Metro Bancorp, Inc. (NASDAQ Global Select Market Symbol: METR), parent company of Metro Bank, reported a 10% increase in core deposits and an 11% increase in total deposits for the first quarter, as well as profit improvement over the previous quarter announced Gary L. Nalbandian, Chairman, President and CEO.
           

First Quarter Financial Highlights
                           

Quarter Ended
%
  03/31/10   03/31/09 Change
Total assets $ 2.17 Billion $ 2.12 Billion 3 %
 
Total deposits $ 1.85 Billion $ 1.67 Billion 11 %
 
Total loans (net) $ 1.39 Billion $ 1.43 Billion

(2

)

%
                                       
Total revenues $ 25.4 Million $ 24.8 Million 2 %
 
Net income $ 6,000 $ 837,000

(99

)

%
 
Diluted net income

per share
$ 0.00 $ 0.13

(100

)

%
                                               

Chairman’s Statement

Commenting on the Company’s financial results, Chairman Nalbandian stated “our continued focus on community banking produced a 10% increase in core deposits over the previous twelve months to $1.8 billion. Especially noteworthy was our growth in core demand deposits of $197 million, or 19%, over the same period. We are also pleased with our improvement in net income over the results we recorded in the previous three quarters.”