: Metropolitan Bank stock sees big bounce after financial update, saying ‘liquidity remains strong’


Shares of Metropolitan Bank Holding Corp. MCB, +33.64% bounced 14.8% in premarket trading Friday, after the parent of New York-based Metropolitan Commercial Bank provided a financial update, saying it was “well capitalized across all measures of regulatory capital” and that “liquidity remains strong.” The update came late Thursday, after the stock tumbled 27.6% on Thursday, and had plunged 54% since the recent regional banking turmoil erupted after the March 8 close. The bank said that its previously announced exit from the crypto-currency business is “almost complete,” with crypto-related deposits accounting for 4% of total deposits, and expected to be “near zero” by the end of the second quarter. The bank said asset quality also remains strong, as its commercial real estate (CRE) portfolio is “broadly diversified,” with offices accounting for just 10% of its portfolio. There has been concerns over the market valuation of CRE assets after the collapse of SVB Financial Group’s SIVBQ, +1.12% Silicon Valley Bank. Metropolitan Bank’s stock has dropped 56.8% year to date through Thursday, while SPDR S&P Regional Banking exchange-traded fund KRE, +0.99% has shed 26.1% and the S&P 500 SPX, +1.44% has gained 5.5%.

This article was originally published by Marketwatch.com. Read the original article here.

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