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Metro Bancorp Reports Record Quarterly Net Income Of $4.0 Million; EPS Up 47% And Loans 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 record quarterly net income of $4.0 million, or $0.28 per common share, for the quarter ended June 30, 2013, compared to net income of $2.8 million, or $0.19 per common share for the second quarter of 2012. The Company also reported net loan growth of $139.2 million, or 9%, and an increase in total deposits of $82.9 million, or 4%, over the past twelve months.


Financial Highlights

(in millions, except per share data)
Quarter Ended Six Months Ended
% %
      06/30/13     06/30/12     Increase 06/30/13     06/30/12     Increase
Total assets $ 2,658.4 $ 2,449.8 9 %
Total deposits 2,168.8 2,085.9 4 %
Total loans (net) 1,605.8 1,466.6 9 %
Total revenues $ 29.9 $ 29.4 2 % $ 59.6 $ 58.5 2 %
Net income 4.0 2.8 47 % 7.7 5.4 41 %
Diluted net income per common share $ 0.28 $ 0.19 47 % $ 0.54 $ 0.38 42 %

“Our momentum continues to grow and our record quarterly net income of $4.0 million reflects the progress we are making with increasing revenues and remaining disciplined with our expense management. We are very proud of our 9% growth in net loans in this current economic environment,” said Gary L. Nalbandian, the Company's Chairman and Chief Executive Officer.

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