Metropolitan Bank Holding Shares Pop 12% After 1Q Profit Beat

Dow Jones04-19

By Ben Glickman

Shares of Metropolitan Bank Holding rose late Thursday after the company's profit in the first quarter topped estimates.

The stock was up 12%, to $37, in after-hours trading, following a 1.3% rise in the regular session. Shares are down about 40% this year.

The New York-based regional bank posted a profit of $16.2 million, or $1.46 a share, in the quarter ended March 31, compared with a profit of $25.1 million, or $2.25 a share, a year earlier. Analysts polled by FactSet expected a per-share profit of $1.31.

Metropolitan's net interest income was up slightly to $59.7 million from $58.5 million in the year-ago quarter. Analysts were expecting net interest income of $58.8 million.

A sequential rise in net interest income was due to loan growth and higher yields, the company said.

Total deposits were up 8.7% from the previous quarter, to $6.2 billion.

Overall revenue rose to $66.7 million from $65.5 million a year earlier.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

April 18, 2024 18:30 ET (22:30 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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