Penn National Gaming had a rough third quarter, but Metro Bank had plenty to be happy about as the two companies announced their earnings recently.
A year-over-year 135 percent net income growth at Metro Bank isn’t completely what it seems, but the bank reported sustained growth Monday for the third quarter of 2013.
Metro Bancorp Inc., parent company of Metro Bank, reporter a net income of $4.7 million for the third quarter of 2013, up from $2 million in last year’s third quarter.
However, that large growth was due in part to a one-time, $1.5 million regulatory charge in 2012, bank officials reported. Even with that charge taken into account, the bank’s net income would have grown more than 34 percent.
The diluted net income per common share rose from 14 cents per share in third quarter 2012 to 33 cents in the latest third quarter. That number crushed Wall Street estimates, as analysts predicted the bank would finish at 19 cents per diluted share, according to Yahoo Finance.
The bank’s total revenues rose from $28.9 million in last year’s third quarter to $30.4 million, about a 5 percent rise.
While Penn National Gaming’s third-quarter net revenues are up compared with last year, net income is down at the Wyomissing company.
The company last week reported net income of $41.3 million, or 40 cents per diluted share, for this year’s third quarter, compared with $46.4 million, or 46 cents per diluted share, for the same period in 2012.
According to Yahoo finance, analysts predicted the diluted stock to be at 46 cents per share.
Peter M. Carlino, chairman and CEO of Penn National Gaming, which operates Hollywood Casino at Penn National Race Course, blamed the lower net income on “soft regional gaming revenue trends.”
According to the Pennsylvania Gaming Control Board, table game revenue at Hollywood Casino in East Hanover Township dropped more than 14 percent in September 2013 compared with September 2012, and slots revenue was off more than 11 percent.