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Metro Bancorp Reports Fourth Quarter Net Income Of $3.5 Million; Loans Grow 6% And Deposits Up 8%

Metro Bancorp, Inc. (Metro or the Company) (NASDAQ Global Select Market Symbol: METR), parent company of Metro Bank, today reported financial results for the fourth quarter and full year of 2012. The Company recorded net income of $3.5 million, or $0.24 per common share, for the fourth quarter of 2012 compared to net income of $2.5 million, or $0.18 per common share, for the fourth quarter of 2011. Net income for the full year 2012 totaled $10.9 million, or $0.77 per common share, compared to $289,000, or $0.02 per common share for 2011. The Company also reported net loan growth of $88.5 million, or 6%, and an increase in total deposits of $159.7 million, or 8%, over the past twelve months.

 

Financial Highlights

(in millions, except per share data)
                       
Quarter Ended     Year Ended
% %
      12/31/12     12/31/11     Increase     12/31/12     12/31/11     Increase
Total assets $ 2,634.9 $ 2,421.2 9 %
 
Total deposits 2,231.3 2,071.6 8 %
   
Total loans (net) 1,503.5 1,415.0 6 %
                                                 
 
Total revenues $ 29.6 $ 28.5 4 % $ 117.1 $ 113.5 3 %
   
Net income   3.5 2.5 39 % 10.9 0.3 3,670 %
   
Diluted net income per common share $ 0.24 $ 0.18 33 % $ 0.77 $ 0.02 3,750 %
                                                 

“We are pleased with our fourth quarter results as we were able to achieve our highest quarterly net income results in 4.5 years. Our 2012 performance reflects our continued effort to drive our growth in loans and deposits and returning the Company to profitability. Asset quality continues to improve as shown through the decrease in the level of nonperforming assets,” said Gary L. Nalbandian, the Company's Chairman and Chief Executive Officer.

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