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Metro Bancorp Reports Net Income Of $2.0 Million; Asset Quality Continues To Improve

Metro Bancorp, Inc. (NASDAQ Global Select Market Symbol: METR), parent company of Metro Bank, today reported net income of $2.0 million, or $0.14, per share for the quarter ended June 30, 2011. The Company also reported that asset quality improved for the fourth consecutive quarter.
 

Second Quarter Financial Highlights
(in millions, except per share data)
 
  Quarter Ended   Six Months Ended
    %       %
    6/30/2011   6/30/2010   Change   6/30/2011   6/30/2010   Change
Total assets $ 2,387.0 $ 2,195.7 9 %
 
Total deposits 1,891.4 1,833.6 3 %
 
Total loans (net) 1,435.0 1,424.9 1 %
                         
 
Total revenues $ 29.0 $ 27.2 6 % $ 56.9 $ 52.6 8 %
 
Net income 2.0 0.4 453 % 3.5 0.4 863 %
 

Diluted net income per share
$ 0.14 $ 0.02 600 % $ 0.25 $ 0.02 1,150 %
                                         
 

Chairman's Statement

Commenting on the Company's financial results, Chairman Gary L. Nalbandian stated “we are pleased with our continued improvement in net income over the results we recorded in the second quarter of 2010, as well as on a linked quarter basis. We are also pleased with the ongoing improvement in the asset quality of our loan portfolio as evidenced by a decrease in the level of nonperforming assets for the fourth consecutive quarter.”

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