Metropolitan BancGroup Inc., holding company for Metropolitan Bank, ended the year with its 13th consecutive quarter and fourth consecutive year of increased earnings, the bank, co-headquartered in Ridgeland and Memphis, said in a press statement.
The privately held Metropolitan Bank reported pre-tax, full-year earnings of approximately $5.02 million for the year ending Dec. 31, 2012.
The $720 million bank, formed by a group of veteran Mid South bankers during the midst of the national banking slump, had another “extraordinary year,” during “unprecedented economic times − and in a very low interest rate environment,” said Curt Gabardi, Metropolitan president & CEO.
Metropolitan reported 2012 pre-tax earnings 102 percent higher than 2011 results, along with a 22 percent increase in total assets, ending the year at $722 million. The fourth quarter of 2012 was particularly strong, with the bank reporting pre-tax earnings of $1.678 million, a 286 percent increase over the same quarter last year, the bank said.
Metropolitan reported significant balance sheet growth, including a 2012 increase in deposits of 33 percent. Total loans grew 17 percent in 2012, and mortgage banking revenues grew 97 percent, topping $2 million for 2012.
Metropolitan opened a new headquarters building in Ridgeland early last summer, and expanded its presence in Nashville, Tenn., with an office in Brentwood and plans for an office to open in Nashville’s West End area in 2013. Metropolitan has maintained a location in Flowood since the bank’s start up in 2008.