Metropolitan Bank Holding Corp.
For the period ended Mar 31, 2026. Filed May 8, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 8, 2026
MCB$95.47+0.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-07.
0001104659-25-108171
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-08.
0001104659-26-057925
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 78 previous paragraphs and 72 current paragraphs.
37 unchanged; 20 reworded; 14 added; 20 removed; 1 previous and 1 current paragraphs rearranged.
Tables are not compared: 19 previous and 13 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (14)
Current report
The Company is focused on organically growing its position in the New York metropolitan area. Growth in other markets across the country is generally dependent on the business activities of our New York-based customers. Through an experienced team of commercial relationship managers and its integrated, client-centric approach, the Company has grown market share by deepening existing client relationships and continually expanding its client base through referrals and the ability to offer alternatives to traditional retail banking products. The Company has converted many of its commercial lending clients into full retail relationship banking clients. Given the size of the market in which the Company operates and its differentiated approach to client service, there is significant opportunity to further grow its loans and deposits. By combining high-tech service with the relationship-based focus of a community bank with an extensive suite of financial products and services, the Company is well-positioned to continue to capitalize on the significant growth opportunities available in the New York metropolitan area and elsewhere.
Current report
During the first quarter of 2026, the Company completed a public equity offering of approximately 2.3 million shares of the Company’s common stock (including the exercise of the underwriters’ allotment option) at a public offering price of $85.00 per share, resulting in proceeds, net of underwriting discounts and commissions of approximately $186.5 million.
Current report
On April 29, 2026, the Company’s stockholders approved the company’s 2026 Employee Stock Purchase Plan (the “ESPP”). The ESPP, which was approved by the Board of Directors on March 18, 2026, is designed to qualify as an employee stock purchase plan under Section 423 of the Internal Revenue Code, as amended. 250,000 shares of common stock of the company will be made available for sale under the ESPP.
Current report
The measurement of all expected credit losses for financial assets held at amortized cost is based on historical experience, current conditions, and reasonable and supportable forecasts. The Company continuously monitors current conditions and events and will evaluate potential changes that will enhance the estimation process. During the quarter ended March 31, 2026, the peer group selection process, macroeconomic forecast weightings, and the qualitative factor process were adjusted to reflect current conditions and events. The Company accounted for these revisions prospectively as a change in accounting estimate beginning March 31, 2026, and no prior period amounts were adjusted. The effect of this change in accounting estimate for the three months ended March 31, 2026, was a net decrease in the provision for credit losses of $6.4 million, which is $4.6 million, net of tax, or $0.43 per basic earnings per share and $0.42 per dilutive earnings per share.
Current report
Total cash and cash equivalents were $672.4 million at March 31, 2026, an increase of $278.8 million, or 70.8% from December 31, 2025. The increase was primarily due to the common stock public equity offering during the first quarter of 2026, which resulted in proceeds, net of underwriting discounts and commissions of approximately $186.5 million.
Current report
Non-performing loans decreased to $71.1 million at March 31, 2026 compared to $86.9 million at December 31, 2025. The decrease primarily reflects the $12.3 million of charge-offs for one out-of-market CRE loan and two C&I loans, as the Company continues to work diligently toward the resolution of the credits that make up our nonperforming loan portfolio. The table below sets forth key asset quality ratios (dollars in thousands):
Current report
The ACL for loans was $82.1 million at March 31, 2026, as compared to $97.1 million at December 31, 2025. The $15.0 million decrease in the ACL primarily reflects a decrease of $11.8 million due to the adjustments made to the Bank’s ACL estimation process and changes in the outlook for certain macroeconomic variables, partially offset by loan growth. See “—Critical Accounting Policies” above for more information on the adjustments made to the Bank’s allowance for credit losses. In addition, the $15.0 million decrease in the ACL also reflects a net $3.0 million decrease related to a $9.3 million provision for credit losses and subsequent $12.3 million charge-off of one out-of-market CRE loan and two C&I loans.
Current report
Net income was $31.4 million for the first quarter of 2026, an increase of $15.1 million as compared to $16.4 million for the first quarter of 2025. This increase was due primarily to a $19.0 million increase in net interest income, a $6.8 million decrease in the provision for credit losses, a $1.8 million decrease in professional fees and a $1.1 million decrease in FDIC assessments, partially offset by a $2.6 million increase in deposit related program fees, a $2.4 million increase in compensation and benefits and a $2.0 million increase in technology costs.
Current report
Net interest margin for the first quarter of 2026 was 4.08% compared to 3.68% for the first quarter of 2025. The 40 basis point increase reflects the decline in short-term interest rates.
Current report
The following table presents the effects of changing rates and volumes on net interest income for the periods indicated. The rate column shows the effects attributable to changes in rate (changes in rate multiplied by prior volume). The volume column shows the effects attributable to changes in volume (changes in volume multiplied by prior rate). For purposes of this table, changes attributable to both rate and volume, which cannot be segregated, have been allocated proportionately, based on the changes due to rate and the changes due to volume (in thousands).
Current report
Interest income increased $16.2 million to $134.9 million for the first quarter of 2026 compared to $118.8 million for the first quarter of 2025, primarily due to a $724.7 million increase in the average balance of loans and a $424.0 million increase in overnight deposits.
Current report
The provision for credit losses for the three months ended March 31, 2026 was ($2.3) million, as compared to $4.5 million for the three months ended March 31, 2025. The release in the provision for credit losses primarily reflects a decrease of $11.8 million due to the adjustments made to the Bank’s allowance for credit loss estimation process and changes in the outlook for certain macroeconomic variables, partially offset by loan growth. See “—Critical Accounting Policies” above for more information on the adjustments made to the Bank’s allowance for credit loss estimation process. The provision for credit losses also reflects an increase of $9.3 million related to one C&I and two CRE loans that were subsequently charged-off.
Current report
Non-interest income decreased $1.1 million to $2.6 million for the first quarter of 2026, as compared to $3.6 million for the first quarter of 2025, driven primarily by the absence of one-time non-refundable program fees of $822,000 reflected in the first quarter of 2025.
Current report
The estimated effective tax rate for the first quarter of 2026 was 29.2% as compared to 30.0% for the first quarter of 2025.
Removed paragraphs (20)
Previous report
The Company’s primary market includes the New York metropolitan area, specifically Manhattan and the outer boroughs, and Nassau County, New York. This market is well-diversified and represents a large market for middle market businesses (defined as businesses with annual revenue of $5 million to $400 million). The Company’s market area has a diversified economy with the majority of employment provided by services, wholesale/retail trade, finance/insurance/real estate, technology companies and construction. A relationship-led strategy has provided the Company with select opportunities in other U.S. markets, with a particular focus on South Florida.
Previous report
On October 21, 2025, the Company publicly announced that its Board of Directors declared a quarterly dividend of $0.15 per share on the Company’s common stock (the “Dividend”). The Dividend is payable on November 14, 2025 to holders of record of the Company’s common stock at the close of business on October 30, 2025.
Previous report
On September 30, 2025, the Company announced that the Board of Directors elected Mr. Anthony J. Fabiano as independent Chairman of the Board of Directors. Mr. William Reinhardt, who has served on the Board of Directors since 2013 and had held the role of Chairman since 2018, will remain a member of the Board of Directors.
Previous report
On July 17, 2025, the Company’s Board of Directors approved a share repurchase plan with authorization to purchase up to an additional $50 million of the Company’s common stock. In aggregate, the Board of Directors has authorized $100 million of share repurchases since March 2025. During the three months ended September 30, 2025, the Company repurchased 39,166 shares of the Company’s common stock at an average cost of $69.27 per share. At September 30, 2025, $47.3 million remained available under the currently authorized share repurchase plan.
Previous report
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.
Previous report
Total cash and cash equivalents were $385.9 million at September 30, 2025, an increase of $185.7 million, or 92.7%, from December 31, 2024. The increase from December 31, 2024 primarily reflects an increase of $1.1 billion in deposits, offset by an increase in the loan book of $747.6 million and a $175.0 million decrease in wholesale funding.
Previous report
Non-performing loans increased to $81.6 million at September 30, 2025 compared to $32.6 million at December 31, 2024 primarily due to a single out of market CRE multi-family loan relationship and a single secured CRE loan. The table below sets forth key asset quality ratios (dollars in thousands):
Previous report
The ACL was $94.2 million at September 30, 2025, as compared to $63.3 million at December 31, 2024. The Company recorded a $34.7 million provision for credit losses for the nine months ended September 30, 2025, which primarily reflects provisioning for a single out of market CRE multi-family relationship, and changes in the outlook for certain macroeconomic variables, and loan growth.
Previous report
Net income was $7.1 million for the third quarter of 2025, a decrease of $5.1 million as compared to $12.3 million for the third quarter of 2024. This decrease was due primarily to a $21.2 million increase in the provision for credit losses, the absence of $3.5 million of GPG revenue as a result of the exit from that business, and a $1.8 million increase in compensation and benefits related to the increase in the number of employees, partially offset by a $12.1 million increase in net interest income, a $10.0 million decrease in the regulatory reserve recorded in the prior year period and a $1.2 million decrease in professional fees.
Previous report
Net income was $42.2 million for the nine months ended September 30, 2025, a decrease of $3.1 million as compared to $45.3 million for the nine months ended September 30, 2024. This decrease was due primarily to a $30.0 million increase in the provision for credit losses, the absence of $11.3 million of GPG revenue as a result of the exit from that business, and a $5.4 million increase in compensation and benefits related to the increase in the number of employees, partially offset by $31.4 million increase in net interest income, a $10.0 million decrease in the regulatory reserve recorded in the prior year period and a $5.6 million decrease in professional fees.
Previous report
Net interest margin for the third quarter of 2025 was 3.88% compared to 3.62% for the third quarter of 2024. For the third quarter of 2025 the 26 basis point increase in net interest margin was driven by rigorous loan and deposit pricing initiatives and a 34 basis point decrease in the total cost of funds which reflects the reduction in short-term interest rates. Net interest margin for the nine months ended September 30, 2025 was 3.80% compared to 3.49% for the nine months ended September 30, 2024. For the nine months ended September 30, 2025, the 31 basis point increase in net interest margin was driven by rigorous loan and deposit pricing initiatives and a 24 basis point decrease in the total cost of funds which reflects the reduction in short-term interest rates.
Previous report
Interest income increased $11.5 million to $132.0 million for the third quarter of 2025 as compared to $120.5 million for the third quarter of 2024, primarily due to the increase in the average balance of loans. The average balance of loans increased $801.4 million for the third quarter of 2025 as compared to the third quarter of 2024.
Previous report
Interest income increased $29.3 million to $377.8 million for the nine months ended September 30, 2025 as compared to $348.6 million for the nine months ended September 30, 2024, primarily due to the increase in the average balance of
Previous report
loans. The average balance of loans increased $681.1 million for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024.
Previous report
Interest expense decreased $2.2 million to $159.9 million for the nine months ended September 30, 2025 as compared to $162.1 million for the nine months ended September 30, 2024, due primarily to the 24 basis point decrease in the total cost of funds, partially offset by the $920.9 million increase in the average balance of interest-bearing deposits for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024.
Previous report
The provision for credit losses for the three months ended September 30, 2025 was $23.9 million, which reflects provisioning for a single out of market CRE multi-family loan relationship, changes in the outlook for certain macroeconomic variables, and loan growth. The provision for credit losses for the nine months ended September 30, 2025 was $34.7 million, which reflects provisioning for a single out of market CRE multi-family relationship, and changes in the outlook for certain macroeconomic variables, and loan growth.
Previous report
Non-interest income decreased $3.8 million to $2.5 million for the third quarter of 2025, as compared to $6.3 million for the third quarter of 2024 driven primarily by the absence of GPG revenue due to the exit from that business. Non-interest income decreased $10.6 million to $8.8 million for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024 driven primarily by the absence of GPG revenue due to the exit from that business.
Previous report
Non-interest expense decreased $3.8 million to $131.6 million for the nine months ended September 30, 2025, as compared to $135.4 for the nine months ended September 30, 2024, due primarily to a $10.0 million decrease in the regulatory reserve recorded in the prior year period and a decrease of $5.6 million in professional fees, partially offset by an increase of $5.4 million in compensation and benefits related to the increase in the number of employees and a $4.1 million increase in deposit program related fees.
Previous report
The estimated effective tax rate for the third quarter of 2025 was 30.1% as compared to 30.2% for the third quarter of 2024. The estimated effective tax rate for the nine months ended September 30, 2025 was 30.0% as compared to 31.1% for the nine months ended September 30, 2024.
Previous report
Federal funds purchased and $150.0 million of FHLBNY advances. At December 31, 2024, the Company had $210.0 million of Federal funds purchased and $240.0 million of FHLBNY advances. At September 30, 2025 and December 31, 2024, the Company had cash on deposit with the FRBNY and available secured wholesale funding borrowing capacity of $3.2 billion and $2.9 billion, respectively.
Reworded paragraphs (20)
Previous wording
The Company’s primary lending products are CRE, including multi-family loans, and C&I loans. Substantially all loans are secured by specific items of collateral including business and consumer assets, and commercial and residential real estate. Commercial loans are expected to be repaid from cash flows from operations of commercial enterprises. The Company has developed various deposit gathering strategies, which generate the funding necessary to operate without a large branch network. In addition to traditional commercial banking products, the Company offers: corporate cash management and retail banking services; tailored financial solutions for government entities, municipalities, and public institutions; specialized services to facilitate secure and efficient real estate transactions and tax-deferred exchanges for title and escrow and Section 1031 exchanges; and EB-5 Program accounts for qualified foreign investors. The Company’s primary deposit products are checking, savings, and term deposit accounts, all of which are insured by the FDIC up to the maximum amounts allowed by law. These activities, together with six strategically located banking centers, generate a stable source of deposits to support the growth of our diverse loan portfolio.
Current wording
The Company’s primary lending products are CRE, including multi-family loans, and C&I loans. Substantially all loans are secured by specific items of collateral including business and consumer assets, and commercial and residential real estate. Commercial loans are expected to be repaid from cash flows from operations of commercial enterprises. The Company has developed various deposit gathering strategies, which generate the funding necessary to operate without a large branch network. In addition to traditional commercial banking products, the Company offers: corporate cash management and retail banking services; tailored financial solutions for government entities, municipalities, and public institutions; specialized services to facilitate secure and efficient real estate transactions and tax-deferred exchanges for title and escrow and Section 1031 exchanges; and EB-5 Program escrow accounts of foreign investor funds for USCIS approved job-creating projects. The Company’s primary deposit products are checking, savings, and term deposit accounts, all of which are insured by the FDIC up to the maximum amounts allowed by law. These activities, together with eight strategically located banking centers, generate a stable source of deposits to support the growth of our diverse loan portfolio and other assets.
Previous wording
One of the more significant judgments involved in estimating the Company’s ACL relates to the macroeconomic forecasts used to estimate credit losses and the relative weightings applied to them. To illustrate the impact of changes in these forecasts to the Company’s ACL, the Company performed a hypothetical sensitivity analysis that decreased the weight on the baseline scenario by 33% and equally allocated the difference to increase the weights on the more optimistic and adverse scenarios. All else equal, the impact of this hypothetical forecast would result in a net increase of approximately $7.4 million, or 7.8%, in the Company’s total ACL for loans and loan commitments as of September 30, 2025. This hypothetical analysis is intended to illustrate the impact of adverse changes in the macroeconomic forecasts at a point in time and is not intended to reflect the full nature and extent of potential future change in the ACL. It is difficult to estimate how potential changes in any one of the quantitative inputs or qualitative factors might affect the overall ACL and the Company’s current assessments may not reflect the potential future impact of changes to those inputs or factors.
Current wording
One of the more significant judgments involved in estimating the Company’s ACL relates to the macroeconomic forecasts used to estimate credit losses and the relative weightings applied to them. To illustrate the impact of changes in these forecasts to the Company’s ACL, the Company performed a hypothetical sensitivity analysis that decreased the weight on the baseline scenario by 33% and equally allocated the difference to increase the weighting on the more optimistic and adverse scenarios. All else equal, the impact of this hypothetical forecast would result in a net increase of approximately $4.3 million, or 5.3%, in the Company’s total ACL for loans and loan commitments as of March 31, 2026. This hypothetical analysis is intended to illustrate the impact of adverse changes in the macroeconomic forecasts at a point in time and is not intended to reflect the full nature and extent of potential future change in the ACL. It is difficult to estimate how potential changes in any one of the quantitative inputs or qualitative factors might affect the overall ACL and the Company’s current assessments may not reflect the potential future impact of changes to those inputs or factors.
Previous wording
The Company had total assets of $8.2 billion at September 30, 2025, an increase of $933.7 million, or 12.8%, from December 31, 2024.
Current wording
The Company had total assets of $8.8 billion at March 31, 2026, an increase of $588.4 million, or 7.1%, from December 31, 2025.
Previous wording
Total securities were $934.4 million at September 30, 2025, an increase of $18.7 million or 2.0%, from December 31, 2024. The increase was primarily due to the purchase of $125.9 million of AFS securities, and the $20.2 million unrealized gain on AFS securities during the first nine months of 2025, partially offset by the $127.7 million paydown and maturities of AFS and HTM securities.
Current wording
Total securities were $1.0 billion at March 31, 2026, an increase of $62.0 million or 6.6%, from December 31, 2025. The increase was primarily due to the purchase of $109.0 million of AFS securities, partially offset by the $42.9 million paydown and maturities of AFS and HTM securities.
Previous wording
Total loans, net of deferred fees and unamortized costs, were $6.8 billion at September 30, 2025, an increase of $747.6 million, or 12.4%, from December 31, 2024. The increase in total loans from December 31, 2024 was due primarily to an increase of $752.7 million in CRE loans (including owner-occupied). At September 30, 2025, 77.4% of the CRE and C&I loan portfolio was concentrated in the New York metropolitan area, mainly New York City, and Florida.
Current wording
Total loans, net of deferred fees and unamortized costs, were $7.0 billion at March 31, 2026, an increase of $236.3 million, or 3.5%, from December 31, 2025. The increase in total loans from December 31, 2025 was due primarily to an increase of $233.1 million in CRE loans (including owner-occupied). At March 31, 2026, 75.1% of the CRE and C&I loan portfolio was concentrated in the New York metropolitan area, mainly New York City, and Florida.
Previous wording
The largest concentration in the loan portfolio is to the healthcare industry, which amounted to $2.8 billion, or 40.9% of total loans, at September 30, 2025, including $2.7 billion in loans to skilled nursing facilities.
Current wording
The largest concentration in the loan portfolio is to the healthcare industry, which amounted to $3.1 billion, or 43.7% of total loans, at March 31, 2026, including $3.0 billion in loans to skilled nursing facilities.
Previous wording
Total deposits were $7.1 billion at September 30, 2025, an increase of $1.1 billion, or 18.2%, from December 31, 2024. The increase from December 31, 2024 was due primarily to increases across most of the Company’s various deposit verticals. Non-interest-bearing demand deposits were 19.5% of total deposits at September 30, 2025, compared to 22.3% at December 31, 2024.
Current wording
Total deposits were $7.7 billion at March 31, 2026, an increase of $362.5 million, or 4.9%, from December 31, 2025. The increase from December 31, 2025 was due primarily to increases across most of the Company’s various deposit verticals. Non-interest-bearing demand deposits were 19.9% of total deposits at March 31, 2026, compared to 20.1% at December 31, 2025.
Previous wording
At September 30, 2025, the aggregate estimated amount of FDIC uninsured deposits was $1.8 billion, and the aggregate estimated amount of uninsured time deposits was $43.5 million. The following table presents the scheduled maturities of time deposits greater than $250,000 (in thousands):
Current wording
At March 31, 2026, the aggregate estimated amount of FDIC uninsured deposits was $2.0 billion, and the aggregate estimated amount of uninsured time deposits was $46.7 million. The following table presents the scheduled maturities of time deposits greater than $250,000 (in thousands):
Previous wording
To support the balance sheet, the Company may at times utilize FHLB advances or other funding sources. At September 30, 2025, the Company had $125.0 million of Federal funds purchased and $150.0 million of FHLBNY advances. At December 31, 2024, the Company had $210.0 million of Federal funds purchased and $240.0 million of FHLBNY advances.
Current wording
To support the balance sheet, the Company may at times utilize FHLB advances or other funding sources. At March 31, 2026, and December 31, 2025, the Company had no outstanding Federal funds purchased or FHLBNY advances.
Previous wording
Accumulated other comprehensive loss, net of tax, was $41.9 million at September 30, 2025, a decrease of $11.3 million from December 31, 2024. The decrease from December 31, 2024 was primarily due to unrealized gains on AFS securities, as a result of changes in prevailing market interest rates.
Current wording
Accumulated other comprehensive loss, net of tax, was $39.2 million at March 31, 2026, a decrease of $0.5 million from December 31, 2025. The decrease from December 31, 2025 was primarily due to unrealized gains on cash flow hedges, as a result of changes in prevailing market interest rates, partially offset by unrealized losses on AFS securities.
Previous wording
Interest expense decreased $532,000 to $54.7 million for the third quarter of 2025 as compared to $55.2 million for the third quarter of 2024 due primarily to the 34 basis point decrease in total cost of funds that reflects the reduction in short- term interest rates, partially offset by the $1.1 billion increase in the average balance of interest-bearing deposits for the third quarter of 2025 as compared to the third quarter of 2024.
Current wording
Interest expense decreased $2.8 million to $49.0 million for the first quarter of 2026 as compared to $51.8 million for the first quarter of 2025 due primarily to the 58 basis point decrease in the total cost of funds that reflects the reduction in short- term interest rates.
Previous wording
Non-interest expense decreased $5.5 million to $45.8 million for the third quarter of 2025, compared to the third quarter of 2024 due primarily to a $10.0 million decrease in the regulatory reserve recorded in the prior year period and a $1.2 million decrease in professional fees, partially offset by a $2.3 million increase in technology costs, a $1.8 million increase in compensation and benefits related to the increase in the number of employees, and a $1.2 million increase in deposit program related fees.
Current wording
Non-interest expense increased $3.7 million to $46.4 million for the first quarter of 2026, compared to the first quarter of 2025 due primarily to a $2.6 million increase in deposit related program fees, $2.4 million increase in compensation and benefits and $2.0 million increase in technology costs, partially offset by a $1.8 million decrease in professional fees and a $1.1 million decrease in the FDIC assessment.
Previous wording
elements of credit and interest rate risk in excess of the amount recognized in the consolidated statements of financial condition. Exposure to credit loss is represented by the contractual amount of the instruments. The Company uses the same credit policies in making commitments as it does for on-balance sheet instruments.
Current wording
The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit, which involve elements of credit and interest rate risk in excess of the amount recognized in the consolidated statements of financial condition. Exposure to credit loss is represented by the contractual amount of the instruments. The Company uses the same credit policies in making commitments as it does for on-balance sheet instruments.
Previous wording
At September 30, 2025, the Company had $694.3 million in unused loan commitments and $27.1 million in standby and commercial letters of credit. At December 31, 2024, the Company had $695.4 million in unused commitments and $31.9 million in standby and commercial letters of credit.
Current wording
At March 31, 2026, the Company had $676.6 million in unused loan commitments and $32.8 million in standby and commercial letters of credit. At December 31, 2025, the Company had $600.0 million in unused commitments and $26.4 million in standby and commercial letters of credit.
Previous wording
The Company’s most liquid assets are cash and cash equivalents. The levels of these assets are dependent on the Company’s operating, financing, lending and investing activities during any given period. At September 30, 2025 and December 31, 2024, cash and cash equivalents totaled $385.9 million and $200.3 million, respectively. Securities, which provide an additional source of liquidity, totaled $934.4 million at September 30, 2025 and $915.8 million at December 31, 2024. At September 30, 2025, there were $798.7 million of securities pledged to support wholesale funding, and to a lesser extent certain other types of deposits, of which $104.5 million were encumbered. At December 31, 2024, there were $750.3 million of securities pledged to support wholesale funding, and to a lesser extent certain other types of deposits, of which $65.5 million were encumbered.
Current wording
The Company’s most liquid assets are cash and cash equivalents. The levels of these assets are dependent on the Company’s operating, financing, lending and investing activities during any given period. At March 31, 2026 and December 31, 2025, cash and cash equivalents totaled $672.4 million and $393.6 million, respectively. Securities, which provide an additional source of liquidity, totaled $1.0 billion at March 31, 2026 and $941.2 million at December 31, 2025. At March 31, 2026, there were $882.1 million of securities pledged to support wholesale funding, and to a lesser extent certain other types of deposits, of which $125.1 million were encumbered. At December 31, 2025, there were $807.5 million of securities pledged to support wholesale funding, and to a lesser extent certain other types of deposits, of which $118.2 million were encumbered.
Previous wording
The Company’s primary investing activities are the origination and to a lesser extent, purchase of loans and securities. For the three and nine months ended September 30, 2025, the Company’s loan production was $514.2 million and $1.4 billion as compared to $460.6 million and $1.0 billion, respectively, for the three and nine months ended September 30, 2024.
Current wording
The Company’s primary investing activities are the origination and, to a lesser extent, purchase of loans and securities. The Company’s loan production was $428.3 million and $409.8 million during the three months ended March 31, 2026 and 2025, respectively. During the three months ended March 31, 2026, the Company purchased $109.0 million of AFS securities. During the three months ended March 31, 2025, the Company purchased $44.3 million of AFS securities.
Previous wording
Financing activities consisted primarily of activity in deposit accounts and borrowings. The Company gathers deposits from businesses and individuals through client referrals and other relationships and through its retail presence. The Company has established deposit concentration thresholds to avoid the possibility of dependence on any single depositor base for funds. Total deposits were $7.1 billion at September 30, 2025, an increase of $1.1 billion, or 18.2%, from December 31, 2024.
Current wording
Financing activities consisted primarily of activity in deposit accounts and borrowings. The Company gathers deposits from businesses and individuals through client referrals and other relationships and through its retail presence. The
Previous wording
At September 30, 2025, interest-bearing deposits were comprised of $5.5 billion of money market accounts and $150.5 million of time deposits. Time deposits due within one year of September 30, 2025 totaled $146.7 million, or 2.1%, of total deposits. At September 30, 2025, the aggregate estimated amount of FDIC uninsured deposits was $1.8 billion. At December 31, 2024, interest-bearing deposits were comprised of $4.5 billion of money market accounts and $125.4 million of time deposits. Time deposits due within one year of December 31, 2024 totaled $118.1 million or 2.0% of total deposits. Non-interest-bearing deposits were 19.5% of total deposits at September 30, 2025, as compared to 22.3% at December 31, 2024. At December 31, 2024, the aggregate estimated amount of FDIC uninsured deposits was $1.6 billion.
Current wording
At March 31, 2026, interest-bearing deposits were comprised of $6.0 billion of money market accounts and $153.8 million of time deposits. Time deposits due within one year of March 31, 2026 totaled $149.8 million, or 1.9%, of total deposits. At March 31, 2026, the aggregate estimated amount of FDIC uninsured deposits was $2.0 billion. At December 31, 2025, interest-bearing deposits were comprised of $5.7 billion of money market accounts and $190.1 million of time deposits. Time deposits due within one year of December 31, 2025 totaled $186.3 million or 2.5% of total deposits. Non-interest-bearing deposits were 19.9% of total deposits at March 31, 2026, as compared to 20.1% at December 31, 2025. At December 31, 2025, the aggregate estimated amount of FDIC uninsured deposits was $2.0 billion.
Previous wording
The Company has no material commitments or demands that are likely to affect its liquidity other than as set forth below. In the event loan demand were to increase faster than expected, or any other unforeseen demand or commitment were to occur, the Company could access its borrowing capacity with the FHLB or obtain additional funds through alternative funding sources, including the brokered deposit market. At September 30, 2025, the Company had $125.0 million of
Current wording
The Company has no material commitments or demands that are likely to affect its liquidity other than as set forth below. In the event loan demand were to increase faster than expected, or any other unforeseen demand or commitment were to occur, the Company could access its borrowing capacity with the FHLB or obtain additional funds through alternative funding sources, including the brokered deposit market. At March 31, 2026 and December 31, 2025, the Company had cash on deposit with the FRBNY and available secured wholesale funding borrowing capacity of $3.7 billion and $3.3 billion, respectively.
Previous wording
At September 30, 2025 and December 31, 2024, total non-owner-occupied CRE loans were 373.5% and 346.1% of risk-based capital, respectively. The increased CRE concentration ratio was affected by the Bank funding the share repurchase program and the anticipated quarterly dividends at the holding company. See “—Recent Events” above for more information on the Company’s quarterly dividend and share repurchase program.
Current wording
At March 31, 2026 and December 31, 2025, total non-owner-occupied CRE loans were 299.5% and 376.5% of risk-based capital, respectively. The decrease in the CRE concentration ratio is primarily due to the completion of the Company’s public equity offering of common stock in the first quarter of 2026. See “—Recent Events” above for more information on the Company’s quarterly dividend and share repurchase program.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Company has established deposit concentration thresholds to avoid the possibility of dependence on any single depositor base for funds. Total deposits were $7.7 billion at March 31, 2026, an increase of $362.5 million, or 4.9%, from December 31, 2025.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit, which involve