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Metro Bank of Harrisburg, Pa., which is facing a challenge from an activist investor, posted higher quarterly earnings.
October 23 -
PL Capital, upset that Metro Bancorp refuses to sell itself, has launched a proxy battle to gain two board seats at the Harrisburg, Pa., company.
October 20 -
Metro Bancorp (METR) in Harrisburg, Pa., is facing pressure from an investor to sell itself.
June 11
Metro Bancorp in Harrisburg, Pa., reported higher quarterly income largely because of increased real estate lending.
The $3 billion-asset company, which has been under pressure from activist investors to sell itself, reported that its fourth-quarter profit rose 14% from a year earlier, to $5.6 million. Profit of 38 cents a share were in line with the average estimate of analysts polled by Bloomberg.
Net interest income rose 10%, to $25.6 million. Total loans increase 14%, to $2 billion, while the net interest margin expanded by 5 basis points, to 3.60%. Metro Bancorp credited its improved to results to "particularly strong growth" in commercial real estate loans that reflected "a steady progression over the past four quarters."
Noninterest income fell by 6%, to $7.5 million. Noninterest expense decreased by nearly 2%, to $22.4 million.