Third Quarter 2011 Results
Metropolitan National Bank Announces Third Quarter 2011 Results
LITTLE ROCK, Ark. (October 28, 2011) – Metropolitan National Bank today announced its financial results for the quarter ending September 30, 2011.
For the third quarter of 2011, the bank posted a loss of $1.57 million compared to a loss of $2.36 million for the third quarter of 2010. According to President & CEO, Lunsford W. Bridges, “Operationally, Metropolitan is performing in a profitable status. Our loss is directly attributable to our write-down of non-performing assets reflective of current appraisals. Also, we continue to maintain high levels of loan loss reserves and, if necessary, will add to these reserves as needed.”
Metropolitan National Bank's Tier 1 Capital Ratio, as of September 30th, was 5.57% and the Risk Based Capital Ratio was 9.06%. This is an improvement from June 2011, when the Tier 1 Capital Ratio was 5.46% and the Risk Based Capital Ratio was 8.58%.
"We are pleased that our methodical approach in reorganizing our balance sheet is showing positive results. During the first three quarters of 2011, we reduced our non-performing assets by $30.1 million and we strengthened our capital ratios. in spite of difficult economic conditions, Metropolitan continues to show positive gains and we look forward to even more progress in the future," 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 $1.12 billion. Additional information about Metropolitan National Bank can be found at metbank.com.