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Metro Bancorp Reports Fourth Quarter Net Income Of $1.5 Million; Total Revenues Up 13%

Metro Bancorp, Inc. (NASDAQ Global Select Market Symbol: METR), parent company of Metro Bank, today reported net income of $1.5 million, or $0.10 per share for the quarter ended December 31, 2010, compared to a net loss of $890,000, or $(0.07) per share, for the fourth quarter 2009. Total revenues for the fourth quarter of 2010 increased 13% over the same period of 2009. The Company also reported a decrease of $3.4 million, or 5%, in nonperforming assets from the previous quarter end.

 

Fourth Quarter Financial Highlights

(in millions, except per share data)

           
 

Quarter Ended

Year Ended

12/31/10

12/31/09

% Change

12/31/10

12/31/09

 

% Change

Total assets $ 2,234.5 $ 2,147.8 4 %
 
Total deposits 1,832.2 1,814.7 1 %
 
Total loans (net) 1,357.6 1,429.4 (5 )%
                         
Total revenues $ 29.0 $ 25.8 13 % $ 109.2 $ 100.1 9 %
 
Net income (loss) 1.5 (0.9 ) (4.3 ) (1.9 )
 
Diluted net income (loss) per share   $ 0.10   $ (0.07 )       $ (0.33 )   $ (0.24 )    
 

Chairman’s Statement

Commenting on the Company’s financial results, Chairman Gary L. Nalbandian stated “we are pleased with our increased revenues and our improvement in net income over the results we recorded in the past several quarters. We are also encouraged by the continued stabilization in the asset quality of our loan portfolio as evidenced by a decrease in nonperforming assets for the second consecutive quarter.”

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