Fourth Quarter 2012 Results
LITTLE ROCK, Ark. (January 25, 2013)
Metropolitan announced a profit of $761,000 for the fourth quarter of 2012, compared to a profit of $538,000 for the fourth quarter of 2011. The profit brings the year to date loss in 2012 to $1.9 million, compared to a loss of $4.8 million in 2011.
"2012 proved to be a positive year for Metropolitan," said Lunsford W. Bridges, President and CEO of Metropolitan National Bank. "We reduced the bank’s losses by more than 50% and decreased total non-performing assets by $81 million, a 44% reduction from the prior year. Our year to date loss is consistent with our strategy to reduce non-performing assets without reducing capital levels. Metropolitan National Bank’s Tier 1 Capital Ratio, as of December 31, 2012, was 6.32% and the Risk Based Capital Ratio was 10.54%, improving over the same period in 2011, where the ratios stood at 5.93% and 9.35% respectively," stated Bridges.
"The continued recovery of the real estate market in Arkansas, the dedication of bank staff and loyalty of our customers have certainly aided in the significant improvement in the financial position of Metropolitan. Our team is excited about serving our customers in 2013 and enhancing the value of our relationships," 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 approximately $1 billion. Additional information about Metropolitan National Bank can be found at metbank.com.