Metropolitan Bank Holding Corp

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 $7.1 million, or 11.8%, in the Company’s total ACL for loans and loan commitments as of June 30, 2024. 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 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 $6.8 million, or 10.9%, in the Company’s total ACL for loans and loan commitments as of September 30, 2024. 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 $7.3 billion at June 30, 2024, an increase of $197.9 million, or 2.8%, from December 31, 2023.

Current wording

The Company had total assets of $7.4 billion at September 30, 2024, an increase of $335.7 million, or 4.7%, from December 31, 2023.

Previous wording

Total cash and cash equivalents were $244.7 million at June 30, 2024, a decrease of $24.8 million, or 9.2%, from December 31, 2023. The decrease primarily reflects the $214.1 million net deployment into loans and the $289.0 million decrease in wholesale funding, partially offset by the $432.4 million increase in deposits.

Current wording

Total cash and cash equivalents were $318.5 million at September 30, 2024, an increase of $49.0 million, or 18.2%, from December 31, 2023. The increase primarily reflects the $532.6 million increase in deposits, partially offset by the $289.1 million decrease in wholesale funding and the $272.3 million net deployment into loans.

Previous wording

Total securities were $956.2 million at June 30, 2024, an increase of $24.0 million, or 2.6%, from December 31, 2023. The increase was primarily due to the purchase of $72.8 million of AFS securities, partially offset by the $44.3 million paydown and maturities of AFS and HTM securities.

Current wording

Total securities were $954.6 million at September 30, 2024, an increase of $22.4 million, or 2.4%, from December 31, 2023. The increase was primarily due to the purchase of $72.8 million of AFS securities, and the $19.1 million unrealized gain on AFS securities during the third quarter of 2024, partially offset by the $68.1 million paydown and maturities of AFS and HTM securities.

Previous wording

Total loans, net of deferred fees and unamortized costs, were $5.8 billion at June 30, 2024, an increase of $214.1 million, or 3.8%, from December 31, 2023. The increase in total loans was due primarily to an increase of $198.4 million in CRE loans (including owner-occupied) and $53.8 million in C&I loans. At June 30, 2024, 80.2% of the CRE and C&I loan portfolio is 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 $5.9 billion at September 30, 2024, an increase of $272.3 million, or 4.8%, from December 31, 2023. The increase in total loans was due primarily to an increase of $315.1 million in CRE loans (including owner-occupied) and $41.9 million in one-to four-family loans, partially offset by a $123.4 million decrease in multi-family loans. At September 30, 2024, 79.9% of the CRE and C&I loan portfolio is 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 $2.0 billion, or 34.5% of total loans, at June 30, 2024, including $1.9 billion in loans to skilled nursing facilities.

Current wording

The largest concentration in the loan portfolio is to the healthcare industry, which amounted to $2.1 billion, or 36.3% of total loans, at September 30, 2024, including $2.0 billion in loans to skilled nursing facilities.

Previous wording

Non-performing loans declined to $31.1 million at June 30, 2024 compared to $51.9 million at December 31, 2023 due to one multi-family loan relationship that was returned to accrual status. The table below sets forth key asset quality ratios (dollars in thousands):

Current wording

Non-performing loans declined to $31.0 million at September 30, 2024 compared to $51.9 million at December 31, 2023 due to one multi-family loan relationship that was returned to accrual status. The table below sets forth key asset quality ratios (dollars in thousands):

Previous wording

The ACL was $60.0 million at June 30, 2024, as compared to $58.0 million at December 31, 2023. The Company recorded a $2.1 million provision for credit losses for the six months ended June 30, 2024, which reflects loan growth and a provision related to a single C&I loan.

Current wording

The ACL was $62.5 million at September 30, 2024, as compared to $58.0 million at December 31, 2023. The Company recorded a $4.8 million provision for credit losses for the nine months ended September 30, 2024, which reflects loan growth, a provision related to a single C&I loan, and a modest increase in the duration of the Company’s loan portfolio.

Previous wording

Total deposits were $6.2 billion at June 30, 2024, an increase of $432.4 million, or 7.5%, from December 31, 2023. The increase from December 31, 2023, was due primarily to broad based increases across most of the Company’s various deposit verticals. Non-interest-bearing demand deposits were 30.5% of total deposits at June 30, 2024, compared to 32.0% at December 31, 2023.

Current wording

Total deposits were $6.3 billion at September 30, 2024, an increase of $532.6 million, or 9.3%, from December 31, 2023. The increase from December 31, 2023, was due primarily to broad based increases across most of the Company’s various deposit verticals. Non-interest-bearing demand deposits were 28.4% of total deposits at September 30, 2024, compared to 32.0% at December 31, 2023.

Previous wording

At June 30, 2024, the aggregate estimated amount of FDIC uninsured deposits was $1.6 billion, and the aggregate estimated amount of uninsured time deposits was $17.7 million. The following table presents the scheduled maturities of time deposits greater than $250,000 (in thousands):

Current wording

At September 30, 2024, the aggregate estimated amount of FDIC uninsured deposits was $1.6 billion, and the aggregate estimated amount of uninsured time deposits was $20.6 million. The following table presents the scheduled maturities of time deposits greater than $250,000 (in thousands):

Previous wording

Accumulated other comprehensive loss, net of tax, was $52.2 million at June 30, 2024, a decrease of $0.7 million from December 31, 2023. The decrease from December 31, 2023 was due to net unrealized gains on outstanding cash flow hedges, partially offset by an increase in unrealized losses on AFS securities due to changes in prevailing interest rates and the reclassification to net income of gains on a terminated cash flow hedge.

Current wording

Accumulated other comprehensive loss, net of tax, was $44.1 million at September 30, 2024, a decrease of $8.8 million from December 31, 2023. The decrease from December 31, 2023 was primarily due to unrealized gains on AFS securities, as a result of changes in prevailing interest rates, partially offset by net unrealized losses on outstanding cash flow hedges.

Previous wording

Net income was $16.8 million for the second quarter of 2024, an increase of $1.2 million as compared to $15.6 million for the second quarter of 2023. This increase was due primarily to a $7.8 million increase in net interest income and a $2.8 decrease in the provision for credit losses, partially offset by a $9.8 million increase in non-interest expense.

Current wording

Net income was $12.3 million for the third quarter of 2024, a decrease of $9.8 million as compared to $22.1 million for the third quarter of 2023. This decrease was due primarily to a $20.3 million increase in non-interest expense, partially offset by a $11.7 million increase in net interest income

Previous wording

Net income was $33.0 million for the six months ended June 30, 2024, a decrease of $7.6 million as compared to $40.6 million for the six months ended June 30, 2023. This decrease was due primarily to a $9.0 million increase in net interest income and a $2.9 million decrease in the provision for credit losses, partially offset by a $20.7 million increase in non-interest expense.

Current wording

Net income was $45.3 million for the nine months ended September 30, 2024, a decrease of $17.4 million as compared to $62.7 million for the nine months ended September 30, 2023. This decrease was due primarily to a $41.0 million increase in non-interest expense, partially offset by a $20.6 million increase in net interest income.

Previous wording

Net interest margin for the second quarter of 2024 was 3.44% compared to 3.44% for the second quarter of 2023. Net interest margin for the six months ended June 30, 2024 was 3.42% compared to 3.65% for the six months ended June 30, 2023. The 23 basis point decrease was due primarily to the shift from non-interest bearing deposits to interest bearing deposits related to the exit from the crypto-related deposit vertical, and, moreover, the increase in the cost of funds, partially offset by loan growth and the increase in loan yields.

Current wording

Net interest margin for the nine months ended September 30, 2024 was 3.49% compared to 3.53% for the nine months ended September 30, 2023. The 4 basis point decrease was due primarily to the shift from non-interest bearing deposits to interest bearing deposits related to the exit from the crypto-related deposit vertical, and, moreover, the increase in the cost of funds, partially offset by loan growth and the increase in the yield for loans in combination with elevated prepayment penalties and deferred fee recognition as a result of an increased level of loan payoffs.

Previous wording

Interest income increased $55.9 million to $228.1 million for the six months ended June 30, 2024 as compared to $172.2 million for the six months ended June 30, 2023, primarily due to the increase in the average balance of loans and an

Current wording

Interest income increased $22.6 million to $120.5 million for the third quarter of 2024 as compared to $97.9 million for the third quarter of 2023, primarily due to the increase in the average balance of loans and an increase in the yield for loans

Previous wording

increase in the yield for loans. The average balance of loans increased $845.2 million for the six months ended June 30, 2024 as compared to the six months ended June 30, 2023. The yield on loans increased 82 basis points for the six months ended June 30, 2024 as compared to the six months ended June 30, 2023 due to the increase in prevailing market interest rates and a disciplined approach to loan pricing.

Current wording

in combination with elevated prepayment penalties and deferred fee recognition as a result of an increased level of loan payoffs. The average balance of loans increased $606.2 million for the third quarter of 2024 as compared to the third quarter of 2023. The yield on loans increased 72 basis points for the third quarter of 2024 as compared to the third quarter of 2023 due to the increase in prevailing market interest rates and a disciplined approach to loan pricing.

Previous wording

Interest income increased $26.8 million to $115.8 million for the second quarter of 2024 as compared to $89.0 million for the second quarter of 2023, primarily due to the increase in the average balance of loans and an increase in the yield on loans. The average balance of loans increased $832.4 million for the second quarter of 2024 as compared to the second quarter of 2023. The yield on loans increased 77 basis points for the second quarter of 2024 as compared to the second quarter of 2023 due to the increase in prevailing market interest rates and a disciplined approach to loan pricing.

Current wording

Interest income increased $78.4 million to $348.6 million for the nine months ended September 30, 2024 as compared to $270.1 million for the nine months ended September 30, 2023, primarily due to the increase in the average balance of loans and an increase in the yield for loans in combination with elevated prepayment penalties and deferred fee recognition as a result of an increased level of loan payoffs. The average balance of loans increased $764.5 million for the nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023. The yield on loans increased 77 basis points for the nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023 due to the increase in prevailing market interest rates and a disciplined approach to loan pricing.

Previous wording

Interest expense increased $19.0 million to $54.2 million for the second quarter of 2024 as compared to $35.2 million for the second quarter of 2023 due primarily to the increase in the average balance of interest-bearing deposits and an increase in the cost of funds, partially offset by the decrease in the average balance of borrowed funds. The average balance of interest-bearing deposits increased $1.3 billion for the second quarter of 2024 as compared to the second quarter of 2023, which reflects deposit growth and the shift from non-interest bearing deposits to interest bearing deposits primarily related to the exit from the crypto-related deposit vertical in 2023. The total cost of funds for the second quarter of 2024 increased 82 basis points compared to the second quarter of 2023, which reflects the continued effects of high short-term interest rates, intense competition for deposits, and the shift from non-interest bearing deposits to interest bearing funding related to the exit from the crypto-related deposit vertical. The average balance of borrowed funds decreased $301.2 million for the second quarter of 2024 as compared to the second quarter of 2023, which reflects a disciplined approach to liquidity management.

Current wording

Interest expense increased $10.9 million to $55.2 million for the third quarter of 2024 as compared to $44.3 million for the third quarter of 2023 due primarily to the increase in the average balance of interest-bearing deposits and an increase in the cost of funds, partially offset by the decrease in the average balance of borrowed funds. The average balance of interest-bearing deposits increased $851.0 million for the third quarter of 2024 as compared to the third quarter of 2023, which reflects deposit growth and the shift from non-interest bearing deposits to interest bearing deposits primarily related to the exit from the crypto-related deposit vertical in 2023. The total cost of funds for the third quarter of 2024 increased 36 basis points compared to the third quarter of 2023, which reflects the continued effects of high short-term interest rates, intense competition for deposits, and the shift from non-interest bearing deposits to interest bearing funding related to the exit from the crypto-related deposit vertical. The average balance of borrowed funds decreased $301.8 million for the third quarter of 2024 as compared to the third quarter of 2023, which reflects a disciplined approach to liquidity management.

Previous wording

Interest expense increased $46.9 million to $106.8 million for the six months ended June 30, 2024 as compared to $60.0 million for the six months ended June 30, 2023, due primarily to the increase in the average balance of interest-bearing deposits and an increase in the cost of funds. The average balance of interest-bearing deposits increased $1.3 billion for the six months ended June 30, 2024 as compared to the six month ended June 30, 2023, which reflects deposit growth and the shift from non-interest bearing deposits to interest bearing deposits primarily related to the exit from the crypto-related deposit vertical in 2023. The total cost of funds for the six months ended June 30, 2024 increased 114 basis points compared to the six months ended June 30, 2023, which reflects the continued effects of high short-term interest rates, intense competition for deposits, and the shift from non-interest bearing deposits to interest bearing funding.

Current wording

Interest expense increased $57.8 million to $162.1 million for the nine months ended September 30, 2024 as compared to $104.3 million for the nine months ended September 30, 2023, due primarily to the increase in the average balance of interest-bearing deposits and an increase in the cost of funds. The average balance of interest-bearing deposits increased $1.1 billion for the nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023, which reflects deposit growth and the shift from non-interest bearing deposits to interest bearing deposits primarily related to the exit from the crypto-related deposit vertical in 2023. The total cost of funds for the nine months ended September 30, 2024 increased 87 basis points compared to the nine months ended September 30, 2023, which reflects the continued effects of high short-term interest rates, intense competition for deposits, and the shift from non-interest bearing deposits to interest bearing funding.

Previous wording

The provision for credit losses for the three and six months ended June 30, 2024 was $1.5 million and $2.1 million, respectively, which reflects loan growth and a provision related to a single C&I loan.

Current wording

The provision for credit losses for the three and nine months ended September 30, 2024 was $2.7 million and $4.8 million, respectively, which reflects loan growth, a provision related to a single C&I loan, and a modest increase in the duration of the Company’s loan portfolio.

Previous wording

Non-interest income decreased $1.7 million to $6.1 million for the second quarter of 2024, as compared to the second quarter of 2023 driven primarily by lower GPG revenue, partially offset by an increase in service charges on deposit accounts. At the beginning of 2024, the Company announced that it will exit all GPG Banking-as-a-Service relationships, which is expected to be completed during 2024. Non-interest income decreased $1.7 million to $13.1 million for the six months ended June 30, 2024, as compared to the six months ended June 30, 2023 driven primarily by lower GPG revenue, partially offset by an increase in service charges on deposit accounts.

Current wording

Non-interest income decreased $228,000 to $6.3 million for the third quarter of 2024, as compared to the third quarter of 2023 driven primarily by lower GPG revenue, partially offset by an increase in service charges on deposit accounts. At the beginning of 2024, the Company announced that it will exit all GPG Banking-as-a-Service relationships, which is expected to be completed during 2024. Non-interest income decreased $1.9 million to $19.4 million for the nine months ended September 30, 2024, as compared to the nine months ended September 30, 2023 driven primarily by lower GPG revenue, partially offset by an increase in service charges on deposit accounts.

Previous wording

Non-interest expense increased $9.8 million to $42.3 million for the second quarter of 2024, compared to the second quarter of 2023 due primarily to an increase of $3.2 million in compensation and benefits related to the increase in number of employees, an increase of $1.9 million in professional fees primarily related to regulatory remediation costs, an increase of $1.6 million in technology costs primarily related to the digital transformation project, and an increase of $1.6 million in other expenses. At the beginning of 2024, the Company began implementing an innovative digital transformation project to improve its capabilities and efficiencies for both client facing and internal processes, which it expects to complete in 2025.

Current wording

Non-interest expense increased $20.3 million to $51.3 million for the third quarter of 2024, compared to the third quarter of 2023 due primarily to a pre-tax $10.0 million regulatory reserve recorded in the third quarter of 2024, a $2.7 million increase in compensation and benefits related to the increase in number of employees, and a $1.8 million increase in technology costs related to the digital transformation initiative. At the beginning of 2024, the Company began implementing an innovative digital transformation project to improve its capabilities and efficiencies for both client facing and internal processes, which it expects to complete in 2025.

Previous wording

expenses related to the GPG wind down and the increase in number of employees, an increase of $3.7 million in professional fees primarily related to regulatory remediation costs, an increase of $3.3 million in technology costs primarily related to the digital transformation project, and the $2.5 million reversal of the regulatory settlement reserve recorded in the first quarter of 2023.

Current wording

Non-interest expense increased $41.0 million to $135.4 million for the nine months ended September 30, 2024, as compared to the nine months ended September 30, 2023, due primarily to a pre-tax $10 million regulatory reserve recorded in the third quarter of 2024, an increase of $9.5 million in compensation and benefits due to severance expenses related to the GPG wind down and the increase in number of employees, an increase of $4.6 million in professional fees primarily related to regulatory remediation costs, and an increase of $5.1 million in technology costs primarily related to the digital transformation project.

Previous wording

The estimated effective tax rate for the second quarter of 2024 was 29.7% as compared to 37.4% for the second quarter of 2023. The effective tax rate for the second quarter of 2023 includes an unfavorable discrete expense related to the rescission of stock awards. The effective tax rate for the six months ended June 30, 2024 was 31.5% compared to 30.8% for the six months ended June 30, 2023.

Current wording

The estimated effective tax rate for the third quarter of 2024 was 30.2% as compared to 22.2% for the third quarter of 2023. The effective tax rate for the third quarter of 2023 reflects a discrete tax item related to the exercise of stock options in the third quarter of 2023 and the reversal of the regulatory settlement reserve in that period. The effective tax rate for the nine months ended September 30, 2024 was 31.1% compared to 28.0% for the nine months ended September 30, 2023.

Previous wording

At June 30, 2024, the Company had $541.0 million in unused loan commitments and $41.7 million in standby and commercial letters of credit. At December 31, 2023, the Company had $595.1 million in unused commitments and $59.5 million in standby and commercial letters of credit.

Current wording

At September 30, 2024, the Company had $611.9 million in unused loan commitments and $36.6 million in standby and commercial letters of credit. At December 31, 2023, the Company had $595.1 million in unused commitments and $59.5 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 its operating, financing, lending and investing activities during any given period. At June 30, 2024 and December 31, 2023, cash and cash equivalents totaled $244.7 million and $269.5 million, respectively. Securities, which provide an additional source of liquidity, totaled $956.2 million at June 30, 2024 and $932.2 million at December 31, 2023. At June 30, 2024, there were $783.1 million of securities pledged to support wholesale funding, and to a lesser extent certain other types of deposits, of which $170.8 million were encumbered. At December 31, 2023, there were $845.7 million of securities pledged to support wholesale funding, and to a lesser extent certain other types of deposits, of which $60.0 million were encumbered.

Current wording

The Company’s most liquid assets are cash and cash equivalents. The levels of these assets are dependent on its operating, financing, lending and investing activities during any given period. At September 30, 2024 and December 31, 2023, cash and cash equivalents totaled $318.5 million and $269.5 million, respectively. Securities, which provide an additional source of liquidity, totaled $954.6 million at September 30, 2024 and $932.2 million at December 31, 2023. At September 30, 2024, there were $782.6 million of securities pledged to support wholesale funding, and to a lesser extent certain other types of deposits, of which $172.7 million were encumbered. At December 31, 2023, there were $845.7

Previous wording

The Company’s primary investing activities are the origination of loans, and to a lesser extent, the purchase of loans and securities. For the three and six months ended June 30, 2024, the Company’s loan production was $290.8 million and $560.4 million as compared to $425.4 million and $690.8 million, respectively, for the three and six months ended June 30, 2023.

Current wording

The Company’s primary investing activities are the origination of loans, and to a lesser extent, the purchase of loans and securities. For the three and nine months ended September 30, 2024, the Company’s loan production was $460.6 million and $1.0 billion as compared to $333.5 million and $1.0 billion, respectively, for the three and nine months ended September 30, 2023.

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

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 Company has established deposit concentration thresholds to avoid the possibility of dependence on any single depositor base for funds. Total deposits were $6.3 billion at September 30, 2024, an increase of $532.6 million, or 9.3%, from December 31, 2023.

Previous wording

At June 30, 2024, interest-bearing deposits were comprised of $4.2 billion of money market accounts and $30.5 million of time deposits. Time deposits due within one year of June 30, 2024 totaled $24.0 million, or 0.4%, of total deposits. At June 30, 2024, the aggregate estimated amount of FDIC uninsured deposits was $1.6 billion. At December 31, 2023, interest-bearing deposits were comprised of $3.9 billion of money market accounts and $35.4 million of time deposits. Time deposits due within one year of December 31, 2023 totaled $37.6 million, or 0.7%, of total deposits. Non-interest-bearing deposits were 30.5% of total deposits at June 30, 2024, as compared to 32.0% at December 31, 2023. At December 31, 2023, the aggregate estimated amount of FDIC uninsured deposits was $1.6 billion.

Current wording

At September 30, 2024, interest-bearing deposits were comprised of $4.4 billion of money market accounts and $89.4 million of time deposits. Time deposits due within one year of September 30, 2024 totaled $73.5 million, or 1.2%, of total deposits. At September 30, 2024, the aggregate estimated amount of FDIC uninsured deposits was $1.6 billion. At December 31, 2023, interest-bearing deposits were comprised of $3.9 billion of money market accounts and $35.4 million of time deposits. Time deposits due within one year December 31, 2023 totaled $31.8 million or 0.6% of total deposits. Non-interest-bearing deposits were 28.4% of total deposits at September 30, 2024, as compared to 32.0% at December 31, 2023. At December 31, 2023, the aggregate estimated amount of FDIC uninsured deposits was $1.6 billion.

Previous wording

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 June 30, 2024, the Company had $150.0 million of outstanding FHLBNY advances and a $100.0 million FRB term loan under the BTFP. The Company had $3.1 billion and $2.8 billion of available secured wholesale funding capacity at June 30, 2024 and December 31, 2023, respectively.

Current wording

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, 2024, the Company had $150.0 million of outstanding FHLBNY advances and a $100.0 million FRB term loan under the BTFP. At September 30, 2024 and December 31, 2023, the Company had cash on deposit with the Federal Reserve Bank of New York and available secured wholesale funding borrowing capacity of $3.1 billion.

Previous wording

At June 30, 2024 and December 31, 2023, total non-owner-occupied CRE loans were 358.4% and 368.1% of risk-based capital, respectively.

Current wording

At September 30, 2024 and December 31, 2023, total non-owner-occupied CRE loans were 353.3% and 368.1% of risk-based capital, respectively.