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Metro Bancorp Reports Third Quarter Net Income  of $2.0 Million; Deposits Grow 9%

Stocks in this article: METR

Metro Bancorp, Inc. (Metro or the Company) (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 September 30, 2012. The Company also reported an increase in total deposits of $184.5 million, or 9%, over the past twelve months.

Financial Highlights
(in millions, except per share data)
  Quarter Ended   Nine Months Ended
    %   %
    09/30/12   09/30/11   Increase   09/30/12   09/30/11   Increase
Total assets $ 2,538.4 $ 2,435.1 4 %
Total deposits 2,243.9 2,059.4 9 %
Total loans (net) 1,479.4 1,421.3 4 %
Total revenues $ 28.9 $ 28.1 3 % $ 87.4 $ 85.0 3 %
Net income (loss) 2.0 (5.7 ) 135 % 7.4 (2.2 ) 439 %
Diluted net income (loss) per common share $ 0.14 $ (0.41 ) 134 % $ 0.52 $ (0.16 ) 425 %

“We are pleased with our third quarter results as we were able to achieve net income of $2.0 million despite a one-time non-recurring expense during the quarter. We were able to sustain our net interest margin in the face of interest rate market pressure, while continuing to reduce non interest expenses,” said Gary L. Nalbandian, the Company's Chairman and Chief Executive Officer.

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