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.