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): January 18, 2024

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 January 18, 2024, 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 fourth quarter and full year 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 fourth quarter and full year 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 January 18, 2024
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: January 18, 2024By:/s/ Daniel F. Dougherty

Daniel F. Dougherty

Executive Vice President and

Chief Financial Officer

Exhibit 99.1

Release:

4:05 P.M. January 18, 2024

212-365-6721

IR@MCBankNY.com

Metropolitan Bank Holding Corp. Reports Fourth Quarter and Full Year 2023 Results

Stable performance demonstrates MCB’s ability to execute on its business plan in a challenging economic environment

Financial Highlights

●Total deposits at December 31, 2023 were $5.7 billion, an increase of $215.7 million from September 30, 2023 and an increase of $459.4 million from December 31, 2022.

●Net loans at December 31, 2023 were $5.6 billion, with strong growth of $270.3 million from September 30, 2023 and $784.3 million from December 31, 2022.

●Asset quality remains strong.

●Net interest margin for the fourth quarter of 2023 increased to 3.36% compared to 3.27% for the prior linked quarter. Full year 2023 net interest margin of 3.49%, consistent with prior year.

●Full year 2023 return on average equity of 12.4% and return on average tangible common equity¹ of 12.6%.

●Liquidity remains strong. At December 31, 2023, cash on deposit with the Federal Reserve Bank of New York and available secured funding capacity totaled $3.1 billion, which was 196.3% of uninsured deposit balances.

●The Company and Bank are “well capitalized” across all measures of regulatory capital, with total risk-based capital ratios of 12.8% and 12.5%, respectively, at December 31, 2023, well above regulatory minimums.

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

NEW YORK, January 18, 2024 ‒ Metropolitan Bank Holding Corp. (the “Company”) (NYSE: MCB), the holding company for Metropolitan Commercial Bank (the “Bank”), reported net income of $14.6 million, or $1.28 per diluted common share, for the fourth quarter of 2023 compared to a net loss of $7.7 million, or $0.71 per diluted common share, for the fourth quarter of 2022². Net income for the year 2023 was $77.3 million, or $6.91 per diluted common share, compared to net income of $59.4 million, or $5.29 per diluted common share, for the year 2022².

² The fourth quarter and full year 2022 results include a $35.0 million regulatory settlement reserve. The full year 2023 results include a $5.5 million reversal of the regulatory settlement reserve.

Mark DeFazio, President and Chief Executive Officer, commented,

“I am pleased with our performance in 2023. MCB delivered responsible loan growth predominantly funded by core deposits, which was impressive in light of the challenging economic backdrop, persistent inflation, higher interest rates and our exit from the crypto business. We maintain our disciplined approach to lending and remain focused on prudent balance sheet management and liquidity. Our ability to grow appropriately within this environment demonstrates the strength and stability of our franchise.

“As we enter 2024, MCB is well-positioned to grow our business and drive EPS growth while supporting the needs of our clients.”

Balance Sheet

Total cash and cash equivalents were $269.5 million at December 31, 2023, an increase of $92.1 million, or 51.9%, from September 30, 2023 and an increase of $12.0 million from December 31, 2022. The increase from September 30, 2023, primarily reflected the $215.7 million and $184.0 million increase in deposits and wholesale funding, respectively, partially offset by the $270.3 million net deployment into loans.

Total loans, net of deferred fees and unamortized costs, were $5.6 billion, an increase of $270.3 million, or 5.0%, from September 30, 2023, and an increase of $784.3 million, or 16.2%, from December 31, 2022. Loan production was $342.5 million for the fourth quarter of 2023 compared to $333.5 million for the prior linked quarter and $411.3 million for the prior year period. The increase in total loans from September 30, 2023, was due primarily to an increase of $145.0 million in commercial real estate (“CRE”) loans (including owner-occupied) and $74.7 million in commercial and industrial (C&I) loans. The increase in total loans from December 31, 2022, was due primarily to an increase of $603.2 million in CRE loans (including owner-occupied) and $142.8 million in C&I loans.

Total deposits were $5.7 billion at December 31, 2023, an increase of $215.7 million, or 3.9% from September 30, 2023, and an increase of $459.4 million or 8.7% from December 31, 2022. The increase from September 30, 2023, was due primarily to an increase of $140.7 million in municipal deposits and $36.5 million in retail deposits. The increase in deposits from December 31, 2022, was due primarily to an increase of $749.2 million in retail deposits and $229.1 million in EB-5, Title and Escrow and Charter School deposits, partially offset by the $491.0 million decrease in crypto-related deposits. Non-interest-bearing demand deposits were 32.0% of total deposits at December 31, 2023, compared to 31.6% at September 30, 2023 and 45.9% at December 31, 2022. The decline from December 31, 2022 primarily reflects the outflow of crypto-related deposits.

Accumulated other comprehensive loss, net of tax, was $52.9 million, a decrease of $7.2 million, from September 30, 2023, and $1.4 million from December 31, 2022. The decreases from September 30, 2023 and December 31, 2022 were due to decreases in unrealized losses on available-for-sale securities due to changes in prevailing market interest rates, partially offset by unrealized losses and reclassification adjustments to net income on cash flow hedges.

At December 31, 2023, cash on deposit with the Federal Reserve Bank of New York and available secured funding capacity totaled $3.1 billion. 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 368.1% of total risk-based capital at December 31, 2023, compared to 374.8% and 366.0% at September 30, 2023 and December 31, 2022, respectively.

Income Statement

Financial Highlights


	Three months ended									Year ended
	Dec. 31,			Sept. 30,			Dec. 31,			Dec. 31,			Dec. 31,
(dollars in thousands, except per share data)	2023			2023⁽¹⁾			2022⁽²⁾			2023⁽³⁾			2022⁽²⁾
Total revenues⁽⁴⁾	$	63,555		$	60,070		$	70,249		$	250,739		$	255,751
Net income (loss)		14,568			22,063			(7,740)			77,268			59,425
Diluted earnings (loss) per common share		1.28			1.97			(0.71)			6.91			5.29
Return on average assets⁽⁵⁾		0.84	%		1.33	%		N.M.	%		1.19	%		0.90	%
Return on average equity⁽⁵⁾		9.0	%		13.9	%		N.M.	%		12.4	%		10.3	%
Return on average tangible common equity^{(5), (6)}		9.1	%		14.1	%		N.M.	%		12.6	%		10.4	%

(1)	Includes a $3.0 million reversal of the regulatory settlement reserve recorded in the fourth quarter of 2022.

(2)	Includes a $35.0 million regulatory settlement reserve.

(3)	Includes a $5.5 million reversal of the regulatory settlement reserve recorded in the fourth quarter of 2022.

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

(5)	For periods less than a year, ratios are annualized.

(6)	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 for the fourth quarter of 2023 was $57.0 million compared to $53.6 million for the prior linked quarter and $63.9 million for the prior year period. The $3.4 million increase from the prior linked quarter was due primarily to loan growth and increases in loan yields, partially offset by the shift from non-interest bearing deposits to interest bearing deposits and borrowings primarily related to the exit from the crypto-related deposit vertical. The $6.9 million decrease from the prior year period was due primarily to the 197 basis point increase in total cost of funds and the shift from non-interest bearing deposits to interest bearing funding primarily related to the exit from the crypto-related deposit vertical, partially offset by the increase in the average balance of loans and loan yields.

Net interest income for the year 2023 was $222.8 million compared to $229.2 million for the prior year. The $6.3 million decrease was due primarily to the 212 basis point increase in total cost of funds and the shift from non-interest bearing deposits to interest bearing funding primarily related to the exit from the crypto-related deposit vertical, partially offset by the increase in the average balance of loans and loan yields.

Net Interest Margin

Net interest margin for the fourth quarter of 2023 was 3.36% compared to 3.27% and 4.05% for the prior linked quarter and prior year period, respectively. The 9 basis point increase from the prior linked quarter was due primarily to the increase in the average balance of loans and loan yields, partially offset by the higher cost of funds. The 69 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. Net interest margin was consistent at 3.49% for the years 2023 and 2022.

Total cost of funds for the fourth quarter of 2023 was 314 basis points compared to 303 basis points and 117 basis points for the prior linked quarter and prior year period, respectively. Total cost of funds for the year 2023 was 265 basis points compared to 53 basis points for the prior year. The increase in the cost of funds reflects the increase in prevailing 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.

Non-Interest Income

Non-interest income was $6.6 million for the fourth quarter of 2023, an increase of $48,000 from the prior linked quarter and an increase of $211,000 from the prior year period. The increase from the prior linked quarter was driven primarily by an increase in service charges on deposits, partially offset by a decrease in other service charges and fees. The increase from the prior linked period was driven primarily by an increase in service charges on deposits and other service charges and fees, partially offset by lower Global Payments Group revenue.

Non-interest income was $27.9 million for the year 2023, an increase of $1.3 million from the prior year driven primarily by increases in service charges on deposits and other service charges and fees.

Non-Interest Expense

Non-interest expense was $37.1 million for the fourth quarter of 2023, an increase of $6.2 million from the prior linked quarter and a decrease of $29.5 million from the prior year period. The increase from the prior linked quarter was due primarily to the $3.0 million reversal of the regulatory settlement reserve in the third quarter of 2023, a $1.2 million increase in professional fees and a $1.0 million increase in compensation and benefits. The decrease from the prior year period was due primarily to the $35.0 million regulatory settlement reserve recorded in the fourth quarter of 2022.

Non-interest expense was $131.5 million for the year 2023, a decrease of $17.2 million from the prior year driven primarily by the $35.0 million regulatory settlement reserve recorded in the fourth quarter of 2022, partially offset by a $9.7 million increase in compensation and benefits, a $4.5 million increase in FDIC assessments and a $3.6 million increase in professional fees.

Income Tax Expense

The effective tax rate for the year 2023 was 27.7% compared to 38.7% for the prior year, which reflects a discrete tax item related to the exercise of stock options in 2023 and the $5.5 million reversal of the regulatory settlement reserve in 2023. The elevated effective tax rate for the year 2022 reflects the recording of the $35.0 million regulatory settlement reserve and other discrete tax items.

Asset Quality

Credit quality remains strong. The ratio of non-performing loans to total loans was 0.92% at December 31, 2023 compared to 0.58% at September 30, 2023 and 0.00% at December 31, 2022, respectively. The allowance for credit losses (“ACL”) was $58.0 million at December 31, 2023, an increase of $5.7 million from September 30, 2023 and an increase of $13.1 million from December 31, 2022. The increase from the prior linked quarter was due primarily to loan growth and a $4.8 million provision on a single multifamily loan, partially offset by modest improvements in certain macroeconomic variables which inform our Current Expected Credit Loss (“CECL”) model. The increase from the prior year period was due primarily to loan growth, the $4.8 million provision on the single multifamily loan 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, January 19, 2024, to discuss the results. To access the event by telephone, please dial 800-267-6316 (US), 203-518-9783 (INTL), and provide conference ID: MCBQ423 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 named one of Newsweek's Best Regional Banks and Credit Unions 2024. The 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. 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)


	Dec. 31,		Sept. 30,		Jun. 30,		Mar. 31,		Dec. 31,
(in thousands)	2023		2023		2023		2023		2022
Assets
Cash and due from banks	$	31,973	$	36,438	$	33,534	$	32,525	$	26,780
Overnight deposits		237,492		140,929		168,242		266,978		230,638
Total cash and cash equivalents		269,465		177,367		201,776		299,503		257,418
Investment securities available-for-sale		461,207		429,850		426,068		444,169		445,747
Investment securities held-to-maturity		468,860		478,886		515,613		501,525		510,425
Equity investment securities, at fair value		2,123		2,015		2,066		2,087		2,048
Total securities		932,190		910,751		943,747		947,781		958,220
Other investments		38,966		35,015		28,040		27,099		22,110
Loans, net of deferred fees and unamortized costs		5,624,797		5,354,487		5,149,546		4,851,694		4,840,523
Allowance for credit losses		(57,965)		(52,298)		(51,650)		(47,752)		(44,876)
Net loans		5,566,832		5,302,189		5,097,896		4,803,942		4,795,647
Receivables from global payments business, net		87,648		79,892		84,919		83,787		85,605
Other assets		172,571		178,145		165,772		147,870		148,337
Total assets	$	7,067,672	$	6,683,359	$	6,522,150	$	6,309,982	$	6,267,337

Liabilities and Stockholders' Equity
Deposits
Non-interest-bearing demand deposits	$	1,837,874	$	1,746,626	$	1,730,380	$	2,122,606	$	2,422,151
Interest-bearing deposits		3,899,418		3,774,963		3,558,185		3,009,182		2,855,761
Total deposits		5,737,292		5,521,589		5,288,565		5,131,788		5,277,912
Federal funds purchased		99,000		—		243,000		195,000		150,000
Federal Home Loan Bank of New York advances		440,000		355,000		200,000		200,000		100,000
Trust preferred securities		20,620		20,620		20,620		20,620		20,620
Secured borrowings		7,585		7,621		7,655		7,689		7,725
Prepaid third-party debit cardholder balances		10,178		10,297		10,772		11,102		10,579
Other liabilities		93,976		133,322		130,263		135,896		124,604
Total liabilities		6,408,651		6,048,449		5,900,875		5,702,095		5,691,440

Common stock		111		110		110		112		109
Additional paid in capital		395,871		393,544		392,742		394,124		389,276
Retained earnings		315,975		301,407		279,344		263,783		240,810
Accumulated other comprehensive gain (loss), net of tax effect		(52,936)		(60,151)		(50,921)		(50,132)		(54,298)
Total stockholders’ equity		659,021		634,910		621,275		607,887		575,897
Total liabilities and stockholders’ equity	$	7,067,672	$	6,683,359	$	6,522,150	$	6,309,982	$	6,267,337

Consolidated Statement of Income (unaudited)


	Three months ended						Year ended
	Dec. 31,		Sept. 30,		Dec. 31,		Dec. 31,		Dec. 31,
(dollars in thousands, except per share data)	2023		2023		2022		2023		2022
Total interest income	$	105,267	$	97,897	$	80,554	$	375,405	$	260,739
Total interest expense		48,273		44,340		16,655		152,569		31,581
Net interest income		56,994		53,557		63,899		222,836		229,158
Provision for credit losses		6,541		791		2,309		12,283		10,116
Net interest income after provision for credit losses		50,453		52,766		61,590		210,553		219,042

Non-interest income
Service charges on deposit accounts		1,671		1,463		1,458		6,071		5,747
Global Payments Group revenue		4,177		4,247		4,343		19,005		19,341
Other income		713		803		549		2,827		1,505
Total non-interest income		6,561		6,513		6,350		27,903		26,593

Non-interest expense
Compensation and benefits		18,210		17,208		15,886		66,961		57,290
Bank premises and equipment		2,317		2,396		2,247		9,344		8,855
Professional fees		5,031		3,873		5,171		18,064		14,423
Technology costs		974		1,171		1,186		4,940		4,713
Licensing fees		3,638		3,504		2,674		12,818		10,477
FDIC assessments		2,639		1,984		1,030		9,077		4,625
Regulatory settlement reserve		—		(3,021)		35,000		(5,521)		35,000
Other expenses		4,338		3,809		3,465		15,855		13,354
Total non-interest expense		37,147		30,924		66,659		131,538		148,737

Net income before income tax expense		19,867		28,355		1,281		106,918		96,898
Income tax expense		5,299		6,292		9,021		29,650		37,473
Net income (loss)	$	14,568	$	22,063	$	(7,740)	$	77,268	$	59,425

Earnings per common share:
Average common shares outstanding:
Basic		11,062,729		11,039,363		10,932,952		11,060,110		10,929,021
Diluted		11,366,463		11,136,873		11,183,862		11,129,900		11,200,184
Basic earnings (loss)	$	1.31	$	1.99	$	(0.71)	$	6.95	$	5.42
Diluted earnings (loss)	$	1.28	$	1.97	$	(0.71)	$	6.91	$	5.29

Loan Production, Asset Quality & Regulatory Capital


	Dec. 31,			Sept. 30,			Jun. 30,			Mar. 31,			Dec. 31,
	2023			2023			2023			2023			2022
LOAN PRODUCTION (in millions)	$	342.5		$	333.5		$	425.4		$	265.4		$	411.3

ASSET QUALITY (in thousands)
Non-accrual loans:
Commercial real estate	$	44,939		$	24,000		$	24,000		$	24,000		$	—
Commercial and industrial		6,934			6,934			—			—			—
Consumer		24			24			24			24			24
Total non-accrual loans	$	51,897		$	30,958		$	24,024		$	24,024		$	24
Non-accrual loans to total loans		0.92	%		0.58	%		0.47	%		0.50	%		—	%
Allowance for credit losses	$	57,965		$	52,298		$	51,650		$	47,752		$	44,876
Allowance for credit losses to total loans		1.03	%		0.98	%		1.00	%		0.98	%		0.93	%
Charge-offs	$	(946)		$	(129)		$	(44)		$	(100)		$	—
Recoveries	$	—		$	—		$	—		$	—		$	25
Net charge-offs/(recoveries) to average loans (annualized)		0.07	%		0.01	%		—	%		0.01	%		—	%

REGULATORY CAPITAL
Tier 1 Leverage:
Metropolitan Bank Holding Corp.		10.6	%		10.7	%		10.8	%		10.8	%		10.2	%
Metropolitan Commercial Bank		10.3	%		10.5	%		10.5	%		10.4	%		10.0	%

Common Equity Tier 1 Risk-Based (CET1):
Metropolitan Bank Holding Corp.		11.5	%		11.8	%		11.9	%		12.3	%		12.1	%
Metropolitan Commercial Bank		11.6	%		11.9	%		11.9	%		12.3	%		12.3	%

Tier 1 Risk-Based:
Metropolitan Bank Holding Corp.		11.9	%		12.2	%		12.2	%		12.7	%		12.5	%
Metropolitan Commercial Bank		11.6	%		11.9	%		11.9	%		12.3	%		12.3	%

Total Risk-Based:
Metropolitan Bank Holding Corp.		12.8	%		13.1	%		13.2	%		13.6	%		13.4	%
Metropolitan Commercial Bank		12.5	%		12.8	%		12.9	%		13.2	%		13.1	%

Performance Measures


	Three months ended									Year ended
	Dec. 31,			Sept. 30,			Dec. 31,			Dec. 31,			Dec. 31,
(dollars in thousands, except per share data)	2023			2023⁽¹⁾			2022⁽²⁾			2023⁽³⁾			2022⁽²⁾
Net income per consolidated statements of income	$	14,568		$	22,063		$	(7,740)		$	77,268		$	59,425
Less: Earnings allocated to participating securities		(78)			(118)			—			(365)			(141)
Net income (loss) available to common shareholders	$	14,490		$	21,945		$	(7,740)		$	76,903		$	59,284

Per common share:
Basic earnings (loss)	$	1.31		$	1.99		$	(0.71)		$	6.95		$	5.42
Diluted earnings (loss)	$	1.28		$	1.97		$	(0.71)		$	6.91		$	5.29
Common shares outstanding:
Period end		11,062,729			11,062,729			10,949,965			11,062,729			10,949,965
Average fully diluted		11,366,463			11,136,873			11,183,862			11,129,900			11,200,184
Return on:⁽⁴⁾
Average total assets		0.84	%		1.33	%		N.M.	%		1.19	%		0.90	%
Average equity		9.0	%		13.9	%		N.M.	%		12.4	%		10.3	%
Average tangible common equity⁽⁵⁾		9.1	%		14.1	%		N.M.	%		12.6	%		10.4	%
Yield on average earning assets⁽⁴⁾		6.21	%		5.99	%		5.12	%		5.88	%		3.97	%
Total cost of deposits⁽⁴⁾		2.98	%		2.74	%		1.11	%		2.43	%		0.49	%
Net interest spread⁽⁴⁾		1.81	%		1.67	%		2.79	%		1.85	%		2.82	%
Net interest margin⁽⁴⁾		3.36	%		3.27	%		4.05	%		3.49	%		3.49	%
Net charge-offs as % of average loans⁽⁴⁾		0.07	%		0.01	%		—	%		0.02	%		—	%
Efficiency ratio⁽⁶⁾		58.4	%		51.5	%		94.9	%		52.46	%		58.16	%

(1)	Includes a $3.0 million reversal of the regulatory settlement reserve recorded in the fourth quarter of 2022.

(2)	Includes a $35.0 million regulatory settlement reserve.

(3)Includes a $5.5 million reversal of the regulatory settlement reserve recorded in the fourth quarter of 2022.

(4)For periods less than a year, ratios are annualized.

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

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

Interest Margin Analysis


	Three months ended
	Dec. 31, 2023						Sept. 30, 2023						Dec. 31, 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⁾	$	5,538,095	$	97,897	7.01	%	$	5,283,114	$	90,666	6.80	%	$	4,796,001	$	72,560	5.98	%
Available-for-sale securities		532,970		2,430	1.82			527,673		2,261	1.71			527,523		1,979	1.50
Held-to-maturity securities		474,475		2,217	1.87			497,682		2,412	1.94			518,822		2,422	1.87
Equity investments		2,401		14	2.30			2,387		13	2.20			2,351		10	1.70
Overnight deposits		139,009		1,966	5.53			124,211		1,783	5.62			362,244		3,291	3.55
Other interest-earning assets		35,718		743	8.32			36,952		762	8.24			18,689		292	6.26
Total interest-earning assets		6,722,668		105,267	6.21			6,472,019		97,897	5.99			6,225,630		80,554	5.12
Non-interest-earning assets		192,237						170,195						101,826
Allowance for credit losses		(53,570)						(52,357)						(43,643)
Total assets	$	6,861,335					$	6,589,857					$	6,283,813
Liabilities and Stockholders' Equity:
Interest-bearing liabilities:
Money market and savings accounts	$	3,891,476		42,395	4.32		$	3,465,347		35,969	4.12		$	2,683,653		15,241	2.25
Certificates of deposit		34,179		272	3.16			38,937		265	2.70			49,470		207	1.66
Total interest-bearing deposits		3,925,655		42,667	4.31			3,504,284		36,234	4.10			2,733,123		15,448	2.24
Borrowed funds		427,250		5,606	5.25			572,456		8,106	5.66			101,600		1,207	4.75
Total interest-bearing liabilities		4,352,905		48,273	4.40			4,076,740		44,340	4.32			2,834,723		16,655	2.33
Non-interest-bearing liabilities:
Non-interest-bearing deposits		1,748,178						1,734,956						2,792,370
Other non-interest-bearing liabilities		116,995						146,956						60,951
Total liabilities		6,218,078						5,958,652						5,688,044
Stockholders' equity		643,257						631,205						595,769
Total liabilities and equity	$	6,861,335					$	6,589,857					$	6,283,813
Net interest income			$	56,994					$	53,557					$	63,899
Net interest rate spread ⁽³⁾					1.81	%					1.67	%					2.79	%
Net interest margin ⁽⁴⁾					3.36	%					3.27	%					4.05	%
Total cost of deposits ⁽⁵⁾					2.98	%					2.74	%					1.11	%
Total cost of funds ⁽⁶⁾					3.14	%					3.03	%					1.17	%

(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


	Year ended
	Dec. 31, 2023						Dec. 31, 2022
	Average				Yield /		Average				Yield /
(dollars in thousands)	Balance		Interest		Rate		Balance		Interest		Rate
Assets:
Interest-earning assets:
Loans ⁽¹⁾	$	5,147,653	$	345,039	6.70	%	$	4,361,412	$	231,851	5.32	%
Available-for-sale securities		527,873		8,865	1.68			538,425	$	6,921	1.29
Held-to-maturity securities		499,379		9,608	1.92			495,812	$	8,682	1.75
Equity investments		2,381		52	2.17			2,339	$	32	1.37
Overnight deposits		176,813		9,319	5.20			1,156,468	$	12,314	1.05
Other interest-earning assets		33,061		2,522	7.63			16,700	$	939	5.62
Total interest-earning assets		6,387,160		375,405	5.88			6,571,156		260,739	3.97
Non-interest-earning assets		169,377						90,495
Allowance for credit losses		(49,923)						(40,020)
Total assets	$	6,506,614					$	6,621,631
Liabilities and Stockholders' Equity:
Interest-bearing liabilities:
Money market and savings accounts	$	3,299,427	$	127,494	3.86		$	2,652,502	$	28,694	1.08
Certificates of deposit		42,926		1,183	2.76			59,645	$	590	0.99
Total interest-bearing deposits		3,342,353		128,677	3.85			2,712,147		29,284	1.08
Borrowed funds		445,061		23,892	5.37			45,878		2,297	5.00
Total interest-bearing liabilities		3,787,414		152,569	4.03			2,758,025		31,581	1.15
Non-interest-bearing liabilities:
Non-interest-bearing deposits		1,960,469						3,223,606
Other non-interest-bearing liabilities		137,725						61,213
Total liabilities		5,885,608						6,042,844
Stockholders' equity		621,006						578,787
Total liabilities and equity	$	6,506,614					$	6,621,631
Net interest income			$	222,836					$	229,158
Net interest rate spread ⁽²⁾					1.85	%					2.82	%
Net interest margin ⁽³⁾					3.49	%					3.49	%
Total cost of deposits ⁽⁴⁾					2.43	%					0.49	%
Total cost of funds ⁽⁵⁾					2.65	%					0.53	%

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

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

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

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

(5)	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										Year ended
(dollars in thousands,	Dec. 31,		Sept. 30,		Jun. 30,		Mar. 31,		Dec. 31,		Dec. 31,		Dec. 31,
except per share data)	2023		2023		2023		2023		2022		2023		2022
Average assets	$	6,861,335	$	6,589,857	$	6,354,597	$	6,212,624	$	6,283,813	$	6,506,614	$	6,621,631
Less: average intangible assets		9,733		9,733		9,733		9,733		9,733		9,733		9,733
Average tangible assets (non-GAAP)	$	6,851,602	$	6,580,124	$	6,344,864	$	6,202,891	$	6,274,080	$	6,496,881	$	6,611,898

Average common equity	$	643,257	$	631,205	$	616,370	$	592,521	$	595,769	$	621,006	$	578,787
Less: average intangible assets		9,733		9,733		9,733		9,733		9,733		9,733		9,733
Average tangible common equity (non-GAAP)	$	633,524	$	621,472	$	606,637	$	582,788	$	586,036	$	611,273	$	569,054

Total assets	$	7,067,672	$	6,683,359	$	6,522,150	$	6,309,982	$	6,267,337	$	7,067,672	$	6,267,337
Less: intangible assets		9,733		9,733		9,733		9,733		9,733		9,733		9,733
Tangible assets (non-GAAP)	$	7,057,939	$	6,673,626	$	6,512,417	$	6,300,249	$	6,257,604	$	7,057,939	$	6,257,604

Common equity	$	659,021	$	634,910	$	621,275	$	607,887	$	575,897	$	659,021	$	575,897
Less: intangible assets		9,733		9,733		9,733		9,733		9,733		9,733		9,733
Tangible common equity (book value) (non-GAAP)	$	649,288	$	625,177	$	611,542	$	598,154	$	566,164	$	649,288	$	566,164

Common shares outstanding		11,062,729		11,062,729		10,991,074		11,211,274		10,949,965		11,062,729		10,949,965
Book value per share (GAAP)	$	59.57	$	57.39	$	56.53	$	54.22	$	52.59	$	59.57	$	52.59
Tangible book value per share (non-GAAP) ⁽¹⁾	$	58.69	$	56.51	$	55.64	$	53.35	$	51.70	$	58.69	$	51.70

(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

4Q 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, Poised to Deliver 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 • 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 • Consistent EPS growth • Exceptional margin management • Balanced revenue mix • Sustainable positive operating leverage • Strong, consistent organic capital generation 2

31.6% 32.0% 3Q 2023 4Q 2023 $5.3 $5.5 $5.7 4Q 2022 3Q 2023 4Q 2023 11.8% 11.5% 3Q 2023 4Q 2023 Highly Liquid and Resilient Balance Sheet 73% Insured deposits Deposit Growth | ($ bn) CET1 Ratio1 Non-interest bearing Deposit % Deposit Profile at December 31, 2023 Scaling deposits in rising rate environment 196% Uninsured Deposit Coverage Ratio3 BBB+ Kroll Deposit Rating 3 1 Safe & Sound $4.8 $5.3 $5.6 4Q 2022 3Q 2023 4Q 2023 Loan Growth | ($ bn) 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 September 30, 2023. 3 Cash and available secured borrowing capacity divided by uninsured deposits.

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. • 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 Platform 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 $6.91 2017 2018 2019 2020 2021 2022³ ĩ Track Record of Strong Operating Performance 1 Non-GAAP financial measure. See reconciliation to GAAP measure on slide 23. 2 CAGR from December 31, 2017 through December 31, 2023. 3 Includes a $35.0 million charge for a regulatory settlement reserve in the fourth quarter of 2022. 4 Includes a $5.5 million reversal of the regulatory settlement reserve recorded in in the fourth quarter of 2022. 5 MCB closing stock price on January 16, 2024, of $48.24. Strong Book Value Growth Since IPO Tangible Book Value per Share1 Strong Operating Results YTD 2023 Consistent EPS Growth Diluted EPS $27.04 $30.34 $34.15 $39.25 $50.11 $51.70 $58.69 2017 2018 2019 2020 2021 2022 2023 6 4 High Performing 52.5% Efficiency Ratio4 0.0% Avg. Last 5 Year Net Charge-offs % / Average Loans 3.5% Net Interest Margin 1.2% Return on Average Assets4 1.8% Pre-Provision Net Revenue / Average Assets4 12.6% Return on Average Tangible Common Equity1, 4 82.2% Price / Tangible Book Value5 6.98 Price / EPS5 Valuation Metrics

Well Managed Net Interest Margin 1 Represents effective average daily Fed Funds rate. 2 Represents full-year NIM. Net Interest Margin Analysis 1.00% 1.83% 2.16% 0.36% 0.08% 1.68% 5.03% 3.52% 3.70% 3.46% 3.26% 2.77% 3.49% 3.49% 2017 2018 2019 2020 2021 2022 2023 Average Fed Funds Rate¹ MCB Net Interest Margin ("NIM")² Estimated Sensitivity of Annual Net Interest Income at December 31, 2023 Fixed vs. Floating Rate Loans at December 31,2023 for loans due after one year Fixed 72% Floating 4.73% 28% 2.42% -3.01% -6.42% -200 bps -100 bps +100 bps +200 bps Approximately 84% of floating rate loans have floors – Weighted average floor of 5.78% 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. $5.6 billion Gross Loan Portfolio1, 2 at December 31, 2023 | $ millions Diversified Loan Portfolio at December 31, 2023 27% 9% 7% 6% 7% 25% 19% CRE: Skilled Nursing Facility ("SNF") CRE: Multifamily CRE:Office CRE: Mixed Use CRE: Hospitality CRE: Other C&I Consumer & 1-4 Family $2,388 $2,504 $2,528 $2,644 $2,815 $2,840 $1,296 $1,362 $1,319 $1,494 $1,509 $1,684 $869 $909 $936 $955 $977 $1,051 $76 $78 $82 $72 $69 $67 $4,629 $4,853 $4,865 $5,165 $5,370 $5,642 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 Consumer & 1-4 Family C&I CRE: Owner Occupied CRE: Non Owner Occupied** 9 Average 4Q Yield: 7.01% CRE/RBC ratio3 : 368%

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 – 34% rent regulated, with an average LTV of 45% Composition by Type at December 31, 2023 Composition by Region at December 31, 2023 19% 15% 13% 9% 8% 7% 4% 5% 20% 19% Manhattan 15% Brooklyn 13% Florida 9% Queens 8% Bronx 7% New Jersey 4% Other NY 5% Long Island 20% Other States Majority of loans are originated through direct relationships or referrals from existing clients. 33% 11% 8% 8% 7% 8% 5% 4% 16% 33% Skilled Nursing Facilities 11% Multifamily 8% Office 8% Mixed Use 7% Retail 8% Hospitality 5% Land 4% Warehouse 16% Other CRE Total CRE loans: $4,516mm1 Owner Occupied: 37% 1 Net of deferred fees and unamortized costs. 10

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 December 31, 2023 25% 20% 12% 12% 7% 5% 4% 15% 25% Finance & Insurance 20% Skilled Nursing Facilities 12% Individuals 12% Other Healthcare 7% Services 5% Wholesale Trade 4% Manufacturing 15% Other 1 Certain prior period amounts adjusted to conform to current presentation. 11 C&I Portfolio1 at December 31, 2023 | $ millions $236 $229 $234 $233 $241 $260 $111 $119 $138 $169 $181 $206 $148 $176 $150 $131 $138 $137 $116 $100 $117 $113 $118 $128 $55 $58 $66 $74 $72 $77 $56 $49 $55 $58 $61 $56 $27 $53 $52 $51 $47 $45 $120 $125 $124 $126 $119 $142 $869 $909 $936 $955 $977 $1,051 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 Other Manufacturing Wholesale Services Other Healthcare Individuals Skilled Nursing Facilities Finance & Insurance

Well-Developed, Sector Diversified CRE and C&I Healthcare Portfolio • Active in Healthcare lending since 2002. • No realized losses 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 – 62% 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 2.01x. • Non-stabilized SNF – are value-add opportunities that may have underlying issues or challenges that can be addressed and improved upon. By implementing operational and management changes, enhancing the quality of care, improving the payor mix, and optimizing efficiency, experienced operators can increase the facility's value and profitability. Operators that have a strong market share in the region can negotiate higher reimbursement rates by working with payers, such as Medicare and Medicaid, to negotiate higher reimbursement rates for the services provided by the SNF. C&I Healthcare Composition at December 31, 2023 62% 18% 11% 4% 3% 62% SNF 18% Ambulatory Health Care Services 11% Medical Labs 4% Misc. Health Practitioners 3% Doctor Office 2% Ambulance Services CRE SNF - $1,506 mm C&I SNF - $206 mm C&I Other Healthcare - $128 mm CRE SNF $1,506 mm C&I SNF $206 mm C&I Other $128 mm Healthcare Portfolio at December 31, 2023 Total Healthcare loans: $1,839mm 12 Total C&I Healthcare loans: $334mm

Well-Developed, Geographically Diversified Skilled Nursing Facility Portfolio CRE Skilled Nursing Facility Exposure by State at December 31, 2023 C&I Skilled Nursing Facility Exposure by State at December 31, 2023 29% 28% 10% 5% 9% 19% 29% New York 28% Florida 10% New Jersey 5% Virginia 9% Indiana 19% Other States 25% 23% 18% 13% 5% 16% 25% New York 23% Florida 18% New Jersey 13% Arizona 5% Pennsylvania 16% Other 13 Total CRE SNF loans: $1,506mm Total C&I SNF loans: $206mm

Well-Structured, Geographically Diversified CRE Office Portfolio Office by Region at December 31, 2023 36% 6% 15% 31% 10% 36% Manhattan 15% Brooklyn 6% Queens 2% Bronx 31% New York Metropolitan Area (outside NYC) 10% Non New York Metropolitan Area Office Overview at December 31, 2023 • Well structured with conservative weighted average LTV of 53% • Average occupancy rate of 78%* • Average debt service coverage ratio of 1.54x* • Total exposure originated since March 2022 is 61% • Manhattan exposure originated since March 2022 is 99% • Owner-occupied represents 13.2% • Varying levels of recourse on approximately 55% of loans 14 * Excluding owner-occupied office properties. Total Office loans: $379 mm Occupancy by Region at December 31, 2023 70% 85% 61% 42% 89% 82% Non NY Metro Area NY Metro Area (outside NYC) Bronx Queens Brooklyn Manhattan

$1,254 $1,226 $1,475 $1,539 $1,684 $1,667 $894 $869 $995 $1,125 $1,129 $1,181 $941 $840 $850 $839 $882 $400 $890 $598 $455 $502 $515 $655 $707 $747 $699 $731 $785 $781 $774 $495 $353 $332 $338 $325 $9 $26 $163 $189 $238 $4,970 $4,784 $4,853 $5,231 $5,522 $5,737 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 EB-5, Title & Escrow, & Charter Schools Bankruptcy Trustees GPG Municipal Property Managers Retail Deposits with Loan Customers Retail Deposits 32% 66% 2% 32% Non-interest-bearing demand deposits 66% Money market & savings account 2% Time deposits 4Q Cost of total deposits: 2.98% Deposit Composition 1 Commonly referred to as the "crypto related business," which the Company exited in 2023. * Certain prior period amounts adjusted to conform to current presentation. Deposit Verticals Composition Over Time | $ millions* Total Deposits | $ millions 4,970 4,784 4,853 5,231 5,522 5,737 $762 $494 $278 $58 $5,732 $5,278 $5,131 $5,289 $5,522 $5,737 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 Digital Currency Businesses¹ Deposit Verticals Deposits Composition at December 31, 2023 15

Global Payments Group 16

About Global Payments Group • 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 • Contributed $781 million of deposits at December 31, 2023. • Sponsorship for select clients as an extension of MCB’s expertise and legal authority, e.g., money transmitter, issuing bank, and acquiring bank activities $4,628 $5,358 $7,331 $8,823 $10,006 $15,872 $12 $285 $1,133 $7,622 $9,335 $3,133 $4,640 $5,643 $8,464 $16,445 $19,341 $19,005 2018 2019 2020 2021 2022 2023 Digital Currency Businesses¹ Non-bank financial service companies** GPG Revenue | $ thousands 1 Commonly referred to as the "crypto related business," which the Company exited in 2023. * CAGR from December 31, 2018 through December 31,2023, excluding digital currency business. ** Does not include digital currency businesses. 38.60 42.30 51.08 53.31 63.80 81.96 3.46 39.23 43.94 15.49 38.60 42.30 54.54 92.54 107.74 97.45 2018 2019 2020 2021 2022 2023 Digital Currency Businesses¹ Non-bank financial service companies** GPG Transactions | Count in millions 17

Selected Financial Information 18

Proven High Growth Business Model Loans1 | $ millions $1,404 $1,661 $2,791 $3,830 $6,436 $5,278 $5,737 2017 2018 2019 2020 2021 2022 2023 Deposits | $ millions $63 $83 $108 $142 $181 $256 $251 2017 2018 2019 2020 2021 2022 2023 Revenue | $ millions $12 $26 $30 $39 $60 $59 $77 2017 2018 2019 2020 2021 2022³ ĩ Net Income | $ millions 1 Loans, net of deferred fees and costs. 2 CAGR from December 31, 2017 through 2023. 3 Includes a $35.0 million charge for a regulatory settlement reserve in the fourth quarter of 2022. 4 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 $5,625 2017 2018 2019 2020 2021 2022 2023 19

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 23. 2 Total non-interest expense divided by Total revenues. 3 Includes a $35.0 million charge for a regulatory settlement reserve in the fourth quarter of 2022. 4 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% 11.1% 2017 2018 2019 2020 2021 2022 2023 Non-Interest Income ratio1, Efficiency ratio2 10.5% 10.8% 11.3% 12.9% 15.2% 10.4% 12.6% 2017 2018 2019 2020 2021 2022³ ĩ ROATCE1 52.1% 52.1% 55.4% 52.5% 48.3% 58.2% 52.5% 2017 2018 2019 2020 2021 2022³ 2023 Net Interest Margin 3.52% 3.70% 3.46% 3.26% 2.77% 3.49% 3.49% 2017 2018 2019 2020 2021 2022 2023 20

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% 0.02% 2017 2018 2019 2020 2021 2022 2023 1.05% 1.02% 0.98% 1.13% 0.93% 0.93% 1.03% 2017 2018 2019 2020 2021 2022 2023* 0.24% 0.02% 0.17% 0.20% 0.28% 0.00% 0.92% 2017 2018 2019 2020 2021 2022 2023 22.8% 1.5% 17.1% 18.0% 29.6% 0.0% 89.5% 2017 2018 2019 2020 2021 2022 2023* 21 * Includes $2.3 million increase in ACL due to impact of CECL adoption on January 1, 2023.

Capital ratios* Common Equity Tier 1 Capital Ratio 15.3% 13.2% 10.1% 10.1% 14.1% 12.1% 11.5% 2017 2018 2019 2020 2021 2022¹ 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 23. Tier 1 Leverage Ratio 13.7% 13.7% 9.4% 8.5% 8.5% 10.2% 10.6% 2017 2018 2019 2020 2021 2022¹ 2023² Minimum to be "Well Capitalized" 19.9% 16.9% 12.5% 12.7% 16.1% 13.4% 12.8% 2017 2018 2019 2020 2021 2022¹ 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% 9.2% 2017 2018 2019 2020 2021 2022¹ 2023² 22

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. 23 $ thousands, except per share data Q4 2023 2023 2022 2021 2020 2019 2018 2017 Average assets $ 6,861,335 $ 6,506,614 $ 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 9,733 Average tangible assets $ 6,851,602 $ 6,496,881 $ 6,611,898 $ 5,714,497 $ 3,853,280 $ 2,837,226 $ 1,942,249 $ 1,514,469 Average equity $ 643,257 $ 621,006 $ 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 643,257 621,006 578,787 408,627 315,115 277,102 245,528 127,960 Less: average intangible assets 9,733 9,733 9,733 9,733 9,733 9,733 9,733 9,733 Average tangible common equity $ 633,524 $ 611,273 $ 569,054 $ 398,894 $ 305,382 $ 267,369 $ 235,795 $ 118,227 Total assets $ 7,067,672 $ 7,067,672 $ 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 9,733 Tangible assets $ 7,057,939 $ 7,057,939 $ 6,257,604 $ 7,106,625 $ 4,321,088 $ 3,347,839 $ 2,172,911 $ 1,750,122 Total Equity $ 659,021 $ 659,021 $ 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 659,021 659,021 575,897 556,989 335,285 293,622 259,015 231,382 Less: intangible assets 9,733 9,733 9,733 9,733 9,733 9,733 9,733 9,733 Tangible common equity (book value) $ 649,288 $ 649,288 $ 566,164 $ 547,256 $ 325,552 $ 283,889 $ 249,282 $ 221,649 Common shares outstanding 11,062,729 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) $ 59.57 $ 59.57 $ 52.59 51.00 40.42 35.32 31.52 28.23 Tangible book value per share (non-GAAP)* $ 58.69 $ 58.69 $ 51.70 50.11 39.25 34.15 30.34 27.04 Total Revenue (GAAP) $ 63,555 $ 250,739 $ 255,751 $ 180,698 $ 141,924 $ 108,239 $ 83,177 $ 63,382 Less: Gain on sale of securities - - - 609 3,286 - (37) - securities (non-GAAP) $ 63,555 $ 250,739 $ 255,751 $ 180,089 $ 138,638 $ 108,239 $ 83,214 $ 63,382 Non-Interest Income Ratio (non-GAAP) 10.32% 11.13% 10.40% 12.78% 9.67% 9.82% 14.66% 17.83% For Year Ending

Document and Entity Information	Jan. 18, 2024
Document and Entity Information [Abstract]
Document Type	8-K
Document Period End Date	Jan. 18, 2024
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