Third Quarter 2012 Results
LITTLE ROCK, Ark. (October 26, 2012)-Metropolitan posted a quarterly loss of $1.24 million for the third quarter of 2012 compared to a loss of $1.58 million for the third quarter of 2011. Third quarter operating results include improved net interest margins, reductions in funding costs and strong home mortgage activity. Earnings were adversely impacted by declining OREO (Other Real-Estate Owned) valuations.
Metropolitan National Bank’s Tier 1 Capital Ratio, as of September 30th, stood at 6.15%, which represents a 10.4% improvement from the same time period in 2011, when the ratio was 5.57%. The Risk Based Capital Ratio, 10.09%, increased 11.4% from the previous year ratio of 9.06%.
"Substantial improvements have been realized in our financial ratios and results over the past year," said Lunsford W. Bridges, President and CEO of Metropolitan National Bank. "During the first nine months of 2012, the bank reduced losses by 50% compared to the same time period in 2011. Additionally, Metropolitan has made great strides in decreasing non-performing assets by 31%, or $67 million, in the past twelve months and we expect significant reductions in non-performing assets to continue. As the economy continues to improve and the real estate market stabilizes, we will maintain our strategy to look for opportunities to strengthen our overall financial position by aggressively reducing non-performing assets while maintaining adequate capital levels," said President and CEO, Lunsford W. Bridges.
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 just below $1 billion. Additional information about Metropolitan National Bank can be found at metbank.com.