Second Quarter 2012 Results
LITTLE ROCK, Ark. (July 27, 20112) - “Metropolitan National Bank’s financial ratios and level of non-performing assets continue to show significant improvement over the previous twelve months,” said Lunsford W. Bridges, President and CEO of Metropolitan National Bank. “We have taken an aggressive approach to addressing the issues that have negatively impacted our bank. During the first six months of 2012, we have been extremely successful in reducing our non-performing assets by $25 million, including a decrease of $8.5 million in the second quarter,” Bridges continued.
Metropolitan posted a small loss of $423,162 for the second quarter of 2012, compared to a profit of $273,118 for the second quarter of 2011. The loss for the first six months of 2012 is $1.46 million, compared to the loss of $3.78 million for the first six months of 2011. Bridges added, “the strength of our core operating earnings have offset most of our costs associated with non-performing assets.”
Metropolitan’s Tier 1 Capital Ratio, as of June 30th, has improved to 6.13% and the Risk Based Capital Ratio was 9.72%, compared to June 30, 2011 where the Tier 1 Capital Ratio was 5.46% and the Risk Based Capital Ratio was 8.58%.
“All of us are very proud of the bank’s efforts and look forward to continued progress,” 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 $1.02 billion. Additional information about Metropolitan National Bank can be found at metbank.com.