Metropolitan Bank Holding Corp. reported a significant increase in financial performance for the first quarter of 2026, with net income rising to $31.4 million, up from $16.4 million in the same period last year. This translates to earnings per share of $2.94, compared to $1.46 in the prior year. The bank's total interest income increased by $16.2 million to $134.9 million, driven primarily by a $724.7 million increase in the average balance of loans. The net interest margin also improved to 4.08%, up from 3.68% a year earlier, reflecting a favorable shift in interest rates.
Total assets for the bank reached $8.8 billion as of March 31, 2026, marking a 7.1% increase from the previous quarter. This growth was largely attributed to a public equity offering that generated approximately $186.5 million in net proceeds. Total loans increased by 3.5% to $7.0 billion, with commercial real estate loans, including owner-occupied properties, accounting for the majority of this growth. The bank's loan portfolio remains concentrated in the New York metropolitan area, with 75.1% of loans in this region.
In terms of operational metrics, total deposits rose to $7.7 billion, a 4.9% increase from the end of 2025. Non-interest-bearing demand deposits constituted 19.9% of total deposits, slightly down from 20.1% in the previous quarter. The bank's allowance for credit losses decreased to $82.1 million, reflecting adjustments in the estimation process and a decrease in non-performing loans, which fell to $71.1 million from $86.9 million at the end of 2025.
Strategically, the bank completed a public offering of approximately 2.3 million shares during the quarter, enhancing its capital position. Additionally, the board approved a new Employee Stock Purchase Plan, allowing for the sale of 250,000 shares to employees. The bank continues to focus on organic growth in its primary market while exploring opportunities for expansion in other regions, leveraging its client-centric approach and diverse financial product offerings.
Looking ahead, Metropolitan Bank Holding Corp. remains optimistic about its growth trajectory, supported by a strong capital base and a commitment to enhancing its service offerings. The bank's management is focused on maintaining its competitive edge in the New York metropolitan area while navigating the evolving economic landscape and potential interest rate fluctuations.
About Metropolitan Bank Holding Corp.
Metropolitan Bank Holding Corp. is a New York-based bank holding company operating Metropolitan Commercial Bank, which provides business, commercial, and retail banking services. Its offerings include loans, deposit products, cash management, and specialized financial solutions for small to middle-market clients, real estate entrepreneurs, and public entities primarily in the New York metropolitan area. The bank emphasizes relationship banking, tailored services, and a diversified funding strategy to support growth and community engagement.
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