First Quarter 2012 Results
LITTLE ROCK, Ark. (April 11, 2012) – Metropolitan National Bank today announced its financial results for the quarter ending March 31, 2012.
Metropolitan posted a loss of $1.04 million for the first quarter compared to a loss of $4.05 million in the first quarter of 2011. “Modest losses can be expected as part of the process in working through our non-performing assets,” said Lunsford W. Bridges, President and CEO of Metropolitan National Bank.
The bank’s Tier 1 Capital Ratio as of March 31, 2012 was up to 6.18% and Risk Based Capital was up to 9.57%. In comparison, Metropolitan’s Tier 1 Ratio was 5.11% and Risk Based Capital stood at 8.34% at the end of the first quarter 2011. “This marks the fourth consecutive quarter of improved capital ratios. Since March 2011, non-performing assets have decreased by $83.4 million, including a reduction of $16.5 million during the first quarter of 2012,” said Bridges.
Metropolitan also announced it has voluntarily entered into a Consent Order with the Comptroller of the Currency, effective March 2012, which replaces the Formal Agreement dated May 2008. “The Consent Order is an outline to assist the bank as it continues to recover from the effects of the economic downturn that has impacted our communities and customers,” said Lunsford W. Bridges, President and CEO of Metropolitan National Bank.