Magazine article American Banker

3Q RESULTS: Metro Swings to Loss, Gets Capital Infusion

Magazine article American Banker

3Q RESULTS: Metro Swings to Loss, Gets Capital Infusion

Article excerpt

Byline: Bonnie McGeer

Metro Bancorp Inc. in Harrisburg, Pa., swung to a $490,000 loss in the third quarter, but said it plans to use the $77.9 million of capital it just raised to complete its pending acquisition of Republic First Bancorp in Philadelphia and continue growing aggressively.

The loss of 8 cents a share arose from higher expenses, including a 118% increase in the loan-loss provision from a year earlier to $3.7 million. Chargeoffs soared to $8.4 million, or an annualized 2.29% of average total loans. This ratio had been a negligible 0.01% a year earlier and 0.16% at June 30.

Nonperforming assets and loans past due 90 days rose 162% from a year earlier, but fell 4% from June 30, to $32 million, or 1.53% of total assets.

The $2.1 billion-asset Metro, which reported its quarterly results along with the capital infusion late Monday, said it expects to close its year-old deal for the $937 million-asset Republic First this quarter, once it receives regulatory approval. …

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