Overview

• Diluted EPS fell from prior quarter and yr/yr due to credit loss provision and one-time expenses

• US commercial bank's Q2 net interest income rose 23% yr/yr, revenue up 22%

• Company authorized $50 mln share buyback and raised quarterly dividend by $0.10

Outlook

• Metropolitan Bank expects lending pipeline and deposit forecast to remain robust

• Company anticipates momentum in core operating trends to persist

Result Drivers

• LOAN GROWTH - Net interest income rose due to higher average loan balances, especially in commercial real estate

• CREDIT LOSS PROVISION - Earnings were reduced by a $13.3 mln provision for credit losses tied mainly to a single non-core commercial and industrial loan

• ONE-TIME EXPENSES - Non-interest expense increased due to a one-time legal accrual and higher professional fees and compensation

Company press release: ID:nBw3bdtrta

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q2 Revenue		$93.01 mln
Q2 EPS		$1.54
Q2 Net Income		$19.22 mln
Q2 Net Interest Income		$90.40 mln
Q2 Net Interest Margin		4.08%

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "buy"

• Wall Street's median 12-month price target for Metropolitan Bank Holding Corp is $110.00, about 11.6% above its July 20 closing price of $98.55

• The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 8 three months ago

Reuters Recommended Reads

• July 20 - Wintrust Q2 net interest income rises on growth in average earning assets

• July 20 - ServisFirst Bancshares Q2 EPS rises 40% on loan growth, higher net interest margin

• July 21 - KeyCorp quarterly profit rises on interest income strength

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.