Metropolitan Bank Holding Corporation (NYSE:MCB) Q3 2023 Earnings Conference Call October 20, 2023 9:00 AM ET
Company Participants
Mark DeFazio - President & CEO
Greg Sigrist - EVP & CFO
Conference Call Participants
Chris O'Connell - KBW
Alex Lau - JPMorgan
Operator
Welcome to Metropolitan Commercial Bank's Third 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. [Operator Instructions]
During today's presentation, reference will be made to the company's earnings release and investor presentation, copies of which are available at ncbankny.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, Shelby, and good morning, and thank you all for joining our third quarter earnings call. I will be brief today because I'd like to leave more time for Q&A. .
To get started, I am pleased with MCB's third quarter and year-to-date results. To say the last 9 months have been challenging is an understatement. However, as you can see, MCB has been able to navigate through these challenging times, primarily because we were as prepared as we can be for them. Along with our ability to grow alongside of these challenges, Year-to-date, we have experienced reasonable balance sheet growth funded by new core deposits while maintaining our underwriting and pricing disciplines.
All deposit verticals contributed to our growth in liquidity as well as early contributions from our latest initiatives in 1031, title and EV 5 lines. Excess liquidity this quarter also allowed us to pay down our Federal Home Loan Bank borrowings, which were used specifically to off-ramp our previous on-balance sheet crypto deposits. We are confident we will see further reductions of these borrowings over the coming quarters.
We are also confident that each of our deposit verticals will continue to set us aside from others. And maintain MCB as a core-funded institution. We are working on a number of other deposit and fee income initiatives, which we will start discussing in the coming months. And I'm confident they will all add to our liquidity Arsenal, which will not only stave off margin compression, but will start to expand it.