Stock Track | Metropolitan Bank Plummets 6.05% as Q3 Earnings Miss Estimates Amid Credit Concerns

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Metropolitan Bank Holding Corp. (MCB) shares plummeted 6.05% in pre-market trading on Friday following the release of its third-quarter earnings report that fell short of analysts' expectations. The community lender's disappointing results were primarily attributed to a significant increase in credit loss provisions, raising concerns among investors.

The bank reported Q3 earnings of $0.67 per diluted share, a substantial decline from $1.08 in the same quarter last year and well below the FactSet consensus estimate of $1.90. While revenue for the quarter rose to $79.8 million from $71.5 million a year earlier, slightly exceeding expectations, the focus remained on the earnings miss and credit quality concerns.

The main culprit behind the earnings shortfall was a surge in provision for credit losses, which ballooned to $23.9 million from $2.7 million a year earlier. This increase was primarily driven by issues related to a commercial real estate (CRE) multi-family loan relationship. CEO Mark DeFazio expressed cautious optimism about resolving these loan issues, stating, "We are cautiously optimistic that we will complete the workout of one or more of these loans before year-end or during the first quarter of next year." However, the unexpected credit hiccup has rattled investors, particularly given Metropolitan Bank's previous perception as having a lower-risk loan portfolio.

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(MCB) shares plummeted 6.05% in pre-market trading on Friday following the release of its third-quarter earnings report that fell short of analysts' expectations. The community lender's disappointing results were primarily attributed to a significant increase in credit loss provisions, raising concerns among investors.</p>\n\n<p>The bank reported Q3 earnings of $0.67 per diluted share, a substantial decline from $1.08 in the same quarter last year and well below the FactSet consensus estimate of $1.90. While revenue for the quarter rose to $79.8 million from $71.5 million a year earlier, slightly exceeding expectations, the focus remained on the earnings miss and credit quality concerns.</p>\n\n<p>The main culprit behind the earnings shortfall was a surge in provision for credit losses, which ballooned to $23.9 million from $2.7 million a year earlier. This increase was primarily driven by issues related to a commercial real estate (CRE) multi-family loan relationship. CEO Mark DeFazio expressed cautious optimism about resolving these loan issues, stating, \"We are cautiously optimistic that we will complete the workout of one or more of these loans before year-end or during the first quarter of next year.\" However, the unexpected credit hiccup has rattled investors, particularly given Metropolitan Bank's previous perception as having a lower-risk loan portfolio.</p>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"MCB","symbol_name":"Metropolitan Bank Holding Corp.","start_time":0,"source_url":"","article_id":"1162610192","we_media_id":"1086803395","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1162610192","pubTimestamp":1761312876,"columns":[],"sourceInfo":{"source_id":"ai_movement_en","name":"Stock Track"},"weMediaInfo":{"media_name":"Stock Track","introduction":"Track stock‘s movements and relevant news","home_visible":1,"id":"1086803395","head_image":"https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390"},"summary":"Metropolitan Bank Holding Corp. 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