Metropolitan Bank Holding Corp. (NYSE:MCB) Q3 2023 Earnings Call Transcript

Mark DeFazio: I don’t think so. As I sort of signaled many times over the last several quarters, we are repositioning and looking primarily at more B2B business in GPG as it relates to the payment space. and not really looking to expand the consumer side of the business. So no, we don’t expect any interruption of business at all.

Alex Lau: And my last question was on the nonperforming loans. There was a tick up in the quarter. Can you share some color on what that loan was? And also maybe just refresh us on the health of the existing nonperformer.

Mark DeFazio: Working backwards. We are still going through the foreclosure process on that one loan that’s in emission Kansas, and we’re still fairly optimistic on a positive outcome likely to be a 2024 event. As it relates to the tick up, it was two small loans actually with the same principle, I think, roughly $3.5 million each. We have no concerns at all on at least half of it, one loan at $3.5 million. The other loan, we are highly confident we’ll get paid 100 cents on a $1. So no concerns at all. And overall, the health of the book is very good.

Greg Sigrist: Yes. And stating the obvious, the nonperforming ratio there is still incredibly low even with that modest uptick of those two small loans. . And for Mark, does any closing remarks. I just want to thank Mark for the time spent is a remarkable franchise. It’s an incredible team. So Mark, thank you to you. Thank you to the Board. I really enjoyed working here and working with everybody to.

Mark DeFazio: Yes. And we feel the same, Craig, and we wish you all the best in your new initiatives. And hopefully, we’ll keep in touch and work together as again.

Greg Sigrist: That’s not about. And Chris and Alex, it’s been a pleasure working with you guys the last couple of years. And Nick, sorry for the timing on it. It’s been really good getting to know you as you’ve gotten up to the curve here. But as you know, it’s a remarkable franchise, so good luck.

Operator: And this concludes the allotted time for questions. I would like to turn the call over to Mark DiFazio for any additional or closing remarks.

Mark DeFazio: I have nothing other than thank you again for your support and interest in MCB. And as I’ve said many times, we are here and we’re available to anybody, any investor or analyst who would like to chat with us offline. Have a nice day.

Operator: This does conclude today’s conference call and webcast. A webcast archive of this call can be found at www.mcbankny.com. Please disconnect your line at this time, and have a wonderful day.