Metropolitan Bank Holding Corp. (NYSE:MCB) Q4 2022 Earnings Call Transcript

Mark DeFazio: As far as the office building market, as you said, we have small exposure, but most of it is the suburban office building market in different geographies, strong sponsorships, strong cash flows, low LTVs. We’re not in those Class A office building markets — office building assets here in New York City with low occupancies. But keep in mind, the occupancy level, the actual people coming into the buildings is rising every single month. It’s around 50% or so, but the default rate is still very low in the industry. However, we don’t really play in that space. So, we’re very comfortable with the ownership, the sponsorship and the position of our office building portfolio.

Chris O’Connell: Great. That’s all I had. Appreciate the color. Thanks, guys.

Greg Sigrist: Okay, Chris. Thank you.

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

Mark DeFazio: Just really quickly, I know a lot of people were a bit taken back by the regulatory settlement, but looking forward, I do want to stress that, this is behind us. We’re a better bank today, and we’re positioned well to continue doing what we’ve done in the past. And I look forward to a continued good working relationship with the regulators as we move forward, become best in practice when it comes to banking-as-a-service. And thank you very much for joining us today, and we look forward to continuing the conversation.

Operator: This does conclude today’s conference 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.