,000		195,000		150,000		—
Federal Home Loan Bank of New York advances		355,000		200,000		200,000		100,000		—
Trust preferred securities		20,620		20,620		20,620		20,620		20,620
Secured borrowings		7,621		7,655		7,689		7,725		26,912
Prepaid third-party debit cardholder balances		10,297		10,772		11,102		10,579		9,395
Other liabilities⁽¹⁾		133,322		130,263		135,896		124,604		96,791
Total liabilities		6,048,449		5,900,875		5,702,095		5,691,440		5,885,241

Common stock		110		110		112		109		109
Additional paid in capital		393,544		392,742		394,124		389,276		387,406
Retained earnings		301,407		279,344		263,783		240,810		248,550
Accumulated other comprehensive gain (loss), net of tax effect		(60,151)		(50,921)		(50,132)		(54,298)		(53,828)
Total stockholders’ equity		634,910		621,275		607,887		575,897		582,237
Total liabilities and stockholders’ equity	$	6,683,359	$	6,522,150	$	6,309,982	$	6,267,337	$	6,467,478

(1)	Includes adoption impact of ASU 2016-02, Leases (ASC 842) effective January 1, 2022.

Consolidated Statement of Income (unaudited)


	Three months ended						Nine months ended
	Sept. 30,		Jun. 30,		Sept. 30,		Sept. 30,		Sept. 30,
(dollars in thousands, except per share data)	2023		2023		2022		2023		2022
Total interest income	$	97,897	$	88,978	$	70,057	$	270,138	$	180,185
Total interest expense		44,340		35,227		6,732		104,296		14,926
Net interest income		53,557		53,751		63,325		165,842		165,259
Provision for credit losses		791		4,305		2,007		5,742		7,807
Net interest income after provision for credit losses		52,766		49,446		61,318		160,100		157,452

Non-interest income
Service charges on deposit accounts		1,463		1,481		1,445		4,400		4,289
Global Payments Group revenue		4,247		5,731		4,099		14,828		14,998
Other income		803		643		274		2,114		956
Total non-interest income		6,513		7,855		5,818		21,342		20,243

Non-interest expense
Compensation and benefits		17,208		15,288		14,568		48,751		41,404
Bank premises and equipment		2,396		2,287		2,228		7,027		6,608
Professional fees		3,873		4,973		6,086		13,033		9,252
Technology costs		1,171		1,482		984		3,966		3,527
Licensing fees		3,504		3,014		2,823		9,180		7,803
FDIC assessments		1,984		1,640		1,110		6,438		3,595
Regulatory settlement reserve		(3,021)		—		—		(5,521)		—
Other expenses		3,809		3,758		3,391		11,517		9,889
Total non-interest expense		30,924		32,442		31,190		94,391		82,078

Net income before income tax expense		28,355		24,859		35,946		87,051		95,617
Income tax expense		6,292		9,298		10,991		24,351		28,452
Net income (loss)	$	22,063	$	15,561	$	24,955	$	62,700	$	67,165

Earnings per common share:
Average common shares outstanding:
Basic		11,039,363		11,136,261		10,931,697		11,060,051		10,927,711
Diluted		11,136,873		11,277,975		11,177,152		11,123,348		11,204,735
Basic earnings (loss)	$	1.99	$	1.39	$	2.28	$	5.64	$	6.13
Diluted earnings (loss)	$	1.97	$	1.37	$	2.23	$	5.61	$	5.98

Loan Production, Asset Quality & Regulatory Capital


	Sept. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Sept. 30,
	2023			2023			2023			2022			2022
LOAN PRODUCTION (in millions)	$	333.5		$	425.4		$	265.4		$	411.3		$	423.6

ASSET QUALITY (in thousands)
Non-accrual loans:
Commercial real estate	$	24,000		$	24,000		$	24,000		$	—		$	—
Commercial and industrial		6,934			—			—			—			—
Consumer		24			24			24			24			24
Total non-accrual loans	$	30,958		$	24,024		$	24,024		$	24		$	24
Non-accrual loans to total loans		0.58	%		0.47	%		0.50	%		—	%		—	%
Allowance for credit losses	$	52,298		$	51,650		$	47,752		$	44,876		$	42,541
Allowance for credit losses to total loans		0.98	%		1.00	%		0.98	%		0.93	%		0.92	%
Charge-offs	$	(129)		$	(44)		$	(100)		$	—		$	—
Recoveries	$	—		$	—		$	—		$	25		$	—
Net charge-offs/(recoveries) to average loans (annualized)		0.01	%		—	%		0.01	%		—	%		—	%

REGULATORY CAPITAL
Tier 1 Leverage:
Metropolitan Bank Holding Corp.		10.7	%		10.8	%		10.8	%		10.2	%		9.9	%
Metropolitan Commercial Bank		10.5	%		10.5	%		10.4	%		10.0	%		9.7	%

Common Equity Tier 1 Risk-Based (CET1):
Metropolitan Bank Holding Corp.		11.8	%		11.9	%		12.3	%		12.1	%		12.9	%
Metropolitan Commercial Bank		11.9	%		11.9	%		12.3	%		12.3	%		13.1	%

Tier 1 Risk-Based:
Metropolitan Bank Holding Corp.		12.2	%		12.2	%		12.7	%		12.5	%		13.3	%
Metropolitan Commercial Bank		11.9	%		11.9	%		12.3	%		12.3	%		13.1	%

Total Risk-Based:
Metropolitan Bank Holding Corp.		13.1	%		13.2	%		13.6	%		13.4	%		14.2	%
Metropolitan Commercial Bank		12.8	%		12.9	%		13.2	%		13.1	%		14.0	%

Performance Measures


	Three months ended									Nine months ended
	Sept. 30,			Jun. 30,			Sept. 30,			Sept. 30,			Sept. 30,
(dollars in thousands, except per share data)	2023⁽¹⁾			2023			2022			2023⁽¹⁾			2022
Net income per consolidated statements of income	$	22,063		$	15,561		$	24,955		$	62,700		$	67,165
Less: Earnings allocated to participating securities		(118)			(82)			(68)			(285)			(152)
Net income (loss) available to common shareholders	$	21,945		$	15,479		$	24,887		$	62,415		$	67,013

Per common share:
Basic earnings (loss)	$	1.99		$	1.39		$	2.28		$	5.64		$	6.13
Diluted earnings (loss)	$	1.97		$	1.37		$	2.23		$	5.61		$	5.98
Common shares outstanding:
Period end		11,062,729			10,991,074			10,931,697			11,062,729			10,931,697
Average fully diluted		11,136,873			11,277,975			11,177,152			11,123,348			11,204,735
Return on:⁽²⁾
Average total assets		1.33	%		0.98	%		1.51	%		1.31	%		1.33	%
Average equity		13.9	%		10.1	%		16.8	%		13.7	%		15.7	%
Average tangible common equity⁽³⁾		14.1	%		10.3	%		17.1	%		13.9	%		16.1	%
Yield on average earning assets⁽²⁾		5.99	%		5.70	%		4.26	%		5.75	%		3.59	%
Total cost of deposits⁽²⁾		2.74	%		2.19	%		0.44	%		2.22	%		0.30	%
Net interest spread⁽²⁾		1.67	%		1.80	%		3.25	%		1.87	%		2.86	%
Net interest margin⁽²⁾		3.27	%		3.44	%		3.85	%		3.53	%		3.29	%
Net charge-offs as % of average loans⁽²⁾		0.01	%		—	%		—	%		0.01	%		—	%
Efficiency ratio⁽⁴⁾		51.5	%		52.7	%		45.1	%		50.43	%		44.25	%

(1)	The three and nine months ended September 30, 2023, include a $3.0 million and $5.5 million, respectively, reversal of the regulatory settlement reserve recorded in the fourth quarter of 2022.

(2)Ratios are annualized.

(3)Net income divided by average tangible common equity. Non-GAAP financial measure. See Reconciliation of Non-GAAP Measures on page 13.

(4)Total non-interest expense divided by total revenues.

Interest Margin Analysis


	Three months ended
	Sept. 30, 2023						Jun. 30, 2023						Sept. 30, 2022
	Average				Yield /		Average				Yield /		Average				Yield /
(dollars in thousands)	Balance		Interest		Rate ⁽¹⁾		Balance		Interest		Rate ⁽¹⁾		Balance		Interest		Rate ⁽¹⁾
Assets:
Interest-earning assets:
Loans ⁽²⁾	$	5,283,114	$	90,666	6.80	%	$	4,921,887	$	80,516	6.54	%	$	4,504,260	$	60,570	5.30	%
Available-for-sale securities		527,673		2,261	1.71			520,322		2,068	1.59			521,378		1,651	1.27
Held-to-maturity securities		497,682		2,412	1.94			519,076		2,602	2.01			527,050		2,466	1.87
Equity investments		2,387		13	2.20			2,375		13	2.09			2,342		9	1.47
Overnight deposits		124,211		1,783	5.62			237,449		3,086	5.14			913,566		5,114	2.19
Other interest-earning assets		36,952		762	8.24			39,197		693	7.08			17,360		247	5.69
Total interest-earning assets		6,472,019		97,897	5.99			6,240,306		88,978	5.70			6,485,956		70,057	4.26
Non-interest-earning assets		170,195						162,326						108,643
Allowance for credit losses		(52,357)						(48,035)						(41,494)
Total assets	$	6,589,857					$	6,354,597					$	6,553,105
Liabilities and Stockholders' Equity:
Interest-bearing liabilities:
Money market and savings accounts	$	3,465,347		35,969	4.12		$	2,987,237		27,100	3.64		$	2,572,111		6,407	0.99
Certificates of deposit		38,937		265	2.70			45,925		303	2.65			51,363		98	0.76
Total interest-bearing deposits		3,504,284		36,234	4.10			3,033,162		27,403	3.62			2,623,474		6,505	0.98
Borrowed funds		572,456		8,106	5.66			588,281		7,824	5.32			20,555		227	4.41
Total interest-bearing liabilities		4,076,740		44,340	4.32			3,621,443		35,227	3.90			2,644,029		6,732	1.01
Non-interest-bearing liabilities:
Non-interest-bearing deposits		1,734,956						1,977,443						3,243,664
Other non-interest-bearing liabilities		146,956						139,341						75,471
Total liabilities		5,958,652						5,738,227						5,963,164
Stockholders' equity		631,205						616,370						589,941
Total liabilities and equity	$	6,589,857					$	6,354,597					$	6,553,105
Net interest income			$	53,557					$	53,751					$	63,325
Net interest rate spread ⁽³⁾					1.67	%					1.80	%					3.25	%
Net interest margin ⁽⁴⁾					3.27	%					3.44	%					3.85	%
Total cost of deposits ⁽⁵⁾					2.74	%					2.19	%					0.44	%
Total cost of funds ⁽⁶⁾					3.03	%					2.52	%					0.45	%

(1)	Ratios are annualized.

(2)	Amount includes deferred loan fees and non-performing loans.

(3)	Determined by subtracting the annualized average cost of total interest-bearing liabilities from the annualized average yield on total interest-earning assets.

(4)	Determined by dividing annualized net interest income by total average interest-earning assets.

(5)	Determined by dividing annualized interest expense on deposits by total average interest-bearing and non-interest bearing deposits.

(6)	Determined by dividing annualized interest expense by the sum of total average interest-bearing liabilities and total average non-interest-bearing deposits.

Interest Margin Analysis, continued


	Nine months ended
	Sept. 30, 2023						Sept. 30, 2022
	Average				Yield /		Average				Yield /
(dollars in thousands)	Balance		Interest		Rate ⁽¹⁾		Balance		Interest		Rate ⁽¹⁾
Assets:
Interest-earning assets:
Loans ⁽²⁾	$	5,016,075	$	247,142	6.58	%	$	4,214,957	$	159,291	5.03	%
Available-for-sale securities		526,156		6,435	1.63			542,099	$	4,942	1.22
Held-to-maturity securities		507,771		7,391	1.94			488,058	$	6,260	1.71
Equity investments		2,375		38	2.12			2,335	$	22	1.25
Overnight deposits		189,552		7,353	5.12			1,424,119	$	9,023	0.84
Other interest-earning assets		32,166		1,779	7.37			16,030	$	647	5.38
Total interest-earning assets		6,274,095		270,138	5.75			6,687,598		180,185	3.59
Non-interest-earning assets		161,592						86,682
Allowance for credit losses		(48,693)						(38,799)
Total assets	$	6,386,994					$	6,735,481
Liabilities and Stockholders' Equity:
Interest-bearing liabilities:
Money market and savings accounts	$	3,099,908	$	85,099	3.67		$	2,642,465	$	13,453	0.68
Certificates of deposit		45,874		911	2.66			63,074	$	383	0.81
Total interest-bearing deposits		3,145,782		86,010	3.66			2,705,539		13,836	0.68
Borrowed funds		451,063		18,286	5.41			27,099		1,090	5.36
Total interest-bearing liabilities		3,596,845		104,296	3.88			2,732,638		14,926	0.73
Non-interest-bearing liabilities:
Non-interest-bearing deposits		2,032,011						3,368,470
Other non-interest-bearing liabilities		144,712						61,303
Total liabilities		5,773,568						6,162,411
Stockholders' equity		613,426						573,070
Total liabilities and equity	$	6,386,994					$	6,735,481
Net interest income			$	165,842					$	165,259
Net interest rate spread ⁽³⁾					1.87	%					2.86	%
Net interest margin ⁽⁴⁾					3.53	%					3.29	%
Total cost of deposits ⁽⁵⁾					2.22	%					0.30	%
Total cost of funds ⁽⁶⁾					2.48	%					0.33	%

(1)Ratios are annualized.

(2)Amount includes deferred loan fees and non-performing loans.

(3)Determined by subtracting the annualized average cost of total interest-bearing liabilities from the annualized average yield on total interest-earning assets.

(4)Determined by dividing annualized net interest income by total average interest-earning assets.

(5)Determined by dividing annualized interest expense on deposits by total average interest-bearing and non-interest bearing deposits.

(6)Determined by dividing annualized interest expense by the sum of total average interest-bearing liabilities and total average non-interest-bearing deposits.

Reconciliation of Non-GAAP Measures

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 following tables:


	Quarterly Data
(dollars in thousands,	Sept. 30,		Jun. 30,		Mar. 31,		Dec. 31,		Sept. 30,
except per share data)	2023		2023		2023		2022		2022
Average assets	$	6,589,857	$	6,354,597	$	6,212,624	$	6,283,813	$	6,553,105
Less: average intangible assets		9,733		9,733		9,733		9,733		9,733
Average tangible assets (non-GAAP)	$	6,580,124	$	6,344,864	$	6,202,891	$	6,274,080	$	6,543,372

Average common equity	$	631,205	$	616,370	$	592,521	$	595,769	$	589,941
Less: average intangible assets		9,733		9,733		9,733		9,733		9,733
Average tangible common equity (non-GAAP)	$	621,472	$	606,637	$	582,788	$	586,036	$	580,208

Total assets	$	6,683,359	$	6,522,150	$	6,309,982	$	6,267,337	$	6,467,478
Less: intangible assets		9,733		9,733		9,733		9,733		9,733
Tangible assets (non-GAAP)	$	6,673,626	$	6,512,417	$	6,300,249	$	6,257,604	$	6,457,745

Common equity	$	634,910	$	621,275	$	607,887	$	575,897	$	582,237
Less: intangible assets		9,733		9,733		9,733		9,733		9,733
Tangible common equity (book value) (non-GAAP)	$	625,177	$	611,542	$	598,154	$	566,164	$	572,504

Common shares outstanding		11,062,729		10,991,074		11,211,274		10,949,965		10,931,697
Book value per share (GAAP)	$	57.39	$	56.53	$	54.22	$	52.59	$	53.26
Tangible book value per share (non-GAAP) ⁽¹⁾	$	56.51	$	55.64	$	53.35	$	51.70	$	52.37

(1) Tangible book value divided by common shares outstanding at period-end.

Explanatory Note

Some amounts presented within this document may not recalculate due to rounding.

Exhibit 99.2

3Q 2023 Investor Presentation

Disclosure This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include but are not limited to the Company’s future 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 are difficult to predict and are generally beyond our control and 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 the following: the interest rate policies of the Board of Governors of the Federal Reserve System; inflation; an unexpected deterioration in our loan or securities portfolios; changes in liquidity, including the size and composition of our deposit portfolio, including the percentage of uninsured deposits in the portfolio; further deterioration in the financial condition or stock prices of financial institutions generally; unexpected increases in our expenses; different than anticipated growth and our ability to manage our growth; the lingering effects of the COVID-19 pandemic on our business and results of operation; unanticipated regulatory action or changes in regulations; potential recessionary conditions; unanticipated volatility in deposits; unexpected increases in credit losses or in the level of delinquent, nonperforming, classified and criticized loans; our ability to absorb the amount of actual losses inherent in our existing loan portfolio; an unanticipated loss of key personnel or existing customers; competition from other institutions resulting in unanticipated changes in our loan or deposit rates; an unexpected adverse financial, regulatory or bankruptcy event experienced by our non-bank financial service partners; unanticipated increases in FDIC costs; changes in regulations, legislation or tax or accounting rules, monetary and fiscal policies of the U.S. Government including policies of the U.S. Treasury; impacts related to or resulting from recent bank failures; an unexpected failure to successfully manage our credit risk and the sufficiency of our allowance, the credit and other risks from borrower and depositor concentrations (by geographic area and by industry); the current or anticipated impact of military conflict, terrorism or other geopolitical events; the costs, including possibly incurring fines, penalties or other negative effects (including reputational harm), of any adverse judicial, administrative, or arbitral rulings or proceedings, regulatory enforcement actions, or other legal actions; a failure in or breach of the Company’s operational or security systems or infrastructure, including cyberattacks; the failure to maintain current technologies, or to implement new technologies; the failure to maintain effective internal controls over financial reporting; the failure to retain or attract employees; and unanticipated adverse changes in our customers’ economic conditions or general economic conditions, as well as those discussed under the heading “Risk Factors” in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q which have been filed with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended. Forward-looking statements speak only as of the date of this presentation. We do not undertake (and expressly disclaim) any obligation to update or revise any forward-looking statement, except as may be required by law. 1

Proven Growth-Oriented Business Model with Strong Risk Management, Delivering Significant Shareholder Value 1. Safe & Sound 2. Customer Centric 3. Innovative 4. High Performing • Strong, liquid balance sheet • Significant capital buffer • Diversified deposit base • Proven operators • Conservative credit culture • Priority on client execution • Relationship-oriented commercial lending • High touch service • Diversified banking product suite • History of innovation since 2004 • Leading payment remittance & settlement business • Global Payments Group ("GPG") focused on relationships with larger, reputable non-bank financial service companies with high compliance standards • Comprehensive, flexible tech stack • Top quartile profitability • Exceptional margin management • Balanced revenue mix • Sustainable positive operating leverage • Strong, consistent organic capital generation 2

31.6% 32.7% 27.1% Metropolitan Commercial Bank Metropolitan Commercial Bank Median² Q3'23 $5.3 $5.5 4Q 2022 3Q 2023 11.9% 11.9% 11.8% Metropolitan Commercial Bank Metropolitan Commercial Bank Median² Highly Liquid and Resilient Balance Sheet 1 Common Equity Tier 1 Capital Ratio 2 Source: S&P Global Market Intelligence. Peers represent public banks with asset size between $5-$50 billion at June 30, 2023. 3 Cash and available secured borrowing capacity divided by uninsured deposits. 75% Insured deposits Deposit Growth | ($ bn) CET1 Ratio1 Non-interest bearing Deposit % Deposit Profile at September 30, 2023 Scaling deposits in rising rate environment 224% Uninsured Deposit Coverage Ratio3 BBB+ Kroll Deposit Rating 3 Q3'23 Q2’23 Q2'23 Q2'23 Q2'23 1 Safe & Sound $4.8 $5.4 4Q 2022 3Q 2023 Loan Growth | ($ bn)

Relationship Banking with Strong Client Execution • Our Business Bankers have deep knowledge and expertise across multiple industries (e.g. law firms, resident healthcare, real estate property management, U.S. Trustee and Municipalities). • Full suite of retail financial service products targeting small, middle-market commercial businesses. • Commercial Lending group offers an array of commercial and industrial lending products providing our clients with custom lending solutions. • Commercial Real Estate ("CRE") Lending group has proven track record of successfully navigating today's complex real estate market. White-glove concierge service and a full suite of digital banking services allowing clients to easily manage their everyday banking needs. The Global Payments business provides services to non-bank financial service companies, serving as an issuing bank for 3rd party debit card programs, while providing other financial infrastructure, including cash settlement and custodian deposit services. Diversified Client Base $60.8mm GPG Client transactions YTD 2023 $5.4bn Loan balance1 • Helping clients build and sustain generational wealth since 1999. • To offer a full range of banking and innovative financial servicesto businesses and individuals embracing an ever-evolving digital banking era. • Enhance our position as a leader in the settlement of global digital payments bringing people around the world closer together. • Be the critical financial infrastructure for select clients to access our global payments settlement platform. Our Mission 4 2 Customer Centric 1 Loans, net of deferred fees and costs.

Innovative Payment Solutions Providing Critical Financial Infrastructure GPG is an established leader in providing global payments infrastructure to non-bank financial services companies Payroll E-Wallet Payments / Cash Settlement Debit Cards Prepaid Cards Deposit Custody Cross Border Money Remittance Merchant Acquiring Global Payments Group Product Suite Fee and deposit-based business model built for scale • Business to business to customers ("B2B2C") model with low client acquisition costs to MCB • Payment settlement with transaction fee income • Custodian of low-cost deposits Supported by: • Robust technology infrastructure enabling clients to process electronic payments easily • Strong risk management program designed to ensure regulatory compliance Innovative 5 3

$2.34 $3.06 $3.56 $4.66 $6.45 $5.29 $5.61 2017 2018 2019 2020 2021 ĩ :5% Ī Track Record of Strong Operating Performance 1 Non-GAAP financial measure. See reconciliation to GAAP measure on slide 24. 2 CAGR from December 31, 2017 through Q3'23 3 CAGR from December 31, 2017 through Q3'23 annualized. 4 Includes a $35.0 million charge for a regulatory settlement reserve in the fourth quarter of 2022. 5 Includes a $5.5 million reversal of the regulatory settlement reserve recorded in in the fourth quarter of 2022. 6 Source: S&P Global Market Intelligence. Peers represent public banks with asset size between $5-$50 billion. * Annualized Strong book value growth since IPO Tangible Book Value per Share1 $257mm Last twelve months Revenue Top quartile profitability YTD 2023 Consistent EPS growth Diluted EPS $27.04 $30.34 $34.15 $39.25 $50.11 $51.70 $56.51 2017 2018 2019 2020 2021 2022 3Q 2023 50.4% Efficiency Ratio Q2'23 – 49.9% vs. 51.1% peer top quartile5 0.0% Avg. Last 5 Year Net Charge-offs % / Average Loans 3.5% Net Interest Margin* Q2’23 – 3.7% vs. 3.7% peer top quartile 1.3% Return on Average Assets* Q2’23 – 1.3% vs. 1.4% peer top quartile5 1.9% Pre-Provision Net Revenue / Average Assets* Q2’23 – 2.0% vs. 2.0% peer top quartile5 13.9% Return on Average Tangible Common Equity*,1 Q2’23 13.8% vs. 14.3% peer median5 6 4 High Performing

Well Managed Net Interest Margin 1 Represents effective average daily Fed Funds rate. 2 Represents full-year NIM, except 2023, which represents annualized NIM for the nine months ended September 30, 2023. Net Interest Margin Analysis 1.00% 1.83% 2.16% 0.36% 0.08% 1.68% 4.93% 3.52% 3.70% 3.46% 3.26% 2.77% 3.49% 3.53% 2017 2018 2019 2020 2021 2022 YTD 2023 Average Fed Funds Rate¹ MCB Net Interest Margin ("NIM")² Estimated Sensitivity of Projected Annualized Net Interest Income at September30, 2023 Fixed vs. Floating Rate Loans at September 30 ,2023 for loans due after one year Fixed 70% Floating 30% 5.34% 2.85% -3.41% -7.21% -200 bps -100 bps +100 bps +200 bps Approximately 81% of floating rate loans have floors – Weighted average floor of 4.98% 7 High Performing 4

Commercial Bank 8

Loan Portfolio Growth and Diversification 1 Gross of deferred fees and unamortized costs. 2 Certain prior period amounts adjusted to conform to current presentation. 3 Excludes owner-occupied. * Includes consumer and 1-4 family loans. ** Includes commercial real estate, multifamily and construction loans. $5.4 billion Gross Loan Portfolio1, 2 at September 30, 2023 | $ millions Diversified Loan Portfolio at September 30, 2023 41% 28% 18% 9% 3% CRE (Non Owner Occupied) CRE (Owner Occupied) C&I Multifamily Construction Other $2,259 $2,388 $2,504 $2,528 $2,644 $2,815 $1,268 $1,296 $1,362 $1,319 $1,494 $1,509 $781 $869 $909 $936 $955 $977 $78 $76 $78 $82 $72 $69 $4,386 $4,629 $4,853 $4,865 $5,165 $5,370 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 Total loans: $5,370 mm Average 3Q Yield: 6.80% CRE/RBC ratio3 : MCB 375% 9

Commercial & Industrial Growth Driven by Expertise in Specific Lending Verticals Target Market • Middle market businesses with revenues up to $400 million • Well-diversified across industries Key Metrics • Strong historical credit performance - Pledged collateral and/or personal guarantees from high-net-worth individuals support most loans - Target borrowers have strong historical cash flows, good asset coverage and positive industry outlooks C&I Composition at September 30, 2023 25% 19% 14% 12% 7% 6% 5% 12% 25% Finance & Insurance 19% Skilled Nursing Facilities 14% Individuals 12% Healthcare 7% Services 6% Wholesale Trade 5% Manufacturing 12% Other 1 Certain prior period amounts adjusted to conform to current presentation. 10 C&I Portfolio1 at September 30, 2023 | $ millions $230 $236 $229 $234 $233 $241 $106 $111 $119 $138 $169 $181 $123 $148 $176 $150 $131 $138 $107 $116 $100 $117 $113 $118 $17 $55 $58 $66 $74 $72 $53 $56 $49 $55 $58 $61 $29 $27 $53 $52 $51 $47 $116 $120 $125 $124 $126 $119 $781 $869 $909 $936 $955 $977 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 Other Manufacturing Wholesale Services Healthcare Individuals Skilled Nursing Facilities Finance & Insurance

Relationship-Based Commercial Real Estate Lending Target Market • New York metropolitan area real estate entrepreneurs with a net worth in excess of $50 million • Primarily concentrated in the New York MSA • Well-diversified across multiple property types Key Metrics • Weighted average LTV of 61% • Multifamily loans – 37% rent regulated • Average LTV of 43% on stabilized rent regulated properties provides a cushion against any falling values Composition by Type at September 30, 2023 Composition by Region at September 30, 2023 19% 16% 11% 9% 8% 6% 6% 5% 20% 19% Manhattan 16% Brooklyn 11% Florida 9% Queens 8% Bronx 6% New Jersey 6% Other NY 5% Long Island 20% Other States Majority of loans are originated through direct relationships or referrals from existing clients. 32% 11% 9% 9% 7% 8% 5% 4% 15% 32% Nursing Home CRE 11% Multifamily 9% Office 9% Mixed Use 7% Retail 8% Hospitality 5% Land 4% Warehouse 15% Other CRE Total CRE loans: $4,317mm1 Owner Occupied: 35% 1 Net of deferred fees and unamortized costs. 11

Well-Developed, Sector Diversified Healthcare Portfolio • Active in Healthcare lending since 2002. • CRE – Skilled Nursing Facilities (“SNF”) – Average LTV of 71%. • Highly selective regarding the quality of Skilled Nursing Operators that we finance. • Borrowers are very experienced operators that typically have in excess of 1,000 beds under management and strong cash flows, many further supported by vertically integrated related businesses. • Loans are made primarily in “certificate of need” states which limits the supply of beds and supports stable occupancy rates. • Stabilized SNF – 66% of CRE SNF portfolio. Stabilized facilities provide cash flows adequate to support debt service and collateral value. Borrowers’ primary motive for acquisition of a stabilized property is for synergies with existing portfolio of SNFs. Average debt service coverage ratio is 2.05x. • Non-stabilized SNF – typically “turn-around” of older SNFs acquired from owners who mismanaged the business, relied too heavily on long-term care (Medicaid reimbursement) or did not stay current with changes in the marketplace. Opportunity for owner to create value by renovating and adding services with higher Medicaid reimbursements rates (rehabilitation services, dialysis, etc.). C&I Healthcare Composition at September 30, 2023 18% 61% 11% 5% 3% 61% Nursing & Residential Care Facilities 18% Ambulatory Health Care Services 11% Medical Labs 5% Misc. Health Practitioners 2% Ambulance Services 3% Doctor Office CRE SNF - $1,386 mm C&I SNF - $181 mm C&I Other Healthcare - $118 mm CRE SNF $1,386 mm C&I SNF $181 mm C&I Other $118 mm Diversified Healthcare Portfolio at September 30, 2023 Total Healthcare loans: $1,685mm 12

Well-Developed, Geographically Diversified Skilled Nursing Facility Portfolio CRE Skilled Nursing Facility Exposure by State at September 30, 2023 C&I Skilled Nursing Facility Exposure by State at September 30, 2023 33% 27% 8% 6% 5% 21% 33% New York 27% Florida 8% New Jersey 6% Virginia 5% Indiana 21% Other States 31% 30% 15% 6% 18% 31% New York 30% Florida 15% New Jersey 6% Pennsylvania 18% Other 13

Well-Structured, Geographically Diversified Office Portfolio Office Exposure by Region at September 30, 2023 36% 7% 15% 31% 9% 36% Manhattan 15% Brooklyn 7% Queens 2% Bronx 31% New York Metropolitan Area (outside NYC) 9% Non New York Metropolitan Area Office Overview at September 30, 2023 • Well structured with conservative weighted average LTV of 53% • Average occupancy rate of 82%* • Average debt service coverage ratio of 1.61x* • Total exposure originated since March 2022 is 61% • Manhattan exposure originated since March 2022 is 99% • Owner-occupied represents 13.4% • Varying levels of recourse on approximately 60% of loans 14 * Excluding owner-occupied office properties. Total Office loans: $374 mm Occupancy by Region at September 30, 2023 59% 92% 61% 87% 84% 80% Non NY Metro Area NY Metro Area (outside NYC) Bronx Queens Brooklyn Manhattan

$1,529 $1,654 $1,833 $1,956 $2,204 $2,388 $862 $894 $869 $995 $1,125 $1,129 $1,041 $941 $840 $850 $839 $882 $545 $707 $747 $699 $731 $785 $888 $714 $425 $332 $321 $331 $65 $60 $70 $21 $11 $7 $4,930 $4,970 $4,784 $4,853 $5,231 $5,522 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 Specialty Deposits* Bankruptcy Trustees GPG Property Managers Retail Deposits with Loan Customers Retail Deposits 32% 67% 1% 32% Non-interest-bearing demand deposits 67% Money market & savings account 1% Time deposits 3Q Cost of total deposits: 2.74% Deposit Composition 1 Commonly referred to as the "crypto related business." * Includes accounts related to liquidation, receivership, and litigation settlement. Deposit Verticals Composition Over Time | $ millions Total Deposits | $ millions 4,930 4,970 4,784 4,853 5,231 5,522 $1,248 $762 $494 $278 $58 $6,178 $5,732 $5,278 $5,131 $5,289 $5,522 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 Digital Currency Businesses¹ Deposit Verticals Deposits Composition at September 30, 2023 15

Global Payments Group 16

Digital Payments Worldwide • Domestic and international digital payments settlements • Gateway to payment networks – Wire, ACH, Visa, Mastercard, Remittance • Custodian of deposits on behalf of clients and their customers • Sponsorship for select clients as an extension of MCB’s expertise and legal authority, e.g., money transmitter, issuing bank, and acquiring bank activities • Oversight by experienced MCB bankers with the expertise to deploy and manage regulatory compliance across a broad spectrum of client sectors for non-bank financial service companies • A leading national issuer of third-party debit cards • In addition to reported revenues, GPG also contributed average non-interest bearing deposits of $785 million in the third quarter. About Global Payments $4,628 $5,358 $7,331 $8,823 $10,006 $11,701 $12 $285 $1,133 $7,622 $9,335 $3,127 $4,640 $5,643 $8,464 $16,445 $19,341 $14,828 2018 2019 2020 2021 2022 YTD 2023 Digital Currency Businesses² Non-bank financial service companies** GPG Revenue | $ thousands 1 CAGR from December 31, 2018 through 2022. 2 Commonly referred to as the "crypto related business." ** Does not include digital currency businesses. 38.60 42.30 51.08 53.31 63.80 3.46 60.78 39.23 43.94 15.49 38.60 42.30 54.54 92.54 107.74 76.26 2018 2019 2020 2021 2022 YTD 2023 Digital Currency Businesses² Non-bank financial service companies** GPG Transactions | Count in millions 17

13.00 13.24 18.28 13.70 15.93 20.38 13.26 17.65 22.12 38.60 42.30 51.08 13.35 16.98 53.31 63.80 60.78 2018 2019 2020 2021 2022 YTD 2023 4Q 3Q 2Q 1Q Digital Payments Worldwide Non-bank financial service companies1 Client Transactions | Count in millions 1 Does not include digital currency businesses. New clients generally represent less than 10% of GPG revenues. 2 Certain prior periods amounts have been reclassified for consistency with the current period presentation. 3 General Purpose Re-Loadable (GPR). * CAGR from December 31, 2018, through 2022. Non-bank financial service companies1 Revenue by Category2 | $ Thousands $884 $791 $872 $782 $800 $713 $517 $512 $693 $673 $854 $1,042 $203 $104 $196 $226 $275 $240 $415 $809 $1,171 $1,678 $2,172 $1,767 $213 $328 $180 $168 $173 $138 $2,232 $2,544 $3,112 $3,527 $4,274 $3,900 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 Disbursements Digital bank acct Other Corporate Disbursement GPR card³ 18

Selected Financial Information 19

Proven High Growth Business Model Loans1 | $ millions $1,404 $1,661 $2,791 $3,830 $6,436 $5,278 $5,522 2017 2018 2019 2020 2021 2022 3Q 2023 Deposits | $ millions $63 $83 $108 $142 $181 $256 $187 2017 2018 2019 2020 2021 2022 YTD 2023 Revenue | $ millions $12 $26 $30 $39 $60 $59 $63 2017 2018 2019 2020 2021 ĩ :5% Ī Net Income | $ millions 1 Loans, net of deferred fees and costs. 2 CAGR from December 31, 2017 through September30, 2023. 3 CAGR from December 31, 2017 through 2022. 4 Includes a $35.0 million charge for a regulatory settlement reserve in the fourth quarter of 2022. 5 Year to date and includes a $5.5 million reversal of the regulatory settlement reserve recorded in the fourth quarter of 2022. $1,421 $1,867 $2,678 $3,137 $3,732 $4,841 $5,354 2017 2018 2019 2020 2021 2022 3Q 2023 20

Highly Profitable, Scalable Model This represents the percentage of total non-interest income (less any gains on sale of securities) as compared to total revenue. 1 Non-GAAP financial measures. See reconciliation on slide 24. 2 Annualized 3 Total non-interest expense divided by Total revenues. 4 Includes a $35.0 million charge for a regulatory settlement reserve in the fourth quarter of 2022. 5 Annualized and includes a $5.5 million reversal of the regulatory settlement reserve recorded in the fourth quarter of 2022. 17.8% 14.7% 9.8% 9.7% 12.8% 10.4% 11.4% 2017 2018 2019 2020 2021 2022 YTD 2023 Non-Interest Income ratio1, Efficiency ratio3 10.5% 10.8% 11.3% 12.9% 15.2% 10.4% 13.9% 2017 2018 2019 2020 2021 ĩ :5% Ī ROATCE1 52.1% 52.1% 55.4% 52.5% 48.3% 58.2% 50.4% 2017 2018 2019 2020 2021 ĩ YTD 2023 Net Interest Margin 3.52% 3.70% 3.46% 3.26% 2.77% 3.49% 3.53% 2017 2018 2019 2020 2021 2022 YTD 2023² 21

Credit Metrics NCOs/Average Loans Non-Performing Loans/Loans ACL/Loans Non-Performing Loans/ACL 0.32% -0.06% -0.13% 0.01% 0.13% 0.00% 0.01% 2017 2018 2019 2020 2021 2022 YTD 2023¹ 1.05% 1.02% 0.98% 1.13% 0.93% 0.93% 0.98% 2017 2018 2019 2020 2021 2022 3Q 2023* 0.24% 0.02% 0.17% 0.20% 0.28% 0.00% 0.58% 2017 2018 2019 2020 2021 2022 3Q 2023 22.8% 1.5% 17.1% 18.0% 29.6% 0.0% 59.2% 2017 2018 2019 2020 2021 2022 3Q 2023* 22 * Includes $2.3 million increase in ACL due to impact of CECL adoption on January 1, 2023. 1 Annualized

Capital ratios* Common Equity Tier 1 Capital Ratio 15.3% 13.2% 10.1% 10.1% 14.1% 12.1% 11.8% 2017 2018 2019 2020 2021 2022¹ 3Q 2023² Minimum to be "Well Capitalized" * These capital ratios are for Metropolitan Bank Holding Corp. 1 Includes a $35.0 million charge for a regulatory settlement reserve in the fourth quarter of 2022. 2 Includes a $5.5 million reversal of the regulatory settlement reserve recorded in the fourth quarter of 2022. 3 Non-GAAP financial measure. See reconciliation to GAAP measure on slide 24. Tier 1 Leverage Ratio 13.7% 13.7% 9.4% 8.5% 8.5% 10.2% 10.7% 2017 2018 2019 2020 2021 2022¹ 3Q 2023² Minimum to be "Well Capitalized" 19.9% 16.9% 12.5% 12.7% 16.1% 13.4% 13.1% 2017 2018 2019 2020 2021 2022¹ 3Q 2023² Minimum to be "Well Capitalized" Total Risk-Based Capital Ratio TCE / TA3 12.7% 11.5% 8.5% 7.5% 7.7% 9.0% 9.4% 2017 2018 2019 2020 2021 2022¹ 3Q 2023² 23

Reconciliation of GAAP to Non-GAAP Measures * Tangible common equity divided by common shares outstanding at period-end. In addition to the results presented in accordance with Generally Accepted Accounting Principles (“GAAP”), this earnings presentation 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 presentation to the comparable GAAP measures are provided in the accompanying tables. 24 $ thousands, except per share data Q3 2023 2022 2021 2020 2019 2018 2017 Average assets $ 6,589,857 $ 6,621,631 $ 5,724,230 $ 3,863,013 $ 2,846,959 $ 1,951,982 $ 1,524,202 Less: average intangible assets $ 9,733 $ 9,733 $ 9,733 $ 9,733 $ 9,733 $ 9,733 $ 9,733 Average tangible assets $ 6,580,124 $ 6,611,898 $ 5,714,497 $ 3,853,280 $ 2,837,226 $ 1,942,249 $ 1,514,469 Average equity $ 631,205 $ 578,787 $ 413,212 $ 320,617 $ 282,604 $ 251,030 $ 133,462 Less: Average preferred equity $ - $ - $ 4,585 $ 5,502 $ 5,502 $ 5,502 $ 5,502 Average common equity $ 631,205 $ 578,787 $ 408,627 $ 315,115 $ 277,102 $ 245,528 $ 127,960 Less: average intangible assets $ 9,733 $ 9,733 $ 9,733 $ 9,733 $ 9,733 $ 9,733 $ 9,733 Average tangible common equity $ 621,472 $ 569,054 $ 398,894 $ 305,382 $ 267,369 $ 235,795 $ 118,227 Total assets $ 6,683,359 $ 6,267,337 $ 7,116,358 $ 4,330,821 $ 3,357,572 $ 2,182,644 $ 1,759,855 Less: intangible assets $ 9,733 $ 9,733 $ 9,733 $ 9,733 $ 9,733 $ 9,733 $ 9,733 Tangible assets $ 6,673,626 $ 6,257,604 $ 7,106,625 $ 4,321,088 $ 3,347,839 $ 2,172,911 $ 1,750,122 Total Equity $ 634,910 $ 575,897 $ 556,989 $ 340,787 $ 299,124 $ 264,517 $ 236,884 Less: preferred equity $ - $ - $ - $ 5,502 $ 5,502 $ 5,502 $ 5,502 Common Equity $ 634,910 $ 575,897 $ 556,989 $ 335,285 $ 293,622 $ 259,015 $ 231,382 Less: intangible assets $ 9,733 $ 9,733 $ 9,733 $ 9,733 $ 9,733 $ 9,733 $ 9,733 Tangible common equity (book value) $ 625,177 $ 566,164 $ 547,256 $ 325,552 $ 283,889 $ 249,282 $ 221,649 Common shares outstanding $ 11,062,729 $ 10,949,965 $ 10,920,569 $ 8,295,272 $ 8,312,918 $ 8,217,274 $ 8,196,310 Book value per share (GAAP) $ 57.39 $ 52.59 51.00 40.42 35.32 31.52 28.23 Tangible book value per share (non-GAAP)* $ 56.51 $ 51.70 50.11 39.25 34.15 30.34 27.04 Total Revenue (GAAP) $ 60,070 $ 255,751 $ 180,698 $ 141,924 $ 108,239 $ 83,177 $ 63,382 Less: Gain on sale of securities $ - $ - $ 609 $ 3,286 $ - $ (37) $ - Revenue excluding gain on sale of securities (non-GAAP) $ 60,070 $ 255,751 $ 180,089 $ 138,638 $ 108,239 $ 83,214 $ 63,382 Non-Interest Income Ratio (non-GAAP) 11.40% 10.40% 12.78% 9.67% 9.82% 14.66% 17.83% For Year Ending

Document and Entity Information	Oct. 19, 2023
Document and Entity Information [Abstract]
Document Type	8-K
Document Period End Date	Oct. 19, 2023
Entity Registrant Name	METROPOLITAN BANK HOLDING CORP.
Entity Incorporation, State or Country Code	NY
Entity File Number	001-38282
Entity Tax Identification Number	13-4042724
Entity Address, Address Line One	99 Park Avenue
Entity Address, City or Town	New York
Entity Address State Or Province	NY
Entity Address, Postal Zip Code	10016
City Area Code	212
Local Phone Number	659-0600
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	MCB
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Entity Central Index Key	0001476034
Amendment Flag	false