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Metro, Northwest, National Penn, Integrity report quarterly earnings

By - Last modified: April 22, 2013 at 11:41 AM

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Four bank holding companies with midstate operations recently reported results for the first quarter of 2013.

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Metro Bancorp Inc. today reported net income of $3.6 million, or 26 cents per diluted share, for the first quarter of 2013, compared with net income of $2.7 million, or 19 cents per diluted share, in the first quarter of 2012.

The result represents an all-time company high for quarterly net income, Metro said in a statement. Analysts had expected earnings of 18 cents per share, according to Yahoo Finance.

Metro, based in Swatara Township, is the parent company of Metro Bank. Its shares trade on the Nasdaq under the ticker symbol METR.

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Northwest Bancshares Inc. today reported net income of $15.3 million, or 17 cents per diluted share, compared with net income of $15.2 million, or 16 cents per diluted share, in the first quarter of 2012.

The result matched analysts’ expectations, according to Yahoo Finance.

In addition to its regular dividend, which was prepaid in December, Northwest announced a special dividend of 12 cents per share, to be paid May 16 to shareholders of record May 2.

The company’s board elected to return “excess capital” to shareholders, recognizing the difficulty of earning good returns on it as well as shareholders’ own diminished yields, given today’s environment of persistently low interest rates, Chairman William Wagner said in a statement.

Northwest, based in Warren, is the parent company of Northwest Savings Bank. Its shares trade on the Nasdaq under the ticker symbol NWBI.

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National Penn Bancshares Inc. last week reported a net loss for the quarter of $17.4 million, or 12 cents per diluted share, compared with net income of $25.3 million, or 17 cents per diluted share, in the first quarter of 2012.

The results include an expense of 29 cents per share resulting from repaying $400 million in Federal Home Loan Bank advances, National Penn said.

Excluding that and another one-time event, the redemption of National Penn’s retail trust preferred securities, the company would have had income of $23.4 million, or 16 cents per share. Analysts had expected per-share earnings of 17 cents, according to Yahoo Finance.

National Penn, based in Boyertown, is the parent company of National Penn Bank. Its shares trade on the Nasdaq under the ticker symbol NPBC.

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Integrity Bancshares Inc. last week reported net income of $1.6 million for the first quarter of 2013, compared with net income of $1.4 million in the first quarter of 2012.

Integrity intends to start construction this year on at least two branches, President and CEO James Gibson said in a statement.

Integrity, based in Camp Hill, is the parent company of Integrity Bank. It is privately held.

 

 

Write to the Editorial Department at editorial@cpbj.com

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