Metropolitan Bank Holding Corp. Reports First Quarter 2026 Results

NEW YORK--( BUSINESS WIRE)--Metropolitan Bank Holding Corp. (the “Company”) (NYSE: MCB), the holding company for Metropolitan Commercial Bank (the “Bank”), reported net income of $31.4 million, or $2.92 per diluted common share, for the first quarter of 2026 compared to $28.9 million, or $2.77 per diluted common share, for the fourth quarter of 2025 and $16.4 million, or $1.45 per diluted common share, for the first quarter of 2025.

Mark DeFazio, President and Chief Executive Officer, commented,

“Our first quarter results reflect the continued strength and momentum of our business model. Driven by disciplined balance sheet management and continued growth across our core client base, we delivered diluted earnings per share of $2.92, strong core margin expansion, and solid returns on equity. Net interest income increased more than 28% year over year, reflecting disciplined loan pricing, funding mix optimization, and consistent execution in a dynamic interest‑rate environment.

Loan and deposit growth was robust during the quarter, highlighting the durability of our franchise and the deepened relationships we continue to build with our clients. Total loans increased to $7.0 billion, while deposits grew to $7.7 billion, demonstrating our ability to grow prudently with core funding while maintaining strong credit discipline.

We also strengthened our capital position with the successful completion of our follow‑on public equity offering. Our robust capital position provides us with the ability to support significant future growth while enhancing the strength of our balance sheet. In addition, the Board’s decision to increase the quarterly dividend underscores our confidence in the Company’s earnings power and long‑term outlook.

We enter the remainder of 2026 well positioned, with strong capital levels, a proven operating model, and a clear strategic focus on delivering sustainable growth and long‑term value for our shareholders.”

Balance Sheet

Total loans, net of deferred fees and unamortized costs, were $7.0 billion at March 31, 2026, an increase of $236.3 million, or 3.5%, from December 31, 2025, and an increase of $704.4 million, or 11.1%, from March 31, 2025. Loan production was $428.3 million for the first quarter of 2026 compared to $510.9 million for the prior linked quarter and $409.8 million for the prior year period. The increase in total loans from December 31, 2025 was due primarily to an increase of $233.1 million in commercial real estate (“CRE”) loans (including owner-occupied). The increase in total loans from March 31, 2025 was due primarily to an increase of $840.3 million in CRE loans (including owner-occupied), partially offset by a decrease of $143.5 million in commercial and industrial loans.

Total deposits were $7.7 billion at March 31, 2026, an increase of $362.5 million, or 4.9%, from December 31, 2025, and an increase of $1.3 billion, or 20.0%, from March 31, 2025. Deposit growth for the quarter was broadly distributed across the Bank’s various deposit verticals.

The Company raised approximately $196.6 million of capital through the issuance of approximately 2.3 million shares of its common stock at a public offering price of $85.00 per share. The Company plans to use the proceeds from the offering, which, net of underwriting discounts and commissions, amounts to approximately $186.8 million, to support its organic growth initiatives, investments in the Bank, working capital for ongoing operations, and general corporate purposes.

The Bank’s liquidity position remains robust. At March 31, 2026, cash on deposit with the Federal Reserve Bank of New York and available secured funding capacity totaled $3.7 billion, which represented 200% of our estimated uninsured deposits. Total cash and cash equivalents were $672.4 million at March 31, 2026.

The Company and Bank have total risk-based capital ratios well above regulatory minimums. The Bank is “well capitalized” under all applicable regulatory guidelines. Total non-owner-occupied CRE loans were 299.5% of total risk-based capital at March 31, 2026, compared to 376.5% and 367.0% at December 31, 2025 and March 31, 2025, respectively. The CRE loan concentration ratio declined from December 31, 2025 primarily owing to the completion of the Company’s public equity offering of common stock in the first quarter of 2026.

Income Statement

Financial Highlights

Three months ended

Mar. 31,

Dec. 31,

Mar. 31,

(dollars in thousands, except per share data)

2026

2025

Total revenues (1)

88,490

88,408

70,590

Net income (loss)

31,426

28,857

16,354

Diluted earnings (loss) per common share

2.92

2.77

1.45

Return on average assets (2)

1.49

1.38

0.89

Return on average equity (2)

15.4

15.6

9.0

Return on average tangible common equity (2), (3)

15.6

15.8

9.1

(1)

Total revenues equal net interest income plus non-interest income.

(2)

Ratios are annualized.

(3)

Determined by dividing net income by average tangible common equity. Return on average tangible common equity is a Non-GAAP financial measure. See Reconciliation of Non-GAAP Measures on page 11.

Net Interest Income

Net interest income for the first quarter of 2026 was $85.9 million compared to $85.3 million for the prior linked quarter and $67.0 million for the prior year period. The modest increase in net interest income from the prior linked quarter was primarily due to elevated loan payoffs at the end of December 2025, that were offset by $428.3 million of new loan originations made during the first quarter. The $19.0 million increase from the prior year period was due primarily to an increase in the average balance of loans and overnight deposits and a decrease in the cost of funds, partially offset by an increase in the average balance of interest-bearing deposits.

Net Interest Margin

Net interest margin for the first quarter of 2026 was 4.08% compared to 4.10% and 3.68% for the prior linked quarter and prior year period, respectively. The total cost of funds for the first quarter of 2026 was 261 basis points compared to 279 basis points and 319 basis points for the prior linked quarter and prior year period, respectively. The decrease from the prior linked quarter and from the prior year period primarily reflects the decline in short-term interest rates.

Non-Interest Income

Non-interest income was $2.6 million for the first quarter of 2026, a decrease of $502,000 from the prior linked quarter and a decrease of $1.1 million from the prior year period. The decrease from the prior linked quarter was due primarily to a $674,000 gain on the sale of securities in the fourth quarter of 2025. The decrease from the prior year period was driven primarily by the absence of one-time non-refundable program fees of $822,000 reflected in the prior year period.

Non-Interest Expense

Non-interest expense was $46.4 million for the first quarter of 2026, an increase of $2.0 million from the prior linked quarter and an increase of $3.7 million from the prior year period. The increase from the prior linked quarter was primarily due to an increase of $3.8 million in compensation and benefits, partially offset by a $1.8 million decrease in technology costs. The $3.7 million increase from the prior year period was due primarily to a $2.6 million increase in deposit related program fees, $2.4 million increase in compensation and benefits and $2.0 million increase in technology costs, partially offset by a $1.8 million decrease in professional fees and a $1.1 million decrease in the Federal Deposit Insurance Corporation (“FDIC”) assessment.

Income Tax Expense

The effective tax rate for the first quarter of 2026 was 29.2% compared to 29.9% for the prior linked quarter and 30.0% for the prior year period.

Asset Quality

The ratio of non-performing loans to total loans was 1.01% at March 31, 2026 and 1.28% at December 31, 2025 and 0.54% at March 31, 2025. The decrease in the non-performing loan ratio from the prior linked quarter primarily reflects the charge-off of three loans totaling $12.5 million. The increase in the non-performing loan ratio from the prior year period is primarily attributable to a single out-of-market CRE multi-family loan relationship that was classified as non-performing in the third quarter of 2025.

The allowance for credit losses was $82.1 million at March 31, 2026, a decrease of $15.0 million from December 31, 2025, and an increase of $14.3 million from March 31, 2025. The decrease from December 31, 2025 primarily reflects the aforementioned charge-offs, along with enhancements made to the Bank’s allowance for credit loss estimation process, and changes in the outlook for certain macroeconomic variables resulting in a net provision release of $2.6 million. The increase from March 31, 2025 was primarily due to a single out-of-market CRE multi-family loan relationship that was classified as non-performing in the third quarter of 2025 as well as loan growth, partially offset by the aforementioned charge-offs in the first quarter of 2026.

Conference Call

The Company will conduct a conference call at 9:00 a.m. ET on Wednesday, April 22, 2026, to discuss the results. To access the event by telephone, please dial 800-245-3047 (US), 203-518-9765 (INTL), and provide conference ID: MCBQ126 approximately 15 minutes prior to the start time (to allow time for registration).

The call will also be broadcast live over the Internet and accessible at MCB Quarterly Results Conference Call and in the Investor Relations section of the Company’s website at MCB News. To listen to the live webcast, please visit the site at least 15 minutes prior to the start time to register, download and install any necessary audio software.

For those unable to join for the live presentation, a replay of the webcast will also be available later that day accessible at MCB Quarterly Results Conference Call.

About Metropolitan Bank Holding Corp.

Metropolitan Bank Holding Corp. (NYSE: MCB) is the parent company of Metropolitan Commercial Bank (the “Bank”), a New York City based full-service commercial bank. The Bank provides a broad range of business, commercial and personal banking products and services to individuals, small businesses, private and public middle-market corporate enterprises and institutions, municipalities, and local government entities.

Metropolitan Commercial Bank was named one of Newsweek’s Best Regional Banks in 2024 and 2025. The Independent Community Bankers of America ranked the Bank as a top ten loan producer in 2024 among commercial banks with more than $1 billion in assets. Kroll affirmed a BBB+ (investment grade) deposit rating in January 2026. For the fourth time, MCB has earned a place in the Piper Sandler Bank Sm-All Stars Class of 2024.

The Bank is a New York State chartered commercial bank, a member of the Federal Reserve System and the Federal Deposit Insurance Corporation, and an equal housing lender. For more information, please visit the Bank’s website at MCBankNY.com.

Forward-Looking Statement Disclaimer

This release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include but are not limited to the Company’s future financial condition and capital ratios, results of operations and the Company’s outlook, business, share repurchases under the share repurchase program, dividend payments and statements related to the completion of the public offering of common stock and the anticipated use of proceeds from the public offering of common stock. Forward-looking statements are not historical facts. Such statements may be identified by the use of such words as “may,” “believe,” “expect,” “anticipate,” “plan,” “continue” or similar terminology. These statements relate to future events or our future financial performance and involve risks and uncertainties that are difficult to predict and are generally beyond our control and may cause our actual results, levels of activity, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we caution you not to place undue reliance on these forward-looking statements. Factors which may cause our forward-looking statements to be materially inaccurate include, but are not limited to the following: the interest rate policies of the Federal Reserve and other regulatory bodies; an unexpected deterioration in the performance of our loan or securities portfolios; changes in liquidity, including the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio; unexpected increases in our expenses; different than anticipated growth and our ability to manage our growth; global pandemics, or localized epidemics, could adversely affect the Company’s financial condition and results of operations; potential recessionary conditions, including the related effects on our borrowers and on our financial condition and results of operations; an unanticipated loss of key personnel or existing clients, or an inability to attract key employees; increases in competitive pressures among financial institutions or from non-financial institutions which may result in unanticipated changes in our loan or deposit rates; unanticipated increases in FDIC insurance premiums or future assessments; legislative, tax or regulatory changes or actions, which may adversely affect the Company’s business; impacts related to or resulting from regional and community bank failures and stresses to regional banks; changes in deposit flows, funding sources or loan demand, which may adversely affect the Company’s business; changes in accounting principles, policies or guidelines may cause the Company’s financial condition or results of operation to be reported or perceived differently; general economic conditions, including unemployment rates, either nationally or locally in some or all of the areas in which the Company does business, or conditions in the securities markets or the banking industry being less favorable than currently anticipated; inflation, which may lead to higher operating costs; declines in real estate values in the Company’s market area, which may adversely affect our loan production; an unexpected adverse financial, regulatory, legal or bankruptcy event experienced by our non-bank financial service clients or critical technology service providers; system failures or cybersecurity breaches of our information technology infrastructure and/or confidential information or those of the Company’s third-party service providers; emerging issues related to the development and use of artificial intelligence that could give rise to legal or regulatory action, damage our reputation or otherwise materially harm our business or clients; failure to maintain current technologies or technological changes that may be more difficult or expensive to implement than anticipated, and failure to successfully implement future information technology enhancements; the costs, including the possible incurrence of fines, penalties, or other negative effects (including reputational harm) of any adverse judicial, administrative, or arbitral rulings or proceedings, regulatory enforcement actions, or other legal actions to which we or any of our subsidiaries are a party, and which may adversely affect our results; the current or anticipated impact of military conflict, terrorism or other geopolitical events; the successful implementation or consummation of new business initiatives, which may be more difficult or expensive than anticipated; the timely and efficient development of new products and services offered by the Company or its strategic partners, as well as risks (including reputational and litigation) attendant thereto, and the perceived overall value and acceptance of these products and services by clients; changes in consumer spending, borrowing or savings habits; the risks associated with adverse changes to credit quality; an unexpected failure to successfully manage our credit risk and the sufficiency of our allowance for credit losses; credit and other risks from borrower and depositor concentrations (e.g., by geographic area and by industry); difficulties associated with achieving or predicting expected future financial results; and the potential impact on the Company’s operations and clients resulting from natural or man-made disasters, wars, acts of terrorism, cyberattacks and pandemics, as well as those discussed under the heading “Risk Factors” in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q which have been filed with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended. Forward-looking statements speak only as of the date of this release. We do not undertake (and expressly disclaim) any obligation to update or revise any forward-looking statement, except as may be required by law.

Consolidated Balance Sheet (unaudited)

Mar. 31,

Dec. 31,

Sept. 30,

Jun. 30,

Mar. 31,

(in thousands)

2026

2025

Assets

Cash and due from banks

12,034

12,086

13,109

13,577

18,572

Overnight deposits

660,359

381,501

372,827

138,876

177,891

Total cash and cash equivalents

672,393

393,587

385,936

152,453

196,463

Investment securities available-for-sale

649,719

578,932

552,441

551,029

523,542

Investment securities held-to-maturity

347,868

356,627

376,447

387,901

398,973

Equity investment securities, at fair value

5,625

5,609

5,548

5,276

5,221

Total securities

1,003,212

941,168

934,436

944,206

927,736

Other investments

20,725

20,632

27,330

27,297

27,062

Loans, net of deferred fees and unamortized costs

7,046,547

6,810,233

6,781,703

6,612,789

6,342,122

Allowance for credit losses

(82,071

)

(97,081

)

(94,239

)

(74,071

)

(67,803

)

Net loans

6,964,476

6,713,152

6,687,464

6,538,718

6,274,319

Other assets

183,318

187,177

199,264

191,175

190,718

Total assets

8,844,124

8,255,716

8,234,430

7,853,849

7,616,298

Liabilities and Stockholders' Equity

Deposits

Non-interest-bearing demand deposits

1,539,553

1,479,420

1,382,345

1,427,439

1,384,524

Interest-bearing deposits

6,200,166

5,897,758

5,690,414

5,363,867

5,064,768

Total deposits

7,739,719

7,377,178

7,072,759

6,791,306

6,449,292

Federal funds purchased

—

125,000

50,000

125,000

Federal Home Loan Bank of New York advances

—

150,000

160,000

Trust preferred securities

20,620

Secured and other borrowings

15,975

10,975

17,355

17,366

17,403

Other liabilities

119,471

103,831

116,656

101,589

106,137

Total liabilities

7,895,785

7,512,604

7,502,390

7,130,881

6,878,452

Common stock

136

113

Additional paid in capital

584,524

405,565

403,708

401,055

398,823

Retained earnings

479,177

450,639

423,338

417,782

399,015

Accumulated other comprehensive gain (loss), net of tax effect

(39,233

)

(39,739

)

(41,852

)

(45,455

)

(47,170

)

Treasury stock, at cost

(76,265

)

(73,466

)

(53,267

)

(50,527

)

(12,935

)

Total stockholders’ equity

948,339

743,112

732,040

722,968

737,846

Total liabilities and stockholders’ equity

8,844,124

8,255,716

8,234,430

7,853,849

7,616,298

Consolidated Statement of Income (unaudited)

Three months ended

Mar. 31,

Dec. 31,

Mar. 31,

(dollars in thousands, except per share data)

2026

2025

Total interest income

134,932

137,465

118,770

Total interest expense

49,023

52,140

51,818

Net interest income

85,909

85,325

66,952

Provision for credit losses

(2,300

)

2,846

4,506

Net interest income after provision for credit losses

88,209

82,479

62,446

Non-interest income

Service charges on deposit accounts

2,274

2,037

2,173

Other income

307

1,046

1,465

Total non-interest income

2,581

3,083

3,638

Non-interest expense

Compensation and benefits

24,148

20,361

21,739

Bank premises and equipment

2,729

2,682

2,463

Professional fees

3,229

2,857

4,986

Technology costs

4,196

5,965

2,220

Deposit related program fees

6,799

7,067

4,187

FDIC assessments

1,850

1,610

2,967

Other expenses

3,449

3,839

4,160

Total non-interest expense

46,400

44,381

42,722

Net income before income tax expense

44,390

41,181

23,362

Income tax expense

12,964

12,324

7,008

Net income (loss)

31,426

28,857

16,354

Earnings per common share:

Average common shares outstanding:

Basic

10,674,698

10,214,267

11,215,118

Diluted

10,756,358

10,418,492

11,281,375

Basic earnings (loss)

2.94

2.83

1.46

Diluted earnings (loss)

2.92

2.77

1.45

Loan Production, Asset Quality & Regulatory Capital

Mar. 31,

Dec. 31,

Sept. 30,

Jun. 30,

Mar. 31,

2026

2025

LOAN PRODUCTION (in millions)

428.3

510.9

514.2

492.0

409.8

ASSET QUALITY (in thousands)

Non-performing loans:

Commercial real estate

68,635

75,408

70,122

28,480

25,087

Commercial and industrial

—

8,989

One- to four- family

2,416

2,450

2,451

2,469

446

Consumer

—

Total non-performing loans

71,051

86,884

81,562

39,938

34,544

Non-performing loans to total loans

1.01

1.28

1.20

0.60

0.54

Allowance for credit losses

82,071

97,081

94,239

74,071

67,803

Allowance for credit losses to total loans

1.16

1.43

1.39

1.12

1.07

Charge-offs

(12,455

)

—

(3,858

)

(112

)

(118

)

Recoveries

126

180

Net charge-offs/(recoveries) to average loans (annualized)

0.73

—

0.22

—

REGULATORY CAPITAL

Tier 1 Leverage:

Metropolitan Bank Holding Corp.

11.6

9.5

9.8

10.0

10.7

Metropolitan Commercial Bank

11.4

9.1

9.4

9.8

10.1

Common Equity Tier 1 Risk-Based (CET1):

Metropolitan Bank Holding Corp.

13.2

10.7

10.6

10.8

11.4

Metropolitan Commercial Bank

13.1

10.5

10.4

10.9

11.0

Tier 1 Risk-Based:

Metropolitan Bank Holding Corp.

13.4

11.0

10.9

11.1

11.7

Metropolitan Commercial Bank

13.1

10.5

10.4

10.9

11.0

Total Risk-Based:

Metropolitan Bank Holding Corp.

14.6

12.3

12.2

12.8

Metropolitan Commercial Bank

14.3

11.7

12.0

12.1

Performance Measures

Three months ended

Mar. 31,

Dec. 31,

Mar. 31,

(dollars in thousands, except per share data)

2026

2025

Net income (loss) available to common shareholders

31,426

28,857

16,354

Per common share:

Basic earnings (loss)

2.94

2.83

1.46

Diluted earnings (loss)

2.92

2.77

1.45

Common shares outstanding:

Period end

12,392,035

10,088,617

11,066,234

Average fully diluted

10,756,358

10,418,492

11,281,375

Return on: (1)

Average total assets

1.49

1.38

0.89

Average equity

15.4

15.6

9.0

Average tangible common equity (2), (3)

15.6

15.8

9.1

Yield on average earning assets (1)

6.41

6.60

6.52

Total cost of deposits (1)

2.60

2.75

3.09

Net interest spread (1)

3.19

3.16

2.53

Net interest margin (1)

4.08

4.10

3.68

Net charge-offs as % of average loans (1)

0.73

—

Efficiency ratio (4)

52.4

50.2

60.5

______________________

(1)

Ratios are annualized.

(2)

Determined by dividing net income by average tangible common equity.

(3)

Non-GAAP financial measure. See Reconciliation of Non-GAAP Measures on page 11.

(4)

Total non-interest expense divided by total revenues.

Interest Margin Analysis

Three months ended

Mar. 31, 2026

Dec. 31, 2025

Mar. 31, 2025

Average

Yield /

Average

Yield /

Average

Yield /

(dollars in thousands)

Balance

Interest

Rate (1)

Balance

Interest

Rate (1)

Balance

Interest

Rate (1)

Assets:

Interest-earning assets:

Loans (2)

6,926,983

122,594

7.18

6,905,105

127,338

7.32

6,202,311

110,865

7.25

Available-for-sale securities

651,928

4,982

3.10

624,952

4,606

2.92

577,184

3,415

2.40

Held-to-maturity securities

352,937

1,663

1.91

372,218

1,733

1.85

417,326

1,943

1.89

Equity investments

5,874

3.04

5,830

3.02

5,516

2.90

Overnight deposits

578,330

5,329

3.74

330,538

3,349

4.02

154,357

1,925

5.06

Other interest-earning assets

20,693

319

6.26

24,553

396

6.41

30,917

583

7.65

Total interest-earning assets

8,536,745

134,931

6.41

8,263,196

137,466

6.60

7,387,611

118,770

6.52

Non-interest-earning assets

127,802

152,006

128,676

Allowance for credit losses

(97,788

)

(95,523

)

(64,584

)

Total assets

8,566,759

8,319,679

7,451,703

Liabilities and Stockholders' Equity:

Interest-bearing liabilities:

Money market and savings accounts

5,961,007

46,997

3.20

5,727,076

48,925

3.39

4,747,995

45,844

3.92

Certificates of deposit

184,625

1,732

3.80

171,784

1,707

3.94

126,471

1,334

4.28

Total interest-bearing deposits

6,145,632

48,729

3.22

5,898,860

50,632

3.41

4,874,466

47,178

3.93

Borrowed funds

22,638

293

5.25

119,532

1,509

5.01

392,453

4,640

4.80

Total interest-bearing liabilities

6,168,270

49,022

3.22

6,018,392

52,141

3.44

5,266,919

51,818

3.99

Non-interest-bearing liabilities:

Non-interest-bearing deposits

1,459,199

1,409,271

1,319,688

Other non-interest-bearing liabilities

111,159

156,294

126,872

Total liabilities

7,738,628

7,583,957

6,713,479

Stockholders' equity

828,131

735,722

738,224

Total liabilities and equity

8,566,759

8,319,679

7,451,703

Net interest income

85,909

85,325

66,952

Net interest rate spread (3)

3.19

3.16

2.53

Net interest margin (4)

4.08

4.10

3.68

Total cost of deposits (5)

2.60

2.75

3.09

Total cost of funds (6)

2.61

2.79

3.19

______________________

(1)

Ratios are annualized.

(2)

Amount includes deferred loan fees and non-performing loans.

(3)

Determined by subtracting the annualized average cost of total interest-bearing liabilities from the annualized average yield on total interest-earning assets.

(4)

Determined by dividing annualized net interest income by total average interest-earning assets.

(5)

Determined by dividing annualized interest expense on deposits by total average interest-bearing and non-interest-bearing deposits.

(6)

Determined by dividing annualized interest expense by the sum of total average interest-bearing liabilities and total average non-interest-bearing deposits.

Reconciliation of Non-GAAP Measures

In addition to the results presented in accordance with Generally Accepted Accounting Principles (“GAAP”), this earnings release includes certain non-GAAP financial measures. Management believes these non-GAAP financial measures provide meaningful information to investors in understanding the Company’s operating performance and trends. These non-GAAP measures have inherent limitations and are not required to be uniformly applied and are not audited. They should not be considered in isolation or as a substitute for an analysis of results reported under GAAP. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies. Reconciliations of non-GAAP/adjusted financial measures disclosed in this earnings release to the comparable GAAP measures are provided in the following tables:

Quarterly Data

Mar. 31,

2026

Dec. 31,

2025

Sept. 30,

2025

Jun. 30,

2025

Mar. 31,

2025

Average assets

8,566,759

8,319,679

7,964,712

7,775,199

7,451,703

Less: average intangible assets

9,733

Average tangible assets (non-GAAP)

8,557,026

8,309,946

7,954,979

7,765,466

7,441,970

Average common equity

828,131

735,722

731,281

723,974

738,224

Less: average intangible assets

9,733

Average tangible common equity (non-GAAP)

818,398

725,989

721,548

714,241

728,491

Total assets

8,844,124

8,255,716

8,234,430

7,853,849

7,616,298

Less: intangible assets

9,733

Tangible assets (non-GAAP)

8,834,391

8,245,983

8,224,697

7,844,116

7,606,565

Common equity

948,339

743,112

732,040

722,968

737,846

Less: intangible assets

9,733

Tangible common equity (book value) (non-GAAP)

938,606

733,379

722,307

713,235

728,113

Common shares outstanding

12,392,035

10,088,617

10,382,218

10,421,384

11,066,234

Book value per share (GAAP)

76.53

73.66

70.51

69.37

66.68

Tangible book value per share (non-GAAP) (1)

75.74

72.69

69.57

68.44

65.80

______________________

(1)

Tangible book value divided by common shares outstanding at period-end.

Explanatory Note

Some amounts presented within this document may not recalculate due to rounding.