Metro Bancorp Inc. in Harrisburg, Pa., reported Monday that second quarter earnings jumped 453% from a year earlier, to $2 million, due to a sizable drop in its loan-loss provision.
The $2.4 billion-asset company said in a press release that its asset quality improved for the fourth straight quarter, including a 24% decrease in nonperforming assets from a quarter earlier, to $53.5 million. The provision fell 35% from a year earlier.
Compared to a year earlier, Metro grew net interest income by 4%, to $20.8 million, and noninterest income by 12%, to $8.1 million.
Noninterest expenses increased by $1.7 million compared to the second quarter of 2010, due in part to logo modifications tied to a settlement from a previously dismissed trademark infringement litigation with another financial institution.
Metro Bank remained "well-capitalized" with a total risk-based capital ratio of 15.44% at June 30.
