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 $0.08 per share, for the third quarter 2009.
|Third Quarter Financial Highlights|
|(in millions, except per share data)|
|Quarter Ended||Nine Months Ended|
|09/30/10||09/30/09||% Change||09/30/10||09/30/09||% Change|
|Total loans (net)||1,374.7||1,456.6||(6||)%|
|Total revenues||$||27.6||$||25.5||8||%||$||80.2||$ 74.3||8||%|
|Diluted net loss per share||$||(0.46||)||$||(0.08||)||$||(0.43||)||$ (0.16||)|
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.”
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV