Metro Bancorp, Inc. (NASDAQ Global Select Market Symbol: METR), parent company of Metro Bank, today reported net income of $2.0 million, or $0.14, per share for the quarter ended June 30, 2011. The Company also reported that asset quality improved for the fourth consecutive quarter.
|Second Quarter Financial Highlights|
|(in millions, except per share data)|
|Quarter Ended||Six Months Ended|
|Total loans (net)||1,435.0||1,424.9||1||%|
|Diluted net income per share||$||0.14||$||0.02||600||%||$||0.25||$||0.02||1,150||%|
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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