NEW YORK--(March 12, 2025)--Metropolitan Bank Holding Corp. (“Company”) the publicly traded holding company of Metropolitan Commercial Bank (“MCB” or the “Bank”) is pleased to announce that its board of directors has approved a share repurchase plan with authorization to purchase up to fifty million dollars ($50,000,000) of the common stock of the Company (NYSE: MCB). The purpose of the strategic initiative is to demonstrate the Company’s commitment to delivering total return to its investors.

"This move reflects our confidence in the Company’s long-term growth trajectory and the strength of our balance sheet,” said Mark R. DeFazio, President and CEO of MCB and the Company. “I am excited by the energy and focus our team has demonstrated, and in particular in the first few months of this year, and this program will be one of the key drivers of our strategic direction.”

The results of the program will be reflected in the Company’s periodic filings.

The Company may repurchase shares of common stock from time to time on the open market or by other means in accordance with applicable securities laws and other restrictions, including, in part, under a Rule 10b5-1 plan. The number of shares to be repurchased and the timing of repurchases, if any, will depend on several factors, including market conditions, prevailing share price, corporate and regulatory requirements, and other considerations. The share repurchase plan has no expiration date, may be discontinued or suspended at any time and does not obligate the Company to acquire any amount of its common stock.

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 was named one of Newsweek’s Best Regional Banks and Credit Unions 2025. The Bank was ranked by Independent Community Bankers of America among the top ten successful loan producers for 2024 by loan category and asset size for commercial banks with more than $1 billion in assets. Kroll affirmed a BBB+ (investment grade) deposit rating on January 29, 2025. For the fourth time, MCB has earned a place in the Piper Sandler Bank Sm-All Stars Class of 2024.

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, outlook, business and repurchases under the program. 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 Federal Reserve and other regulatory bodies; an unexpected deterioration in the performance of our loan or securities portfolios; changes in liquidity, including the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio; unexpected increases in our expenses; different than anticipated growth and our ability to manage our growth; global pandemics, or localized epidemics, could adversely affect the Company’s financial condition and results of operations; potential recessionary conditions, including the related effects on our borrowers and on our financial condition and results of operations; an unanticipated loss of key personnel or existing clients, or an inability to attract key employees; increases in competitive pressures among financial institutions or from non-financial institutions which may result in unanticipated changes in our loan or deposit rates; unanticipated increases in FDIC insurance premiums or future assessments; legislative, tax or regulatory changes or actions, which may adversely affect the Company’s business; impacts related to or resulting from regional and community bank failures and stresses to regional banks; changes in deposit flows, funding sources or loan demand, which may adversely affect the Company’s business; changes in accounting principles, policies or guidelines may cause the Company’s financial condition or results of operation to be reported or perceived differently; general economic conditions, including unemployment rates, either nationally or locally in some or all of the areas in which the Company does business, or conditions in the securities markets or the banking industry being less favorable than currently anticipated; inflation, which may lead to higher operating costs; declines in real estate values in the Company’s market area, which may adversely affect our loan production; an unexpected adverse financial, regulatory, legal or bankruptcy event experienced by our non-bank financial service clients; system failures or cybersecurity breaches of our information technology infrastructure and/or confidential information or those of the Company’s third-party service providers or those of our non-bank financial service clients for which we provide global payments infrastructure; emerging issues related to the development and use of artificial intelligence that could give rise to legal or regulatory action, damage our reputation or otherwise materially harm our business or clients; failure to maintain current technologies or technological changes that may be more difficult or expensive to implement than anticipated, and failure to successfully implement future information technology enhancements; the costs, including the possible incurrence of 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 to which we or any of our subsidiaries are a party, and which may adversely affect our results; the current or anticipated impact of military conflict, terrorism or other geopolitical events; the successful implementation or consummation of new business initiatives, which may be more difficult or expensive than anticipated; the timely and efficient development of new products and services offered by the Company or its strategic partners, as well as risks (including reputational and litigation) attendant thereto, and the perceived overall value and acceptance of these products and services by clients; changes in consumer spending, borrowing or savings habits; the risks associated with adverse changes to credit quality; an unexpected failure to successfully manage our credit risk and the sufficiency of our allowance for credit losses; credit and other risks from borrower and depositor concentrations (e.g., by geographic area and by industry); difficulties associated with achieving or predicting expected future financial results; and the potential impact on the Company’s operations and clients resulting from natural or man-made disasters, wars, acts of terrorism, cyberattacks and pandemics, 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.

Contacts
212-365-6721
[email protected]

Strong Quarter and Full Year Results Underscored by Successful Execution of Strategic Initiatives

Financial Highlights

• * The net interest margin for the fourth quarter of 2024 was 3.66%, an increase of 4 basis points compared to 3.62% for the prior linked quarter and an increase of 30 basis points compared to 3.36% for the prior year period.
• * The net interest margin for the fourth quarter of 2024 was 3.66%, an increase of 4 basis points compared to 3.62% for the prior linked quarter and an increase of 30 basis points compared to 3.36% for the prior year period.
• * Total loans at December 31, 2024 were $6.0 billion, an increase of $137.0 million, or 2.3%, from September 30, 2024 and $409.3 million, or 7.3%, from December 31, 2023.
• * Total deposits at December 31, 2024 were $6.0 billion, an increase of $245.7 million, or 4.3%, from December 31, 2023. The increase in deposits was due to a $934.7 million increase spread across most of the Bank’s various deposit verticals, partially offset by a $689.0 million decrease in GPG deposits due to the successful completion of the GPG wind down.
• * Liquidity remains strong. At December 31, 2024, cash on deposit with the Federal Reserve Bank of New York and available secured funding capacity totaled $2.9 billion, which represented 192% of our estimated uninsured deposits.
• * The Company and Bank are “well capitalized” under applicable regulatory guidelines, with total risk-based capital ratios of 13.3% and 13.0%, respectively, at December 31, 2024, well above regulatory minimums.
• * Continued progress on the Company’s previously announced Modern Banking in Motion Digital Transformation initiative.
• * Diluted earnings per share of $1.88 for the fourth quarter of 2024, compared to $1.08 for the prior linked quarter and $1.28 for the prior year period.
• * Return on average equity of 11.8% and return on average tangible common equity1 of 12.0% for the fourth quarter of 2024.
• * Asset quality continues to be stable. The ratio of non-performing loans to total loans was 0.54% at December 31, 2024, compared to 0.53% for the prior linked quarter.

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

NEW YORK--(BUSINESS WIRE)-- Metropolitan Bank Holding Corp. (the “Company”) (NYSE: MCB), the holding company for Metropolitan Commercial Bank (the “Bank”), reported net income of $21.4 million, or $1.88 per diluted common share, for the fourth quarter of 2024 compared to $12.3 million, or $1.08 per diluted common share, for the third quarter of 2024, and $14.6 million, or $1.28 per diluted common share, for the fourth quarter of 2023.

Mark DeFazio, President and Chief Executive Officer, commented,

“I am pleased with MCB’s fourth quarter and full year performance for 2024. Beyond our core commercial banking business, we made meaningful progress on two major initiatives in 2024. First, MCB reached a significant milestone and successfully exited its 22-year old BaaS business with only a few minor operational tasks remaining. Throughout the exit, MCB demonstrated its core strengths by replacing the deposits associated with this business timely and efficiently, while increasing our NIM. The other significant initiative, our investment in a franchise-wide new technology stack, is expected to be completed by year end 2025. We are confident we have scaled these new technologies to support MCB’s diversified commercial banking business for years to come.

“While managing these initiatives, MCB advanced its sustained growth strategy with strong profitability, continued solid asset quality, and further solidified its presence in New York and several other markets around the country.

“Our solid performance in the dynamic environment of 2024 sets the stage for enhanced performance in 2025. I am particularly optimistic, in light of the anticipated improvement in the operating environment and the positive economic outlook. By maintaining our core discipline and implementing other opportunistic growth initiatives, we plan to continue to enhance our strong industry position in 2025 and beyond.”

Balance Sheet

Total cash and cash equivalents were $200.3 million at December 31, 2024, a decrease of $118.2 million, or 37.1%, from September 30, 2024 and a decrease of $69.2 million, or 25.7%, from December 31, 2023. The decrease from September 30, 2024, primarily reflects an increase in the loan book of $137.0 million and a $286.9 million decrease in deposits, partially offset by a $200.0 million increase in wholesale funding. The decrease from December 31, 2023, primarily reflects an increase in the loan book of $409.3 million and a $89.0 million decrease in wholesale funding, partially offset by $245.7 million increase in deposits and $87.6 million decrease in receivables from the GPG wind down.

Total loans, net of deferred fees and unamortized costs, were $6.0 billion at December 31, 2024, an increase of $137.0 million, or 2.3%, from September 30, 2024, and an increase of $409.3 million, or 7.3%, from December 31, 2023. Loan production was $309.0 million for the fourth quarter of 2024 compared to $460.6 million for the prior linked quarter and $342.5 million for the prior year period. The increase in total loans from September 30, 2024 was due primarily to an increase of $144.7 million in commercial real estate (“CRE”) loans (including owner-occupied), partially offset by a decrease of $23.5 million in commercial and industrial loans. The increase in total loans from December 31, 2023 was due primarily to an increase of $459.7 million in CRE loans (including owner-occupied), partially offset by a $90.8 million decrease in multi-family loans.

Total deposits were $6.0 billion at December 31, 2024, a decrease of $286.9 million, or 4.6%, from September 30, 2024, and an increase of $245.7 million, or 4.3%, from December 31, 2023. The decrease from September 30, 2024 was due primarily to a $678.3 million decrease in GPG deposits, partially offset by a $391.4 million increase spread across most of the Company’s various deposit verticals. The increase in deposits from December 31, 2023, was due to a $934.7 million increase spread across most of the Bank’s various deposit verticals, partially offset by a $689.0 million decrease in GPG deposits due to the successful completion of the GPG wind down.

At December 31, 2024, cash on deposit with the Federal Reserve Bank of New York and available secured funding capacity totaled $2.9 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 346.1% of total risk-based capital at December 31, 2024, compared to 353.3% and 368.1% at September 30, 2024 and December 31, 2023, respectively.

This award recognizes Metropolitan Commercial Bank’s impact and steadfast commitment to providing innovative offerings and strategic banking solutions, ensuring the continued success of its clients.

Metropolitan Commercial Bank (the “Bank,” “MCB”), a full-service commercial bank based in New York City announced today that it is recognized as one of America’s Best Regional Banks and Credit Unions 2025 by Newsweek and Plant-A Insights Group. Newsweek and Plant-A Insights Group recognized top regional banks and credit unions in the United States, by conducting a large-scale study based on the analysis of over 9,000 institutions, more than 70,000 customer surveys and millions of social media reviews.

“Being honored for the second consecutive year is truly a testament to our team's unwavering commitment to financial excellence. This award underscores our focus on long-term planning and strategic business development,” said Mark R. DeFazio, Founder, President and CEO of Metropolitan Commercial Bank. “Our clients' success is the driving force behind our mission to deliver innovative banking solutions that meet and exceed their business needs.”

“Regional banks and credit unions are the financial backbone of communities nationwide as they support small businesses, fund local projects, and ensure easy access to essential banking services. Newsweek and market-data research firm Plant-A Insights are proud to introduce ‘America’s Best Regional Banks and Credit Unions 2025,’ highlighting companies utilizing a community- and customer-centric approach to make a big financial impact in their neighborhoods.” – Nancy Cooper – Global Editor in Chief – Newsweek

About Metropolitan Commercial Bank

Metropolitan Commercial Bank (the “Bank”) is a full-service commercial bank based in New York City. 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 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 specializing 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. Kroll affirmed a BBB+ (investment grade) deposit rating on January 25, 2024. For the fourth time, MCB has earned a place in the Piper Sandler Bank Sm-All Stars Class of 2024.

Metropolitan Commercial Bank operates banking centers and private client offices in Manhattan and Boro Park, Brooklyn in New York City and Great Neck on Long Island in New York State.

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. The parent company of Metropolitan Commercial Bank is Metropolitan Bank Holding Corp. (NYSE: MCB).

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 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 continuing impact of the COVID-19 pandemic on our business and results of operation, an unexpected deterioration in our loan or securities portfolios, unexpected increases in our expenses, different than anticipated growth and our ability to manage our growth, unanticipated regulatory action or changes in regulations, unexpected changes in interest rates, inflation, an unanticipated decrease in deposits, an unanticipated loss of key personnel or existing clients, 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 fintech partners, unanticipated increases in FDIC costs, changes in regulations, legislation or tax or accounting rules, the current or anticipated impact of military conflict, terrorism or other geopolitical events and unanticipated adverse changes in our clients’ 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.

Forward-looking statements speak only as of the date of this release. We do not undertake any obligation to update or revise any forward-looking statement.

Contacts
212-365-6721
[email protected]

Michael Nawrath Won the Title Top Global CISO for 2024 in Cyber Defense Magazine’s 12th Annual Awards

Metropolitan Commercial Bank is proud to announce that its Chief Information Security Officer, Michael Nawrath, has been named one of the Top Global CISOs for 2024.

Mr. Nawrath competed against thousands of candidates for this prestigious award. Judges look at these candidates, searching for the most innovative, with unparalleled success in communicating with their boards and senior level executives, detecting and stopping breaches and data loss, complying with regulations and building powerful risk reduction programs for their organizations.

Chief Information Security Officers (CISOs) are the front line of cyberspace, thwarting cyber threats with exceptional contributions. Their relentless efforts are pivotal in fostering corporate growth, as they adeptly navigate and mitigate substantial risks while ensuring stringent regulatory compliance on a daily basis.

See the full list here

Congratulations, Michael!

The Prestigious Award Highlights the Bank’s Commitment to Excellence and Innovation

Metropolitan Bank Holding Corp. (the “Company”) (NYSE: MCB), the holding company for Metropolitan Commercial Bank is pleased to announce its recognition as a member of Piper Sandler’s Sm-All Stars Class of 2024. This year’s class admits 8 new members and welcomes back 22 alumni. The list recognizes 30 companies that outperformed the industry across a variety of metrics including growth, profitability, credit and capital.

“Metropolitan Commercial Bank is thrilled to receive this industry recognition, which is a testament of the bank’s commitment to financial excellence and unwavering dedication to our clients,” said Mark R. DeFazio, Founder, President and CEO of Metropolitan Commercial Bank. “We are honored to be part of this distinguished group of financial institutions, reaffirming our steadfast commitment to leading the industry with innovative banking solutions of the highest standards.”

To earn Sm-All Star status, companies needed to have a market cap below $2.5 billion and clear numerous hurdles related to growth, profitability, credit quality, and capital strength. Against industry medians, banks had to outperform EPS growth, loan growth, deposit growth, ROAE, and in addition were required to report an NPA ratio below 0.75% at 6/30/24, an NCO ratio over the last twelve months of less than 25 bps, and a TCE ratio at or above 7.0% at 6/30/24. For more information on the rankings, click here.

About Metropolitan Commercial Bank

Metropolitan Commercial Bank (the “Bank”) is a full-service commercial bank based in New York City. 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 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 specializing 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. Kroll affirmed a BBB+ (investment grade) deposit rating on January 25, 2024.

Metropolitan Commercial Bank operates banking centers and private client offices in Manhattan and Boro Park, Brooklyn in New York City and Great Neck on Long Island in New York State.

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. The parent company of Metropolitan Commercial Bank is Metropolitan Bank Holding Corp. (NYSE: MCB).

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 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 continuing impact of the COVID-19 pandemic on our business and results of operation, an unexpected deterioration in our loan or securities portfolios, unexpected increases in our expenses, different than anticipated growth and our ability to manage our growth, unanticipated regulatory action or changes in regulations, unexpected changes in interest rates, inflation, an unanticipated decrease in deposits, an unanticipated loss of key personnel or existing clients, 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 fintech partners, unanticipated increases in FDIC costs, changes in regulations, legislation or tax or accounting rules, the current or anticipated impact of military conflict, terrorism or other geopolitical events and unanticipated adverse changes in our clients’ 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.

Forward-looking statements speak only as of the date of this release. We do not undertake any obligation to update or revise any forward-looking statement.

Contacts
212-365-6721
[email protected]

New Website Strengthens Digital Engagement with Clients

Metropolitan Commercial Bank (the “Bank,” “MCB”), a full-service commercial bank based in New York City is pleased to announce the launch of its new and improved website at MCBankNY.com. By focusing on user experience and accessibility, the new website aims to provide seamless and convenient banking for the bank's valued clients and partners.

“Our mission at Metropolitan Commercial Bank is to provide our clients with the most comprehensive banking solutions while maintaining a high level of personalized service, information security, and innovation,” said Dixiana Berrios, Chief Operating Officer at Metropolitan Commercial Bank. “Our newly launched website emphasizes client experience as well as presenting detailed information about our banking solutions tailored to meet individual and business needs.”

New website highlights:

Enhanced Navigation: Navigation based on the latest user experience trends, with improved menu structures and user-friendly search capabilities. The new design focuses on simplicity, making it easier for clients to find the information they need quickly and efficiently.

Mobile Optimization: Fully optimized for performance on smartphones and tablets.

Secure and Convenient Navigation: Users can benefit from enhanced security measures and the latest web browsing technologies.

Resource Center: A dedicated section provides valuable financial insights, articles, and tools designed to help customers make informed banking decisions.

Client Support: Improved contact options allow clients to receive timely support from our knowledgeable team.

Both new and existing customers are encouraged to explore the new website and take advantage of its features. Metropolitan Commercial Bank strives to build strong relationships with its clients while delivering personalized banking solutions.

About Metropolitan Commercial Bank

Metropolitan Commercial Bank (the “Bank”) is a full-service commercial bank based in New York City. 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 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 specializing 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. Kroll affirmed a BBB+ (investment grade) deposit rating on January 25, 2024.

Metropolitan Commercial Bank operates banking centers and private client offices in Manhattan and Boro Park, Brooklyn in New York City and Great Neck on Long Island in New York State.

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. The parent company of Metropolitan Commercial Bank is Metropolitan Bank Holding Corp. (NYSE: MCB).

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 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 continuing impact of the COVID-19 pandemic on our business and results of operation, an unexpected deterioration in our loan or securities portfolios, unexpected increases in our expenses, different than anticipated growth and our ability to manage our growth, unanticipated regulatory action or changes in regulations, unexpected changes in interest rates, inflation, an unanticipated decrease in deposits, an unanticipated loss of key personnel or existing clients, 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 fintech partners, unanticipated increases in FDIC costs, changes in regulations, legislation or tax or accounting rules, the current or anticipated impact of military conflict, terrorism or other geopolitical events and unanticipated adverse changes in our clients’ 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.

Forward-looking statements speak only as of the date of this release. We do not undertake any obligation to update or revise any forward-looking statement.

Contacts
212-365-6721
[email protected]