Metropolitan National Bank Slips Back Into The Red

After posting its first profit in 10 quarters, Metropolitan National Bank returned to the red.

The Little Rock-based, privately held bank posted a $1.57 million third quarter net loss compared to a $2.36 million loss one year ago.

Bank leaders pointed to poorly performing assets for the loss news.

“Operationally, Metropolitan is performing in a profitable status. Our loss is directly attributable to our write-down of non-performing assets reflective of current appraisals. Also, we continue to maintain high levels of loan loss reserves and, if necessary, will add to these reserves as needed," said President and CEO Lunsford Bridges.

In the last quarter, Metropolitan — the fifth largest bank in terms of deposit market share in central Arkansas — posted net income of $273,118. It was the bank’s first profit in two-and-a-half years.
 
“We are pleased that our methodical approach in reorganizing our balance sheet is showing positive results. During the first three quarters of 2011, we reduced our non-performing assets by $30.1 million and we strengthened our capital ratios. In spite of difficult economic conditions, Metropolitan continues to show positive gains and we look forward to even more progress in the future,” Bridges said.