Metropolitan Bank Holding Corp.'s stock surged 11.32% in Friday's intraday trading, following the company's impressive fourth-quarter earnings report released on Thursday.
The community lender reported a Q4 profit of $1.88 per share, beating Wall Street's expectations of $1.42 per share. Net interest income, a key measure of the bank's profitability, jumped 16.9% year-over-year to $66.6 million, exceeding analysts' estimates of $64.1 million.
Metropolitan Bank's net interest margin, another key profitability metric, also showed strength, increasing by 30 basis points from a year earlier to 3.66%. Total loans grew 7.3% to $6 billion in Q4, primarily driven by an increase in commercial real estate loans.
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