MCB - Why Metropolitan Bank Stock Soared Today
2023-10-20 16:16:23 ET
Shares of Metropolitan Bank (NYSE: MCB) climbed as much as 12% early Friday, then settled to trade up around 5.6% as of 3:45 p.m. EDT after the bank announced better-than-expected third-quarter 2023 earnings.
Metropolitan Bank's third-quarter revenue fell 13.1% year over year to $60.1 million, just missing analysts' consensus estimates of $61 million. But its generally accepted accounting principles (GAAP) net income of $1.97 per share (down 11.7% year over year) arrived well above estimates for $1.76 per share.
Drilling deeper into its quarter, total deposits climbed $233 million sequentially from last quarter to $5.5 billion, net loan growth arrived at $204.9 million from Q2, and net interest income remained stable at $53.6 million.
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Why Metropolitan Bank Stock Soared Today