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Metro Bancorp Reports Fourth Quarter Net Income Of $2.5 Million; Core Deposits Up 15%

Metro Bancorp, Inc. (NASDAQ Global Select Market Symbol: METR), parent company of Metro Bank, today reported financial results for the fourth quarter and full year of 2011. The Company recorded net income of $2.5 million, or $0.18 per share, for the fourth quarter of 2011 compared to net income of $1.5 million, or $0.10 per share, for the fourth quarter of 2010. The Company also reported core deposit growth of 15% over the past twelve months.

 

Financial Highlights

(in millions, except per share data)
   
  Quarter Ended   Year Ended
    %   %
    12/31/11   12/31/10   Change   12/31/11   12/31/10   Change
Total assets $ 2,421.2 $ 2,234.5 8 %
 
Total deposits 2,071.6 1,832.2 13 %
 
Total loans (net) 1,415.0 1,357.6 4 %
                         
 
Total revenues $ 28.5 $ 29.0

(2

)%

$ 113.5 $ 109.2 4 %
 
Net income (loss) 2.5 1.5 70 % 0.3 (4.3 ) 107 %
 
Diluted net income (loss) per share $ 0.18 $ 0.10 80

%

$ 0.02 $ (0.33 ) 106 %
                                         

“We are extremely pleased with our 15% annual increase in core deposits for 2011 as well as our recorded net income of $2.5 million, or $0.18 per share, for the fourth quarter of 2011,” said Gary L. Nalbandian, the Company's Chairman and Chief Executive Officer.

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