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New York
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13-4042724
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(State or other jurisdiction of
incorporation or organization) |
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(I.R.S. Employer
Identification Number) |
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99 Park Avenue, New York, New York
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10016
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(Address of principal executive offices)
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(Zip Code)
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Title of each class
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Name of each exchange on which registered
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Common Stock, $0.01 par value
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New York Stock Exchange
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Large accelerated filer
☐
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Accelerated filer
☐
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Non-accelerated filer
☒
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Smaller reporting company
☐
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| (Do not check if a smaller reporting company) | | |
Emerging growth company
☒
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Page
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2017
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2016
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Assets | | | | | | | | | | | | | |
Cash and cash equivalents: | | | | | | | | | | | | | |
Cash and due from banks
|
| | | $ | 261,231 | | | | | $ | 82,931 | | |
U.S. Government securities money market funds
|
| | | | — | | | | | | — | | |
Total cash and cash equivalents
|
| | | | 261,231 | | | | | | 82,931 | | |
Investment securities available for sale, at estimated fair value
|
| | | | 32,157 | | | | | | 37,329 | | |
Investment securities held to maturity (estimated fair value of $5,330 and $6,419
at December 31, 2017 and 2016, respectively) |
| | | | 5,428 | | | | | | 6,500 | | |
Other investments
|
| | | | 13,677 | | | | | | 12,588 | | |
Loans
|
| | | | 1,420,966 | | | | | | 1,055,706 | | |
Deferred loan fees and unamortized costs, net
|
| | | | (1,070) | | | | | | (1,160) | | |
Allowance for loan losses
|
| | | | (14,887) | | | | | | (11,815) | | |
Net loans
|
| | | | 1,405,009 | | | | | | 1,042,731 | | |
Accounts receivable, net
|
| | | | 6,601 | | | | | | 5,420 | | |
Receivable from prepaid card programs, net
|
| | | | 9,579 | | | | | | 7,566 | | |
Accrued interest receivable
|
| | | | 4,421 | | | | | | 2,735 | | |
Premises and equipment, net
|
| | | | 6,268 | | | | | | 5,035 | | |
Prepaid expenses and other assets
|
| | | | 5,751 | | | | | | 7,733 | | |
Goodwill
|
| | | | 9,733 | | | | | | 9,733 | | |
Total assets
|
| | | $ | 1,759,855 | | | | | $ | 1,220,301 | | |
Liabilities and Stockholders’ Equity | | | | | | | | | | | | | |
Deposits: | | | | | | | | | | | | | |
Noninterest-bearing demand deposits
|
| | | $ | 812,497 | | | | | $ | 403,402 | | |
Interest-bearing deposits
|
| | | | 591,858 | | | | | | 590,378 | | |
Total deposits
|
| | | | 1,404,355 | | | | | | 993,780 | | |
FHLB Advances
|
| | | | 42,198 | | | | | | 78,418 | | |
Trust preferred securities payable
|
| | | | 20,620 | | | | | | 20,620 | | |
Subordinated debt, net of issuance costs
|
| | | | 24,489 | | | | | | — | | |
Accounts payable, accrued expenses and other liabilities
|
| | | | 21,678 | | | | | | 10,901 | | |
Accrued interest payable
|
| | | | 749 | | | | | | 227 | | |
Debit cardholder balances
|
| | | | 8,882 | | | | | | 6,864 | | |
Total liabilities
|
| | | | 1,522,971 | | | | | | 1,110,810 | | |
COMMITMENTS AND CONTINGENCIES (See Note 9)
|
| | | | — | | | | | | — | | |
Stockholders’ equity: | | | | | | | | | | | | | |
Class A preferred stock, $0.01 par value, authorized 5,000,000 shares Issued and
outstanding 0 at December 31, 2017 and 2016 |
| | | | — | | | | | | — | | |
Class B preferred stock, $0.01 par value, authorized 2,000,000 shares, issued and
outstanding 272,636 at December 31, 2017 and 2016 |
| | | | 3 | | | | | | 3 | | |
Common stock, $0.01 par value, authorized 10,000,000 shares, issued and outstanding 8,196,310 and 4,604,563 at December 31, 2017 and 2016, respectively
|
| | | | 81 | | | | | | 45 | | |
Additional paid in capital
|
| | | | 211,145 | | | | | | 96,116 | | |
Retained earnings
|
| | | | 25,861 | | | | | | 13,492 | | |
Accumulated other comprehensive loss, net of tax effect
|
| | | | (206) | | | | | | (165) | | |
Total stockholders’ equity
|
| | | | 236,884 | | | | | | 109,491 | | |
Total liabilities and stockholders’ equity
|
| | | $ | 1,759,855 | | | | | $ | 1,220,301 | | |
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2017
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2016
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2015
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Interest and dividend income: | | | | | | | | | | | | | | | | | | | |
Loans, including fees
|
| | | $ | 57,075 | | | | | $ | 42,360 | | | | | $ | 31,110 | | |
Securities:
|
| | | | | | | | | | | | | | | | | | |
Taxable
|
| | | | 813 | | | | | | 886 | | | | | | 1,024 | | |
Tax-exempt
|
| | | | 30 | | | | | | 30 | | | | | | 31 | | |
Money market funds and commercial paper
|
| | | | 315 | | | | | | 142 | | | | | | 110 | | |
Other interest and dividends
|
| | | | 2,520 | | | | | | 737 | | | | | | 407 | | |
Total interest income
|
| | | | 60,753 | | | | | | 44,155 | | | | | | 32,682 | | |
Interest expense: | | | | | | | | | | | | | | | | | | | |
Deposits
|
| | | | 5,873 | | | | | | 4,877 | | | | | | 3,805 | | |
FHLB Advances
|
| | | | 840 | | | | | | 673 | | | | | | 999 | | |
Trust preferred securities payable interest expense
|
| | | | 636 | | | | | | 539 | | | | | | 456 | | |
Subordinated debt interest expense
|
| | | | 1,322 | | | | | | — | | | | | | — | | |
Total interest expense
|
| | | | 8,671 | | | | | | 6,089 | | | | | | 5,260 | | |
Net interest income
|
| | | | 52,082 | | | | | | 38,066 | | | | | | 27,422 | | |
Provision for loan losses
|
| | | | 7,059 | | | | | | 8,060 | | | | | | 2,015 | | |
Net interest income after provision for loan losses
|
| | | | 45,023 | | | | | | 30,006 | | | | | | 25,407 | | |
Non-interest income: | | | | | | | | | | | | | | | | | | | |
Service charges on deposit accounts
|
| | | | 3,452 | | | | | | 876 | | | | | | 754 | | |
Other service charges and fees
|
| | | | 4,368 | | | | | | 1,179 | | | | | | 476 | | |
Loan prepayment penalties
|
| | | | 111 | | | | | | 402 | | | | | | 700 | | |
Debit card income
|
| | | | 3,369 | | | | | | 2,926 | | | | | | 2,568 | | |
Net gains on securities transactions
|
| | | | — | | | | | | 40 | | | | | | — | | |
Total non-interest income
|
| | | | 11,300 | | | | | | 5,423 | | | | | | 4,498 | | |
Non-interest expense: | | | | | | | | | | | | | | | | | | | |
Compensation and benefits
|
| | | | 19,166 | | | | | | 17,010 | | | | | | 13,221 | | |
Bank premises and equipment
|
| | | | 4,385 | | | | | | 3,985 | | | | | | 3,620 | | |
Directors Fees
|
| | | | 894 | | | | | | 611 | | | | | | 540 | | |
Insurance Expense
|
| | | | 281 | | | | | | 333 | | | | | | 363 | | |
Professional fees
|
| | | | 2,636 | | | | | | 1,595 | | | | | | 1,360 | | |
FDIC assessment
|
| | | | 1,067 | | | | | | 675 | | | | | | 554 | | |
Core processing fees
|
| | | | 1,495 | | | | | | 862 | | | | | | 788 | | |
Other expenses
|
| | | | 2,821 | | | | | | 2,300 | | | | | | 2,631 | | |
Total non-interest expense
|
| | | | 32,745 | | | | | | 27,371 | | | | | | 23,077 | | |
Net income before income tax expense
|
| | | | 23,578 | | | | | | 8,058 | | | | | | 6,828 | | |
Income tax expense
|
| | | | 11,209 | | | | | | 3,045 | | | | | | 2,559 | | |
Net income
|
| | | $ | 12,369 | | | | | $ | 5,013 | | | | | $ | 4,269 | | |
Earnings per common share | | | | | | | | | | | | | | | | | | | |
Earnings per share – basic
|
| | | | 2.40 | | | | | | 0.43 | | | | | | 1.54 | | |
Earnings per share – diluted
|
| | | | 2.34 | | | | | | 0.43 | | | | | | 1.54 | | |
| | |
2017
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2016
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2015
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Net Income
|
| | | $ | 12,369 | | | | | $ | 5,013 | | | | | $ | 4,269 | | |
Other comprehensive loss | | | | | | | | | | | | | | | | | | | |
Unrealized gains/losses of securities available for sale:
|
| | | | | | | | | | | | | | | | | | |
Unrealized holding loss arising during the year
|
| | | | (54) | | | | | | (268) | | | | | | (220) | | |
Reclassification adjustment for net gains included in net income
|
| | | | — | | | | | | (40) | | | | | | — | | |
Total unrealized gains/loss on securities available for sale
|
| | | | (54) | | | | | | (308) | | | | | | (220) | | |
Tax effect
|
| | | | (13) | | | | | | (127) | | | | | | (107) | | |
Total unrealized gains/loss on securities available for sale, net of tax
|
| | | | (41) | | | | | | (181) | | | | | | (113) | | |
Comprehensive income
|
| | | $ | 12,328 | | | | | $ | 4,832 | | | | | $ | 4,156 | | |
|
| | |
Preferred Stock,
Class A |
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Preferred Stock,
Class B |
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Common Stock
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Additional
Paid-in Capital |
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Retained
Earnings |
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AOCI
(Loss), Net |
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Total
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Number
of Shares |
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Amount
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Number
of Shares |
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Amount
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Number
of Shares |
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Amount
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| ||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2015
|
| | | | 415,248 | | | | | $ | 4 | | | | | | 60,000 | | | | | $ | 1 | | | | | | 2,321,615 | | | | | $ | 23 | | | | | $ | 50,750 | | | | | $ | 7,836 | | | | | $ | 129 | | | | | $ | 58,743 | | |
Conversion of preferred to common stock
|
| | | | (24,204) | | | | | | | | | | | | | | | | | | | | | | | | 13,447 | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | — | | |
Issuance of common stock, net
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 722,222 | | | | | | 7 | | | | | | 12,599 | | | | | | — | | | | | | — | | | | | | 12,606 | | |
Restricted stock
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 38,500 | | | | | | | | | | | | | | | | | | — | | | | | | — | | | | | | — | | |
Employee stock-based compensation expense
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 447 | | | | | | — | | | | | | — | | | | | | 447 | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,269 | | | | | | — | | | | | | 4,269 | | |
Other comprehensive loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (113) | | | | | | (113) | | |
Balance at December 31, 2015
|
| | | | 391,044 | | | | | $ | 4 | | | | | | 60,000 | | | | | $ | 1 | | | | | | 3,095,784 | | | | | $ | 30 | | | | | $ | 63,796 | | | | | $ | 12,105 | | | | | $ | 16 | | | | | $ | 75,952 | | |
Balance at January 1, 2016
|
| | | | 391,044 | | | | | $ | 4 | | | | | | 60,000 | | | | | $ | 1 | | | | | | 3,095,784 | | | | | $ | 30 | | | | | $ | 63,796 | | | | | $ | 12,105 | | | | | $ | 16 | | | | | $ | 75,952 | | |
Purchase & retirement of treasury preferred
stock |
| | | | (123,924) | | | | | | (1) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (1,238) | | | | | | (161) | | | | | | — | | | | | | (1,400) | | |
Preferred stock – redemption
|
| | | | (267,120) | | | | | | (3) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (2,624) | | | | | | (45) | | | | | | — | | | | | | (2,672) | | |
Conversion of preferred to common stock
|
| | | | | | | | | | | | | | | | (60,000) | | | | | | (1) | | | | | | 60,000 | | | | | | 1 | | | | | | | | | | | | — | | | | | | — | | | | | | (0) | | |
Issuance of preferred stock, net
|
| | | | | | | | | | | | | | | | 272,636 | | | | | | 3 | | | | | | | | | | | | | | | | | | 5,500 | | | | | | — | | | | | | — | | | | | | 5,503 | | |
Issuance of common stock, net
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,374,112 | | | | | | 14 | | | | | | 28,354 | | | | | | | | | | | | | | | | | | 28,368 | | |
Restricted stock, net
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 74,667 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Class A preferred – dividend payment
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (3,420) | | | | | | | | | | | | (3,420) | | |
Employee stock-based compensation
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,328 | | | | | | — | | | | | | — | | | | | | 2,328 | | |
Net income
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 5,013 | | | | | | — | | | | | | 5,013 | | |
Other comprehensive loss
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | | | | | (181) | | | | | | (181) | | |
Balance at December 31, 2016
|
| | | | — | | | | | $ | — | | | | | | 272,636 | | | | | $ | 3 | | | | | | 4,604,563 | | | | | $ | 45 | | | | | $ | 96,116 | | | | | $ | 13,492 | | | | | $ | (165) | | | | | $ | 109,491 | | |
Balance at January 1, 2017
|
| | | | — | | | | | $ | — | | | | | | 272,636 | | | | | $ | 3 | | | | | | 4,604,563 | | | | | $ | 45 | | | | | $ | 96,116 | | | | | $ | 13,492 | | | | | $ | (165) | | | | | $ | 109,491 | | |
Employee stock-based compensation expense
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 412 | | | | | | — | | | | | | — | | | | | | 412 | | |
Common stock issued in initial public offering, net of stock issuance costs of $10,002
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,565,000 | | | | | | 36 | | | | | | 114,737 | | | | | | — | | | | | | — | | | | | | 114,773 | | |
Restricted stock grants, net of forfeiture
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 28,383 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Exercise of stock options
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 4,503 | | | | | | — | | | | | | 135 | | | | | | — | | | | | | — | | | | | | 135 | | |
Repurchase of shares for exercise of stock
options and tax withholding for restricted stock vesting |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (6,139) | | | | | | | | | | | | (255) | | | | | | | | | | | | | | | | | | (255) | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 12,369 | | | | | | — | | | | | | 12,369 | | |
Other comprehensive loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (41) | | | | | | (41) | | |
Balance at December 31, 2017
|
| | | | — | | | | | $ | — | | | | | | 272,636 | | | | | $ | 3 | | | | | | 8,196,310 | | | | | $ | 81 | | | | | $ | 211,145 | | | | | $ | 25,861 | | | | | $ | (206) | | | | | $ | 236,884 | | |
|
| | |
2017
|
| |
2016
|
| |
2015
|
| |||||||||
Cash flows from operating activities: | | | | | | | | | | | | | | | | | | | |
Net income
|
| | | $ | 12,369 | | | | | $ | 5,013 | | | | | $ | 4,269 | | |
Adjustments to reconcile net income to net cash:
|
| | | | | | | | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 978 | | | | | | 785 | | | | | | 696 | | |
Net amortization on securities
|
| | | | 321 | | | | | | 355 | | | | | | 492 | | |
Amortization of subordinated debt issuance costs
|
| | | | 46 | | | | | | — | | | | | | — | | |
Gain on sale of securities
|
| | | | — | | | | | | (40) | | | | | | — | | |
Provision for loan losses
|
| | | | 7,059 | | | | | | 8,060 | | | | | | 2,015 | | |
Net change in deferred loan fees
|
| | | | (90) | | | | | | (15) | | | | | | (1,006) | | |
Deferred income tax benefit
|
| | | | 790 | | | | | | (913) | | | | | | (455) | | |
Stock-based compensation expense
|
| | | | 412 | | | | | | 2,328 | | | | | | 447 | | |
Net change in:
|
| | | | | | | | | | | | | | | | | | |
Accrued interest receivable
|
| | | | (1,686) | | | | | | (434) | | | | | | (628) | | |
Accounts payable, accrued expenses and other liabilities
|
| | | | 10,777 | | | | | | (1,215) | | | | | | 1,542 | | |
Change in debit card holder balances
|
| | | | 2,018 | | | | | | 6,635 | | | | | | (2,919) | | |
Change in Accrued interest payable
|
| | | | 522 | | | | | | (93) | | | | | | (6) | | |
Accounts receivable, net
|
| | | | (1,181) | | | | | | (4,550) | | | | | | 245 | | |
Receivable from prepaid card programs, net
|
| | | | (2,013) | | | | | | (187) | | | | | | 3,703 | | |
Prepaid expenses and other assets
|
| | | | 1,151 | | | | | | (1,171) | | | | | | (2,952) | | |
Net cash provided by operating activities
|
| | | | 31,473 | | | | | | 14,558 | | | | | | 5,443 | | |
Cash flows from investing activities: | | | | | | | | | | | | | | | | | | | |
Loan originations and payments, net
|
| | | | (377,118) | | | | | | (240,420) | | | | | | (184,597) | | |
Proceeds from sales of loans
|
| | | | 7,871 | | | | | | — | | | | | | — | | |
Redemptions of other investments
|
| | | | 7,203 | | | | | | — | | | | | | — | | |
Purchases of other investments
|
| | | | (8,292) | | | | | | (182) | | | | | | (5,368) | | |
Purchase of securities available for sale
|
| | | | (1,470) | | | | | | (1,546) | | | | | | — | | |
Proceeds from sales and calls of securities available for sale
|
| | | | — | | | | | | 2,771 | | | | | | — | | |
Proceeds from paydowns and maturities of securities available for sale
|
| | | | 6,359 | | | | | | 8,378 | | | | | | 9,491 | | |
Purchase of securities held to maturity
|
| | | | — | | | | | | (2,684) | | | | | | (5,151) | | |
Proceeds from paydowns of securities held to maturity
|
| | | | 1,034 | | | | | | 1,198 | | | | | | 283 | | |
Purchase of premises and equipment, net
|
| | | | (2,211) | | | | | | (1,180) | | | | | | (1,732) | | |
Net cash used in investing activities
|
| | | | (366,624) | | | | | | (233,665) | | | | | | (187,074) | | |
Cash flows from financing activities: | | | | | | | | | | | | | | | | | | | |
Proceeds from issuance of common stock, net
|
| | | | 114,773 | | | | | | 28,368 | | | | | | 12,606 | | |
Proceeds from issuance of preferred stock, net
|
| | | | — | | | | | | 5,503 | | | | | | — | | |
Purchase and retirement of treasury preferred stock
|
| | | | — | | | | | | (1,400) | | | | | | — | | |
Proceeds from exercise of stock options
|
| | | | 135 | | | | | | — | | | | | | — | | |
Redemption of common stock for exercise of stock options and tax withholdings for resticted stock vesting
|
| | | | (255) | | | | | | | | | | | | | | |
Redemption of preferred stock, net
|
| | | | — | | | | | | (2,672) | | | | | | — | | |
Payment of preferred stock dividend
|
| | | | — | | | | | | (3,420) | | | | | | — | | |
Proceeds from issuance of subordinated debt, net of issuance cost
|
| | | | 24,443 | | | | | | — | | | | | | — | | |
Proceeds from FHLB advances
|
| | | | 326,864 | | | | | | 120,000 | | | | | | 97,426 | | |
Repayments of FHLB advances
|
| | | | (363,084) | | | | | | (137,729) | | | | | | (65,202) | | |
Net increase in deposits
|
| | | | 410,575 | | | | | | 227,741 | | | | | | 156,793 | | |
Net cash provided by financing activities
|
| | | | 513,451 | | | | | | 236,391 | | | | | | 201,623 | | |
Increase in cash and cash equivalents
|
| | | | 178,300 | | | | | | 17,284 | | | | | | 19,992 | | |
Cash and cash equivalents at the beginning of the year
|
| | | | 82,931 | | | | | | 65,647 | | | | | | 45,655 | | |
Cash and cash equivalents at the end of the year
|
| | | $ | 261,231 | | | | | $ | 82,931 | | | | | $ | 65,647 | | |
Supplemental information: | | | | | | | | | | | | | | | | | | | |
Cash paid during the year for:
|
| | | | | | | | | | | | | | | | | | |
Interest
|
| | | $ | 8,149 | | | | | $ | 6,182 | | | | | $ | 5,025 | | |
Taxes
|
| | | $ | 8,787 | | | | | $ | 5,270 | | | | | $ | 3,265 | | |
Non-cash investing and financing activities: | | | | | | | | | | | | | | | | | | | |
Transfer of loans held for investment to held for sale
|
| | | $ | 7,871 | | | | | $ | 26,095 | | | | | $ | — | | |
At December 31, 2017
|
| |
Amortized
Cost |
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Losses |
| |
Fair Value
|
| ||||||||||||
Available-for-sale | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential mortgage-backed securities
|
| | | $ | 24,856 | | | | | $ | 70 | | | | | $ | (242) | | | | | $ | 24,684 | | |
Residential collateralized mortgage obligations
|
| | | | 2,809 | | | | | | — | | | | | | (103) | | | | | | 2,706 | | |
Commercial collateralized mortgage obligations
|
| | | | 1,581 | | | | | | — | | | | | | (31) | | | | | | 1,550 | | |
Municipal bond
|
| | | | 1,098 | | | | | | 11 | | | | | | — | | | | | | 1,109 | | |
CRA mutual fund
|
| | | | 2,160 | | | | | | — | | | | | | (52) | | | | | | 2,108 | | |
Total securities available-for-sale
|
| | | $ | 32,504 | | | | | $ | 81 | | | | | $ | (428) | | | | | $ | 32,157 | | |
Held-to-maturity | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential mortgage-backed securities
|
| | | $ | 5,403 | | | | | $ | — | | | | | $ | (98) | | | | | $ | 5,305 | | |
Foreign government securities
|
| | | | 25 | | | | | | — | | | | | | — | | | | | | 25 | | |
Total securities held-to-maturity
|
| | | $ | 5,428 | | | | | $ | — | | | | | $ | (98) | | | | | $ | 5,330 | | |
|
At December 31, 2016
|
| |
Amortized
Cost |
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Losses |
| |
Fair Value
|
| ||||||||||||
Available-for-sale | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential mortgage-backed securities
|
| | | $ | 29,152 | | | | | $ | 165 | | | | | $ | (290) | | | | | $ | 29,027 | | |
Residential collateralized mortgage obligations
|
| | | | 5,233 | | | | | | — | | | | | | (130) | | | | | | 5,103 | | |
Municipal bond
|
| | | | 1,122 | | | | | | 14 | | | | | | — | | | | | | 1,136 | | |
CRA mutual fund
|
| | | | 2,115 | | | | | | — | | | | | | (52) | | | | | | 2,063 | | |
Total securities available-for-sale
|
| | | $ | 37,622 | | | | | $ | 179 | | | | | $ | (472) | | | | | $ | 37,329 | | |
Held-to-maturity | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential mortgage-backed securities
|
| | | $ | 6,475 | | | | | $ | — | | | | | $ | (81) | | | | | $ | 6,394 | | |
Foreign government securities
|
| | | | 25 | | | | | | — | | | | | | — | | | | | | 25 | | |
Total securities held-to-maturity
|
| | | $ | 6,500 | | | | | $ | — | | | | | $ | (81) | | | | | $ | 6,419 | | |
|
| | |
Year Ended December 31,
|
| |||||||||||||||
| | |
2017
|
| |
2016
|
| |
2015
|
| |||||||||
Proceeds
|
| | | $ | — | | | | | $ | 2,771 | | | | | $ | — | | |
Gross gains
|
| | | $ | — | | | | | $ | 40 | | | | | $ | — | | |
Gross losses
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | |
| | |
Held to Maturity
|
| |
Available for Sale
|
| ||||||||||||||||||
At December 31, 2017
|
| |
Amortized
Cost |
| |
Fair Value
|
| |
Amortized
Cost |
| |
Fair Value
|
| ||||||||||||
Within one year
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
One to five years
|
| | | | 25 | | | | | | 25 | | | | | | — | | | | | | — | | |
Five to ten years
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Beyond ten years
|
| | | | — | | | | | | — | | | | | | 1,098 | | | | | | 1,109 | | |
Total
|
| | | | 25 | | | | | | 25 | | | | | | 1,098 | | | | | | 1,109 | | |
Residential mortgage-backed securities
|
| | | $ | 5,403 | | | | | $ | 5,305 | | | | | $ | 24,856 | | | | | $ | 24,684 | | |
Residential collateralized mortgage obligations
|
| | | | — | | | | | | — | | | | | | 2,809 | | | | | | 2,706 | | |
Commercial collateralized mortgage obligations
|
| | | | | | | | | | | | | | | | 1,581 | | | | | | 1,550 | | |
CRA mutual fund
|
| | | | — | | | | | | — | | | | | | 2,160 | | | | | | 2,108 | | |
Total Securities
|
| | | $ | 5,428 | | | | | $ | 5,330 | | | | | $ | 32,504 | | | | | $ | 32,157 | | |
|
| | |
Held to Maturity
|
| |
Available for Sale
|
| ||||||||||||||||||
At December 31, 2016
|
| |
Amortized
Cost |
| |
Fair Value
|
| |
Amortized
Cost |
| |
Fair Value
|
| ||||||||||||
Within one year
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
One to five years
|
| | | | 25 | | | | | | 25 | | | | | | — | | | | | | — | | |
Five to ten years
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Beyond ten years
|
| | | | — | | | | | | — | | | | | | 1,122 | | | | | | 1,136 | | |
Total
|
| | | | 25 | | | | | | 25 | | | | | | 1,122 | | | | | | 1,136 | | |
Residential mortgage-backed securities
|
| | | $ | 6,475 | | | | | $ | 6,394 | | | | | $ | 29,152 | | | | | $ | 29,027 | | |
Residential collateralized mortgage obligations
|
| | | | — | | | | | | — | | | | | | 5,233 | | | | | | 5,103 | | |
CRA mutual fund
|
| | | | — | | | | | | — | | | | | | 2,115 | | | | | | 2,063 | | |
Total Securities
|
| | | $ | 6,500 | | | | | $ | 6,419 | | | | | $ | 37,622 | | | | | $ | 37,329 | | |
|
| | |
Less than 12 Months
|
| |
12 months or more
|
| |
Total
|
| |||||||||||||||||||||||||||
At December 31, 2017
|
| |
Estimated
Fair Value |
| |
Unrealized
Losses |
| |
Estimated
Fair Value |
| |
Unrealized
Losses |
| |
Estimated
Fair Value |
| |
Unrealized
Losses |
| ||||||||||||||||||
Residential mortgage-backed securities
|
| | | $ | 9,194 | | | | | $ | (85) | | | | | $ | 7,738 | | | | | $ | (157) | | | | | $ | 16,932 | | | | | $ | (242) | | |
Residential collateralized mortgage obligations
|
| | | | — | | | | | | — | | | | | | 2,706 | | | | | | (103) | | | | | | 2,706 | | | | | | (103) | | |
Commercial collateralized mortgage obligations
|
| | | | | | | | | | | | | | | | 1,550 | | | | | | (31) | | | | | | 1,550 | | | | | | (31) | | |
CRA mutual fund
|
| | | | — | | | | | | — | | | | | | 2,108 | | | | | | (52) | | | | | | 2,108 | | | | | | (52) | | |
Total securities available-for-sale
|
| | | $ | 9,194 | | | | | $ | (85) | | | | | $ | 14,102 | | | | | $ | (343) | | | | | $ | 23,296 | | | | | $ | (428) | | |
Residential mortgage-backed securities
|
| | | $ | 3,260 | | | | | $ | (33) | | | | | $ | 2,045 | | | | | $ | (65) | | | | | $ | 5,305 | | | | | $ | (98) | | |
Total held-to-maturity
|
| | | $ | 3,260 | | | | | $ | (33) | | | | | $ | 2,045 | | | | | $ | (65) | | | | | $ | 5,305 | | | | | $ | (98) | | |
|
| | |
Less than 12 Months
|
| |
12 months or more
|
| |
Total
|
| |||||||||||||||||||||||||||
At December 31, 2016
|
| |
Estimated
Fair Value |
| |
Unrealized
Losses |
| |
Estimated
Fair Value |
| |
Unrealized
Losses |
| |
Estimated
Fair Value |
| |
Unrealized
Losses |
| ||||||||||||||||||
Residential mortgage-backed securities
|
| | | $ | 16,733 | | | | | $ | (290) | | | | | $ | — | | | | | $ | — | | | | | $ | 16,733 | | | | | $ | (290) | | |
Residential collateralized mortgage obligations
|
| | | | 2,887 | | | | | | (60) | | | | | | 2,216 | | | | | | (70) | | | | | | 5,103 | | | | | | (130) | | |
CRA mutual fund
|
| | | | — | | | | | | — | | | | | | 2,063 | | | | | | (52) | | | | | | 2,063 | | | | | | (52) | | |
Total securities available-for-sale
|
| | | $ | 19,620 | | | | | $ | (350) | | | | | $ | 4,279 | | | | | $ | (122) | | | | | $ | 23,899 | | | | | $ | (472) | | |
Residential mortgage-backed securities
|
| | | $ | 6,394 | | | | | $ | (81) | | | | | $ | — | | | | | $ | — | | | | | $ | 6,394 | | | | | $ | (81) | | |
Total held-to-maturity
|
| | | $ | 6,394 | | | | | $ | (81) | | | | | $ | — | | | | | $ | — | | | | | $ | 6,394 | | | | | $ | (81) | | |
|
| | |
At December 31,
|
| |||||||||
| | |
2017
|
| |
2016
|
| ||||||
Real estate | | | | | | | | | | | | | |
Commercial
|
| | | $ | 783,745 | | | | | $ | 547,711 | | |
Construction
|
| | | | 36,960 | | | | | | 29,447 | | |
Multifamily
|
| | | | 190,097 | | | | | | 117,373 | | |
One-to-four family
|
| | | | 25,568 | | | | | | 26,480 | | |
Total Real Estate
|
| | | | 1,036,370 | | | | | | 721,011 | | |
Commercial and industrial
|
| | | | 340,001 | | | | | | 315,870 | | |
Consumer
|
| | | | 44,595 | | | | | | 18,825 | | |
Total loans
|
| | | | 1,420,966 | | | | | | 1,055,706 | | |
Deferred fees
|
| | | | (1,070) | | | | | | (1,160) | | |
Allowance for loan losses
|
| | | | (14,887) | | | | | | (11,815) | | |
Net loans at the end of the year
|
| | | $ | 1,405,009 | | | | | $ | 1,042,731 | | |
|
December 31, 2017
|
| |
Commercial
Real Estate |
| |
Commercial
& Industrial |
| |
Construction
|
| |
Multi
Family |
| |
One-to-four
Family |
| |
Consumer
|
| |
Total
|
| |||||||||||||||||||||
Allowance for loan losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning balance
|
| | | $ | 5,206 | | | | | $ | 5,364 | | | | | $ | 409 | | | | | $ | 620 | | | | | $ | 109 | | | | | $ | 107 | | | | | $ | 11,815 | | |
Provision for loan losses
|
| | | | 1,930 | | | | | | 4,093 | | | | | | 110 | | | | | | 536 | | | | | | 29 | | | | | | 361 | | | | | | 7,059 | | |
Loans charged-off
|
| | | | — | | | | | | (3,879) | | | | | | — | | | | | | — | | | | | | — | | | | | | (108) | | | | | | (3,987) | | |
Recoveries
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total ending allowance balance
|
| | | $ | 7,136 | | | | | $ | 5,578 | | | | | $ | 519 | | | | | $ | 1,156 | | | | | $ | 138 | | | | | $ | 360 | | | | | $ | 14,887 | | |
|
December 31, 2016
|
| |
Commercial
Real Estate |
| |
Commercial
& Industrial |
| |
Construction
|
| |
Multi
Family |
| |
One-to-four
Family |
| |
Consumer
|
| |
Total
|
| |||||||||||||||||||||
Allowance for loan losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning balance
|
| | | $ | 3,650 | | | | | $ | 4,254 | | | | | $ | 589 | | | | | $ | 986 | | | | | $ | 444 | | | | | $ | 19 | | | | | $ | 9,942 | | |
Provision (credit) for loan
losses |
| | | | 1,556 | | | | | | 6,640 | | | | | | (180) | | | | | | (366) | | | | | | 322 | | | | | | 88 | | | | | | 8,060 | | |
Loans charged-off
|
| | | | — | | | | | | (5,530) | | | | | | — | | | | | | — | | | | | | (659) | | | | | | — | | | | | | (6,189) | | |
Recoveries
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2 | | | | | | — | | | | | | 2 | | |
Total ending allowance balance
|
| | | $ | 5,206 | | | | | $ | 5,364 | | | | | $ | 409 | | | | | $ | 620 | | | | | $ | 109 | | | | | $ | 107 | | | | | $ | 11,815 | | |
|
December 31, 2015
|
| |
Commercial
Real Estate |
| |
Commercial
& Industrial |
| |
Construction
|
| |
Multi
Family |
| |
One-to-four
Family |
| |
Consumer
|
| |
Total
|
| |||||||||||||||||||||
Allowance for loan losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning balance
|
| | | $ | 3,283 | | | | | $ | 3,106 | | | | | $ | 269 | | | | | $ | 778 | | | | | $ | 480 | | | | | $ | — | | | | | $ | 7,916 | | |
Provision (credit) for loan
losses |
| | | | 367 | | | | | | 1,148 | | | | | | 320 | | | | | | 208 | | | | | | (47) | | | | | | 19 | | | | | | 2,015 | | |
Loans charged-off
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Recoveries
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 11 | | | | | | — | | | | | | 11 | | |
Total ending allowance balance
|
| | | $ | 3,650 | | | | | $ | 4,254 | | | | | $ | 589 | | | | | $ | 986 | | | | | $ | 444 | | | | | $ | 19 | | | | | $ | 9,942 | | |
|
At December 31, 2017
|
| |
Commercial
Real Estate |
| |
Commercial
& Industrial |
| |
Construction
|
| |
Multi
Family |
| |
One-to-four
Family |
| |
Consumer
|
| |
Total
|
| |||||||||||||||||||||
Allowance for loan losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 9 | | | | | $ | 77 | | | | | $ | 86 | | |
Collectively evaluated for impairment
|
| | | | 7,136 | | | | | | 5,578 | | | | | | 519 | | | | | | 1,156 | | | | | | 129 | | | | | | 283 | | | | | $ | 14,801 | | |
Total ending allowance balance
|
| | | $ | 7,136 | | | | | $ | 5,578 | | | | | $ | 519 | | | | | $ | 1,156 | | | | | $ | 138 | | | | | $ | 360 | | | | | $ | 14,887 | | |
Loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment
|
| | | $ | 2,368 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 3,566 | | | | | $ | 155 | | | | | $ | 6,089 | | |
Collectively evaluated for impairment
|
| | | | 781,377 | | | | | | 340,001 | | | | | | 36,960 | | | | | | 190,097 | | | | | | 22,002 | | | | | | 44,440 | | | | | | 1,414,877 | | |
Total ending loan balance
|
| | | $ | 783,745 | | | | | $ | 340,001 | | | | | $ | 36,960 | | | | | $ | 190,097 | | | | | $ | 25,568 | | | | | $ | 44,595 | | | | | $ | 1,420,966 | | |
|
At December 31, 2016
|
| |
Commercial
Real Estate |
| |
Commercial
& Industrial |
| |
Construction
|
| |
Multi
Family |
| |
One-to-four
Family |
| |
Consumer
|
| |
Total
|
| |||||||||||||||||||||
Allowance for loan losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment
|
| | | $ | — | | | | | $ | 366 | | | | | $ | — | | | | | $ | — | | | | | $ | 10 | | | | | $ | — | | | | | $ | 376 | | |
Collectively evaluated for impairment
|
| | | | 5,206 | | | | | | 4,998 | | | | | | 409 | | | | | | 620 | | | | | | 99 | | | | | | 107 | | | | | $ | 11,439 | | |
Total ending allowance balance
|
| | | $ | 5,206 | | | | | $ | 5,364 | | | | | $ | 409 | | | | | $ | 620 | | | | | $ | 109 | | | | | $ | 107 | | | | | $ | 11,815 | | |
Loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment
|
| | | $ | 5,504 | | | | | $ | 4,915 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,130 | | | | | $ | — | | | | | $ | 11,549 | | |
Collectively evaluated for impairment
|
| | | | 542,207 | | | | | | 310,955 | | | | | | 29,447 | | | | | | 117,373 | | | | | | 25,350 | | | | | | 18,825 | | | | | | 1,044,157 | | |
Total ending loan balance
|
| | | $ | 547,711 | | | | | $ | 315,870 | | | | | $ | 29,447 | | | | | $ | 117,373 | | | | | $ | 26,480 | | | | | $ | 18,825 | | | | | $ | 1,055,706 | | |
|
At December 31, 2017
|
| |
Unpaid
Principal Balance |
| |
Recorded
Investment |
| |
Allowance
for Loan Losses Allocated |
| |
Average
Recorded Investment |
| |
Interest
Income Recognized |
| |||||||||||||||
With an allowance recorded: | | | | | | | |||||||||||||||||||||||||
Commercial & industrial
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 2,928 | | | | | $ | — | | |
One-to-four family
|
| | | | 686 | | | | | | 556 | | | | | | 9 | | | | | | 563 | | | | | | 21 | | |
Consumer
|
| | | | 155 | | | | | | 155 | | | | | | 77 | | | | | | 75 | | | | | | 8 | | |
Total
|
| | | $ | 841 | | | | | $ | 711 | | | | | $ | 86 | | | | | $ | 3,566 | | | | | $ | 29 | | |
Without an allowance recorded: | | | | | | | |||||||||||||||||||||||||
Commercial & industrial
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 5,367 | | | | | $ | 229 | | |
Commercial real estate
|
| | | | 2,890 | | | | | | 2,368 | | | | | | 0 | | | | | | 938 | | | | | | 43 | | |
One-to-four family
|
| | | | 3,157 | | | | | | 3,010 | | | | | | 0 | | | | | | 1,547 | | | | | | 87 | | |
Total
|
| | | $ | 6,047 | | | | | $ | 5,378 | | | | | $ | — | | | | | $ | 7,852 | | | | | $ | 359 | | |
|
At December 31, 2016
|
| |
Unpaid
Principal Balance |
| |
Recorded
Investment |
| |
Allowance
for Loan Losses Allocated |
| |
Average
Recorded Investment |
| |
Interest
Income Recognized |
| |||||||||||||||
With an allowance recorded: | | | | | | | |||||||||||||||||||||||||
Commercial & industrial
|
| | | $ | 8,783 | | | | | $ | 3,660 | | | | | $ | 366 | | | | | $ | 6,330 | | | | | $ | 207 | | |
One-to-four family
|
| | | | 694 | | | | | | 565 | | | | | | 10 | | | | | | 565 | | | | | | 21 | | |
Total
|
| | | $ | 9,477 | | | | | $ | 4,225 | | | | | $ | 376 | | | | | $ | 6,895 | | | | | $ | 228 | | |
Without an allowance recorded: | | | | | | | |||||||||||||||||||||||||
Commercial real estate
|
| | | $ | 5,974 | | | | | $ | 5,504 | | | | | $ | — | | | | | $ | 5,814 | | | | | $ | 267 | | |
Commercial & industrial
|
| | | | 1,255 | | | | | | 1,255 | | | | | | — | | | | | | 1,340 | | | | | | 54 | | |
One-to-four family
|
| | | | 713 | | | | | | 565 | | | | | | — | | | | | | 565 | | | | | | 23 | | |
Total
|
| | | $ | 7,942 | | | | | $ | 7,324 | | | | | $ | — | | | | | $ | 7,719 | | | | | $ | 344 | | |
|
At December 31, 2015
|
| |
Unpaid
Principal Balance |
| |
Recorded
Investment |
| |
Allowance
for Loan Losses Allocated |
| |
Average
Recorded Investment |
| |
Interest
Income Recognized |
| |||||||||||||||
With an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial & industrial
|
| | | $ | 1,933 | | | | | $ | 1,933 | | | | | $ | 134 | | | | | $ | 1,983 | | | | | $ | 136 | | |
One-to-four family
|
| | | | 1,694 | | | | | | 1,223 | | | | | | 293 | | | | | | 1,223 | | | | | | 21 | | |
Total
|
| | | $ | 3,627 | | | | | $ | 3,156 | | | | | $ | 427 | | | | | $ | 3,206 | | | | | $ | 157 | | |
Without an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial real estate
|
| | | $ | 2,155 | | | | | $ | 1,806 | | | | | $ | — | | | | | $ | 1,833 | | | | | $ | 93 | | |
Commercial & industrial
|
| | | | 1,425 | | | | | | 1,425 | | | | | | — | | | | | | 1,510 | | | | | | 61 | | |
Multi-family
|
| | | | 5,971 | | | | | | 5,971 | | | | | | — | | | | | | 6,010 | | | | | | 235 | | |
One-to-four family
|
| | | | 713 | | | | | | 565 | | | | | | — | | | | | | 565 | | | | | | 21 | | |
Total
|
| | | $ | 10,264 | | | | | $ | 9,767 | | | | | $ | — | | | | | $ | 9,918 | | | | | $ | 410 | | |
|
At December 31, 2017
|
| |
Nonaccrual
|
| |
Loans Past Due
Over 90 Days Still Accruing |
| ||||||
Commercial real estate
|
| | | $ | 787 | | | | | $ | — | | |
Commercial & industrial
|
| | | | — | | | | | | — | | |
One-to-four family
|
| | | | 2,447 | | | | | | — | | |
Consumer
|
| | | | 155 | | | | | | — | | |
Total
|
| | | $ | 3,389 | | | | | $ | — | | |
|
At December 31, 2016
|
| |
Nonaccrual
|
| |
Loans Past Due
Over 90 Days Still Accruing |
| ||||||
Commercial & industrial
|
| | | $ | 3,660 | | | | | $ | — | | |
|
At December 31, 2017
|
| |
30 – 59 Days
|
| |
60 – 89 Days
|
| |
Greater than
90 days |
| |
Total Past
Due |
| |
Loans not
Past Due |
| |
Total
|
|||||||||||||||||
Commercial real estate
|
| | | $ | 836 | | | | | $ | — | | | | | $ | 787 | | | | | $ | 1,623 | | | | | $ | 782,122 | | | | | $ | 783,745 |
Commercial & industrial
|
| | | | 85 | | | | | | 142 | | | | | | — | | | | | | 227 | | | | | | 339,774 | | | | | | 340,001 |
Construction
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 36,960 | | | | | | 36,960 |
Multifamily
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 190,097 | | | | | | 190,097 |
One-to-four family
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 25,568 | | | | | | 25,568 |
Consumer
|
| | | | 149 | | | | | | 21 | | | | | | 155 | | | | | | 325 | | | | | | 44,270 | | | | | | 44,595 |
Total
|
| | | $ | 1,070 | | | | | $ | 163 | | | | | $ | 942 | | | | | $ | 2,175 | | | | | $ | 1,418,791 | | | | | $ | 1,420,966 |
|
At December 31, 2016
|
| |
30 – 59 Days
|
| |
60 – 89 Days
|
| |
Greater than
90 days |
| |
Total Past
Due |
| |
Loans not
Past Due |
| |
Total
|
|||||||||||||||||
Commercial real estate
|
| | | $ | — | | | | | $ | 958 | | | | | $ | — | | | | | $ | 958 | | | | | $ | 546,753 | | | | | $ | 547,711 |
Commercial & industrial
|
| | | | 14 | | | | | | 3,922 | | | | | | — | | | | | | 3,936 | | | | | | 311,934 | | | | | | 315,870 |
Construction
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 29,447 | | | | | | 29,447 |
Multifamily
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 117,373 | | | | | | 117,373 |
One-to-four family
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 26,480 | | | | | | 26,480 |
Consumer
|
| | | | — | | | | | | 34 | | | | | | — | | | | | | 34 | | | | | | 18,791 | | | | | | 18,825 |
Total
|
| | | $ | 14 | | | | | $ | 4,914 | | | | | $ | — | | | | | $ | 4,928 | | | | | $ | 1,050,778 | | | | | $ | 1,055,706 |
|
At December 31, 2016
|
| |
Number of Loans
|
| |
Pre-Modification
Outstanding Recorded Investment |
| |
Post-Modification
Outstanding Recorded Investment |
| |||||||||
Troubled debt restructurings: | | | | | | | | | | | | | | | | | | | |
Commercial Real Estate
|
| | | | 1 | | | | | $ | 3,875 | | | | | $ | 3,875 | | |
Total
|
| | | | 1 | | | | | $ | 3,875 | | | | | $ | 3,875 | | |
|
At December 31, 2015
|
| |
Number of Loans
|
| |
Pre-Modification
Outstanding Recorded Investment |
| |
Post-Modification
Outstanding Recorded Investment |
| |||||||||
Troubled debt restructurings: | | | | | | | | | | | | | | | | | | | |
Commercial & Industrial
|
| | | | 1 | | | | | $ | 1,933 | | | | | $ | 1,933 | | |
Total
|
| | | | 1 | | | | | $ | 1,933 | | | | | $ | 1,933 | | |
|
At December 31, 2017
|
| |
Pass
|
| |
Special
Mention |
| |
Substandard
|
| |
Doubtful
|
| |
Total
|
||||||||||||||
Commercial real estate
|
| | | $ | 777,410 | | | | | $ | 4,369 | | | | | $ | 1,966 | | | | | $ | — | | | | | $ | 783,745 |
Commercial & industrial
|
| | | | 331,775 | | | | | | 8,226 | | | | | | — | | | | | | — | | | | | | 340,001 |
Construction
|
| | | | 36,960 | | | | | | — | | | | | | — | | | | | | — | | | | | | 36,960 |
Multifamily
|
| | | | 190,097 | | | | | | — | | | | | | — | | | | | | — | | | | | | 190,097 |
Total
|
| | | $ | 1,336,242 | | | | | $ | 12,595 | | | | | $ | 1,966 | | | | | $ | — | | | | | $ | 1,350,803 |
|
At December 31, 2016
|
| |
Pass
|
| |
Special
Mention |
| |
Substandard
|
| |
Doubtful
|
| |
Total
|
||||||||||||||
Commercial real estate
|
| | | $ | 542,206 | | | | | $ | 4,293 | | | | | $ | 1,212 | | | | | $ | — | | | | | $ | 547,711 |
Commercial & industrial
|
| | | | 309,295 | | | | | | 2,915 | | | | | | 3,660 | | | | | | — | | | | | | 315,870 |
Construction
|
| | | | 29,447 | | | | | | — | | | | | | — | | | | | | — | | | | | | 29,447 |
Multifamily
|
| | | | 117,373 | | | | | | — | | | | | | — | | | | | | — | | | | | | 117,373 |
Total
|
| | | $ | 998,321 | | | | | $ | 7,208 | | | | | $ | 4,872 | | | | | $ | — | | | | | $ | 1,010,401 |
|
At December 31, 2017
|
| |
Performing
|
| |
Non-Performing
|
| |
Total
|
| |||||||||
One-to-four family
|
| | | $ | 23,121 | | | | | $ | 2,447 | | | | | $ | 25,568 | | |
Consumer
|
| | | | 44,440 | | | | | | 155 | | | | | | 44,595 | | |
Total
|
| | | $ | 67,561 | | | | | $ | 2,602 | | | | | $ | 70,163 | | |
|
At December 31, 2016
|
| |
Performing
|
| |
Non-Performing
|
| |
Total
|
| |||||||||
One-to-four family
|
| | | $ | 26,480 | | | | | $ | — | | | | | $ | 26,480 | | |
Consumer
|
| | | | 18,825 | | | | | | — | | | | | | 18,825 | | |
Total
|
| | | $ | 45,305 | | | | | $ | — | | | | | $ | 45,305 | | |
|
| | |
Year Ended December 31,
|
| |||||||||
| | |
2017
|
| |
2016
|
| ||||||
Furniture and Equipment (useful life of 3 to 7 years)
|
| | | $ | 7,376 | | | | | $ | 5,973 | | |
Leasehold Improvements (useful life of 3 to 10 years)
|
| | | | 10,820 | | | | | | 10,012 | | |
Total Premises and Equipment
|
| | | | 18,196 | | | | | | 15,985 | | |
Less accumulated depreciation and amortization
|
| | | | (11,928) | | | | | | (10,950) | | |
Total Premises and Equipment, net
|
| | | $ | 6,268 | | | | | $ | 5,035 | | |
|
| | |
At December 31,
|
| |||||||||
| | |
2017
|
| |
2016
|
| ||||||
Core Deposits | | | | | | | | | | | | | |
Noninterest bearing demand accounts
|
| | | $ | 812,497 | | | | | $ | 403,402 | | |
Money market
|
| | | | 484,589 | | | | | | 482,393 | | |
Savings accounts
|
| | | | 27,024 | | | | | | 17,472 | | |
Total core deposits
|
| | | | 1,324,110 | | | | | | 903,267 | | |
Time Deposits | | | | | | | | | | | | | |
Time deposits under $100,000
|
| | | | 73,437 | | | | | | 69,188 | | |
Time deposits $100,000 and over
|
| | | | 6,808 | | | | | | 21,325 | | |
Total deposits
|
| | | $ | 1,404,355 | | | | | $ | 993,780 | | |
|
| | | |||||
2018
|
| | | $ | 63,245 | | |
2019
|
| | | | 16,219 | | |
2020
|
| | | | 68 | | |
2021
|
| | | | 283 | | |
2022
|
| | | | 430 | | |
Total time deposits
|
| | | $ | 80,245 | | |
|
| | |
Year Ending December 31,
|
| |||||||||
| | |
2017
|
| |
2016
|
| ||||||
Maturing in 2018, fixed rate at rates from 1.21% to 3.23%, weighted averaging 1.53%
|
| | | $ | 42,198 | | | | | $ | — | | |
Maturing 2017 through 2018, fixed rate at rates from 0.77% to 3.23%, weighted averaging 0.95%
|
| | | | | | | | | | 78,418 | | |
Total
|
| | | $ | 42,198 | | | | | $ | 78,418 | | |
|
| | |
Principal
|
| |||
2018
|
| | | $ | 42,198 | | |
2019
|
| | | | — | | |
2020
|
| | | | — | | |
2021
|
| | | | — | | |
2022
|
| | | | — | | |
Total
|
| | | $ | 42,198 | | |
|
| | |
Year Ended December 31,
|
| |||||||||||||||
(in thousands)
|
| |
2017
|
| |
2016
|
| |
2015
|
| |||||||||
Current | | | | | | | | | | | | | | | | | | | |
Federal
|
| | | $ | 7,920 | | | | | $ | 3,466 | | | | | $ | 2,873 | | |
State and local
|
| | | | 2,499 | | | | | | 492 | | | | | | 141 | | |
Total current
|
| | | | 10,419 | | | | | | 3,958 | | | | | | 3,014 | | |
Deferred | | | | | | | | | | | | | | | | | | | |
Federal
|
| | | | 1,045 | | | | | | (795) | | | | | | (622) | | |
State and local
|
| | | | (255) | | | | | | (118) | | | | | | 167 | | |
Total deferred
|
| | | | 790 | | | | | | (913) | | | | | | (455) | | |
Total income tax expense
|
| | | $ | 11,209 | | | | | $ | 3,045 | | | | | $ | 2,559 | | |
|
| | |
At December 31,
|
| |||||||||
| | |
2017
|
| |
2016
|
| ||||||
Deferred tax assets: | | | | | | | | | | | | | |
Allowance for loan losses
|
| | | $ | 4,583 | | | | | $ | 4,990 | | |
Nonaccrual interest income
|
| | | | 28 | | | | | | 159 | | |
Off balance sheet reserves
|
| | | | 110 | | | | | | 68 | | |
Restricted stock
|
| | | | 153 | | | | | | 165 | | |
Tangible asset
|
| | | | 23 | | | | | | 36 | | |
Non-Qualified stock options
|
| | | | 183 | | | | | | 251 | | |
Unrealized loss on securities available for sale
|
| | | | 86 | | | | | | 118 | | |
Total gross deferred tax assets
|
| | | | 5,166 | | | | | | 5,787 | | |
Deferred tax liabilities: | | | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 574 | | | | | | 427 | | |
Prepaid asset
|
| | | | 159 | | | | | | 150 | | |
Total gross deferred tax liabilities
|
| | | | 733 | | | | | | 577 | | |
Net deferred tax asset, included in other assets
|
| | | $ | 4,433 | | | | | $ | 5,210 | | |
|
| | |
For the year ended December 31,
|
| |||||||||||||||||||||||||||||||||
| | |
2017
|
| |
2016
|
| |
2015
|
| |||||||||||||||||||||||||||
| | |
Tax expense/
(benefit) |
| |
Rate
|
| |
Tax expense/
(benefit) |
| |
Rate
|
| |
Tax expense/
(benefit) |
| |
Rate
|
| ||||||||||||||||||
Pretax income at statutory rates
|
| | | $ | 8,252 | | | | | | 35.00% | | | | | $ | 2,740 | | | | | | 34.00% | | | | | $ | 2,322 | | | | | | 34.00% | | |
State and local taxes, net of federal income
tax benefit |
| | | | 1,459 | | | | | | 6.19 | | | | | | 247 | | | | | | 3.10 | | | | | | 204 | | | | | | 3.00 | | |
Nondeductible expenses
|
| | | | 21 | | | | | | 0.09 | | | | | | 19 | | | | | | 0.20 | | | | | | 13 | | | | | | 0.20 | | |
Stock options
|
| | | | (113) | | | | | | (0.48) | | | | | | 49 | | | | | | 0.60 | | | | | | 16 | | | | | | 0.20 | | |
Tax-exempt income, net
|
| | | | (10) | | | | | | (0.04) | | | | | | (10) | | | | | | (0.10) | | | | | | — | | | | | | — | | |
Impact of U.S. tax reform (the Tax Act)
|
| | | | 1,581 | | | | | | 6.71 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Other
|
| | | | 19 | | | | | | 0.08 | | | | | | — | | | | | | — | | | | | | 4 | | | | | | 0.10 | | |
Effective income tax expense/rate
|
| | | $ | 11,209 | | | | | | 47.55% | | | | | $ | 3,045 | | | | | | 37.80% | | | | | $ | 2,559 | | | | | | 37.50% | | |
|
Year Ending December 31,
|
| | |||||
2018
|
| | | $ | 2,753 | | |
2019
|
| | | | 2,754 | | |
2020
|
| | | | 2,737 | | |
2021
|
| | | | 2,201 | | |
2022
|
| | | | 2,129 | | |
Thereafter (and through 2035)
|
| | | | 6,754 | | |
| | | | $ | 19,328 | | |
|
| | |
Fair Value Measurement
At December 31, Using |
| |||||||||||||||
2017
|
| |
Quoted Prices
in Active Markets For Identical Assets (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| |||||||||
Assets: | | | | | | | | | | | | | | | | | | | |
Residential mortgage-backed securities
|
| | | $ | — | | | | | $ | 24,684 | | | | | $ | — | | |
Residential collateralized mortgage obligation
|
| | | | — | | | | | | 2,706 | | | | | | — | | |
Commercial collateralized mortgage obligations
|
| | | | | | | | | | 1,550 | | | | | | | | |
Municipal bond
|
| | | | — | | | | | | 1,109 | | | | | | — | | |
CRA Mutual Fund
|
| | | | 2,108 | | | | | | — | | | | | | — | | |
| | |
Fair Value Measurement
At December 31, Using |
| |||||||||||||||
2016
|
| |
Quoted Prices
in Active Markets For Identical Assets (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| |||||||||
Assets: | | | | | | | | | | | | | | | | | | | |
Residential mortgage-backed securities
|
| | | $ | — | | | | | $ | 29,027 | | | | | $ | — | | |
Residential collateralized mortgage obligation
|
| | | | — | | | | | | 5,103 | | | | | | — | | |
Municipal bond
|
| | | | — | | | | | | 1,136 | | | | | | — | | |
CRA Mutual Fund
|
| | | | 2,063 | | | | | | — | | | | | | — | | |
| | |
Fair Value Measurements Using:
|
| |||||||||||||||||||||
| | |
Total at
December 31, 2016 |
| |
Quoted Prices
in Active Markets for Identical Assets (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| ||||||||||||
Impaired loans:
|
| | | | | ||||||||||||||||||||
Commercial and industrial loan
|
| | | $ | 3,294 | | | | | $ | — | | | | | $ | — | | | | | $ | 3,294 | | |
| | |
Fair Value
|
| |
Valuation Technique
|
| |
Unobservable Input
|
| |
Range
(Weighted Average) |
| ||||||
December 31, 2016 | | | | | | | | | | | | | | | | | | | |
Impaired loans – Commercial and industrial loan
|
| | | $ | 3,294 | | | | Market approach |
| |
Adjustments for
the difference in comparable sales |
| | | | 10.00% | | |
| | |
At December 31, 2017
|
| |||||||||||||||||||||||||||
| | | | | | | | |
Fair Value Measurement Using:
|
| | | | | | | |||||||||||||||
| | |
Carrying
Amount |
| |
Quoted
Prices in Active Markets for Identical Assets (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| |
Total Fair
Value |
| |||||||||||||||
Financial assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and due from banks
|
| | | $ | 261,231 | | | | | $ | 261,231 | | | | | $ | — | | | | | $ | — | | | | | $ | 261,231 | | |
Securities available for sale
|
| | | | 32,157 | | | | | | 2,108 | | | | | | 30,049 | | | | | | — | | | | | | 32,157 | | |
Securities held to maturity
|
| | | | 5,428 | | | | | | — | | | | | | 5,330 | | | | | | — | | | | | | 5,330 | | |
Loans, net
|
| | | | 1,405,009 | | | | | | — | | | | | | — | | | | | | 1,410,860 | | | | | | 1,410,860 | | |
Other investments
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Federal Reserve Bank stock
|
| | | | 3,911 | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
Federal Home Loan Bank stock
|
| | | | 2,766 | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
SBA Loan Fund
|
| | | | 5,000 | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
Certificates of deposit
|
| | | | 2,000 | | | | | | 2,000 | | | | | | — | | | | | | — | | | | | | 2,000 | | |
Accrued interest receivable
|
| | | | 4,421 | | | | | | 11 | | | | | | 116 | | | | | | 4,294 | | | | | | 4,421 | | |
Financial liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deposits without stated maturities
|
| | | $ | 1,324,110 | | | | | $ | 1,324,110 | | | | | $ | — | | | | | $ | — | | | | | | 1,324,110 | | |
Deposits with stated maturities
|
| | | | 80,245 | | | | | | — | | | | | | 80,079 | | | | | | — | | | | | | 80,079 | | |
FHLB Advances
|
| | | | 42,198 | | | | | | — | | | | | | 42,188 | | | | | | — | | | | | | 42,188 | | |
Trust preferred securities payable
|
| | | | 20,620 | | | | | | — | | | | | | | | | | | | 19,997 | | | | | | 19,997 | | |
Subordinated debt, net of issurance cost
|
| | | | 24,489 | | | | | | — | | | | | | 25,500 | | | | | | — | | | | | | 25,500 | | |
Accrued interest payable
|
| | | | 749 | | | | | | 27 | | | | | | 258 | | | | | | 464 | | | | | | 749 | | |
| | |
At December 31, 2016
|
| |||||||||||||||||||||||||||
| | | | | | | | |
Fair Value Measurement Using:
|
| | | | | | | |||||||||||||||
| | |
Carrying
Amount |
| |
Quoted
Prices in Active Markets for Identical Assets (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| |
Total Fair
Value |
| |||||||||||||||
Financial assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and due from banks
|
| | | $ | 82,931 | | | | | $ | 82,931 | | | | | $ | — | | | | | $ | — | | | | | $ | 82,931 | | |
Securities available for sale
|
| | | | 37,329 | | | | | | 2,063 | | | | | | 35,266 | | | | | | . | | | | | | 37,329 | | |
Securities held to maturity
|
| | | | 6,500 | | | | | | — | | | | | | 6,419 | | | | | | — | | | | | | 6,419 | | |
Loans, net
|
| | | | 1,042,731 | | | | | | — | | | | | | — | | | | | | 1,059,333 | | | | | | 1,059,333 | | |
Other investments
|
| | | | 12,588 | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
Accrued interest receivable
|
| | | | 2,735 | | | | | | — | | | | | | 157 | | | | | | 2,578 | | | | | | 2,735 | | |
Financial liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deposits without stated maturities
|
| | | $ | 903,267 | | | | | $ | 903,267 | | | | | $ | — | | | | | $ | — | | | | | $ | 903,267 | | |
Deposits with stated maturities
|
| | | | 90,513 | | | | | | — | | | | | | 90,559 | | | | | | — | | | | | | 90,559 | | |
FHLB Advances
|
| | | | 78,418 | | | | | | — | | | | | | 78,872 | | | | | | — | | | | | | 78,872 | | |
Trust preferred securities payable
|
| | | | 20,620 | | | | | | — | | | | | | — | | | | | | 19,998 | | | | | | 19,998 | | |
Accrued interest payable
|
| | | | 227 | | | | | | 19 | | | | | | 62 | | | | | | 146 | | | | | | 227 | | |
| | |
2015
|
|
Risk-free interest rate
|
| |
12.19%
|
|
Expected term
|
| |
10 years
|
|
Dividend yield
|
| |
0%
|
|
| | |
2017
|
| |
2016
|
| ||||||||||||||||||
| | |
Number of
Options |
| |
Weighted
Average Exercise Price |
| |
Number of
Options |
| |
Weighted
Average Exercise Price |
| ||||||||||||
Outstanding, beginning of year
|
| | | | 276,500 | | | | | $ | 19.97 | | | | | | 289,000 | | | | | $ | 20.41 | | |
Granted
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Exercised
|
| | | | (4,503) | | | | | | 30.00 | | | | | | — | | | | | | — | | |
Cancelled/forfeited
|
| | | | (497) | | | | | | 30.00 | | | | | | (12,500) | | | | | | 30.00 | | |
Outstanding, end of year
|
| | | | 271,500 | | | | | $ | 19.79 | | | | | | 276,500 | | | | | $ | 19.97 | | |
Options vested and exercisable at year-end
|
| | | | 271,500 | | | | | $ | 19.79 | | | | | | 276,500 | | | | | $ | 19.97 | | |
Weighted average fair value of options granted during the year
|
| | | | | | | | | $ | — | | | | | | | | | | | $ | — | | |
Weighted average remaining contractual life (years)
|
| | | | | | | | | | 5.57 | | | | | | | | | | | | 6.25 | | |
| | |
Options Outstanding
|
| |||||||||||||||
Range of Average Exercise Prices
|
| |
Number
Outstanding at December 31, 2017 |
| |
Weighted
Average Remaining Contractual Life |
| |
Weighted
Average Exercise Price |
| |||||||||
$10 – 20
|
| | | | 231,000 | | | | | | 6.38 | | | | | | 18.00 | | |
$21 – 30
|
| | | | 40,500 | | | | | | 0.95 | | | | | | 30.00 | | |
$10 – 30
|
| | | | 271,500 | | | | | | 5.57 | | | | | | 19.79 | | |
|
| | |
Year Ended December 31, 2017
|
| |||||||||
| | |
Number of
Shares |
| |
Weighted
Average Grant Date Fair Value |
| ||||||
Outstanding, beginning of year
|
| | | | 64,638 | | | | | $ | 20.42 | | |
Granted
|
| | | | 31,606 | | | | | $ | 21.00 | | |
Forfeited
|
| | | | (3,167) | | | | | $ | 18.00 | | |
Vested
|
| | | | (16,973) | | | | | $ | 18.00 | | |
Outstanding at December 31, 2017
|
| | | | 76,104 | | | | | $ | 20.61 | | |
|
| | |
At December 31,
|
| |||||||||||||||||||||
| | |
2017
|
| |
2016
|
| ||||||||||||||||||
| | |
Fixed Rate
|
| |
Variable Rate
|
| |
Fixed Rate
|
| |
Variable Rate
|
| ||||||||||||
Undrawn lines of credit
|
| | | $ | 39,651 | | | | | $ | 76,008 | | | | | $ | 60,984 | | | | | $ | 9,890 | | |
Letters of credit
|
| | | | 23,741 | | | | | | — | | | | | | 9,808 | | | | | | — | | |
| | | | $ | 63,392 | | | | | $ | 76,008 | | | | | $ | 70,792 | | | | | $ | 9,890 | | |
|
| | |
Actual
|
| |
For Capital Adequacy
Purposes |
| |
To be Well Capitalized
under Prompt Corrective Action Regulations |
| |||||||||||||||||||||||||||||||||||||||
| | |
Amount
|
| |
Ratio
|
| |
Amount
|
| | | | | | | |
Ratio
|
| |
Amount
|
| | | | | | | |
Ratio
|
| ||||||||||||||||||
At December 31, 2017 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total capital (to risk-weighted assets) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Metropolitan Bank Holding Corp.
|
| | | $ | 287,039 | | | | | | 19.9% | | | | | $ | 115,636 | | | | | | ≥ | | | | | | 8.0% | | | | | | N/A | | | | | | | | | | | | N/A | | |
Metropolitan Commercial Bank
|
| | | $ | 280,317 | | | | | | 19.4% | | | | | $ | 115,523 | | | | | | ≥ | | | | | | 8.0% | | | | | $ | 144,403 | | | | | | ≥ | | | | | | 10.0% | | |
Tier 1 common equity (to risk-weighted assets)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Metropolitan Bank Holding Corp.
|
| | | $ | 221,803 | | | | | | 15.3% | | | | | $ | 65,045 | | | | | | ≥ | | | | | | 4.5% | | | | | | N/A | | | | | | | | | | | | N/A | | |
Metropolitan Commercial Bank
|
| | | $ | 265,076 | | | | | | 18.4% | | | | | $ | 64,981 | | | | | | ≥ | | | | | | 4.5% | | | | | $ | 93,862 | | | | | | ≥ | | | | | | 6.5% | | |
Tier 1 capital (to risk-weighted assets) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Metropolitan Bank Holding Corp.
|
| | | $ | 247,305 | | | | | | 17.1% | | | | | $ | 86,726 | | | | | | ≥ | | | | | | 6.0% | | | | | | N/A | | | | | | | | | | | | N/A | | |
Metropolitan Commercial Bank
|
| | | $ | 265,076 | | | | | | 18.4% | | | | | $ | 86,642 | | | | | | ≥ | | | | | | 6.0% | | | | | $ | 115,523 | | | | | | ≥ | | | | | | 8.0% | | |
Tier 1 capital (to average assets) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Metropolitan Bank Holding Corp.
|
| | | $ | 247,305 | | | | | | 13.7% | | | | | $ | 72,206 | | | | | | ≥ | | | | | | 4.0% | | | | | | N/A | | | | | | | | | | | | N/A | | |
Metropolitan Commercial Bank
|
| | | $ | 265,076 | | | | | | 14.7% | | | | | $ | 72,099 | | | | | | ≥ | | | | | | 4.0% | | | | | $ | 90,124 | | | | | | ≥ | | | | | | 5.0% | | |
At December 31, 2016 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total capital (to risk-weighted assets) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Metropolitan Bank Holding Corp.
|
| | | $ | 131,895 | | | | | | 12.5% | | | | | $ | 84,733 | | | | | | ≥ | | | | | | 8.0% | | | | | | N/A | | | | | | | | | | | | N/A | | |
Metropolitan Commercial Bank
|
| | | $ | 130,949 | | | | | | 12.4% | | | | | $ | 84,619 | | | | | | ≥ | | | | | | 8.0% | | | | | $ | 105,774 | | | | | | ≥ | | | | | | 10.0% | | |
Tier 1 common equity (to risk-weighted assets)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Metropolitan Bank Holding Corp.
|
| | | $ | 114,421 | | | | | | 10.8% | | | | | $ | 47,662 | | | | | | ≥ | | | | | | 4.5% | | | | | | N/A | | | | | | | | | | | | N/A | | |
Metropolitan Commercial Bank
|
| | | $ | 118,977 | | | | | | 11.3% | | | | | $ | 47,598 | | | | | | ≥ | | | | | | 4.5% | | | | | $ | 68,753 | | | | | | ≥ | | | | | | 6.5% | | |
Tier 1 capital (to risk-weighted assets) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Metropolitan Bank Holding Corp.
|
| | | $ | 119,923 | | | | | | 11.3% | | | | | $ | 63,549 | | | | | | ≥ | | | | | | 6.0% | | | | | | N/A | | | | | | | | | | | | N/A | | |
Metropolitan Commercial Bank
|
| | | $ | 118,977 | | | | | | 11.3% | | | | | $ | 63,465 | | | | | | ≥ | | | | | | 6.0% | | | | | $ | 84,619 | | | | | | ≥ | | | | | | 8.0% | | |
Tier 1 capital (to average assets) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Metropolitan Bank Holding Corp.
|
| | | $ | 119,923 | | | | | | 10.5% | | | | | $ | 45,742 | | | | | | ≥ | | | | | | 4.0% | | | | | | N/A | | | | | | | | | | | | N/A | | |
Metropolitan Commercial Bank
|
| | | $ | 118,977 | | | | | | 10.4% | | | | | $ | 45,703 | | | | | | ≥ | | | | | | 4.0% | | | | | $ | 57,128 | | | | | | ≥ | | | | | | 5.0% | | |
| | |
Actual
|
| |
Minimum for Capital Adequacy
plus Capital Conservation Buffer |
| ||||||||||||||||||||||||
| | |
Amount
|
| |
Ratio
|
| |
Amount
|
| | | | | | | |
Ratio
|
| ||||||||||||
December 31, 2017: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total capital (to risk-weighted assets) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Metropolitan Bank Holding Corp.
|
| | | $ | 287,039 | | | | | | 19.9% | | | | | | N/A | | | | | | | | | | | | N/A | | |
Metropolitan Commercial Bank
|
| | | $ | 280,317 | | | | | | 19.4% | | | | | $ | 133,573 | | | | | | ≥ | | | | | | 9.3% | | |
Tier 1 common equity (to risk-weighted assets) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Metropolitan Bank Holding Corp.
|
| | | $ | 221,803 | | | | | | 15.3% | | | | | | N/A | | | | | | | | | | | | N/A | | |
Metropolitan Commercial Bank
|
| | | $ | 265,076 | | | | | | 18.4% | | | | | $ | 83,032 | | | | | | ≥ | | | | | | 5.8% | | |
Tier 1 capital (to risk-weighted assets) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Metropolitan Bank Holding Corp.
|
| | | $ | 247,305 | | | | | | 17.1% | | | | | | N/A | | | | | | | | | | | | N/A | | |
Metropolitan Commercial Bank
|
| | | $ | 265,076 | | | | | | 18.4% | | | | | $ | 104,692 | | | | | | ≥ | | | | | | 7.3% | | |
Tier 1 capital (to average assets) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Metropolitan Bank Holding Corp.
|
| | | $ | 247,305 | | | | | | 13.7% | | | | | | N/A | | | | | | | | | | | | N/A | | |
Metropolitan Commercial Bank
|
| | | $ | 265,076 | | | | | | 14.7% | | | | | $ | 72,099 | | | | | | ≥ | | | | | | 4.0% | | |
| | |
Actual
|
| |
Minimum for Capital Adequacy
plus Capital Conservation Buffer |
| ||||||||||||||||||||||||
| | |
Amount
|
| |
Ratio
|
| |
Amount
|
| | | | | | | |
Ratio
|
| ||||||||||||
December 31, 2016: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total capital (to risk-weighted assets) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Metropolitan Bank Holding Corp.
|
| | | $ | 131,895 | | | | | | 12.5% | | | | | | N/A | | | | | | | | | | | | N/A | | |
Metropolitan Commercial Bank
|
| | | $ | 130,949 | | | | | | 12.4% | | | | | $ | 91,230 | | | | | | ≥ | | | | | | 8.6% | | |
Tier 1 common equity (to risk-weighted assets) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Metropolitan Bank Holding Corp.
|
| | | $ | 114,421 | | | | | | 10.8% | | | | | | N/A | | | | | | | | | | | | N/A | | |
Metropolitan Commercial Bank
|
| | | $ | 118,977 | | | | | | 11.3% | | | | | $ | 54,209 | | | | | | ≥ | | | | | | 5.1% | | |
Tier 1 capital (to risk-weighted assets) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Metropolitan Bank Holding Corp.
|
| | | $ | 119,923 | | | | | | 11.3% | | | | | | N/A | | | | | | | | | | | | N/A | | |
Metropolitan Commercial Bank
|
| | | $ | 118,977 | | | | | | 11.3% | | | | | $ | 70,075 | | | | | | ≥ | | | | | | 6.6% | | |
Tier 1 capital (to average assets) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Metropolitan Bank Holding Corp.
|
| | | $ | 119,923 | | | | | | 10.5% | | | | | | N/A | | | | | | | | | | | | N/A | | |
Metropolitan Commercial Bank
|
| | | $ | 118,977 | | | | | | 10.4% | | | | | $ | 45,703 | | | | | | ≥ | | | | | | 4.0% | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | |
2017
|
| |
2016
|
| |
2015
|
| |||||||||
Basic | | | | | | | | | | | | | | | | | | | |
Net income per consolidated statements of income
|
| | | $ | 12,369 | | | | | $ | 5,013 | | | | | $ | 4,269 | | |
Less: Dividends paid to preferred shareholders
|
| | | | — | | | | | | (3,420) | | | | | | — | | |
Less: Earnings allocated to participating securities
|
| | | | (183) | | | | | | (30) | | | | | | (85) | | |
Net income available to common stockholder
|
| | | $ | 12,186 | | | | | $ | 1,563 | | | | | $ | 4,184 | | |
Weighted average common shares outstanding including participating securities
|
| | | | 5,147,149 | | | | | | 3,708,734 | | | | | | 2,775,152 | | |
Less: Weighted average participating securities
|
| | | | (76,104) | | | | | | (68,708) | | | | | | (55,347) | | |
Weighted average common shares outstanding
|
| | | | 5,071,045 | | | | | | 3,640,026 | | | | | | 2,719,805 | | |
Basic earnings per common share
|
| | | $ | 2.40 | | | | | $ | 0.43 | | | | | $ | 1.54 | | |
Diluted | | | | | | | | | | | | | | | | | | | |
Net income allocated to common shareholders
|
| | | $ | 12,186 | | | | | $ | 1,563 | | | | | $ | 4,184 | | |
Weighted average common shares outstanding for basic earnings per common share
|
| | | | 5,071,045 | | | | | | 3,640,026 | | | | | | 2,719,805 | | |
Add: Dilutive effects of assumed exercise of stock options
|
| | | | 131,189 | | | | | | 33,000 | | | | | | — | | |
Average shares and dilutive potential common shares
|
| | | | 5,202,234 | | | | | | 3,673,026 | | | | | | 2,719,805 | | |
Dilutive earnings per commons share
|
| | | $ | 2.34 | | | | | $ | 0.43 | | | | | $ | 1.54 | | |
|
| | |
At December 31,
|
| |||||||||
| | |
2017
|
| |
2016
|
| ||||||
Assets | | | | | | | | | | | | | |
Cash and due from banks
|
| | | $ | 6,761 | | | | | $ | 818 | | |
Loans, net of allowance for loan losses
|
| | | | 776 | | | | | | 776 | | |
Investments
|
| | | | 620 | | | | | | 620 | | |
Investment in subsidiary bank, at equity
|
| | | | 274,190 | | | | | | 128,671 | | |
Other assets
|
| | | | 596 | | | | | | 11 | | |
Total assets
|
| | | $ | 282,943 | | | | | $ | 130,896 | | |
Liabilities and Stockholders’ Equity | | | | | | | | | | | | | |
Trust preferred securities payable
|
| | | | 20,620 | | | | | | 20,620 | | |
Subordinated debt payable, net of issuance costs
|
| | | | 24,489 | | | | | | — | | |
Other liabilities
|
| | | | 950 | | | | | | 785 | | |
Total liabilities
|
| | | | 46,059 | | | | | | 21,405 | | |
Stockholders’ equity:
|
| | | | | | | | | | | | |
Preferred stock
|
| | | | 3 | | | | | | 3 | | |
Common stock
|
| | | | 81 | | | | | | 45 | | |
Surplus
|
| | | | 211,145 | | | | | | 96,116 | | |
Retained earnings
|
| | | | 25,861 | | | | | | 13,492 | | |
Accumulated other comprehensive loss, net of tax
|
| | | | (206) | | | | | | (165) | | |
Total equity
|
| | | | 236,884 | | | | | | 109,491 | | |
Total liabilities and stockholders’ equity
|
| | | $ | 282,943 | | | | | $ | 130,896 | | |
|
| | |
Year Ended December 31,
|
| |||||||||||||||
| | |
2017
|
| |
2016
|
| |
2015
|
| |||||||||
Income: | | | | | | | | | | | | | | | | | | | |
Loan
|
| | | $ | 17 | | | | | $ | 6 | | | | | $ | — | | |
Securities and money market funds
|
| | | | — | | | | | | 19 | | | | | | 25 | | |
Total interest income
|
| | | | 17 | | | | | | 25 | | | | | | 25 | | |
Interest expense: | | | | | | | | | | | | | | | | | | | |
Trust preferred securities payable
|
| | | | 636 | | | | | | 539 | | | | | | 455 | | |
Subordinated debt interest expense
|
| | | | 1,322 | | | | | | — | | | | | | — | | |
Total interest expense
|
| | | | 1,958 | | | | | | 539 | | | | | | 455 | | |
Net interest expense
|
| | | | (1,941) | | | | | | (514) | | | | | | (430) | | |
Provision for loan losses
|
| | | | — | | | | | | 4 | | | | | | — | | |
Net interest income after provision for loan losses
|
| | | | (1,941) | | | | | | (518) | | | | | | (430) | | |
Other expense
|
| | | | 33 | | | | | | — | | | | | | — | | |
Loss before undistributed earnings of subsidiary bank
|
| | | | (1,974) | | | | | | (518) | | | | | | (430) | | |
Equity in undistributed earnings of subsidiary bank
|
| | | | 13,560 | | | | | | 5,319 | | | | | | 4,526 | | |
Income before income tax expense
|
| | | | 11,586 | | | | | | 4,801 | | | | | | 4,096 | | |
Income tax benefit
|
| | | | (783) | | | | | | (212) | | | | | | (173) | | |
Net income
|
| | | $ | 12,369 | | | | | $ | 5,013 | | | | | $ | 4,269 | | |
|
| | |
Year Ended December 31,
|
| |||||||||||||||
| | |
2017
|
| |
2016
|
| |
2015
|
| |||||||||
Cash Flows From Operating Activities: | | | | | |||||||||||||||
Net income
|
| | | $ | 12,369 | | | | | $ | 5,013 | | | | | $ | 4,269 | | |
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
| | | | |||||||||||||||
Undistributed earnings of subsidiary bank
|
| | | | (13,560) | | | | | | (5,319) | | | | | | (4,526) | | |
Amortization of subordinated debt issuance costs
|
| | | | 46 | | | | | | — | | | | | | — | | |
Provision for loan losses
|
| | | | — | | | | | | 4 | | | | | | — | | |
Stock based compensation expense
|
| | | | 412 | | | | | | — | | | | | | — | | |
Decrease (increase) in other assets
|
| | | | (585) | | | | | | 25 | | | | | | (29) | | |
Increase (decrease) in other liabilities
|
| | | | 165 | | | | | | 415 | | | | | | 26 | | |
Net cash provided by (used in) operating activities
|
| | | | (1,153) | | | | | | 138 | | | | | | (260) | | |
Cash Flows From Investing Activities: | | | | | |||||||||||||||
Investments in subsidiary bank
|
| | | | (132,000) | | | | | | (26,000) | | | | | | (11,400) | | |
Loan to related party
|
| | | | — | | | | | | (780) | | | | | | — | | |
Net cash used in Investing activities
|
| | | | (132,000) | | | | | | (26,780) | | | | | | (11,400) | | |
Cash Flows From Financing Activities: | | | | | |||||||||||||||
Proceeds from issuance of common stock, net
|
| | | | 114,773 | | | | | | 28,368 | | | | | | 12,606 | | |
Repurchase of common stock for exercise of stock options and tax withholdings for restricted stock vestings
|
| | | | (255) | | | | | | — | | | | | | — | | |
Proceeds from issuance of preferred stock, net
|
| | | | — | | | | | | 5,503 | | | | | | — | | |
Purchase and retirement of preferred stock
|
| | | | — | | | | | | (1,400) | | | | | | — | | |
Redemption of preferred stock, net
|
| | | | — | | | | | | (2,672) | | | | | | — | | |
Proceeds from exercise of stock options
|
| | | | 135 | | | | | | — | | | | | | — | | |
Proceeds from issuance of subordinated debt, net of issuance cost
|
| | | | 24,443 | | | | | | — | | | | | | — | | |
Payment of preferred stock dividend
|
| | | | — | | | | | | (3,420) | | | | | | — | | |
Net cash provided by financing activities
|
| | | | 139,096 | | | | | | 26,379 | | | | | | 12,606 | | |
Net (decrease) increase in cash and cash equivalents
|
| | | | 5,943 | | | | | | (263) | | | | | | 946 | | |
Cash and cash equivalents, beginning of year
|
| | | | 818 | | | | | | 1,081 | | | | | | 135 | | |
Cash and cash equivalents, end of year
|
| | | $ | 6,761 | | | | | $ | 818 | | | | | $ | 1,081 | | |
|
| | |
Year Ended December 31,
|
| |||||||||||||||
| | |
2017
|
| |
2016
|
| |
2015
|
| |||||||||
Beginning balance
|
| | | $ | (165) | | | | | $ | 16 | | | | | $ | 129 | | |
Net change in other comprehensive income (loss) before reclassification, net of tax
|
| | | | (41) | | | | | | (158) | | | | | | (113) | | |
Amounts reclassified from accumulated other comprehensive income, net of tax
|
| | | | — | | | | | | (23) | | | | | | — | | |
Net current period other comprehensive loss
|
| | | | (41) | | | | | | (181) | | | | | | (113) | | |
Ending balance
|
| | | $ | (206) | | | | | $ | (165) | | | | | $ | 16 | | |
|
| | |
Year Ended December 31,
|
| |
Affected line item in the Consolidated
Statements of Operations |
| |||||||||||||||
| | |
2017
|
| |
2016
|
| |
2015
|
| ||||||||||||
Realized gain on sale of available for sale securities
|
| | | $ | — | | | | | $ | 40 | | | | | $ | — | | | | Net gains on securities transactions | |
Income tax expense
|
| | | | — | | | | | $ | (17) | | | | | | — | | | | Income tax expense | |
Total reclassifications, net of income tax
|
| | | $ | — | | | | | $ | 23 | | | | | $ | — | | | | | |
|
| | |
2017 Quarter Ended
|
| |||||||||||||||||||||
| | |
December 31
|
| |
September 30
|
| |
June 30
|
| |
March 31
|
| ||||||||||||
Interest income
|
| | | $ | 17,864 | | | | | $ | 16,401 | | | | | $ | 14,047 | | | | | $ | 12,441 | | |
Interest expense
|
| | | | 2,293 | | | | | | 2,437 | | | | | | 2,281 | | | | | | 1,660 | | |
Net interest income
|
| | | | 15,571 | | | | | | 13,964 | | | | | | 11,766 | | | | | | 10,781 | | |
Provision for loan losses
|
| | | | 3,499 | | | | | | 1,200 | | | | | | 1,790 | | | | | | 570 | | |
Net interest income after provision for loan losses
|
| | | | 12,072 | | | | | | 12,764 | | | | | | 9,976 | | | | | | 10,211 | | |
Non-interest income
|
| | | | 6,249 | | | | | | 2,233 | | | | | | 1,573 | | | | | | 1,245 | | |
Non-interest expense
|
| | | | 9,780 | | | | | | 8,590 | | | | | | 7,141 | | | | | | 7,234 | | |
Income before income taxes
|
| | | | 8,541 | | | | | | 6,407 | | | | | | 4,408 | | | | | | 4,222 | | |
Income tax expense
|
| | | | 5,216 | | | | | | 2,562 | | | | | | 1,757 | | | | | | 1,674 | | |
Net income
|
| | | $ | 3,325 | | | | | $ | 3,845 | | | | | $ | 2,651 | | | | | $ | 2,548 | | |
Basic earnings per share
|
| | | $ | 0.50 | | | | | $ | 0.83 | | | | | $ | 0.57 | | | | | $ | 0.55 | | |
Diluted earnings per share
|
| | | $ | 0.49 | | | | | $ | 0.82 | | | | | $ | 0.57 | | | | | $ | 0.55 | | |
|
| | |
2016 Quarter Ended
|
| |||||||||||||||||||||
| | |
December 31
|
| |
September 30
|
| |
June 30
|
| |
March 31
|
| ||||||||||||
Interest income
|
| | | $ | 11,919 | | | | | $ | 11,337 | | | | | $ | 10,970 | | | | | $ | 9,929 | | |
Interest expense
|
| | | | 1,492 | | | | | | 1,519 | | | | | | 1,598 | | | | | | 1,480 | | |
Net interest income
|
| | | | 10,427 | | | | | | 9,818 | | | | | | 9,372 | | | | | | 8,449 | | |
Provision for loan losses
|
| | | | 5,900 | | | | | | 350 | | | | | | 1,250 | | | | | | 560 | | |
Net interest income after provision for loan losses
|
| | | | 4,527 | | | | | | 9,468 | | | | | | 8,122 | | | | | | 7,889 | | |
Non-interest income
|
| | | | 1,288 | | | | | | 1,321 | | | | | | 1,658 | | | | | | 1,156 | | |
Non-interest expense
|
| | | | 6,199 | | | | | | 8,267 | | | | | | 6,662 | | | | | | 6,243 | | |
Income before income taxes
|
| | | | (384) | | | | | | 2,522 | | | | | | 3,118 | | | | | | 2,802 | | |
Income tax expense
|
| | | | (433) | | | | | | 1,072 | | | | | | 1,268 | | | | | | 1,138 | | |
Net income
|
| | | $ | 49 | | | | | $ | 1,450 | | | | | $ | 1,850 | | | | | $ | 1,664 | | |
Basic earnings per share
|
| | | $ | 0.01 | | | | | $ | (0.50) | | | | | $ | 0.59 | | | | | $ | 0.53 | | |
Diluted earnings per share(1)
|
| | | $ | 0.01 | | | | | $ | (0.50) | | | | | $ | 0.58 | | | | | $ | 0.53 | | |
|
| | | | Metropolitan Bank Holding Corp. | |
| Date: April 5, 2018 | | |
By:
/s/ Mark R. DeFazio
Mark R. DeFazio
President and Chief Executive Officer (Duly Authorized Representative) |
|
Exhibit 23
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We consent to the incorporation by reference in Registration Statement No. 333-221644 on Form S-8 of Metropolitan Bank Holding Corp. and Subsidiary of our report dated March 28, 2018, relating to the consolidated financial statements, appearing in this Annual Report on Form 10-K.
/s/ Crowe Horwath LLP | |
Livingston, New Jersey | |
March 28, 2018 |
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