Fourth Quarter 2011 Profit
Metropolitan National Bank Announces Profit for Fourth Quarter
LITTLE ROCK, Ark. (January 30, 2012) – Metropolitan National Bank today announced its financial results for the quarter ending December 31, 2011.
For the fourth quarter of 2011, the bank announced a profit of $537 thousand, compared to a loss of $4.61 million for the fourth quarter of 2010. For the year, Metropolitan’s loss was $4.82 million, an improvement over 2010 when the loss was $12 million. “2011 was a much better year for Metropolitan,” said Lunsford W. Bridges, President and CEO of Metropolitan National Bank. “Gradual recovery in commercial real-estate values, particularly in northwest Arkansas, has allowed Metropolitan to strengthen our balance sheet by reducing our non-performing assets by more than $63 million,” Bridges continued.
At the end of the fourth quarter of 2011, Metropolitan’s Tier 1 Capital Ratio improved to 5.93% and the Risk Based Ratio increased to 9.35%. Both ratios were up from December 31, 2010, when the Tier 1 Ratio was 5.22% and the Risk Based Ratio was 8.55%.
“We understood the road to recovery would be difficult and require meticulous attention to detail and although we still have challenges to face, we are encouraged by our progress. Recovery of the economy continues at a very slow pace. All of us at Metropolitan are cautiously optimistic that improvements experienced over the past 12 months will continue through 2012 and beyond,” concluded 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 of $1.05 billion. Additional information about Metropolitan National Bank can be found at metbank.com.