Metro Bancorp, Inc. (NASDAQ Global Select Market Symbol: METR), parent company of Metro Bank, today reported financial results for the three month period ended September 30, 2011. The Company recorded a net loss of $5.7 million, or $0.41 per share, for the third quarter of 2011 compared to a net loss of $6.2 million, or $0.46 per share, for the third quarter of 2010.
|Third Quarter Financial Highlights|
|(in millions, except per share data)|
|Quarter Ended||Nine Months Ended|
|Total loans (net)||1,421.3||1,374.7||3||%|
|Diluted net loss per share||$||(0.41||)||$||(0.46||)||(11||)||%||$||(0.16||)||$||(0.43||)||(63||)||%|
“Our continued focus on community banking in this difficult economy produced a 7% increase in total deposits over the past twelve months to $2.1 billion and a 3% increase in total net loans over the same period,” said Gary L. Nalbandian, the Company's Chairman and Chief Executive Officer. "Our third quarter was negatively impacted by an increase in our loan loss reserve and by charge-offs necessary as a result of updated appraisals of collateral and financial information during the period associated with seven loan relationships. Each of the loans in these relationships were originated in the years 2004 through 2008."
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