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Metro Bancorp Reports Third Quarter Results; Total Revenues Up 8%, Total Deposits Increase 11%

Metro Bancorp, Inc. (NASDAQ Global Select Market Symbol: METR), parent company of Metro Bank, today reported its financial results for the period ending September 30, 2010.

Total deposits increased by 11% over the past twelve months and total revenues for the third quarter increased 8% over the same quarter of 2009. During the third quarter of 2010, the Company recorded a net loss of $6.2 million, or $0.46 per share, compared to a net loss of $490,000, or $0.08 per share, for the third quarter 2009.

 

Third Quarter Financial Highlights

(in millions, except per share data)
                       

Quarter Ended

Nine Months Ended

09/30/10

09/30/09

% Change

09/30/10

09/30/09

% Change

Total assets $ 2,232.0 $ 2,086.5 7 %
 
Total deposits 1,928.7 1,737.0 11 %
 
Total loans (net) 1,374.7 1,456.6 (6 )%
                                                       
Total revenues $ 27.6 $ 25.5 8 % $ 80.2 $ 74.3 8 %
 
Net loss (6.2 ) (0.5 ) (5.8 ) (1.0 )
 
Diluted net loss per share     $ (0.46 )     $ (0.08 )             $ (0.43 )     $ (0.16 )        
 

Chairman’s Statement

Commenting on the Company’s financial results, Chairman Gary L. Nalbandian stated “our continued focus on community banking in this difficult economy produced an 11% increase in total deposits over the previous twelve months to $1.93 billion. Especially noteworthy was our continued growth in core demand deposits of $203.0 million, or 17%, over the same period. Our third quarter was negatively impacted by an increase in our loan loss reserve and by charge-offs of nonperforming loans necessary to strengthen our future operations” said Nalbandian. “We are encouraged by the stabilization in the asset quality of our loan portfolio and believe our efforts this quarter to reduce our nonperforming assets should allow us to return to a more normalized level of loan loss provisions and therefore improved profitability in future quarters.”

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