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Metro Bancorp Reports First Quarter Net Income Of $1.5 Million; Total Revenues Up 10%

Stocks in this article: METR

Metro Bancorp, Inc. (NASDAQ Global Select Market Symbol: METR), parent company of Metro Bank, today reported net income of $1.5 million, or $0.11, per share for the quarter ended March 31, 2011. The Company also reported an increase of $2.6 million, or 10%, in total revenues over the same period of last year as well as growth in deposits and loans.

     

First Quarter Financial Highlights

         

 

Quarter Ended

 

%
03/31/11 03/31/10 Change
Total assets $ 2.32 Billion $ 2.17 Billion 7 %
 
Total deposits $ 1.89 Billion $ 1.85 Billion 2 %
 
Total loans (net) $ 1.42 Billion $ 1.39 Billion 2 %
                     
Total revenues $ 28.0 Million $ 25.4 Million 10 %
 
Net income $ 1.5 Million $ 6,000
 
Diluted net income per share $ 0.11 $ 0.00
                     

Chairman’s Statement

Commenting on the Company’s financial results, Chairman Gary L. Nalbandian stated “we are pleased with our improvement in net income over the results we recorded in the first quarter of 2010, as well as our strong linked quarter growth in core deposits of $67.2 million, or 4%, and linked quarter growth in net loans of $67.2 million, or 5%. We are also encouraged by the continued stabilization in the asset quality of our loan portfolio as evidenced by a decrease in the level of nonperforming assets for the third consecutive quarter.”

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