The provision grew eightfold from the second quarter and about 3% from a year earlier to $13.8 million, the company said Monday. It lost $6.2 million in the third quarter of 2010 and turned a $2 million profit in the second quarter of this year.
Additionally, the $2.4 billion-asset Metro said its third-quarter results were hurt by writedowns that reflected declining collateral values and updated financial information for seven borrowers. All of these loans were originated from 2004 to 2008. The company also recorded a $700,000 pretax writedown of its largest foreclosed properties during the quarter.
On the bright side, the loan portfolio grew 3% from a year earlier to $1.4 billion. Revenues climbed 2% to $28.1 million. For the first nine months of the year, revenues increased 6% from the comparable period last year, to $85 million.
