Metropolitan Bank says it's well capitalized, liquidity remains strong

Metropolitan Bank Holding (NYSE:MCB) issued a financial update Thursday in what appears to be a move to regain investors' confidence after shares of the regional bank finished the session 27.6% lower, extending two previous days of losses.

The stock has been selling off since the banking turmoil started earlier this month, down nearly 55% from a month ago.

But the company assured that it remains well capitalized with a total risk-based capital of 13.4% at Dec. 31, 2022, exceeding regulatory minimums.

As of March 29, Metropolitan's (MCB) total core deposit verticals of $5.04B advanced 5.4% from the end of 2022. Insured deposits accounted for 66% of its total deposit base, up from 60% at end-2022.

In addition, cash on deposit with the Federal Reserve Bank of New York and readily accessible secured funding capacity totaled $3.1B, it said, representing 170% of uninsured deposit balances.

MCB pared back some of its intraday losses, rising 6.5% in after-hours trading.

Crypto-related deposits account for 4% of total deposits and is expected to be near zero by the end of Q2 as the bank seeks to exit the overall crypto vertical.

MCB said its commercial real estate portfolio, which includes owner-occupied CRE, has an average loan-to-value ratio of 61%, which "significantly mitigates credit risk."

Previously, (Jan. 20) Metropolitan Bank posted stronger-than-expected top and bottom lines.