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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 assets $ 2,195.7 $ 2,081.9 5 %
 
Total deposits 1,833.6 1,724.5 6 %
 
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 %

Chairman’s Statement

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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