Posted 10/26/2012 04:27 pm
Updated 1 year ago
Metropolitan National Bank of Little Rock today reported a quarterly loss of $1.24 million.
The recent quarterly loss is about 20 percent less than the $1.58 million loss that Metropolitan posted for the Sept. 30 reporting period a year ago.
Company officials blamed the adverse impact of declining valuations of its real estate portfolio for the poor showing.
Metropolitan has lost a total of $2.7 million through the first nine months of 2012. That loss is nearly half what it was a year ago.
Lunsford Bridges, president and CEO, said the numbers indicate the bank is headed in the right direction despite the continued losses.
"Substantial improvements have been realized in our financial ratios and results over the past year," Bridges said. "Metropolitan has made great strides in decreasing non-performing assets by 31 percent, or $67 million, in the past twelve months, and we expect significant reductions in non-performing assets to continue."