MCB - Why Shares of Metropolitan Bank Holding Corp Are Surging This Week
2023-04-20 16:27:00 ET
Shares of Metropolitan Bank Holding Corp (NYSE: MCB) , a $6.3 billion asset bank based in New York, traded more than 15% higher on the week as of market close Thursday, according to data provided by S&P Global Market Intelligence .
Earlier in the week, Metropolitan Bank reported diluted earnings per share of $2.25 on total revenue of roughly $65.5 million for the first quarter of the year, both numbers that beat analyst earnings estimates.
Total deposits did rise in the quarter, but the bank also saw a 12% decline in noninterest-bearing deposits, which are those the bank pays no interest on. That's not exactly a huge surprise given the banking crisis in the first quarter of the year and the fact that customers can make 4% or 5% on risk-free assets, but it did lead to margin compression.
For further details see:
Why Shares of Metropolitan Bank Holding Corp Are Surging This Week