Metro Bancorp Reports A 75% Increase In First Quarter Net Income To $2.7 Million; Deposits Grow 11%

Metro Bancorp, Inc. (Metro or the Company) (NASDAQ Global Select Market Symbol: METR), parent company of Metro Bank, today reported net income of $2.7 million, or $0.19 per share, for the quarter ended March 31, 2012. The Company also reported an increase in core deposits of $196 million, or 11%, over the past twelve months.
         

Financial Highlights
 
(in millions, except per share data)
 
      Quarter Ended  
              %
        03/31/12       03/31/11       Increase  
Total assets $ 2,470.6 $ 2,320.6 6 %
 
Total deposits 2,086.8 1,885.0 11 %
 
Total loans (net) 1,448.3 1,424.8 2 %
                           
 
Total revenues $ 29.1 $ 28.0 4 %
 
Net income 2.7 1.5 75 %
 
Diluted net income per common share $ 0.19 $ 0.11 73 %
   
 

“We are extremely pleased with our recorded net income of $2.7 million, or $0.19 per share, for the first quarter of 2012, as well as an 11% annual increase in both total and core deposits,” said Gary L. Nalbandian, the Company's Chairman and Chief Executive Officer.

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