Metropolitan Bank Holding Corp. (NYSE:MCB) Q1 2023 Earnings Conference Call April 19, 2023 8:30 AM ET
Company Participants
Mark Defazio - President, Chief Executive Officer
Greg Sigrist - Executive Vice President, Chief Financial Officer
Conference Call Participants
Chris O’Connell - KBW
Alex Lau - JP Morgan
Operator
Welcome to Metropolitan Commercial Bank’s first quarter 2023 earnings call. Hosting the call today from Metropolitan Commercial Bank are Mark Defazio, President and Chief Executive Officer, and Greg Sigrist, Executive Vice President and Chief Financial Officer.
Today’s call is being recorded.
At this time, all participants have been placed in a listen-only mode, and the floor will be open for your remarks following the prepared remarks. If you would like to ask a question at that time, please press star, one on your telephone keypad. If at any point your question has been answered, you may remove yourself from the queue by pressing star, two. We ask that you please pick up your handset to allow optimal sound quality. Lastly, if you should require Operator assistance, please press star, zero.
During today’s presentation, reference will be made to the company’s earnings release and investor presentation, copies of which are available at mcbankny.com. Today’s presentation may include forward-looking statements that are subject to risks and uncertainties that may cause actual results to differ materially. Please refer to the company’s notices regarding forward-looking statements and non-GAAP measures that appear in the earnings release.
It is now my pleasure to turn the floor over to Mark Defazio, President and Chief Executive Officer. You may begin.
Mark Defazio
Thank you. Good morning and welcome to MCB’s first quarter earnings call, and thank you for accommodating a call a few days earlier than usual.
Many have heard me say for some time now that the next crisis in banking would be about liquidity. MCB was well prepared when this recently became obvious across the industry. For nearly 24 years now, MCB has maintained a steady hand at managing liquidity and interest rate risk. That is evident when looking at our diversified loan and deposit verticals, the expansion of our net interest margin as interest rates rose dramatically off of record lows, and the strength of our liquidity position currently.
Our client base and financial positions are strong and growing. Core deposits grew in the first quarter net of expected outflows. Greg will take you through our key metrics around our liquidity position shortly.