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Metro Bancorp Reports Record Quarterly Net Income Of $4.7 Million; EPS Up 136% And Loans Grow 13%

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 $4.7 million, or $0.33 per common share, for the quarter ended September 30, 2013, compared to net income of $2.0 million, or $0.14 per common share for the third quarter of 2012. The Company also reported net loan growth of $195.9 million, or 13%, over the past twelve months.

 

Financial Highlights

(in millions, except per share data)
           
Quarter Ended Nine Months Ended
% %
    09/30/13   09/30/12   Change 09/30/13   09/30/12   Increase
Total assets $ 2,756.0 $ 2,538.4 9 %
 
Total loans (net) 1,675.3 1,479.4 13 %
 
Total deposits 2,177.1 2,243.9 (3 )%
                       
 
Total revenues $ 30.4 $ 28.9 5 % $ 90.0 $ 87.4 3 %
   
Net income 4.7 2.0 135 % 12.4 7.4 66 %
     
Diluted net income per common share $ 0.33   $ 0.14 136 % $ 0.86 $ 0.52 65 %
                                             
 

“We are very pleased with our record quarterly net income of $4.7 million which reflects our continued progress with increasing revenues and disciplined expense management. Our double digit growth in net loans of 13% demonstrates our ability to successfully grow our loan portfolio in this challenging economic environment. This performance shows our continued commitment to creating long-term shareholder value,” said Gary L. Nalbandian, the Company's Chairman and Chief Executive Officer.

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