Metro, Northwest banks up big in Q4
Metro Bancorp. Inc. reported a 40 percent increase in net income for its record fourth quarter of 2013 compared to 2012.
The company reported net income of $4.9 million, or 34 cents per diluted share, for the quarter of 2013 compared with $3.5 million, or 24 cents per diluted share, for the fourth quarter of 2012.
The 34 cents per diluted share beat analyst estimates by 4 cents, according to Yahoo Finance.
For the year, Metro Bancorp Inc., the holding company for Metro Bank, reported net income of $17.3 million, or $1.20 per diluted share. In 2012, it reported earnings of $10.9 million, or $0.77 per diluted common share, for a 59 percent growth level from year-to-year.
Both the fourth-quarter and 2013 net incomes were the highest in the company's history, according to Gary L. Nalbandian, chairman and CEO.
"Even with a slowly expanding economy and a continuously changing regulatory environment, we begin 2014 with a strong balance sheet and clear momentum to continue our performance and deliver to all of our constituencies," he said.
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Northwest Bancshares Inc. beat analyst projections by 5 cents when it reported fourth-quarter net income of $20.4 million, or 22 cents per diluted share.
The holding company for Northwest Savings Bank said that's an increase of almost 25 percent from the fourth quarter of 2012 when it reported net income of $16.3 million, or 18 cents per diluted share. It's also almost a 16 percent increase from the third quarter of 2013, when it reported net income of $17.3 million, or 19 cents per diluted share.
Analysts had projected net income of 17 cents per diluted share, according to Yahoo Finance.
With the increase in earnings, the company announced a special cash dividend for its investors of 10 cents per share. The special dividend is in addition to the regular quarterly dividend of 13 cents it also declared with the earnings report, marking 77 consecutive quarters in which the bank declared a dividend.
For 2013, Northwest reported net income of $66.7 million, bettering the $63.6 million it reported in 2012. Diluted earnings per share rose to 73 cents from 68 cents, according to the company's earnings report.