Second Quarter 2011 Earnings
Metropolitan National Bank Announces Second Quarter 2011 Earnings
LITTLE ROCK, Ark. (July 29, 2011) – Metropolitan National Bank today announced its financial results for the quarter ending June 30, 2011.
Metropolitan posted net income of $273,118 for the second quarter of 2011 compared to a loss of $2.4 million for the second quarter of 2010. According to president & CEO, Lunsford W. Bridges, “While the net income is not a large number, it is a significant number following ten quarters of operating losses. The difficult decisions we made throughout the last three years are beginning to show improvements in our income statement and balance sheet. This, combined with the improving real-estate market and economy in both central and northwest Arkansas, has enabled us to make a successful reduction of $25 million in non-performing assets during the second quarter.”
Metropolitan National Bank’s Tier 1 Capital Ratio, as of June 30, was 5.46% and the RiskBased Capital Ratio was 8.58%. This is an improvement from March 31, 2011, where the Tier 1 Capital Ratio was 5.11% and the Risk Based Capital Ratio was 8.34%.
“The hard work and dedication of our staff is evident in our results for the quarter. We are proud of the progress to date and will continue to meet and be focused on the challenges ahead,” Bridges concluded.
About Metropolitan National Bank
Metropolitan National Bank is one of Arkansas’ largest banks, offering a comprehensive line of banking, mortgage and wealth management services for individuals, businesses and the public sector. Founded in 1970, the bank currently has assets of $1.18 billion. Additional information about Metropolitan National Bank can be found at metbank.com.
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