Metropolitan Posts Second Consecutive Quarterly Profit

by Gwen Moritz  on Friday, Apr. 26, 2013 3:43 pm  

Lunsford Bridges, CEO of Metropolitan National Bank, said the bank has reduced non-performing assets by more than $46 million in the past six months.

Metropolitan National Bank had net income of $662,000 in the first quarter of 2013, the Little Rock bank announced Friday afternoon.

It was the second consecutive quarter in the black for Metropolitan — the first time that has happened since the first two quarters of 2008 — and compared favorably with a $1.04 million loss in the first quarter of 2012. Metropolitan had net income of $761,000 in the fourth quarter of 2012.

"Our recent profits are due to the bank shrinking non-performing assets by more than $46 million within the past six months,” President and CEO Lunsford W. Bridges said in a news release. “We anticipate Metropolitan’s trend of lowering problem assets and increasing core earnings to continue throughout 2013 and beyond."

The bank’s Tier 1 capital ratio was 6.3 percent and risk-based capital ratio was 10.85% as of March 31, up from 6.18 percent and 9.57 percent a year earlier.

"Metropolitan’s continued commitment to taking care of our customers is the cornerstone of our business. Loan demand is increasing, mortgage lending results are strong and customer response to our newest mobile banking offerings have been tremendous. We thank our customers and employees for their continued dedication and loyalty to Metropolitan National Bank," Bridges said in the release.



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