Metro Bancorp Reports Second Quarter Results; Total Revenues Up 14%, Total Deposits Increase 6%
Metro Bancorp, Inc. (NASDAQ Global Select Market Symbol: METR), parent company of Metro Bank, reported a 14% increase in total revenues and a 6% increase in total deposits for the period ending June 30, 2010, as well as improvement in net income over the previous quarter announced Gary L. Nalbandian, Chairman, President and CEO.
|Second Quarter Financial Highlights|
|(in millions, except net income (loss) and per share data)|
|Quarter Ended||Six Months Ended|
|06/30/10||06/30/09||% Change||06/30/10||06/30/09||% Change|
|Total loans (net)||1,424.9||1,433.1||(1||)%|
|Total revenues||$||27.2||$||23.9||14||%||$||52.6||$ 48.8||8||%|
|Net income (loss) – (in thousands)||360||(1,355||)||127||%||366||(518||)||171||%|
|Diluted net income (loss) per share||$||0.02||$||(0.21||)||110||%||$||0.02||$ (0.09||)||122||%|
Commenting on the Company’s financial results, Chairman Nalbandian stated “our continued focus on community banking in this difficult economy produced a 6% increase in total deposits over the previous twelve months to $1.83 billion. Especially noteworthy was our continued growth in core demand deposits of $161 million, or 15%, over the same period. We are also pleased with our increased revenues and improvement in net income over the results we recorded in the previous four quarters.”
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